149 South Drive #4 Rosedale Condominiums Co-ops SOLD Craigleigh Gardens Apartments
Rare opportunity in Rosedale! Charming beautifully maintained low-rise intimate co-op building across from Craigleigh Gardens. Unique ground floor corner suite with south west exposure and walk-out to terrace and garden. Bright and spacious, this suite is in original condition with hardwood under broadloom and features two bedrooms and one four piece washroom. Includes one parking spot and separate locker. This unit is conveniently located on same level as laundry facilities and locker room.
Maintenance fee: includes taxes, water, building insurance, parking and common elements
Offered for sale at: $289,000 SOLD
Features of Craigleigh Gardens 149 South Drive:
Built in 1956
Consists of 21 suites on four levels
11 two bedroom units
10 one bedroom units
Building security system
Gas water heating
Laundry facilities are free and located on ground floor
Taxes are included in the maintenance fees
Hydro is not included in the maintenance fees
Recreation room on ground floor
Rooftop terrace with barbeque
Pets are allowed
Underground parking garage
Easy access to TTC
Steps to bus to Sherbourne station on Bloor Danforth subway line
Steps to bus to Rosedale Station on Yonge subway line
Located at 160 South Drive is Craigleigh Gardens, 13 acres of parkland with an off-leash area for dogs. In 1876, a 25 room Victorian house was built on the site and became home to wealthy businessman Sir Edmund Osler for the next 47 years. After his death in 1924, the house was torn down and the well manicured land was donated to the city creating this attractive park.
Understanding Co-ops (Co-operatives) A co-op is a form of home ownership that in a sense is a hybrid of a condominium. A private corporation is formed that owns and manages the entire building on behalf of its shareholders. Shareholders are given exclusive rights to occupy a specific suite or unit and have shared rights with other shareholders in the building with respect to the common areas and overall management decisions. Unlike a condo where a buyer obtains ownership to a unit by way of a deed registered on title, in a co-op, a buyer owns shares in the Co-operative Corporation giving them exclusive use of their suite. Also, unlike a condo, a mortgage cannot be obtained on a co-op unit however it may be possible for a buyer or shareholder to pledge their shares as collateral security to obtain financing offered through specific lenders with a minimum down payment of 35%-40%. Like condos, the buyer or shareholder of a co-op unit is assessed their share of the common expenses paid as a monthly maintenance fee which will also includes the taxes. Co-ops are also governed by a Board of Directors whose member consist of shareholders but co-operatives do not fall under the Condominium Act as they have their own by-laws, rules and articles of incorporation. The main advantage of co-ops is they are often more affordable than comparable condominium units.