We have a stellar new listing this week in King West's Gotham Lofts, one of our favourite hard lofts in the city. We just listed Unit 401 pictured throughout this piece and it's a really special loft.
Those who have been inside of this building know just how unique the units here are but it doesn't have the brand recognition of some other popular Toronto lofts. That's partially because of its unassuming exterior (that could easily be mistaken for a newer, soft loft development) and partially because of its intimate size - units don't come on the market often here and when they do, they typically sell quickly.
And so the Gotham Lofts don't tend to occupy the same share of mind as some of the other coveted Toronto loft buildings nearby like the Candy Factory Lofts or the Toy Factory Lofts. But we kind of like that it flies under the radar.
Here's why the Gotham Lofts are Toronto's dark horse (or, Dark Knight) contender for best Toronto loft in King West.
The coversion of the Gotham Lofts was completed in 1997 and the developers did a wonderful job of retaining many original features. All of the 47 units in this 1917 former harness factory have lofty ceilings ranging from 9.5 ft to 12 ft, exposed brick, post and beam construction, large windows and hardwood floors.Our favourite features in Unit 401 are the nostalgic design of the fireplace and the gorgeous, original wood ceiling that keeps all of that hard edge from feeling cold or un-homey. The space has a warm, cozy feel and that balance of hard and soft, warm and cold, in interior design can be a difficult one to achieve in loft conversions.
The Gotham Lofts have enjoyed annual value appreciations well above average for Toronto condos and lofts over the last few years. So far in 2015, it's tracking at just over 8% growth year-over-year (average for the city typically sits at around 4%; average for King West condos and lofts so far this year is sitting around 6%).
Check out the latest stats from our partners over at Condos.ca:
Values have gone up again since the last recorded sale in the building and so depending on how many sales we see this year (it is a low turn-over building), the Gotham Lofts should finish off the year in 2015 tracking even higher than the current projected 8% growth.
This one's simply down to dollars and cents. We saw above how value growth has been tracking higher than average which is great news for sellers. But this shouldn't scare buyers off in terms of affordability. You're getting incredible value with our current listing at around $614 sq ft in comparison to the average for comparable nearby hard lofts like the Toy Factory ($643/sq ft), the Chocolate Co Lofts ($647/sq ft) and the Massey Harris Lofts ($641/sq ft).
So as a buyer, you know you're not overpaying going in and your investment is likely to go far in terms of appreciation come re-sale down the road.
If you're interested in Unit 401 pictured throughout, 1 bed, 2 bath w/ parking asking $549,900, please feel free to reach out me: Rob Ackerley, 416.995.6983, firstname.lastname@example.org.