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The Lofts St James was
formerly a commercial building in Montreal's old fur
district. It takes its name from the presbytarian church of
St James accross the street.
The Lofts St James
street address is 1449 St Alexandre but it is located on the
corner with Mayor Street. It is one of seveal buildings to
be located on St Alexandre Steet, all of which happen to be
conversions from turn-of-the-century buildings.
The
Lofts St James holds an important role in Montreal condo
construction. The fur district back in 2000 wasn't a nice
part of Montreal and was the westernmost extent of the
city's famous red light district. It was instrumental in
pushing the boundaries of the downtown core east of the
Place des Arts. The arrival of a high-end lofts building in
the area brought several new developments on Sherbrooke
street such as 320 Sherbrooke, La Deauversiere at 256
Sherbrooke in 2005, Le Concorde at 441 President Kennedy in
2007. Then the Louis Boheme in 2009, the Lofts St Alexandre
in 2010, Rythm at 366 Mayor in 2013 and finally Le Peterson
in 2016.
The sequence of construction is important as
it shows the Lofts St James right at the beginning. This
building has recently had its corridors and gym completely
revamped and has purchased new terrace furniture. Today's
buyers are usually considering renovating the units and even
flipping them as the average size of the one bedroom lofts
in the Lofts St James si around 800sf and most properties
are on the market for under $350,000 which puts the average
value per square foot a little over $400. Le Peterson sells
for well over $700... enough said.
The neighbourhood
is excellent for Downtown living. There are dozens of
restaurants, bars and cafes all within a 10 minute walk. The
Old Port is a mere 15 minutes walk and McGill University is
just over 5 minutes. The underground city can be reached in
a couple of minutes, just like the nearest subway on the
green line.
As its name suggests, the condos in the
Lofts St James were originally designed as open plan
industrial lofts with concrete 14ft ceilings and concrete
pillars. However some units had a separate bedroom put in
when practical, and some owners closed off several parts of
the larger condos to created one or even two bedroom units
inside the 850-900 square feet units.
One of the
particularities of the Lofts St James is that there are
three sides with two distinct values. On the court side and
Mayor street side, the units re-sell around $400 a square
foot. On the St Alexandre side, which has views over the St
James Church and is South West facing, the units sell for
closer to $500 per square foot. The average size per unit is
larger for those facing the church with 1100, 1200 and 1500
square foot units which sell for $600,000 to $800,000 which
is almost twice the budgets for the rest of the building.
As the photos show, the Lofts St James has a gym and a
rooftop terrace with panoramic views of the surroundings. It
also has a security guard who works at night and a concierge
during the day.
PROS: Excellent
soundproofind and insulation, nice rooftop terrace, large
units at a reasonable price, great location, building ageing
gracefully, foward looking administration.
CONS:
Street isn't particularly inviting and is difficult to get
to by car. Some issues and repairs can be expected over the
coming years due to the age of the building. Most units for
sale will require some upgrading to maximise value for
resale. |
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