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1 Bloor East, DEAD AND BURIED (Bazis, -2s, Varacalli)

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This building is probably overheated (and location probably has 80% to do with it) but the rest of the city is not that bad. There is a little panic though as a result of the city's new land transfer tax.
 
Mike in TO said:
Units across the road at Uptown are still in the $600psf range and units at Casa, X Condo or Couture are just a hop, skip and a jump away at under $500psf - too many people have bought into the hype surrounding the project rather then doing their homework on comparable projects by established builders nearby. They are taking a significant risk here if they expect prices to keep going up.
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I totally agree with you Mike in TO. The price for this project is ridiculous. The whole publicity and hype has gone to people's head. Uptown and Crystal Blu are only a block away for crying out loud!
 
Apparently according to CTV, the builders have already raised the range from 300K to 2 Million to 500K to 8 Million.

Unbelievable!

Makes me think that most of the people are in it for the quick flip perhaps???
 
Of course. Thats what this whole project is based on. I'm sure 80% of the people who are lining up are in it to flip. Little do they know it probably won't sell over 50% with prices like they are asking. Something tells me if this thing gets built, it will be sitting half empty with panicked investors trying to get rid of them. Then the prices will come down and sell for what they actually should be selling for and at the true market value.
 
The area is calm now, people were let in around 2:30
 
Jayomatic said:
Of course. Thats what this whole project is based on. I'm sure 80% of the people who are lining up are in it to flip. Little do they know it probably won't sell over 50% with prices like they are asking. Something tells me if this thing gets built, it will be sitting half empty with panicked investors trying to get rid of them. Then the prices will come down and sell for what they actually should be selling for and at the true market value.
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I suppose it depends on the clients who are buying this property. If it is the foreigners that appear to be buying up the other luxury condos downtown they might have the liquidity to hold on to this until it is built. As working class Canadians, it is difficult for 90% of the population afford a condo in this building IMO. In other words most people who can afford to buy this won't likely be "desperate" to sell.
 
Mike in TO said:
A lot of the units were pre-sold prior to this event. Bazis decided to increase prices yesterday given the line and hype around the project.
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Hey Mike, how would you know that the units were presold prior to today? I guess its who you know. We mentioned on the board before the comparison to stock IPO's. The general public never seems to get these deals on the ground floor. It is scary.
 
usually first there is a VIP event for past customers...i.e., anyone who bought at Crystal Blue....then secondly there is a VIP event for agents...and this is basically any agent in the GTA, as they are all contacted by e-mail and postal mail....then finally, there is the grand opening for the public..

So there are usually 3 separate openings...it'll be interesting to hear the buzz regarding sales from tonight....

Uptown are probably happy, as this project makes their remaining suites seem a steal.
 
asiancolossus said:
Hey Mike, how would you know that the units were presold prior to today? I guess its who you know. We mentioned on the board before the comparison to stock IPO's. The general public never seems to get these deals on the ground floor. It is scary.
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I don't know about this project, but Brad Lamb's Work Lofts had some units pre-sold before the agent launch. Lamb probably bought them himself!
 
You have all forgotten about the same phenomenon hours before the Donald arrived to grab the golden spade.

This line-up thing ain't new.

waiting.jpg
 
I can't think of another project that has received as much attention as this one. If I were some other developer I would hire a whole bunch of students to sit outside the sales centre to generate media buzz. This thing has been in the news all week in all the major news outlets (print & broadcast). The value of the PR this project has generated easily runs in the hundreds if not millions of dollars.
 
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