Location, location, location. The mantra of many a real estate agent and quite possibly the most important factor in property development, and also it seems in actually purchasing a condo.
Such was the case Wednesday as competing real estate agents positioned themselves for the sales release of a new downtown Toronto condominium called X2.
Agent only pre-sales are common in the condominium industry, either by invitation, on a first come first serve basis or a combination of the two. In this case, one group of agents has been lining up for this release since Nov. 15. to get ahead of the competition.
Sonny Shang of HomeLife Landmark Realty Inc. appeared to be the de facto leader of the group by virtue of his position on the list. He and his group were unhappy at being usurped at the last minute by other agents who arrived late last night and lined up closer to the entrance to the hotel.
“I was the first one on the list,” Shang said. “But then last night these other agents come and line up over there (north side of Bloor). That’s where we were before but the police made us move over here. Then those people got to go in first.”
Shang understood why police moved his group from its initial location immediately outside the doors of the Intercontinental Toronto Yorkville.
He also understood why they were then moved from their second location, under the shelter of an adjacent construction project, for safety reasons. They finally ended up on the south side of Bloor on a wide expanse of sidewalk. What he couldn’t understand was why the other agents who arrived later were allowed to line up in those very same spots.
Developed by Baker Real Estate Inc. the X2 project, located at Bloor and Jarvis is scheduled for completion in 2013 with agent only pre-sales beginning Wednesday.
At approximately $475 per square foot, the project is considered good value in Toronto’s hot condominium market, where prices often start well above $500.
Maggie Liu and William Zhou, agents from HomeLife Realty lined up for days because they had clients ready to buy.
“All the condo’s have promotions for agents only,” Lie said. “Before they open up for the public. The price is good. I have three clients ready to buy.”
This type of buying frenzy is consistent with a housing affordability report released by RBC Economics Research Wednesday.
The report suggests that despite some of the economic challenges faced by the areas around Toronto, there is a renewed sense of urgency among buyers.