I don’t know whether to call this listing “refreshing” or “disturbing.”

It’s refreshing to see some value in a unit that is priced right, and offering one-of-a-kind charm.

It’s disturbing to think of all the cookie-cutter condos that sell every day at high prices while this unit sits on the market…

Each night around 11:30PM, I log on to my TorontoMLS and review the day’s listings.

Wednesday night, there were 42 new listings in C01 & C08 (Downtown), majority of which were condominiums.

How about sales?

In the period from February 1st to February 12th, there were 72 condominium sales, 60 condominium leases, 12 freehold sales, and 3 freehold leases in the Downtown core for a total of 147 units turning over.

My point?

The market is booming.  And everything is selling, no matter the area, street, building, unit, or anything else that comes to mind.  Condos are flying off the shelves and we’re seeing multiple offers on condos like never before.  Units that I would classify as “complete crap” are selling, and often in a matter of days.

So when a unit like #208 at 383 Adelaide hits the market and doesn’t sell right away, I kinda scratch my head.

I guess I just assume that the market is an efficient machine, and nothing slips through the cracks.  When people say things like “I’m hoping to get lucky,” I just scoff and brush it off.  But is it possible to actually get a unit under market value?

What is market value?

Who determines it?

Perhaps my assessment of this unit at 383 Adelaide is wrong; or perhaps it just appeals to me and the majority of the buyer pool just isn’t interested.

383 Adelaide Street East is a very quaint, intimate, “boutique building” of only five stories and forty-six units.  Usually, anytime you have a building with a limited number of units, scarcity creates a shift between supply & demand.

What’s most unique about this building is that it is yet another authentic, “hard loft” conversion from an original, historical Toronto structure.  Once upon a time, this was the Gillette razor factory, but it was converted into a residential condominium about a decade ago.  The building dates back to 1937, which isn’t old when compared to the King/Front area itself (the original Toronto settlement dates back about 140 years), but anytime you have a 70-year-old building converted to condo units, you’re going to feel the old-world charm.

Units at 383 Adelaide Street have all the standard features of hard-loft conversions such as polished concrete floors, exposed ductwork, high ceilings (10 1/2 feet), oversized windows, and exposed brick, which in this case is a really pretty yellow-brick that is quite rare.

Another unique feature of the building is the old courtyard that rests right in the middle of the structure, as it has been maintained by the installation of a skylight above, and can be seen as you ride the elevator up to the higher floors.

The building itself carries the name “Liberty Lofts,” however I can’t figure out why they didn’t go with “Razor Lofts,” to play off the history of the former Gillette razor factory.  This could have helped market the units as well, using adjectives such as “sharp” and “cutting edge” to describe the units and the building.

The only drawback about the building is the lack of parking, since only the penthouse units own their own parking spaces.  As you can tell from the photo above, parking spaces on the street in front of the building are always taken.

The unit for sale, #208, is priced at $274,900 and is roughly 550 square feet.  There is no parking, which would probably increase the value to $299,000 or slightly higher, but based on what I see sell everyday in this city for $274,900 or more, I just can’t believe this unit is still available!

It’s getting harder and harder to find high quality units in sought after buildings for under $299,000, and this unit at 383 Adelaide Street might very well be the exception.

But as I said before, maybe I’m wrong.  Maybe I like this unit and nobody else does.

Is the whole world crazy, or is it just me?

Well, if you buy a unit at 219 Fort York Blvd for $274,900 with no parking and leave 383 Adelaide on the market, then YOU are crazy.

To each, his own…..I guess….

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