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Sold: a church-to-condo conversion in the Junction for $1.3 million

With all the talk of condo bubbles, over-the-top bidding wars and failed flips, wading into Toronto’s housing market requires equal parts bravery and real estate savvy. To help with latter, we decided to dish when the properties we profile in our House of the Week, Condomonium and Cottage of the Week features are sold. Here, all the details from the latest sale.

Condomonium: $1.6 million for a bell tower—yes, a bell tower—in the Junction [June 15, 2012]

The place: The largest penthouse in the Victory Lofts, a condo building formed from a church dating back to 1885. The unit spans three levels and is topped off with bell-tower turret that provides a 360-degree view of the neighbourhood.

The agent: Tim Bosworth, Brad J. Lamb Realty

Listed price: $1,562,000

Sale price: $1.3 million

Time on the market: 57 days

The buyers: Since the Junction has a smaller pool of interested buyers than downtown neighbourhoods, the sellers expected the unit to be on the market for at least half a year. However, a company based in Muskoka materialized with a straightforward offer after less than two months. Even though they felt they could have gotten another $50,000 to $60,000 if they were willing to hold out for another few months, the sellers jumped on the offer—living in a staged apartment was getting old.

  • W. K. Lis

    Darn, $1 million too high for me.

  • peachy

    can someone explain to me why developers and often architects/ designers think people want balconies overlooking busy noisy roads?

  • W. K. Lis

    Maybe they’ll convert some old little used schools into condos. Turn each classroom into a suite. Nice backyards.

  • John

    ahahaha… i love the retarded statement.. the sellers expected the property tobe on the market for at least 6 months cause of the smaller pool of buyers in junction. Stupid statement..you think buyers only buy in the area a property is listed ? crazy! You still took over $300K UNDER asking, you shoul dhave waited and see if you would get more than a $1mil!

  • opl

    ‘can someone explain to me why developers and often architects/ designers think people want balconies overlooking busy noisy roads?’…the same reason people like to sit in a patio as opposed to the back of the restaurant.

  • ike

    who says its a busy street? and where in the world would you get a balcony/patio in Toronto without noise?? i live in a house in a neighbourhood in the junction and there is STILL noise. duh. i think you need to look at properties in a very rural area.

  • Andreas

    This property is on the corner of High Park and Annette. I rent a nice one bedroom apartment with a massive bedroom, kitchen and living room. All in 902 a month. I feel sorry for the fools who are paying double to live in a sh*thole downtown, have no privacy, and above all no peace and quiet (not to mention the cities largest playground, High Park, pretty much at our doorstep). Good buy but these folks still paid too much

  • HPresident

    oh my, and not one of the nice church conversions in the City!

 

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