TORONTO--(BUSINESS WIRE)--Another record sale on Gloucester Street in Toronto, by ReaLawState Realty Brokerage, indicates the northern portion of Toronto's Downtown Core along the Church and Yonge Street corridor has remarkable neighborhood value.
The property, located at 41 Gloucester Street, sold for $2,195,000. It’s a 3 Bedroom, 3 Bathroom, 1978 as-built freehold townhome with a 2-car garage. At $1,100psf, this represents an increase in property values on the street of 26% in one year.
One year earlier Graham F. Alloway, founder and CEO at ReaLawState, a real estate brokerage started by practicing lawyers, was responsible for the other and second most expensive sale on the street. 29A Gloucester sold for $2,000,000 at $810psf, for 103% of the asking price, with negotiations commencing the day the “Coming Soon” sign went up.
“Revitalization of the downtown core, corporate relocation, foreign investment including a need for student housing, empty-nester downsizing and traffic are all resulting in increased competition for available properties and strong price growth in the area.” said Mr. Alloway.
Much like New York’s Greenwich Village, the neighborhood possesses an identifiable sense of character and charm within downtown Toronto. It’s become a melting pot of its own, close to the University of Toronto, skirted with bustling restaurants, shops and green space, adjacent to both Yorkville and Cabbagetown, and surrounded by extensive developments, while maintaining its small community feel. Most of the properties within still have backyards and garages.
“This region is slated for a huge influx of new residential buildings over the next 10 years. Condos in the sky are selling at a higher price per square foot, with common area expenses and taxes; the savvy investor/owner can own “terra firma”, an alternative to high-rise living, steps from Yonge and Bloor, for a fraction of that cost. “
41 Gloucester backs on to Wabenose Lane, registered with the City of Toronto, and the detached two car garage qualifies for the city’s Affordable Laneway Suites Pilot Program initiative.
“We aggressively marketed this Gloucester property to both local and international buyers, a strategy which generated interest from purchasers outside Canada and resulted in a record-breaking price. The foreign-buyers tax was not an issue.”
ReaLawState Realty Brokerage Ltd. is the first of its kind, founded and managed by practicing lawyers. ReaLawState provides full real estate brokerage service coordinated with complete legal service, with legal fees included in commissions paid the brokerage contingent on closing. ReaLawState recognizes that early integration of real estate and legal services ensures maximum benefit and expertise in properly structuring the real estate transaction. ReaLawState incorporates lawyers into the creation, implementation and closing of real estate transactions, delivering a unique and comprehensive level of service to the buyer/seller, creating greater value in the commission. ReaLawState is a privately-owned company headquartered in Toronto.