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It’s All Just Politics, Baby

I’ve been to two different ‘VIP Agent’ type selling events in the past week  and I have been once again reminded that buying condos in this town can be a bit of a shell game. The lineups for these events are now at late 2007 levels all over the city. People are camping out for days, and literally clawing over each other for units. Agents are clamoring to get their clients’ the best units before they all sell out.

Here are 2 recent examples that should serve as reality checks to anyone left who still thinks that the process of buying in a brand new development is (or should be) ‘FAIR’:

1. I waited in line all day for an event where there was supposed to be approximately 75 units priced around $200-$250K, and an additional 150 units priced above $250K. I was #27 in line, so I thought I stood a very good chance of getting a unit in that range for my client. Turns out that in actuality I was probably #57 or even higher as large number of at least 30 agents and their clients just showed up at the start time and by-passed the lineup completely (this was obviously pre-arranged ahead of time). When we finally were brought inside, they were virtually sold out of all units under $250K!
2. Because of my reputation as one of the top agents downtown, I was granted a ‘priority number’ for a VIP sales event several days ahead of the actual event (regular agents were forced to wait outside for hours/days). Even though I was #3 in line, when we were invited into the sales area to buy, we saw there were several people already signing deals and low and behold, all the units we wanted to buy were already sold! Surprise!

In the final analysis, the words of a Realtor acquaintance of mine who managed to get to the front of the line (in example #1) without waiting while I froze my butt off outside sums up the current state of the VIP-buying Toronto Condo Market when he said, “It’s all just politics.” It’s a game of who knows who, who owes a favour to whom, and who knows how to work the ‘back channels’ the best.

Think twice before you believe any Realtor who claims to have ‘VIP’ access to every project in town. It’s simply not possible. Even a top agent like myself (top 1% of all agents for condos sales, member of various ‘Platinum/VIP’ Agent Clubs) cannot promise EVERY buyer first access to EVERY development. No matter how ‘VIP’ you think you are, there is always someone more VIP than you!

My advice for those looking to buy at these VIP events: choose an agent you trust, and who has a solid track record of sales. Choose someone who will put your best interests first, who understands how the game is played, and will use every resource available to get you as far to the front of the line as possible. Above all: Never.Give.Up.

Questions or comments? Contact me.

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X2 Condos and River City Live Blog

Today is a rather exciting day in the life of the Toronto Condo market, so why not live blog it (watch for updates here all day and night)?

5:00am – Waking up at 5am. Ouch, that hurts. City is silent except for a couple hundred Realtors…

5:30am – I’m at the X2 Condo broker’s sales event lineup outside the Intercontinental Hotel on Bloor Street. I quickly discover 2 lines are formed – one on the south side of Bloor, one on the north

5:35am – After first thinking of joining the south side line, I decide to join the north side as word on the street was that was the line that Baker Real Estate had said was the true line. I feel bad for the people who apparently had been waiting as long as 10 days outside, but the police did not want people crossing the street during rush hour traffic so a line formed on the north side where the hotel is located.

6:30am – Media frenzy in full effect as CP24, CTV NEWS and 680 News all are filming and interview people on the scene. The Twitterverse is starting to buzz with reports of 2 or possibly 3 separate lines that have formed.

8:30am – after 3 hours of waiting I get my official number from Baker Real Estate. #45. Another 50 people across the street are now chanting slogans and shouting across Bloor street, holding up signs that read “UNFAIR”. Originally, numbers were to be given out at 12 noon, but they did it earlier due to the crowds and traffic chaos that would be caused on Bloor street from the crowds gathered.

9:30am – CTV news just called me to interview me about the event. See the article online here.

10:30am – off to River City sales centrer on Eastern Ave for the broker’s information session. Another line up to get in.

11:00am – doors open and about 200 agents are here. All the usual players from the downtown scene, and also plenty of ’905′ agents. Say hi and catch up with a few people. Biggest news: It’s going to be a LOTTERY BUYING SYSTEM.

12:30pm – Just got back to the office and am preparing an email for my clients with all the details about River City.

2:30pm – answering client inquiries about River City and getting prepped for X2 sales event tonight.

3:00pm – Old colleague just called and asked if I want to share my spot in line for X2 event tonight…

4:00pm – Media lining up their cameras for the sales event at X2. Obviously hoping for a fracas to break out tonight. If you are driving I recommend avoiding Bloor anywhere near avenue road!
http://pic.gd/70b3a0.

7:45pm – so cold… Fingers Falling off after 3 hours waiting to get inside the hotel. No protests or drama at sales event so far

8:40pm – still outside. Word from inside is only 2 beds still available.

10:44 – managed to get a 2 bedroom unit…I think. I’m outta here. Got to get some sleep and warm up

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