This one bedroom Toronto loft is listed for $942K. Is it worth it?

$942,000 South Riverdale — Leslieville Located in the vibrant Leslieville neighbourhood, residents of 245 Carlaw Ave. have quick access to nearby shops, restaurants and cafes and those without cars can get around easily with several bus stops less than a 2 minute walk away and a 12 minute walk connecting to the TTC at Queen Street East at Boulton Avenue.

Originally home to the Wrigley gum factory, 245 Carlaw Ave. has for about 25 years been home to 81 units ranging in size from about 290 to over 3000 square feet. Many suites still have some of the original concrete mushroom style columns, industrial windows, polished concrete floors and exposed pipes and ductwork.

" Unit 505A is a one bedroom and one bathroom home that covers more than 1200 square feet, according to the listing. Sitting on the top floor of the building, unit 505A shares the unique character and style of the building as a whole. The foyer opens to an airy living space featuring large windows and a 13 foot ceiling.

Combined, the natural lighting and expansive space give the loft “an unmistakable grandeur and a feeling of spaciousness that few can match,” the listing says. To better understand the price of the unit, we spoke to realtors and " Litchmore said although the price of the unit is higher than the average for a one bedroom one bathroom unit downtown, it may be better explained given the building’s designation as historically significant.

The size and style of the space, he said, also factor heavily into justifying the price. The 13 foot ceiling and modern interior finishes offer a relative uniqueness to the loft property, Litchmore said. When comparing the prices of other units sold within the same building, Litchmore said the price of $940,000 is appropriate for the unit.

In April, a smaller unit in the building between 800 to 900 square feet sold for $845,000. “So, the fact that this one is asking for $942,000 is not out of the norm,” he said. However, Litchmore emphasized that from a practical point of view, the space is priced on the higher end. He said there are several properties downtown with more bedrooms and bathrooms within a similar price range and size.

Walters, a Toronto realtor who specializes in helping first time buyers and sellers, said she finds the unit extraordinary with its tall ceilings, industrial windows and ample square footage. Walters said that there is “careful use of every little nook and corner for functional space.” " “The location is also incredible, super close to all the action on Queen, Dundas, and Gerrard,” she added.

Walters explained that the average sale price for a one bedroom condo in Leslieville over the last year was about $676K. “This is priced above that due to the unique style of the building and unit as well as the large square footage,” she said. Walters explained there is a large stretch of converted loft residences in the area surrounding this condo.

“This one used to be the Wrigley gum factory and is one of the more sought after buildings in the area,” she said. In an earlier conversation with the Star regarding , Litchmore explained that as the city changes, we may see more and more older buildings being converted into residences. “We don't have a lot of empty space in the city, especially downtown and just outside of the downtown core,” he said.

Litchmore said he is certain the city will see more retrofitting in the years to come. Old buildings such as churches and factories could be converted into residential lots to make room in the growing city and to address the shortage of residential units. While he finds it a productive use of space, he said it is unfortunate that many converted units cater to a very specific lifestyle and usually a higher income bracket.

“I personally would have liked to see multiple, more affordable units that are in the price range,” he said. He added that this specific unit could have been split into two livable spaces and that could have helped create more affordable housing in the city. Litchmore said similar to other converted lofts, this unit will attract a buyer who is interested in entertaining company and impressing them with the historical significance and design esthetic of the building.

He said although the unit is large, the fact that it only has one bedroom and one bathroom, will likely turn away a significant pool of buyers. " “Even though it's a lot of space, you are not going to move a family in,” he said. “It has to be just a couple or a single person. You can’t have a lot of people live in here as there is not a lot of useful space, it’s just open space.” Litchmore said there is no doubt the property is beautiful, modern and nicely renovated.

“It’s very trendy, with lots of unique features and qualities but at the same time, it is more catered to high end buyers,” he said..