Condo with private elevator and castle fireplace mantels is first sale in old mansion in 10 years

37B Elm Ave., Toronto

Asking price: $3.15-million (May, 2022)

Selling price: $3.1-million (June, 2022)

Previous selling price: $585,000 (June, 1993)

Taxes: $11,267 (2021)

Days on the market: Five

Listing agents: Jim Warren and Alex Obradovich – Chestnut Park Real Estate Ltd.

The action

Many grand heritage properties are preserved throughout Rosedale, but the Larkin Mansion is one of few with three upscale suites inside. The last unit sold for $2.28-million in 2013, so this two-bedroom suite was snatched up for $3.1-million before most buyers could give it a thorough assessment.

“We didn’t have an offer date because we were trying to gauge the appetite of the market for something like this,” said agent Jim Warren.

“When people heard it was sold, they said, ‘If only we had just a few more days to think about it or come back a second or third time,’ so there might have been more action, but we don’t know.”

What they got

In 1914, this three-storey structure was built for Gerald Larkin, an executive of the Salada Tea Co. In 1989, it was transformed into a self-managed condominium building with one unit a floor, each with private street and elevator access, a storage room and two parking spots, including one in the garage.

This second-floor suite offers 2,667 square feet of living space and a dozen exits to a 1,750-square-foot terrace, including double doors in the eat-in kitchen and family room.

Distinguishing features include fireplace mantels from Austrian castles in the living and dining rooms.

Monthly fees of $2,317 include water costs.

The agent’s take

“It’s like a bungalow in a mansion with excellent access to outdoor space essentially on three sides,” Mr. Warren said.

“It was quite special with its own landscaping around the entire second-floor terrace with irrigation and a water fountain as well.”

Empty nesters were particularly fond of its freehold-like comforts, from its size to its services, he said. “One of the many highlights was the elevator,” Mr. Warren said.

“It was well laid out, so someone could be at one end in the den and someone could be in the living room at the other end playing the piano, and you wouldn’t even know.”

Your house is your most valuable asset. We have a weekly Real Estate newsletter to help you stay on top of news on the housing market, mortgages, the latest closings and more. Sign up today.