Blogging about Lofts! What is a loft?

What is old is new again!

In downtown Toronto, lofts have become very popular in terms of finding the perfect living space. The first question is often what is a loft?  A loft can be defined as an open concept space that has usually high ceilings, non-partitioned spaces  , which can be in a converted old factory or building.

In Toronto, there are two types of lofts to choose from. The first is called a  “HARD LOFT” which is an old building, such as a warehouse, factory, school, or church that has been gutted, and converted into individual living unique spaces.

Hard lofts often retain exposed (original) brick, soaring high ceilings, and either wooden or cement beams, and often large industrial windows. Some lofts, such as the Toy Factory or the Candy Factory actually have also retained or brought in century old wooden beams that are used on either the ceiling or floors. Despite being old buildings, there is a premium buyers pay to be in such buildings, as these are very unique and usually don’t fall into a “cookie cutter” layout.

Also, because these are often converted factories or warehouses as opposed to new construction, these buildings are often considered boutique and a lot more intimate, compared to 50 storey condo buildings that built in our city.

A soft loft, in comparison to a hard loft, is a new construction that is built to capture some of the elements found in hard lofts, such as having high ceilings, open concept layouts, floor to ceiling windows, and a very popular feature is exposed concrete. Often, as an upgrade, it is not unusual to see polished concrete floors, exposed concrete walls, and mushroom concrete pillars.

Thus if you are looking for a loft, there are over 200 lofts (hard and soft ) to choose from in Toronto. Ranging from small spaces such as about 400 square feet to over 5000 square feet, depending on your budget there is something for everyone. Just be prepared that pay on average about $550 per square foot.

A few recent sales to give you a better idea of how lofts sell:

• A recent 1+1 at the Chocolate Factory Lofts (955 Queen Street West) that was a bit over 800 square feet, with 2 bathrooms, but no parking sold in February 2010 for $388,000.
• A similar 1+1, with 2 bathrooms also at the Candy Factory Lofts, this one with a parking space, and 820 square feet of living space, just sold for $442,000 ($539/ square foot) in April 2010.
• Next door, at the Candy Factory Lofts (993 Queen Street West) there was a one bedroom that was about 1000 square feet that sold for $492,900 with one bathroom, parking and locker in March 2010.

** units will differ in price based on their exposure, finishes, and level**

If you are interested in finding a perfect loft to call home or sell your current one, I would love to hear from you or just your comments. Contact me here.