This century-old building near Casa Loma is a co-op
High maintenance fees may be a turn off for some, realtor says
Price $629,000
Neighbourhood Casa Loma
X-factor “It’s a fabulous location.
You couldn’t get better, really. It’s minutes to Forest Hill Village and literally steps to St. Clair West subway (station),” said Josie Stern, the listing agent.
The unit is overlooking Sir Winston Churchill Park across the street near Casa Loma.
Othneil Litchmore, the Star’s expert real estate agent, also added that the location is likely the biggest selling point for this co-op.
The unit at 2-340 Spadina Rd. offers two bedrooms and one full bathroom in a space that’s more than 1,000 square feet.
“It’s very bright, very charming, and it’s an older building,” Stern said. “You’re getting a lot of space for the money, but if you want the amenities, the elevator, or the lobby, it’s not for you.”
The building is a century old, constructed in 1924, and doesn’t have an elevator.
Older buildings are typically bigger and offer more living space, Litchmore said.
“Back then, they were more generous.”
In the unit is a large and bright living room. The space has large windows, letting in a generous amount of sunshine.
The living room is directly connected to the unit’s den, which can be used as an office space.
In the front foyer, the first door on the right leads to the primary bedroom.
The bedroom is a large enough area to have a queen bed with a nightstand on each side. It also has closet space along its walls.
On the other side of the foyer is a hallway that leads to the kitchen, bathroom and dining room.
“Looks like it’s in reasonably good shape, like renovations were done recently,” Litchmore said. “I see modern flooring here, modern baseboards, modern door trims, modern doors.”
The kitchen has lots of cooking space and black countertops with stainless steel appliances.
In the bathroom is a tub and two sinks.
The dining room is directly connected to the living room as well as the secondary bedroom.
This bedroom is smaller than the primary, but still offers enough space for someone to comfortably live there.
Is it worth buying into this co-op?
A co-op is when you buy shares into a corporation based on the size of one’s unit, Stern said.
“It’s run by a board, elected by the members.
“But you don’t get the title to your unit, you get shares.”
Stern said that traditional banks often don’t finance them because you don’t get the title to your unit, and if you default, they can’t repossess and then resell it.
It is likely worth it for someone to invest in a place like this, Litchmore said, but added that the maintenance fees of $1,175 per month might be the only issue.
A similar unit in the area with two bedrooms and one bath, which isn’t part of a co-op, sold for $938,000, Litchmore confirmed.
“And it was much smaller too.” Co-ops can be less expensive than actually owning a property, but they’re less flexible as you have to get permission from the board to renovate or rent, Stern said.
The average price of a condo apartment in March was $729,392, according to the Toronto Regional Real Estate Board’s monthly report.