This cool Toronto loft in a heritage building is surprisingly under $500K
If you walked by this building you might miss it. The understated, grey low-rise building also known as the Knitting Mill Lofts on Queen Street East is one of those buildings that keeps its secrets hidden.
The former fabric factory is one of the oldest in the city and has been given a heritage designation.
It was also one of the first industrial spaces to be converted into residential lofts in 1998.
Now, this building is one of the most desirable hard loft conversions in the city and with only 28 units in the entire building, it's rare one comes on the market.
But as luck would have it, unit 203 has just come up for sale and it's listed for only $450,000.
This loft is a bachelor apartment, so it's not one of the most spacious of units in this building, but the 11-foot ceilings and the huge west-facing windows make the space feel bright and airy
Plus the unit has plenty of charm.
From exposed brick, to gorgeous hardwood floors and 100-year old exposed Douglas Fir wood beams, no corner of this loft is missing character.
The kitchen and bathroom are modern, which marks a nice change from many of the other condos listed at this price point.
Some of the downsides to this unit include lack of parking, outdoor space or notable amenities, except a concierge and bike storage, which come with the building.
But then again monthly maintenance fees are a reasonable $371.68.
However, one interesting thing worth noting is that this unit is being sold as part of an open bidding in an online auction.
So in order to buy this house you'll need to create an account and show some sort of financial verification proof before bidding on it.
But what's cool about this, as blogTO learned after calling the auction house, is there's full transparency. That means you can see who is bidding and how much they're bidding, unlike the blind bidding that one usually goes through with a broker.
In other words, there's more control for the buyer.
But this might mean that the listing price is just the opening auction price, and so this loft is likely going to go for a lot more than the $450,000 it's listed at.
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