Toronto’s 1 Bloor Project: What’s My Interest? Part 1, Opportunity
June 9th, 2009 Categories: Condo Marketplace, News Wire
A noticeable surge in traffic on the web site yesterday for Toronto’s
1 Bloor condo project. So much so that I was Googling to see if any new developments had occurred. Nothing that I could find. Add to that a conversation with a local real estate reporter regarding the project and it’s looming “Go Or No Go” June 15 date (as of that date the developer enters into a 31–day period during which the project can be cancelled and deposits returned). The 1 Bloor project is definitely a trending topic.
For the record: I don’t have any clients who purchased a unit at
1 Bloor. Also, I haven’t purchased a unit. That’s right, I’m not the unnamed mystery person who supposedly offered $25 million for a two–storey penthouse suite. And yet this project intrigues me.
So what’s my interest?
Toronto’s 1 Bloor Project
Has A Familiar Vibe
It’s not that Torontonians haven’t seen line-ups at real estate sales centres before, with the obligatory flared tempers and frayed nerves. But this was just something … raw … out there for all to see on one of Toronto’s most famous streets. When it got all slappy out on Bloor Street, as captured by local tv crews, that got my attention.
If you follow my blog (and you should!) it’s no secret that I’m quite interested in the dynamics surrounding Toronto bidding wars and the underpriced listing. It’s the underlying motivations and drivers, what compels people to compete when the competition is out of one’s league, or to stand in line for days for the opportunity to buy, only to see the pre-construction prices jacked right before their eyes, that I find so interesting.
It’s All About A
Toronto Opportunity
The “Opportunity Factor” always draws me to this type of story. That people see opportunity and make the effort to get what they want. These people aren’t the buyers who dream of buying. They’re the buyers who buy (or at least try to buy). I admire their drive. I wish them well!
However, I just wish that more Toronto buyers could see that if the price is unexpectedly “right”, chances are the price is unrealistic and designed to generate a bidding war. Why not find a neighbourhood that’s actually in your price range and make something wonderful happen for you (I know!)and not just for the seller of the underpriced listing who benefits from the buzz you help create.
And for those buying condominiums from floor plans reviewed in sales offices, as appealing as the location, pre-construction prices and anticipated (stratospheric) bump in market value can be, never forget that unforeseen circumstances can affect even the most reputable developers; so much can transpire between the time you sign your offer to purchase and the day you book your elevator for move-in. It doesn’t always take something as drastic as a global financial meltdown to cause a developer to delay or cancel a project. Do you know what to expect when delayed closing and occupancies occur? And while you’re contractually obligated, have you missed out on other opportunities?
Check back for What’s My Interest, Part 2, …
Toronto buyers and sellers! Are you looking for a Toronto real estate agent who’s in tune with today’s challenging market? Call Lauren at 416–550–6991, or send me an email.
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