Couple loves their "cottage in the city"
October 25, 2008
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Sheila Sproule
SPECIAL TO THE STAR
It is surprising how sometimes things transpire. It was never our intention, but we find ourselves to be the proud owners of a "cottage in the city."
In the fall of 2006, my husband and I – residents of London, Ont. – had the opportunity to purchase an investment property in downtown Toronto, near Yonge and King Sts., for under $370,000. Our search for a condominium held two visions at the time.
Our plan was to either:
a) Purchase in the locale of the business district and lease out the unit, fully furnished; or
b) Buy a condo closer to the lakefront, within easy access of downtown, for short-term vacation rental – in essence, buying into the modern trend of renting a holiday home with all its incumbent comforts, rather than depositing a credit card number and its remaining balance at a hotel.
Having travelled to Toronto numerous times to meet with our real estate agent, and, to be perfectly frank, often having a chuckle at the size of many of the newer properties available, we finally found what we deem to be the perfect place.
It was a 1,000-square-foot two-bedroom apartment in a building that was converted from offices to condos in about 1995. Amenities include and indoor pool, rooftop patio, and a gym with sauna. It is located near Yonge and King, central for public transport and in the heart of the business district. Our intentions were now clear. We would redecorate and furnish the condo, then seek a business professional as a tenant.
Decorating took longer than expected. We welcomed the assistance of a magazine article and local TV talk show to recommend places in the city to buy furniture sized for condos.
Casalife helped us choose apartment-sized, contemporary furniture for the living/dining area, including a pub table with stools that easily tuck underneath. We bought our most useful piece of furniture at the Brick – a sofa bed for the second bedroom for $900. Neoset gave us customized storage options for the master bedroom. Taking our time, we were able to avail of sales for furnishings and accessories.
Several buying trips later – during which we either stayed in a hotel or slept on the floor of the unit – the task was complete.
Ironically, this was the first goal we've achieved that, in truth, left us with a sense of loss. As we prepared our investment to earn income, our heretofore love of Toronto became a passion. We grew to cherish our friendly neighbours, and, indeed, our neighbourhood.
For our family, Toronto has always been a favourite weekend vacation destination.There is just so much to see and do. This large metropolis contains so many small businesses that just could not survive in a smaller, less populated city. These shops, in conjunction with the popular chain stores and endless entertainment possibilities, lend this city its unique personality.
Take Nicholas Hoare's antiquated bookstore on Front St., for example. What a discovery that is for a bookworm! Within a stone's throw is Flatirons – a unique shop to spend half an hour, prompting bouts of nostalgia and mirth.
Just across Berczy Park is Solferino, serving the most discerning caffeine junkies.
This area, just east of Yonge, is nothing short of enchanting, with its appealing storefronts and plethora of restaurants. Of course, St. Lawrence Market is a more renowned pearl. For ethnic variety, Kensington Market is within easy access via streetcar. The area is a theatre buff's paradise, as elaborately adorned theatres abound on Yonge St. and King St. W.
The subway, along with the streetcars, make travelling across this vast city a breeze.
The Path, with its 27-kilometre network of underground corridors, high street shops and food courts, makes wintering in downtown Toronto so much more civilized.
We just could not bring ourselves to rent out our unit. After considerable debating, rationalizing and perhaps a few tears on my part, we came to a decision that was completely justifiable and guilt-free – many of our friends have lakeside cottages, so why couldn't we have a vacation property in Toronto? It would require a lot less maintenance than a cottage, too.
Just as the local amenities of a cottage add to the demand for, and consequently, the value of the property, so, too, we expect the urban amenities to benefit our Toronto property.
Nonetheless, the option is always there for it to provide a rental income. Rental income for an apartment similar to ours is in the region of $2,300 per month.
In the meantime, we are very proud to call the vivacious city of Toronto our alternate home.
Toronto Star