Terrace suite piggybacks off traffic to another unit, sells for $718,000

52 Sumach St., No. 108, Toronto

Asking price: $719,000 (March, 2023)

Selling price: $718,000 (April, 2023)

Previous selling prices: $645,000 (October, 2020); $282,849 (June, 2011)

Taxes: $2,577 (2022)

Days on the market: Nine

Listing agents: Elias Ben Khelifa, Munira Ravji and Cheyanne Clifford, Royal LePage Signature Realty

Use of water and recreation areas are included in the monthly fees of $574.Handout

The action

In a seven-storey building between King and Queen streets, just north of the Distillery District, larger units usually took a few weeks to secure a buyer this spring. This ground floor suite was listed around the same time as another unit, which ended up being an asset.

“There was a beautiful unit almost identical to ours, but bigger with a smaller terrace upstairs, and they were listed the same week we did,” said agent Munira Ravji. “I actually liked that, because we got double the traffic from people looking at theirs and ours.”

She said the unit she was selling didn’t come with parking, which meant the price was lower.

“Most people who move to this neighbourhood don’t necessarily want – or have – a car.”

This loft-like one-bedroom features 10-foot ceilings, polished concrete flooring and multi-paned windows.IRIS AERIAL SOLUTIONS/Handout

What they got

In 2011, this one-bedroom-plus-den unit was constructed with loft-like features, such as 10-foot ceilings, polished concrete flooring and multi-paned windows.

The bedroom is positioned behind the kitchen and open principal room. The den, laundry closet and four-piece bathroom are closer to the entrance.

Monthly fees of $574 include the use of water and recreation areas.

The property closed in May.

Just behind the kitchen is the bedroom and open principal room. The den, laundry closet and four-piece bathroom are closer to the entrance.IRIS AERIAL SOLUTIONS/Handout

The agent’s take

“This is a really unique property where it has a huge terrace – 255 square feet – and it’s right in the heart of Corktown, which is a great area,” Ms. Ravji said. “It has concrete floors with natural cracks, which in a regular condo, a buyer would say that’s damage, but for a loft buyer, that’s art.”

More attractions on and off site are also easily accessible to residents.

“The building’s rooftop terrace was gorgeous,” Ms. Ravji said. “And you’re minutes away from everything because you can literally walk everywhere, like the Distillery District.”