This established building has been approved for conversion from a Co-op to a Condo. As a Co-op, Buyer’s are required to have a 30% downpayment and only certain lenders will provide financing for Co-ops. This can be a long process but I think that owners who hold on will see significant appreciation as the pool of Buyer’s who can consider buying in the building grows… so does the buildings value. It’s very hard, if not impossible, to find values below $300 per sq ft today (2013). Although you can’t expect the quality and amenities of today’s new condos in buildings like 740 Eglinton Ave W, it provides opportunity to own a 1000 sq ft suite in a good neighbourhood at very affordable levels. The building uses radiators with gas as the energy source to provide very comfortable heating. Suites do not have ensuite laundry but they share a laundry room. Electricity is metered separately.
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