canarob
Senior Member
From today's Globe:
The latest line in luxury condos starts at sidewalk
People queuing in eight-night campout mostly being paid to hold spots for real estate agents
TENILLE BONOGUORE
November 7, 2007
TORONTO -- It's like a casting call for capitalism: Give us your tired, your bored, your low-wage masses, yearning to sleep on a sidewalk and nibble Timbits so that the rich and real estate agents can bag one more super-luxury condo.
Toronto's real estate market reached a new high - or low, depending on your point of view - this week as more than 60 people set up temporary camp on Bloor Street to spend eight nights awaiting the opening of the One Bloor sales office.
When those doors open at noon next Tuesday, the people in line will give up their places in line to dozens of real estate agents who will have first option on the $850-a-square-foot units. Many expect the 80-storey tower to sell out on that brokers-only day.
It may not be the large, high-end apartments that are in hottest demand: Tradeworld real estate agent Winston Mak said the smaller, lower-priced units are generally easier to sell. That makes them hot commodities for anyone thinking of flipping.
Mr. Mak will spend most of the coming week surrounded by road construction, frustrated pedestrians and curious onlookers so he can buy units for two Toronto clients and one for himself. That's the maximum purchase, and he is hoping to snare for himself a unit that's "hopefully not too big."
The sidewalk campout began Monday morning when ReMax real estate agent Hersh Litvack and Royal LePage agent Anna Cass sought to catch their rivals unawares by starting the expected queue at an unexpected time: eight days before the sales event.
Eleven people were set up in camp chairs and given sleeping bags, umbrellas and food money. The building that houses the sales centre - a few doors east of where the condo tower is to stand - objected and had the rudimentary camp moved to a nearby alley that afternoon. But it was moved back to the sidewalk yesterday, and is likely to stay there until noon next Tuesday under the watchful gaze of security guards.
Planning for the campout began three weeks ago, when Mr. Litvack used contacts through his son to find young people with time on their hands who were willing to endure eight nights of rain, cold and boredom.
Mr. Litvack also arranged a nearby hotel room for showers, daily food and weather protection, all so his agents can have first pick of the condos.
While he wouldn't say how much money he is plowing into the bid to be first through the sales door, Mr. Litvack said the effort was not overkill. "If the building was 160 storeys, it would sell out," he said.
According to leading Toronto condo specialist Brad Lamb, the hype is justified. "This is a very premium corner, a very high building, and a lot of people want to be in this building. There's only so many units to go round," he said.
Mr. Lamb believes it's the hottest property market Toronto has ever seen, and noted that for the super-luxury market, the building is a lot more affordable than $1,200 a square foot at the Ritz-Carlton, Four Seasons or Shangri-La.
To keep the growing crowd in order, self-appointed queue organizer Monica Geiman started a roll call every two hours. Once a real estate agent or their representative is placed on the list, they must be present for each roll call or lose their spot, she said. As of yesterday afternoon, there were 69 people on the list.
According to word in the queue yesterday, the range of pay rates being offered by different real estate firms varied between $100 and $300 a day, while others had been offered $20 an hour.
One 22-year-old woman skipped work to be there, and said the potential trouble with her employer was worthwhile: The money she was paid will cover three months rent, a TV and food, she said. Plus, "I'm a very lazy person, so this is perfect."
But while there is a friendly, supportive atmosphere amid the blankets, toques and coffee cups, not everyone is sold on the condos.
Elliott Rudner, 24, expects most units to be flipped, but he wonders whether the hype created by such a campout will withstand the reality of the market.
"I think this is creating an image of something that might not be there," he said.
Others were far from wooed by the super-luxury condo pictures at the site. "If I had a stack of money, I'd buy myself a nice house," Hal Adler said.
The latest line in luxury condos starts at sidewalk
People queuing in eight-night campout mostly being paid to hold spots for real estate agents
TENILLE BONOGUORE
November 7, 2007
TORONTO -- It's like a casting call for capitalism: Give us your tired, your bored, your low-wage masses, yearning to sleep on a sidewalk and nibble Timbits so that the rich and real estate agents can bag one more super-luxury condo.
Toronto's real estate market reached a new high - or low, depending on your point of view - this week as more than 60 people set up temporary camp on Bloor Street to spend eight nights awaiting the opening of the One Bloor sales office.
When those doors open at noon next Tuesday, the people in line will give up their places in line to dozens of real estate agents who will have first option on the $850-a-square-foot units. Many expect the 80-storey tower to sell out on that brokers-only day.
It may not be the large, high-end apartments that are in hottest demand: Tradeworld real estate agent Winston Mak said the smaller, lower-priced units are generally easier to sell. That makes them hot commodities for anyone thinking of flipping.
Mr. Mak will spend most of the coming week surrounded by road construction, frustrated pedestrians and curious onlookers so he can buy units for two Toronto clients and one for himself. That's the maximum purchase, and he is hoping to snare for himself a unit that's "hopefully not too big."
The sidewalk campout began Monday morning when ReMax real estate agent Hersh Litvack and Royal LePage agent Anna Cass sought to catch their rivals unawares by starting the expected queue at an unexpected time: eight days before the sales event.
Eleven people were set up in camp chairs and given sleeping bags, umbrellas and food money. The building that houses the sales centre - a few doors east of where the condo tower is to stand - objected and had the rudimentary camp moved to a nearby alley that afternoon. But it was moved back to the sidewalk yesterday, and is likely to stay there until noon next Tuesday under the watchful gaze of security guards.
Planning for the campout began three weeks ago, when Mr. Litvack used contacts through his son to find young people with time on their hands who were willing to endure eight nights of rain, cold and boredom.
Mr. Litvack also arranged a nearby hotel room for showers, daily food and weather protection, all so his agents can have first pick of the condos.
While he wouldn't say how much money he is plowing into the bid to be first through the sales door, Mr. Litvack said the effort was not overkill. "If the building was 160 storeys, it would sell out," he said.
According to leading Toronto condo specialist Brad Lamb, the hype is justified. "This is a very premium corner, a very high building, and a lot of people want to be in this building. There's only so many units to go round," he said.
Mr. Lamb believes it's the hottest property market Toronto has ever seen, and noted that for the super-luxury market, the building is a lot more affordable than $1,200 a square foot at the Ritz-Carlton, Four Seasons or Shangri-La.
To keep the growing crowd in order, self-appointed queue organizer Monica Geiman started a roll call every two hours. Once a real estate agent or their representative is placed on the list, they must be present for each roll call or lose their spot, she said. As of yesterday afternoon, there were 69 people on the list.
According to word in the queue yesterday, the range of pay rates being offered by different real estate firms varied between $100 and $300 a day, while others had been offered $20 an hour.
One 22-year-old woman skipped work to be there, and said the potential trouble with her employer was worthwhile: The money she was paid will cover three months rent, a TV and food, she said. Plus, "I'm a very lazy person, so this is perfect."
But while there is a friendly, supportive atmosphere amid the blankets, toques and coffee cups, not everyone is sold on the condos.
Elliott Rudner, 24, expects most units to be flipped, but he wonders whether the hype created by such a campout will withstand the reality of the market.
"I think this is creating an image of something that might not be there," he said.
Others were far from wooed by the super-luxury condo pictures at the site. "If I had a stack of money, I'd buy myself a nice house," Hal Adler said.
