“You couldn’t PAY me enough to live there!”
While there are probably a few locations in the city of Toronto that fit that description, Tannery Lofts is certainly not one of them.
However, that doesn’t mean that these units are an easy sell…
Ugh.
I can already see my inbox flooded with emails from the likes of our city’s Sally Smiths telling me, “The Tannery Lofts is an amazing building, and you should spend less time being negative on your real-estate-website-forum-thingee and more time spreading joy!”
Sorry, but we all have our opinions, and mine just always happen to be right…
Before I delve off into my diatribe about the Tannery Lofts and why I hate the location, first let me go off on a tangent about how lazy real estate agents are!
See the photo above? That is the artist’s rendering of Tannery Lofts as first drawn during the marketing phase of this project, probably five years ago.
Of the thirty-nine current and past listings of units at Tannery Lofts to be placed on MLS, not a single listing had an authentic photo taken with a camera by a real estate agent! ALL thirty-nine listings featured this same stock photo that agent-after-agent pulled off MLS with a right-click on “Save As.”
Now that is lazy!
The Tannery Lofts is a hard-loft conversion of a hundred-year-old building that was formerly used for industrial purposes. In the early years, this was a soap factory, and it was later used for manufacture and storage by the Adam Beck Cigar Box Manufacturing Company.
Interestingly enough, it was never used in conjunction with leather, so the name “Tannery Lofts” is purely a marketing ploy.
Everybody loves leather……, right?
Tannery Lofts are hard lofts at their best. There are many conversions in the city, but I haven’t seen more than a handful of buildings that incorporate so many of the typical “hard loft” features that people desire, such as: high-ceilings, exposed brick walls, floor-to-ceiling windows, wood beams, exposed ductwork, and barn doors.
Here is a photo of the ceiling in one unit:
And look at the sand-blasted brick walls in this one:
See how they incorporate new elements with the best that “old” had to offer? Here we have brand new hardwood flooring and a granite kitchen island with built-in dishwasher and second sink (out of frame is the rest of the gorgeous kitchen), and in the background you can see the brick walls, wood beams, timber ceiling, exposed ductwork, and more windows than any newly-built condo would ever offer.
Unlike most developments, units at Tannery Lofts came with an exceptionally fast turn-around time. From initial sales to possession, some developments take as little as three and as many as four or five years, depending on the number of setbacks. Tannery Lofts had occupants only a year after they were first offered for sale.
This probably has something to do with the size of the building, which at five stories and only thirty-six units, is much easier to complete than a fifty-storey monster downtown.
But Tannery Lofts isn’t exactly “downtown,” is it?
While I am a huge advocate of looking east of the DVP and west of Dufferin for unique buildings and undervalued neighborhoods, I’m not so sure I like the area shown here on the map:
No, Virginia, there is no Santa Claus.
Also, I’m sorry to tell you that for all its beauty, and all it’s authentic hard-loft features, Tannery Lofts is located in the ghetto.
Aaaaaah, River Street and Dundas, here I come!
Yes, the infamous Regent Park is directly across the street, and while we’ve been hearing rumors about the impending “clean-up” of the area for two decades now, let’s just face facts and admit that “affordable housing” is here to stay.
Sorry if I’m not being sensitive enough, but I’m a real estate agent, not a social worker or a politician.
And living in a “gorgeous” condominium across from Regent Park is not a good investment.
Of course, it should also be noted that the building is also right next to the Don Valley Parkway. So while an optimist would say, “Close to Transportation,” I would say, “Noise, Congestion, and Construction at your front door!”
There are metal scrap yards, machine shops, and no shortage of body shops lining River Street from Gerrard right down to Queen Street.
Bottom line: if this building were just about anywhere else in Toronto, it would be a gem.
But you know what? It’s not.
It’s across from Regent Park.
It’s next to the DVP.
And I don’t think it’s a very good investment.
If you want me to back up my opinion with numbers, I will.
Of the thirty-nine listings that I mentioned earlier, only thirteen have sold. Sure, some listings have been repeated and some were still in the pre-possession stage, but in a formerly red-hot market, shouldn’t these units have been flying off the shelves?
There is something to be said for buying into an area before it becomes trendy. Look at what’s become of Leslieville or Queen West for that matter. A client of mine just purchased a $300,000 loft on Noble Street last week which in the 1990’s was a haven for crack-heads and prostitutes!
Times change, and so too do locations.
But I just don’t see Regent Park becoming trendy any time soon…
fidel
at 9:19 am
I lived @ 24 noble for several years, while the area has improved I had my car broken into every few months and once in a while had to chase crackheads out of the doorway. But at least you are walking distance to tons of great bars, restaurants & galleries. I don’t see regent park ever becoming hip like Parkdale is becoming, it’s still a pretty scary place in most people’s minds.
sergio
at 9:55 am
Wow… Thats quite an uninformed piece of writing.
All the units in that building are sold and they have been sold for some time now.
As for the area, its not nearly as bad as most in the downtown core. The DVP is a complete non factor in this building. You couldnt hear anything from the dvp from this building even if you tried. The only thing that you got right was that it is a beautiful building.
Not a bad investment either as owners are renting these units for as high $2000 per month and the majority of these lofts are under 800sft. Not bad for a building that you have deemed as a bad investment. Not all of us are like you, making assumptions that people in government housing are not good people to live around. Your article is discriminatory and completely unfounded. Find something more productive to do with your spare time. Make a real contribution to this world instead of yammering about shit that you know nothing about.
David Fleming
at 3:36 pm
Serio – do you live there, or sell there?
Just sayin'
at 2:06 pm
I am only posting this response as this blog piece still comes up if you “google” Tannery Lofts. The building is beautiful as the article notes, but the neighbourhood is good too and I feel it needs some defending!
What I like:
-5 minute walk to Riverdale Park (the dog-side)
-5 minute walk to beautiful Riverdale farm/Old Cabbagetown
-close to the Don Valley Bike trail system and other bike trails
-505 streetcar right in front of building
-506/501/504/505 streetcars ALL run close together at this part of the city so getting cross town is easier.
-Shuter/Dundas both have bike lanes
-I walk to work downtown in 20 minutes
-Groceries at No Frills, St Jamestown Chop Shop, Chinatown & new Sobey’s opening at Parliament all easy walking distance
True, trendy entertainment/restaurants are not RIGHT at the front door….the area is residential, but it is a quick trip to Queen East, Danforth and downtown (You can take a longer walk to Distillery and St Lawrence Market) I’ve learned though that the area has some real gems–Big Mama’s Boy, the Cobourg, Provence Delices, Jet Fuel, Rashnaa, Thai to Go, Fusillis, Omi, The Dominion etc. which make it worth staying in the ‘hood.
Regent park is changing. Mostly it is younger families new to Canada and has been a friendly neighbourhood to join. I attended the Regent Park Film Festival this past year and was blown away at the great job they did putting the program together. Anyways just my two cents on “the ghetto” you describe.
Also—I know this will be ad hoc—but from my experience living in this building—when units come up THEY GO FAST.
David Fleming
at 7:52 pm
TImes change, and so too can my opinion of a building.
I’m now officially “indifferent.”
Sergio
at 10:32 pm
Wow, long time. Just stumbled upon this post again while checking up on listings for Tannery and thought I would pop back in for a visit. Glad to see another proud tannery owner sticking up for the area. To answer your question from 2 years ago, I am not a real estate agent, I used to live in the building and enjoyed my time there. I still own 2 lofts in the building and they have been leased to the same 2 tenants for the past 3 years. Every time I drive by I am pleasantly surprised to see the areas amazing transformation. I’m also glad to see that you have upgraded your opinion of the building and area to “indifferent”!
David Fleming
at 11:21 pm
@ Sergio
I’m still not sold. It’s literally across the street from Regent Park, and down the way from “The Oaks” which are two notorious slum towers.
I’m not doubting the beauty in this building. If it were six blocks west and two blocks south, it would be one of the best buildings in the downtown core. But that’s a big “if”…
Suzanne
at 5:03 pm
I had a friend who lived there and he had a great loft. I visited frequently, but I have to admit, the area was terrifying. I have lived in Toronto all of my life, and I had more scary experiences getting from my car to his front door than I had in all of the rest of my life in Toronto. Parkdale is Paris compared to this end of town. There is no noise from the DVP, however. Would I buy a loft there? Yes…for the right price. It is for a seasoned urbanite…not a newby. Not a place to raise a family, that’s for sure.
friend of a friend
at 3:03 pm
A friend of mine bought there, they had a lot of issues with fire code not being acceptable, the elevators always being broken, sound transfer between the units was a major issue, and she had a lot of difficulty selling despite her claims that “the prostitutes outside are really nice if you get to know them”.
After hearing about her troubles (which I take with a grain of salt), I wouldn’t buy there.
missed out
at 12:00 pm
everyone who doubted this before is likely kicking themselves in this crazy market.
All owners and investors in this building are now laughing.
Long live the east end, and bravo to those who stuck by it…. enjoy the results of your smart investment.
Kate
at 10:34 am
http://www.youtube.com/embed/F17fphn9de0
Are you trying to solicit listings now that the area is lucrative?!?