[Merged] People lining up to buy a condo like PS3 and Wii

[jp06]

I can't believe this... there's people lining up on Bloor Street ONE week in advance to get a piece of condo property. I thought lining up was just a thing for the PS3, XBOX, Wii, etc. Some people must have alot of time on their hands or no life.

http://www.citynews.ca/news/news_16483.aspx

[UrbanPoet]

I can't believe this... there's people lining up on Bloor Street ONE week in advance to get a piece of condo property. I thought lining up was just a thing for the PS3, XBOX, Wii, etc. Some people must have alot of time on their hands or no life.

http://www.citynews.ca/news/news_16483.aspx

No life?
Those people lining up will probably be laughing in your face after they make a huge chunk of cash off their investment.
and btw... those people with "no life" are probably more successful then you'll ever be...

The bloor one condos start @ $300,000 up to $1 million O_O

[curtis]

It would be funny if they dispersed the line, took down a list and asked for ID. hah!

[jp06]

No life?
Those people lining up will probably be laughing in your face after they make a huge chunk of cash off their investment.
and btw... those people with "no life" are probably more successful then you'll ever be...

The bloor one condos start @ $300,000.....

It looks like someone took offense so quickly... go take a pill.

[stevethewheel]

It's what people do these days.

I know some sales reps who see it all the time for condos, and subdivision home developments.

One of the reasons to line up is to get the best units. Another reason to line up is that the developer may put prices up by $10,000 every hour or two. I am not kidding about the price increases.

[jp06]

It would be funny if they dispersed the line, took down a list and asked for ID. hah!

haha that would be jokes. Well i think they should do something about the lineup. They're probably blocking like 1/2 the sidewalk with their umbrellas and sleeping bags which is not good for pedestrian traffic.

[DaVibe]

I'm watching the news and the woman is like "Oh I feel so sorry for them!"

Feel so sorry? You kidding.
They're CHOOSING to be in that line for GREED ... to make a profit and to resell their property one day in the future.

They want to be there, let them sit. They're going to make a killing, I'm sure.

[phildc]

People's been lining up for condos and homes long before PS3s and Wiis even came out:cheesygri

[TenzoR]

I can see them from my office building. Quite a bit of people. I'll bring my camera and take a picture of them :D

[Haz]

People lining up for condo presales is pretty normal around the GVR (http://www.news1130.com/news/local/article.jsp?content=20071105_080122_3872) now. Prices keep climbing and there seems to be a never ending lineup of people looking to buy (http://www.news1130.com/news/local/article.jsp?content=20071106_082604_4796) home in the GVR.

Hell, there's a report going around that next year, the average home price in Vancouver's gonna go up 9% to $900,000! How is anyone suppose to afford (http://www.canada.com/vancouversun/news/westcoastnews/story.html?id=ff7fd1e0-f52e-4de7-af5b-6117dc6cded5) and average home in this city?

http://img114.imageshack.us/img114/1219/sept076city2ul2.gif

http://img114.imageshack.us/img114/2295/sep07vancouverts1.gif

Maybe Toronto's gonna be that next hot market.

[alkaseltzer01]

No life? I doubt that. More like an easy investment. Like Urbanpoet says, they are going to make a killing. Consider it time spent waiting in line equals profit that will be more significantly higher than the avg Cdn annual salary.

They probably have their PSPs or DS, mp3s players to keep them entertained. Most people do that at home but won't see a big payout later.

[kurtblak]

Hell, there's a report going around that next year, the average home price in Vancouver's gonna go up 9% to $900,000! How is anyone suppose to afford and average home in this city?


Learn to speak Chinese.

http://www.aacircle.com.au/images/speak-chinese.gif

[Phr3sh]

I really don't see why this is suprising. A condo is a huge investment, which will yield large amounts of money in the future compared to the initial investment. It's more suprising that people will wait in line for a depreciating asset like a console if anything.

[jp06]

No life? I doubt that. More like an easy investment. Like Urbanpoet says, they are going to make a killing. Consider it time spent waiting in line equals profit that will be more significantly higher than the avg Cdn annual salary.

They probably have their PSPs or DS, mp3s players to keep them entertained. Most people do that at home but won't see a big payout later.

yeah there's no doubt that they will make a profit. I never said they won't. I simply said they probably have alot of time on their hands OR no life to be able to line up throughout the week and not have to go to work (so they must have time and money at least). But Mr. UrbanPMSing right away took offense and brings in the topic of "success" to the thread? Where in my post did i ever mention these are "unsuccessful" people lining up? Honestly i never seen anything like it before that's why I was surprised.

[PHANTOMPHOENIX]

I waited in a lineup for a condo about 4 or 5 years ago. I more than doubled my investment.

I also waited in a lineup for a condo around 2 years ago I believe. I backed out of that deal and ended up regretting it. I could have pocketed 50,000 after all expenses on that deal easily.

If anything is stupid...its being in the lineup for the Wii.


At the same time, it wouldn't surprise me if the builder paid people to sit in line to create hype. I wouldn't really put anything past these builders. The rumor I was told is that Real Estate Agents are paying students to stand in line.

[chococrazy]

I agree with the guy above me... lining up for a condo > lining up for a Wii

[yyz2hkg]

Some of the "people" lining up are actually students getting paid a heck of a lot of money since the opening day sale of the units is actually next week. Real Estate Agents have lots of money on the line and can flip these babies like hotcakes :lol: If only I had the money *sigh*

[aimfox]

I would line up.. Since bloor is a popular area with condos then i think its worth it to buy a condo there

[Haz]

Learn to speak Chinese.

http://www.aacircle.com.au/images/speak-chinese.gif
I am Chinese... :| So? What's your point?

[hooch]

But Mr. UrbanPMSing right away took offense and brings in the topic of "success" to the thread? Where in my post did i ever mention these are "unsuccessful" people lining up? Honestly i never seen anything like it before that's why I was surprised.

I thought lining up was just a thing for the PS3, XBOX, Wii, etc. Some people must have alot of time on their hands or no life.

Keep in mind that the real estate agents themselves are likely not waiting in line, but they're paying "stand-ins". Much like the situation with the PS3, XBOX/360, Wii, iPhone, their intent is to get in early and flip it, and easily make a profit of six figures. So paying someone a few hundred dollars a day makes sense. I don't know the actual payouts, but I imagine it'd be higher than what some people paid for a spot in a PS3 lineup.

For some people, a few hundred to a few thousand dollars to stand in line for a week is well worth it.

[kuqdew]

I am Chinese... :| So? What's your point?

Is it some sorta joke?

[Haz]

Is it some sorta joke?
Maybe he's trying to stereotype all Chinese people in the GVR.

[aimfox]

$300K is a good price :cheesygri

[kurtblak]

I am Chinese... :| So? What's your point?

Well the main reason housing prices are crazy and have been crazy in GVRD is foreign investment.

From China overwhelmingly.

It really picked up just before Hong Kong was taken over...err..re-patriated and foreign money was buying up property in popular places, like Vancouver. Compared to places like Hong Kong, Vancouver was dirt cheap in the 80s,90s....so it was really an unfair advantage financially. You could buy a mansion in GVRD compared to what you could get in HK back then.

I have friends in the real estate business (yes, some are Chinese) and they all say foreign money is still the main engine of rising prices of houses in the GVRD. Of course they won't say it on camera for fear of being accused of racism, but if you are in the business you know this to be true.

Personally I think a house should be a place you raise a family, not an investment vehicle. But hey, I'm a communist lol...If I was in charge I'd make it so you could not sell a house unless you lived in it for at least 10 years.

[hooch]

$300K is a good price :cheesygri

For 1 Bloor? It does sound pretty good, but I suspect that at $300k, it means you get a closet, a sink and a door. Maybe some lighting. I've always found the "newish" condos downtown absolutely tiny!

[SirAlain]

Wow, that is a rather unconventional way of purchasing a property. Canadians are so down-to-earth! I love it!

And to the OP: stop the sourgrapes, kiddo.

[Viz79]

$300K is a good price :cheesygri

For 1 Bloor? It does sound pretty good, but I suspect that at $300k, it means you get a closet, a sink and a door. Maybe some lighting. I've always found the "newish" condos downtown absolutely tiny!

Yeah, what the hell can you get for $300K in downtown Toronto? Even in Ottawa, that wouldn't get you much. At least, not for me anyway. Can't imagine what that would get you in Toronto. :(

~V79~

[trixstar]

No life?
Those people lining up will probably be laughing in your face after they make a huge chunk of cash off their investment.
and btw... those people with "no life" are probably more successful then you'll ever be...

The bloor one condos start @ $300,000 up to $1 million O_O

you mean 300,000 to over 2 million.. I've seen the site, and it was gorgeous.

[hooch]

Yeah, what the hell can you get for $300K in downtown Toronto? Even in Ottawa, that wouldn't get you much. At least, not for me anyway. Can't imagine what that would get you in Toronto. :(

~V79~

I'm betting those suites won't be flipped, but turned in "executive rental" suites. While I don't see what much difference it is between renting a hotel suite for a few weeks vs. an executive suite for a few weeks, I've seen several companies make quite a bit of money that way.

[jdmkidd]

there was a line up for the new condo in front / beside city hall in mississauga.

[aquariaguy]

I can't believe this... there's people lining up on Bloor Street ONE week in advance to get a piece of condo property. I thought lining up was just a thing for the PS3, XBOX, Wii, etc. Some people must have alot of time on their hands or no life.

http://www.citynews.ca/news/news_16483.aspx


You have lots to learn little one.

[rfdrfd]

This is nothing compared to what happens in Hong Kong. People get into physical fights.

And don't even dare try to walk in certain real estate selling areas, there will be like hundreds of real estate agents and they are all over you like bees on honey !! Very scary.


Actually, why don't the condo ppl, just come out and hand these people numbers? Then just call them in as number goes when the door opens in 1 week.

Same with all line ups. I dont get why stores dont do that? Assuming there isn't a fight, the first guy right now in the line will be #1 right? And so forth? This will help with the congestion and potential fights later when the doors actually do open.

[corrupt123]

I dont like 'em. Honestly, when I think of a condo I think of efficient use of space, but still a nice open feel (usually due to the fact that you're way above ground) but from the floorplans I've seen so far, the places look way to cluttered. Honestly, the master bedrooms for the six-figure suits are all ~10'x10'. Thats almost prison cell size.

Dont get me wrong, I know this is typical for a condo. But to drop $500 000+ on so little space... I wouldn't do it. Regardless of location. I'd move 3 blocks away and get something moderatly larger.

[GangStarr]

It's what people do these days.

I know some sales reps who see it all the time for condos, and subdivision home developments.

One of the reasons to line up is to get the best units. Another reason to line up is that the developer may put prices up by $10,000 every hour or two. I am not kidding about the price increases.

isn't there some new tax thats encouraging people to buy condos before the new year?

to the OP. I think the reverse is quite stupid. Why wait in line for a system you will make what $100-$400 in profit max? If theres people who are able to purchase a 300k-1m condo (which also probably isn't their only property) there time is worth money.

If they calculated that the next week of their life spent in line is more profitable then work all the power to them.

[Kinki]

how can one say ppl who are trying to make money have "no life"?

it's like saying if you work, than you have no life. live like a king by going on welfare? hah

the money made will give you "a life". vacation, car, nice dinner.


yeah there's no doubt that they will make a profit. I never said they won't. I simply said they probably have alot of time on their hands OR no life to be able to line up throughout the week and not have to go to work (so they must have time and money at least). But Mr. UrbanPMSing right away took offense and brings in the topic of "success" to the thread? Where in my post did i ever mention these are "unsuccessful" people lining up? Honestly i never seen anything like it before that's why I was surprised.

[UrbanPoet]

yeah there's no doubt that they will make a profit. I never said they won't. I simply said they probably have alot of time on their hands OR no life to be able to line up throughout the week and not have to go to work (so they must have time and money at least). But Mr. UrbanPMSing right away took offense and brings in the topic of "success" to the thread? Where in my post did i ever mention these are "unsuccessful" people lining up? Honestly i never seen anything like it before that's why I was surprised.

The only people that would line up for this are people with pretty impressive lives.
Not many people can afford a $million dollar condo. Let alone take time off work to do so...
The only people that can take that amount of time off work are people with really good jobs that allow for that much vacation time.
Not many people want to sacrifice their vacation time to do something so tedious and annoying as waiting in line for a condo.

[Mattones]

Lots of people do it so they can get a good unit. When i was framing townhouses in oakville/bronte we drove by the sales office one day and there was a huge line up for the townhouses. people were buying out the people first in line with like 2 grand in cash from what i was told.

[Yucko]

No life?
Those people lining up will probably be laughing in your face after they make a huge chunk of cash off their investment.
and btw... those people with "no life" are probably more successful then you'll ever be...

The bloor one condos start @ $300,000 up to $1 million O_O
Actually those that are lining up are merely representatives of the actual buyers. The real estate agents pay students $20 an hour to sit in line. They interviewed them all this morning.

[UrbanPoet]

Actually those that are lining up are merely representatives of the actual buyers. The real estate agents pay students $20 an hour to sit in line. They interviewed them all this morning.

oh okay.. so the "losers" that the OP is flaming, are actually students earning a wage thats above what the average student makes.

[crimsona]

Regardless if you were the buyer or just being paid to sit for a buyer, you're making a lot more money than if you were lining up for a Wii.

Just think about it.

[Noob1ee]

Is this is a big gamble or are property values guaranteed to increase?

[rchun044]

The whole "buy a condo for investment" idea has been overplayed for the past year. The prices are up to the point you wont be making much money anymore. If you see people lining up, you're too late already....

Back when yonge/front condos were selling for 170-220000 in 2002-03 it was good to invest. But if some realtor is telling you buying a 300k condo now is a great investment, he is just lying to your face and you should get him to write it down and sign it. Just remember, you have to take the price increase of your condo and subtract it from the rate of inflation during that time too......

[Kommander_KornFlakes]

It looks like someone took offense so quickly... go take a pill.

He was one of the people lining up :o

I worked at the Greenpark Condominum building being built at Yonge & Major Mackenzie, they opened the sales office trailer on a Saturday at 9:00am..... by 4:00pm ALL the units in the highrise had been sold out.
-

[Haz]

The whole "buy a condo for investment" idea has been overplayed for the past year. The prices are up to the point you wont be making much money anymore. If you see people lining up, you're too late already....

Back when yonge/front condos were selling for 170-220000 in 2002-03 it was good to invest. But if some realtor is telling you buying a 300k condo now is a great investment, he is just lying to your face and you should get him to write it down and sign it. Just remember, you have to take the price increase of your condo and subtract it from the rate of inflation during that time too......I don't know about Toronto but I know someone who bought a condo in downtown Vancouver for $300K and it appreciated 30% in six months. He sold it for a tidy $100K profit about a year after buying it. This was maybe 3 years back.

[Ebola]

Can't wait to see a Canadian housing crash and see all these overinflated properties crash and burn along with our economy. :-0

[ShadowVlican]

I'm watching the news and the woman is like "Oh I feel so sorry for them!"

Feel so sorry? You kidding.
They're CHOOSING to be in that line for GREED ... to make a profit and to resell their property one day in the future.

They want to be there, let them sit. They're going to make a killing, I'm sure.
exactly

$300K is a good price :cheesygri
like others have said.. u won't get much for that little :(

Is this is a big gamble or are property values guaranteed to increase?
the "housing market" is showing no signs of slowing down... we must be getting lots of rich immigrants coming into our city

Can't wait to see a Canadian housing crash and see all these overinflated properties crash and burn along with our economy. :-0
same here.... then maybe the middle class families can finally afford a decent house at a decent location

[gman]

Regardless if you were the buyer or just being paid to sit for a buyer, you're making a lot more money than if you were lining up for a Wii.

Just think about it.

Yep!

1. you get more money than lining up for a wii.
2. you get more support than lining up for a wii. That is the one who hired them provides food, drink and a hotel room. You have another shift to take over your spot so that you can take a shower and have a sleep on a real bed.
3. you won't lose money doing this while lining up for a wii may. The one who lines up is not the investor.

[OracerO]

These guys with money are smart, but not that smart.

I would pay a group of homeless people to wait in line for me. :cheesygri

lol at the dumb people w/money w/NO smart business sense.

[pupazzo]

Lol @ these losers with no dignity. Anyone with real cash would never embarass themselves for some chump change.

[heymikey]

I can't believe this... there's people lining up on Bloor Street ONE week in advance to get a piece of condo property. I thought lining up was just a thing for the PS3, XBOX, Wii, etc. Some people must have alot of time on their hands or no life.

http://www.citynews.ca/news/news_16483.aspx
You know what, that is actually a common sight here in Calgary. Everytime a builder goes to pre-sell their condos, expect at least an hour of line-up. And I'm not embarrassed that a year and a half ago, I did line up for about an hour to see if I can make some investment on some real estate.

Anyway, why don't you little boys continue to play with your xboxes and wiis and leave the real estate stuff to the big boys. Or better yet, go to bed now since it's obviously past your bedtime. You don't want mommy and daddy to be mad, now do you?

[goffeebeans]

These guys with money are smart, but not that smart.

I would pay a group of homeless people to wait in line for me. :cheesygri

lol at the dumb people w/money w/NO smart business sense.

I would think that generally a homeless person that is in desperate need of money would be more willing to be bought out vs a student.

It would suck to be paying someone and providing food for them all week and then have them backstab you on the last day and sell the spot to someone else for several Gs.

[gman]

These guys with money are smart, but not that smart.

I would pay a group of homeless people to wait in line for me. :cheesygri

lol at the dumb people w/money w/NO smart business sense.

You need somebody you can trust. You don't pick random people. Even those students are not random people (for those who hired them).

Lol @ these losers with no dignity. Anyone with real cash would never embarass themselves for some chump change.
Those are not investors. They are students and pretty obvious they don't have real cash.

[palibhasalalake]

No life?
Those people lining up will probably be laughing in your face after they make a huge chunk of cash off their investment.
and btw... those people with "no life" are probably more successful then you'll ever be...

The bloor one condos start @ $300,000 up to $1 million O_O

amen

[aforgetit]

Can't wait to see a Canadian housing crash and see all these overinflated properties crash and burn along with our economy. :-0

Don't worry, it'll come.

[circa76]

Don't worry, it'll come.

damnit, I'm waiting for this too. Its pretty freakin' ridiculous when people asking 500K+ for a house that's less than 2000 sq ft on 16th ave.

I've got the money all lined up too.. just biding my time and resisting the horrible urge to pull the trigger and put money down on an overpriced house!

[rchun044]

there wont be a housing crash in toronto or canada, unlike americans, we have laws about giving mortgages to deadbeats....... In canada, we have a better system to filter out unqualified borrowers.

so prices will level off but no crash....

[d_jedi]

Housing prices are simply unaffordable at today's prices.

Here's hoping for a big crash sometime in the next few years (before I buy :D )

[Haz]

Can't wait to see a Canadian housing crash and see all these overinflated properties crash and burn along with our economy. :-0
I'll be there waiting with cash in hand.

$400,000 doesn't get you much in Vancouver right now. The house next to my parents' place is something like 35+ years old, maybe 2000 sq ft, gutted by fire about 15 years ago and now the asking price is $615,000! :-0 That doesn't make sense to me... :|

Maybe I should just buy a US house at a border town for now. :|

[phyrefly]

there wont be a housing crash in toronto or canada, unlike americans, we have laws about giving mortgages to deadbeats....... In canada, we have a better system to filter out unqualified borrowers.

so prices will level off but no crash....

You don't need a subprime loan crisis to crash the market. All you need is wild speculation and over-inflated prices, which is where we're at right now...

[rchun044]

You don't need a subprime loan crisis to crash the market. All you need is wild speculation and over-inflated prices, which is where we're at right now...

you need subprime loan to speculate though......

can't speculate if you can't get financing....... which is why it wont happen here, the ppl who are speculating here are the ones who can afford it, so that is why our "crash" will be nowhere near the extreme of the american one.....

[laptop-tech]

the price list :

http://www.blooryorkvillecondos.com/images/11220/custom/1Bloor_AgentPreviewPricing.pdf

[felix]

$300K is a good price :cheesygri
For a tiny one bedroom unit? Not really. Location is good but for that price you can buy a house with more space a bit further away (probably not a new house, but anyway).

So who is the builder of this condo anyway? (too lazy to google)

[gman]

For a tiny one bedroom unit? Not really. Location is good but for that price you can buy a house with more space a bit further away (probably not a new house, but anyway).

So who is the builder of this condo anyway? (too lazy to google)

How about over 2 millions for a penhouse unit? You probably can buy a castle on Bayview. ;)

[jp06]

For those who need to drive to and from work, this condo would be a great disadvantage for being at one of the busiest intersections. I'd hate to have to pull out of the garage in a rush to go somewhere and face traffic, then when you want to go home there'll be traffic. Another thing is i wished downtown Toronto would use a separate traffic light system like Japan. Pedstrians cross only when it's their turn, and cars go only when it's their turn. It helps traffic flow better and more cars can turn right.

[ptownplayer]

For those who need to drive to and from work, this condo would be a great disadvantage for being at one of the busiest intersections. I'd hate to have to pull out of the garage in a rush to go somewhere and face traffic, then when you want to go home there'll be traffic. Another thing is i wished downtown Toronto would use a separate traffic light system like Japan. Pedstrians cross only when it's their turn, and cars go only when it's their turn. It helps traffic flow better and more cars can turn right.


I would think that if you bought a condo in the city that you would most likely work in the city as well...and would probably take the subway to work.

[Steeve Urkel]

It's what people do these days.

I know some sales reps who see it all the time for condos, and subdivision home developments.

One of the reasons to line up is to get the best units. Another reason to line up is that the developer may put prices up by $10,000 every hour or two. I am not kidding about the price increases.

I am curious why some people even need a real estate agent to buy a condo.
You can usually just buy yourself, and represent yourself and save the commision.

I actually did that for my condo.
I was the first person to buy also, but there was no lineup as it was just a construction field and a trailer.

You can just bring your papers to your lawyer and have him review them.
I think all my legal fees were about $300 in the end as I did most of the work and research myself.

I just hope the people buying are smart enough to take out t itle insurance and what ever else you can get for places that are not built yet.....as you never know with these things!

[Steeve Urkel]

I don't know about Toronto but I know someone who bought a condo in downtown Vancouver for $300K and it appreciated 30% in six months. He sold it for a tidy $100K profit about a year after buying it. This was maybe 3 years back.

Even it ottawa, it is pretty crazy.
Where I live the people got tired of the construction and started selling after being here a couple months and places are going for $100,000 more and this is a crap area also.

I know for my place they were raising the prices every month by $5,000 about and then they took out all the included stuff and charged it as "extras" for the new people now:lol:

[UncleSteve]

the price list :

http://www.blooryorkvillecondos.com/images/11220/custom/1Bloor_AgentPreviewPricing.pdf

Yikes. According to that pricelist, a parking space is an additional 45,000 (not available to the Life series, which are the cheapest units).

[Stoe99]

Ya, i was wondering if anyone caught the fact that a parking space was $45,000. Forget a parking space, I could buy a 2008 Civic SI fully loaded for that and have lots of money leftover.

[PHANTOMPHOENIX]

My god, I would buy a house and take the subway.

You can live in Yorkville for cheaper I believe....and with parking.

[the_fm]

well, i'm glad that condos are not that expensive in montreal :o

[ShadowVlican]

I am curious why some people even need a real estate agent to buy a condo.
You can usually just buy yourself, and represent yourself and save the commision.

I actually did that for my condo.
I was the first person to buy also, but there was no lineup as it was just a construction field and a trailer.

You can just bring your papers to your lawyer and have him review them.
I think all my legal fees were about $300 in the end as I did most of the work and research myself.

I just hope the people buying are smart enough to take out t itle insurance and what ever else you can get for places that are not built yet.....as you never know with these things!
i also wonder at the "demand" part of the "supply and demand"

just where is this "demand" coming from...

[whampoa]

I can only afford $300K, I probably settle for a sink, a kitchen and a toilet bowl overlooking at Bloor and Yonge at street level.

[gman]

I am curious why some people even need a real estate agent to buy a condo.
You can usually just buy yourself, and represent yourself and save the commision.

I actually did that for my condo.
I was the first person to buy also, but there was no lineup as it was just a construction field and a trailer.

You can just bring your papers to your lawyer and have him review them.
I think all my legal fees were about $300 in the end as I did most of the work and research myself.

I just hope the people buying are smart enough to take out t itle insurance and what ever else you can get for places that are not built yet.....as you never know with these things!

Because if the builder allows commission to the agent, the agent can pay you part of the commission. That is how I bought my first condo. The builder may not give you a lower price if you represent yourself. They have a fix price list and they don't give you discount just because you don't have an agent. If the builder does not give commission, real estate agent won't do that for you anyway.

What I did was I asked my brother-in-law to go with me. He signed his name there. Left. After everything was set and done, I got a cheque from my brother-in-law.

[Noob1ee]

For a tiny one bedroom unit? Not really. Location is good but for that price you can buy a house with more space a bit further away (probably not a new house, but anyway).

So who is the builder of this condo anyway? (too lazy to google)

Belive it or not, it's Bazis International, based in Almaty, Kazakhstan.

[rchun044]

I am curious why some people even need a real estate agent to buy a condo.
You can usually just buy yourself, and represent yourself and save the commision.

I actually did that for my condo.
I was the first person to buy also, but there was no lineup as it was just a construction field and a trailer.

You can just bring your papers to your lawyer and have him review them.
I think all my legal fees were about $300 in the end as I did most of the work and research myself.

I just hope the people buying are smart enough to take out t itle insurance and what ever else you can get for places that are not built yet.....as you never know with these things!

are u sure u understand how real estate transactions work? I hope you know that as a buyer you dont pay commission, the builder is paying the commission. Maybe you sold your own house or condo and you saved commission???

[airodus]

also most agents (or high profile investors) have first pick of units before the public gets to see them. there are always private showings a week or two in advance of the public ones where agents can bring their best clients to get first dibbs. it's at these showings where you find a single client buying up an entire floor or two.

it seems like the people in line are holding spots for real estate agents (and their clients). not sure if anyone is actually holding it for themselves, but from all the interviews thus far, they are students being paid by realtors to stand in line.

so there is no stupidity here:

- rich people are using poor people to get much richer
- poor people are using rich people to get slightly richer

kind of symbiotic, but lopsided

[majesus]

No life?
Those people lining up will probably be laughing in your face after they make a huge chunk of cash off their investment.
and btw... those people with "no life" are probably more successful then you'll ever be...

The bloor one condos start @ $300,000 up to $1 million O_O

Ouch. Take it easy.

[majesus]

I'll be there waiting with cash in hand.

$400,000 doesn't get you much in Vancouver right now. The house next to my parents' place is something like 35+ years old, maybe 2000 sq ft, gutted by fire about 15 years ago and now the asking price is $615,000! :-0 That doesn't make sense to me... :|

Maybe I should just buy a US house at a border town for now. :|

OH GOD yes. I wish it would happen. I would love to buy a house, not for an investment, but just so I could have a garage to work on my car and motorbike, and a yard to bbq and smoke salmon. Now... I can afford something. But it will be an old ugly house, and the true value of it is way below what I paid. It is too much of risk for the amount of money anyone is paying. I just don't want to do it.

[grant]

I have friends in the real estate business (yes, some are Chinese) and they all say foreign money is still the main engine of rising prices of houses in the GVRD. Of course they won't say it on camera for fear of being accused of racism, but if you are in the business you know this to be true.
Of course it's foreign money, there's just not enough millionaires native to vancouver to be buying so many expensive properties.

I don't think it's racism so much as biting the hand that feeds you. As soon as people find out the market is propped up by foreigners they start to question how sustainable these prices are.

Some people must have alot of time on their hands or no life.
Yes and...?

If you think you're going to make $20,000, $50,000, or $100,000 on a deal, why wouldn't they line up for a week?

Maybe you're just so rich that money like that is chump change. It must be nice, Mr. Moneybags.

[Steeve Urkel]

Because if the builder allows commission to the agent, the agent can pay you part of the commission. That is how I bought my first condo. The builder may not give you a lower price if you represent yourself. They have a fix price list and they don't give you discount just because you don't have an agent. If the builder does not give commission, real estate agent won't do that for you anyway.

What I did was I asked my brother-in-law to go with me. He signed his name there. Left. After everything was set and done, I got a cheque from my brother-in-law.

Well, I did get the lowest price for my place. I know that for sure because about 2 weeks later the price was going up by about $4,000.

I was also lucky enough to not have to put a deposit down either.
But I did provide a copy of my other place that I was selling, so they accepted that.

The builders where I was were just desparate to sell one unit, so they could say someone was interested pretty much :)

I pretty much had all the "extras" included that would have cost a lot more...most of the other people who bought they were charged for a fireplace, large bathroom w spa bathtub, tile throughout, hardwood floor, house already networked for pc's, carpeting included and light fixture upgrades.
Most people paid about $20,000 extra for all that.
I tried to get a better price, even though I was doubtful it would work and I did bring a family member that works in banking/finance and they would not lower any more....

But, I was also living on a construction site for almost 2 years:o

I would love to live in a better neighborhood, but can't really afford to move anywhere better thesedays:lol:

[gman]

Well, I did get the lowest price for my place. I know that for sure because about 2 weeks later the price was going up by about $4,000.
If the builder allows agent commission, you might have the lowest price + kick back. Not all the builder provides commission to agent though. I suspect yours did not. If you involved an agent to do that for you and he/she did that for you, he/she was doing that for free. I do know there are agents doing that to maintain a future relationship.

About raising price 2 weeks later, they all do that.

[perplexed_one]

so i take it that this will be a more general trend among flippers 'til early 2008 when the land transfer tax goes into effect.

[manixc]

Can't wait to see a Canadian housing crash and see all these overinflated properties crash and burn along with our economy. :-0

I can't see that happening anytime soon. :(

[dragon_drift]

our economy is doing okay, and there won't be a housing crash anytime soon.

[manixc]

I'll be there waiting with cash in hand.

$400,000 doesn't get you much in Vancouver right now. The house next to my parents' place is something like 35+ years old, maybe 2000 sq ft, gutted by fire about 15 years ago and now the asking price is $615,000! :-0 That doesn't make sense to me... :|

Maybe I should just buy a US house at a border town for now. :|

It's the land/location that worth majority of that $615,000. Chances are the house itself is worth only $10000 - $20000.

The problem with Vancouver is that there is only one direction to expand to (east), where as in Toronto, there are three direction to expand. Hence, Vancouver's market is so much hotter.

[dre145]

How about over 2 millions for a penhouse unit? You probably can buy a castle on Bayview. ;)
castle?? on bawview.... sorry my friend maybe a few years ago but houses now go for 10-15 million in that area unless your talking about another part of bawview but then they are not castles.
I worked in about 4 of those castles this summer, one of them being the owner of wonderland

[Starkicker]

He was one of the people lining up :o

I worked at the Greenpark Condominum building being built at Yonge & Major Mackenzie, they opened the sales office trailer on a Saturday at 9:00am..... by 4:00pm ALL the units in the highrise had been sold out.
-

I just drove by that site and there's a sign saying 95% of the units sold. There are still some units available for sale it would seem.

[Kinki]

Find an agent who's willing to give you part of his commission. That way you save even more. I got a close agent (relative. they have to disclose the relationship to the builder, as a code of ethic. builder can refuse to sale.) to help me out. I'm getting back the full kick back amount from my agent, even though he's going to get taxed :)

I am curious why some people even need a real estate agent to buy a condo.
You can usually just buy yourself, and represent yourself and save the commision.

[felix]

I just drove by that site and there's a sign saying 95% of the units sold. There are still some units available for sale it would seem.
Might be only expensive units left (2-3 bedroom, penthouse suites), or unwanted unit (ground floor, etc).

[beerbaron105]

I can't believe this... there's people lining up on Bloor Street ONE week in advance to get a piece of condo property. I thought lining up was just a thing for the PS3, XBOX, Wii, etc. Some people must have alot of time on their hands or no life.

http://www.citynews.ca/news/news_16483.aspx

i hear ya, my stupid dad lined up 2 days before a select number of lots opened in milton, 16mths later when he closed his house he bought for 480,xxx was worth almost 600k and still rising....stupid....stupid dad!!!

[bleeet]

also most agents (or high profile investors) have first pick of units before the public gets to see them. there are always private showings a week or two in advance of the public ones where agents can bring their best clients to get first dibbs. it's at these showings where you find a single client buying up an entire floor or two.

it seems like the people in line are holding spots for real estate agents (and their clients). not sure if anyone is actually holding it for themselves, but from all the interviews thus far, they are students being paid by realtors to stand in line.

so there is no stupidity here:

- rich people are using poor people to get much richer
- poor people are using rich people to get slightly richer

kind of symbiotic, but lopsided
true

I remember hearing that real estate agents paid homeless people to wait in line for them at one of the condos at harbourfront.

[Mike_wang]

No life?
Those people lining up will probably be laughing in your face after they make a huge chunk of cash off their investment.
and btw... those people with "no life" are probably more successful then you'll ever be...

The bloor one condos start @ $300,000 up to $1 million O_O

300 000 up to 18 million ******* ... ;D

[dealguy2]

If a crash does happen in Canada it sure won't last judging by the number of people who are eagerly waiting until said crash happens to buy their home. The bounce from this rush will probably make the so called crash a very minor event indeed.

[gman]

If a crash does happen in Canada it sure won't last judging by the number of people who are eagerly waiting until said crash happens to buy their home. The bounce from this rush will probably make the so called crash a very minor event indeed.

The line up is for agent only. Each unit is selling $10K less than its preview price which is also lower than its 'open to public' price. Unless the market crashes tomorrow, those agents who get a hand to an unit should earn some 5 digit money. The builder also gives 4% commission to the agent (probably not for this agent sale though).

[M-e-X-x]

and look what happens

http://www.citynews.ca/news/news_16711.aspx

[jp06]

and look what happens

http://www.citynews.ca/news/news_16711.aspx

hahaha... their so called list is "no longer valid". It's everyone for themselves now!

[sandytravis]

how could people who have enough money to buy a condo have no life? If anything, it's a smart business move that will pay off bigtime.

[jp06]

how could people who have enough money to buy a condo have no life? If anything, it's a smart business move that will pay off bigtime.

Well it's already been answered, the people lining up are just students and not the actual buyers. So i was partially correct that these people "have alot of time on their hands". I never said it's not a smart business move. This thread was pretty informative and now i know that it's common for lineups for real estate.

[Noob1ee]

They jacked up the price, from 300k to 500k and from 2 million to 8 million, lol.

[gman]

There are a few happy campers who got units before this agent sales.

[Alvito]

They raised the prices and only sold 40 of the cheap ones. haha, they were so angry.

[gman]

They raised the prices and only sold 40 of the cheap ones. haha, they were so angry.

No, those who lined up actually are the winners because they got paid even though their 'bosses' might end up not buying it.

[jp06]

They jacked up the price, from 300k to 500k and from 2 million to 8 million, lol.

Is that legal to change the pricing after advertising it lower all week?

[gman]

It appears the 'bosses' are also winners because the agents I know already "sold" their units.

[ElChico]

For those who need to drive to and from work, this condo would be a great disadvantage for being at one of the busiest intersections. I'd hate to have to pull out of the garage in a rush to go somewhere and face traffic, then when you want to go home there'll be traffic. Another thing is i wished downtown Toronto would use a separate traffic light system like Japan. Pedstrians cross only when it's their turn, and cars go only when it's their turn. It helps traffic flow better and more cars can turn right.

Yonge-Bloor will be a scramble intersection starting this spring.

Is that legal to change the pricing after advertising it lower all week?

Yes, Supply and Demand.

[Mulder and Scully]

Can't wait to see a Canadian housing crash and see all these overinflated properties crash and burn along with our economy.

People have been saying this since what? 2002/2003? The Toronto housing market isn't going to be crashing anytime soon and a lot of people are getting rich quick. On the other hand, us younger people looking for our first home seriously can't afford Toronto.