THE ANNEX

55 Prince Arthur Ave. #1404 (Avenue Road and Bloor Street West)

Asking price: $2.47 million

Taxes: $7,706 (2018)

Monthly fee: $2,552

Bedrooms: 2

Bathrooms: 3

EXCLUSIVE

LARGER SUITES OF INTEREST TO BOOMERS

Empty nesters may want to downsize after the kids have grown up and flown the coop. “The large family home has become eerily quiet and so it’s time to move to a smaller home, such as this condo close to Yorkville,” says listing agent Arthur Parks.

However downsizing into a smaller space doesn’t mean moving to a tiny suite, he says. Many downsizers coming from large homes look for older condo buildings because chances are the suites will offer more living space and good-sized rooms. “Downsizers don’t need glitzy new condos,” he says. They prefer to have more space.

“We have noticed a dramatic increase of empty nesters looking to size down. The increase in demand and lack of supply is pushing prices up” for this type of larger condo, he says.

Suite 1404, an extensively renovated twobedroom, three-bathroom corner suite, has just less than 2,500 square feet. It includes nine-foot ceilings, two balconies, a fireplace and south and east views.

The suite comes with two underground parking spaces and is in a well-managed building with a very attentive 24-hour concierge and valet parking service.

Parks says the building is “a treasured jewel”, within steps of Yorkville, and with immediate access to fine restaurants and cafés, boutique shopping, gourmet food stores, a variety of cultural venues and public transit, Parks says.

“Many people own more than one piece of real estate. Typically, the prospective buyer is coming from Forest Hill or Rosedale and will spend their winters in Florida. They might also own a cottage on Lake Simcoe or in Muskoka that they go to in the summer. The current owners live in their suite year-round.”

Listing Broker: Chestnut Park Real Estate Ltd (Arthur Parks and Meghan Parks)