There are two buildings in the vibrant Queen West area that most people want to live in: Chocolate Lofts, and Candy Factory Lofts.

Why?  Well, probably because most people are unoriginal and want what other people talk about. 

But here is a third option for those of you that think outside the box…

Last weekend, myself and a group of friends dressed up as the cast of Zoolander and headed out on a Saturday night.  Luckily, it happened to be Halloween, so we didn’t look out of place…

We went to The Social on Queen Street West which is a block away from The Drake Hotel, and it occurred to me that people pay just as much for a beer here at Queen West as they do in the Entertainment District on Richmond, or anywhere else in the city.

What used to be an “off the beaten track” area of Toronto is now a social hot-spot where people will actually go out of their way for a night out.  And as such, real estate prices in the area have soared.

I still smirk when I get a new client that tells me he/she wants to live at “Queen West,” and then has no clue where that actually is.

Trading on namesake alone, bars, restaurants, and condominiums in the area are flourishing.

As I’ve mentioned before, The Candy Factory Lofts and Chocolate Loftsare the two most popular buildings in the area, partly because they are such eclectic living spaces in authentic warehouse conversions, and partly because people have no originality and just want what they have read about on the Internet.

901 Queen Street West, or Trinity Park Lofts is a “soft loft” in that it’s not an actual conversion like Chocolate Lofts or so many others in the city, but rather a building constructed from the ground up that is made to look like an old warehouse or a conversion of some type.

The building incorporates traditional “hard loft” features such as high ceilings, exposed brick walls, and floor-to-ceiling windows, but has all the upgrades and superior finishes of a brand new condominium. 

Perhaps the most intriguing feature is the “L-shape” design of the building that enables it to wrap around the Queen Street landmark that is the Farr House, which was built in 1847 and designated as historical by the City of Toronto in 1991.

Penthouse #608, priced at $639,000, is a 2-bedroom, 3-bathroom unit of almost 1600 square feet over two levels of living space.  The layout is typical among 2-storey lofts; the master bedroom and 2nd bedroom are on the upper level with the 2nd bedroom of open design overlooking the living room below, enabling the main floor living room to have a 20-foot rise.

The view is mainly to the east, but the balcony off the main level looks south from the 5th floor, with an unobstructed view.

Other than the laminate flooring throughout the main living area, the upgrades are significant, with granite counters in the kitchen and three bathrooms, stainless steel kitchen appliances as well as upgraded cabinetry in the kitchen, and custom electronic window coverings for every square foot of window in the unit.

Maintenance fees are a little steep at $774.87 per month, which does not include Central Air or Hydro, and taxes are $4,323.92 for 2007.  But for 1600 square feet, are we at the point where both these figures should just be expected?

In any event, we’re reaching the point in Toronto real estate where a $639,000 condominium is no longer considered “upper tier,” and at just over $400/sqft, you could hardly call this building “expensive.”

Having said this, take a look at my blog post tomorrow where you’ll realize that $400/sqft is “dirt cheap” compared to many of the buildings under construction right now in the downtown core…

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