No, it’s not my listing, but I will say that I think some of the best value in the city exists in these older townhouses on Adelaide Street West.

Where else can you find this kind of space at this kind of price?

I’ve always felt that value existed in these Adelaide Street West townhouses, but it wasn’t until Sunday night that I felt I should dedicate an entire blog to it.

My friend Pete is looking to upsize his current condo with his girlfriend Karrie, and although there were very few new listings of interest last week, I suggested we go and see an Adelaide Street townhouse and a Sorauren Avenue loft to compare locations, styles, size, and of course – value.

I was actually able to get Pete to agree to meet at 4pm on Sunday – and miss the first half of the Green Bay Packers game, but that didn’t stop him from catching the end of the Texans-Ravens game, and then blaming his girlfriend (“She’s taking really, really long to get ready…”) as he arrived ten minutes late…

King West, in my mind, goes about as far as Dufferin Street in theory, but really only as far as Sudbury Street as anything west of there (Plazacorp garbage…) isn’t exactly in high demand.  Prime King West, as you know, is east of Bathurst and is located in “Freedville” on Portland, Stewart, and Niagara.  But there are some excellent condos in all shapes and styles on King Street West as you approach Shaw, and then there are the townhouses on Adelaide Street.

Townhouse condos are quite hit or miss, and while location is usually a huge factor, I also think it’s the layout that can make or break a condo.

The stacked townhouses, which I’ve had a love-hate relationship with over the years, can work depending on the person who is buying it, ie. I sold a 3-storey, 1-bed unit to a young investment banker who won’t be having kids there, won’t get married there, and likely doesn’t have 10-person dinner parties very often.  It’s a perfect fit for him, and the location is prime just south of King Street and two minutes from the streetcar.

But many of the stacked townhouses in Liberty Village, Queen/Bathurst, or Yonge/Eglinton are approaching ten years old and are run-down.  Sorry to say, but ten years is an eternity in real estate, and whatever was installed in 2001-2002 likely won’t suit today’s buyer.

North of King Street, and often forgotten, are the “Brownstone” townhouses on Adelaide Street West that look nothing like the complexes mentioned above.  I’ve had some clients say, “They look ugly,” but I think that’s just because they’re different.

I took Pete & Karrie to see one on Sunday evening, and I think all three of us were shocked by the value that existed inside the modest 2-bedroom, 3-bathroom unit.  I for one, was expecting far, far less.

At the risk of being accused of “unauthorized advertising,” let’s just say that this townhouse condo was priced in the mid-to-high $400’s, and you can use your imagination for where the condo was located.

Having looked at the available townhouses in Liberty Village, the one on Adelaide Street made for a shocking comparison.

In Liberty Village, you can get a 950 square foot 3-storey, 2-bedroom, 2-bathroom unit with a small rooftop terrace for about $450,000.  Of course, these units have three sets of staircases, which likely take up a couple-hundred square feet, but most buyers are so thrilled to be right in the heard of the Village that they see value in the proposition.  I do, and I don’t, depending on the client and the situation.

The townhouse we saw on Adelaide Street West was about 1,200 square feet, over two levels, and had only one staircase.

The master bedroom was far larger than anything you’d find in Liberty Village, and it had three closets, a very large ensuite bathroom, and a walk-out to a small patio.

The second bedroom also had an ensuite (very rare), and there was a main-floor powder room off the living area.

This particular unit had two brand-new washrooms of excellent quality and taste, that likely cost $10,000 each to upgrade.  They certainly did not look like this one:

This is an original bathroom in a neighbouring townhouse, which would not be an option in any way, shape or form.

Two brand-new bathrooms with sharp slate tile and gleaming granite counters are worth more than just the $10,000 they cost to install – they’re worth not having to endure the headache that comes with renovating and tearing your bathrooms apart!

The living space in the townhouse was large enough to fit an 8-person sectional couch, and the dining room could fit a 6-top table or maybe even an 8-top.

The kitchen, which is not an open-concept kitchen/dining setup like we’re used to seeing in today’s modern lofts, was full of cupboard space and looked out through the massive picture window onto Adelaide Street.  It would benefit from new counters and even new cupboards, but the floor, appliances, and lighting all get passing grades.

So what is the drawback?

Why hasn’t this place sold?

Well, I think it should have, but I suppose there is one glaring (potential) red flag.

The unit is 2-storey, but the bedrooms and bathrooms are on the “lower level.”  No, I’m not talking about a basement here, I’m talking about a lower level that has an at-grade window in the smaller bedroom, and a walk-out to a half-grade patio from the master bedroom.  This “lower level” has 8-foot ceilings, I’ll have you know!

I suppose some people don’t like the idea of having a lower level, or even more to the point – having their bedrooms in the lower level.  But the bedrooms are not dark, they’re not lacking natural light, and the idea of a 2-storey, 1200 square foot condo makes it far more “homey” than any of the other townhouse condominium setups in downtown Toronto.

I almost feel like the lower level doesn’t bother most people, but rather the fear of a future-buyer not liking it would scare many buyers away.  It’s such a self-defeating prophecy!

The main level is a great space – large kitchen, bigger-than-average dining and living rooms that will fit bigger-than-average tables and couches, and there’s even a small patio out back where you can BBQ – since there’s no rules against doing so.  The lower level provides two bedrooms that are larger than you’ll find in any other condo-town, and there are THREE bathrooms in the space.

What’s not to like?

I feel as though many people don’t like these because they’re older, but they look a lot nicer than the ugly stucco-boxes that many townhouse complexes offer.  Believe me – I often suggest that people shy away from older condos, but the rule doesn’t apply with well-built townhouse complexes like the one on Adelaide Street West.

And what do we make of the price?  At $387 per square foot, I think the unit is a steal, considering the bathrooms have both been renovated and the broadloom in the lower level is new.  You’re really looking at a minor kitchen renovation, and that’s about it.  Now don’t go comparing this $387/sqft figure to the average $550/sqft that we’re accustomed to seeing in most downtown Toronto condos.  Condo townhouses and condominium units in buildings are two different animals, and you just can’t compare the two.

But there’s a ton of value in these units, especially a well-priced, renovated one like what is being offered for sale now.  Consider as well that there’s a competing unit, unrenovated, for $30K more, and the value is even more apparent.

No, I’m not the listing agent.  The unit is listed by a competing brokerage.

But when I see value like this in the City of Toronto, I’m going to draw attention to it!