Sale of the Week: The $1.9-million suite that proves co-op living is alive and well in Summerhill

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Published on: April 24, 2017

Address: 10 Avoca Avenue, Units 502 and 503
Neighbourhood: Summerhill
Agents: Peter Russell and Catherine Russell, Chestnut Park Real Estate Limited, Brokerage

The property

A corner unit in an exclusive 50-year-old co-op building.

The history

The co-op was built in 1969. This particular unit was originally two separate suites, but they were combined into one by a previous owner. The seller, who moved in about six years ago, renovated in 2013, adding stainless steel appliances, new flooring, updated bathrooms, and some built-in shelving.

Here’s the living area:

The dining area:

And the kitchen, with new appliances:

There are three bedrooms. This one is being used as a den:

Another bedroom:

And the master bedroom:

The balcony is nothing too special, but it’s big and it has a view of some greenery:

The fate

The process of buying a co-op unit is unlike buying a condo. Because buyers are essentially purchasing shares in the co-op, the board has a stringent financial review process to make sure the new owners won’t default on their contributions. The buyers of this unit, a married couple downsizing from their Rosedale house not far away, easily passed.

The sale

Although the building generates a lot of interest, most of the demand is for units smaller than this three-bedroom place. Plus, the co-op’s strict rules—no pets of any kind and no ensuite laundry—are a dealbreaker for many. The unit drew one offer, for $70,000 under asking.

By the numbers

• $1,925,000
• 1,812 square feet
• 12 days on MLS
• 3 bedrooms
• 2 bathrooms

Article source: http://torontolife.com/real-estate/condos/toronto-condo-sold-10-avoca-avenue/

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