We talked last week about loft-style townhouses bringing much needed stock and variety to the Toronto loft market. One of those builds was the Heritage Towns in the new, master-planned community of Davenport Village, just to the north of Wallace-Emerson.
I wanted to talk about the existing hard lofts in this emerging condo community today. If you're considering an investment property or you're looking at Toronto lofts for sale for yourself in the West End, it's definitely an area that you should talk to your Realtor about.
Davenport Village is primed for major growth - both in terms of an influx of commercial services and amenities as well as rising real estate values. It's a 'hood to consider in your property search if you're looking for an area that has the potential to appreciate at an above-average rate in years to come.
While the area is becoming known for its condos and townhomes, there are a few existing hard lofts in the area that offer incredible value, even in this hot Toronto loft market. Get in now, in the right building at the right price, and you could see a stellar return down the road as the area undergoes a massive transformation over the next five years.
Just be careful not to overpay, particularly with the pre-construction buildings in the area, or you'll be eating into your future profits before you even begin.
The Foundry Lofts
The Foundry Lofts at Lansdowne & Davenport was originally a railway complex, the Canada Foundry Co. Ltd, from the early 1900's. The conversion opened in 2008 with 104 residential loft units of 1, 2 and 3 stories.
Much of the historic charm and original features have been maintained including exposed brickwork, large warehouse windows and skylights. The pride of this loft though is undoubtedly the 16,000 sqft internal atrium that acts as a common area with attractive cobblestone, trees and park benches.
The Foundry Lofts offer incredible value at $461/sqft on average for 2015 along with low maintenance fees at $0.37/sqft that haven't increased much at all over the last five years. Many Realtors in our team view this building as the #1 best value hard loft in the city.
Compare these prices to the pre-construction prices of, say, The Fuse Condos just around the corner and you'll see just what a steal this building is - you can read more about the Fuse Condos on our partner's site Condos.ca.
If you're thinking about The Foundry Lofts, you're best to get in soon - we can see prices skyrocketing here once the transformation of Davenport Village is complete.
The Iron Works Lofts at 99 Chandos Avenue
Just a few blocks further east lies the intimate, hard loft building The Iron Works Lofts which opened in 2010. A conversion of, you guessed it, a former iron works factory, there are only 15 units in this building. Units don't hit the market often but when the next one does, providing the price is right, this could be a really smart move.
A sale in 2015 brought the average price per sqft up to $476 but in 2014 but prior it stayed under the $400/sqft mark. As well, despite a jump in fees a few years back (typical of most new builds and conversions in year 3 or 4 after opening), maintenance fees are reasonable here at just $0.38/sqft, well under the city's average.
So, just from a numbers perspective and location factor (being blocks away from the much pricier new builds of Davenport Village), this is a great value building.
From a style perspective, these aren't the sexiest lofts around but they are nice looking and owners seem to maintain their units well. They have 10.5' to 11.5' high ceilings and a minimal design that, while it doesn't scream with wow-factor, provides a pleasant, neutral backdrop for adding your own personal design flair to.
The biggest selling feature, beyond being one of the best-value lofts in Toronto, is the direct-to-street private entrances and outdoor spaces you'll get with some of these units, perfect for cyclists, dog-owners and young families.
If you're keen on this area but looking for more options in addition to Davenport Village lofts, there are a number of great lofts in nearby Wallace-Emerson and Dovercourt including the Wallace Station Lofts and the new build 707 Lofts on Dovercourt.