Building Analysis – 10 Morrison Street, March 2015

10 Morrison Street (also known as 455 Adelaide or the Fashion District Lofts) was developed by FREED developments and finished in 2008. This building is a personal favourite of the WareInToronto Group. The efficient floor plans, minimal amenities and 10 foot ceilings make it a desirable option. The recent addition/completion of the Fashion House lofts at 560 King Street West has obstructed the southern facing lofts at 10 Morrison but there is still substantial interest in these suites as well. The building has recently renovated their “zen” garden, which is one of the few amenities of the building. There was a small hiccup recently that required the corporation to replace/repair a component of the central HVAC unit but the unit owners collectively agreed to pay a one-time special assessment, which was minimal, to repair the item. We would agree that the choice to levy the small special assessment was the better choice as it kept their reserve fund healthy.

In the past quarter, the sales prices have fluctuated between $619 – $792 per square foot with an average of $682psf. This is a stark contrast from our last analysis in late 2014 where the average price per square foot in this building was $575. Keep in mind that orientation of units in this building have a large impact on sale prices. Units facing south are blocked by Fashion House condos. Although this is a factor to consider, most of the south facing units in 10 Morrison have phenomenal floor plan layouts, which results in strong resale prices, despite the lack of view.

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