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How Not to Purchase Real Estate – X2 Condo Fiasco

I had to comment on the latest news regarding Great Gulf Homes’ latest downtown condo pre-construction release, X2 Condos. As you may or may not have heard, there was a exclusive broker sales event held for real estate agents that have clients wishing to invest in this project. There’s a lot of buzz surrounding this development, because its units are advertised to sell well below the competition, where $475 per square foot is considered a bargain.

There were three different line-ups, formed over a period of 10 days. There was a mass confusion on which line was to correct one, and who was there first. It seems that the sales team and the developer had each been giving out separate instructions. To make a long story short, many unhappy agents broke out into a demonstration.

See CityNews article.

It is my opinion, lining up to purchase real estate is a terrible way to invest. You want to buy when everyone is selling, and sell when everyone in buying. The only winner in this scenario is the builder. Apparently, we learned nothing from the 1 Bloor St disaster.

 

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Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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