Formerly a Toronto Hydro storage warehouse, the Madison Avenue Lofts were converted into one of the best residential loft buildings in the city back in 2009. This conversion was very well done with a timeless, Art Deco styling coupled with industrial features like high ceilings and exposed duct work. It manages to seamlessly blend both a traditional and modern aesthetic.
If you're considering buying a loft for sale in Toronto this year, here's why you should give the Madison Avenue Lofts a look.
Seriously, who doesn't want to live near a castle? Casa Loma is obviously best known for its namesake castle but there's a lot more to this exclusive neighbourhood than its most famous former residence.
The area's largely residential so it's nice and quiet for being so close to downtown (although there are some very popular restaurants here). It's also filled with ravines and parks and many of the houses boast historic, storybook architecture and sell well into the seven figures. The residential side streets make for a beautiful backdrop for walks or bike rides.
There are very few Casa Loma lofts or condos outside of those along the main streets that border the area, namely Avenue and St Clair. So if you buy here, not only are you getting into one of Toronto's most exclusive neighbourhoods, you're tucked away a bit from the busy main arteries. Don't worry though, you're still steps to transit and amenities - because of the Madison Avenue Lofts position near the southern border of the neighbourhood, you have easy access to the conveniences of the Annex.
Probably the most distinguishing feature of these lofts is the quality of finishes and the thoughtful design. I've seen other buildings from 2008/09 that already look scruffy and a bit dated but this building is such good quality and of such timeless design that it's aging gracefully with very few owner updates required.
You get natural stone in the kitchens and baths, designer faucets, quality hardware on the doors and cabinets (something builders usually skimp on) and even fine details like the baseboards and trim work is really well done here.
If you have an eye for detail, you'll really notice the difference in quality between units here and those in other Toronto lofts within the same price range.
Using the latest data and trends analysis here and below from our partner site Condos.ca, you can see that the Madison Avenue Lofts offer some of the best entry prices in the city for units of this quality, style and location. More often than not, it's soft lofts and condos that are most affordable - authentic, hard loft conversions tend to come at a premium if they're in prime neighbourhoods.
The Madi is actually cheaper than the average Casa Loma condo from a cost per sq ft standpoint and in my opinion, it's miles above most other condos in the area in terms of what you're getting. And while value appreciation has been somewhat flat in recent years, we're seeing spikes this year with recent sales as seen above - make sure to work with a Loft Expert so you don't overypay going in.
Despite being a hard loft conversion, the Madison Avenue Lofts actually have decent amenities including a gym with sauna, concierge, party room, stellar rooftop deck (see below) and media/cinema room. Yet fees have remained below average for the city at just $0.56/sq ft. Not bad at all.
These lofts have a really lovely rooftop deck with nice plantings and common use patio furniture. But the best feature by far is the view. Who can resist a rooftop with castle views? I would be having my morning coffee out here every weekend.
Some of the units, like Unit 120 currently listed, have their own, private street-level entrances. That's commonplace with townhomes of course and you'll see it sometimes in industrial loft conversions but it tends to be in the really gritty buildings like the Century Lofts near Moss Park. It's a rare feature in a hard Toronto loft building of this taste-level and elegance.
Photo of Casa Loma © Tracer.ca used via Creative Commons from flickr.