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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.