Investors line up for piece of Bloor Street condo
Published Tuesday, November 6, 2007 1:31PM EST
A new condo at Yonge and Bloor Streets is already the hottest property in the city before it even goes on the buyer's market.
Although the sales office at 1 Bloor Street doesn't open for another week, about a dozen people are already lining up to buy a piece of this real estate, which is already being touted as Toronto's version of New York City's posh Fifth Avenue.
The people lining up are mostly real estate agents or people being paid by them to hold their spot in line. Though they wouldn't say how much they were being paid, some hinted they were being paid between $2,000 and $3,000 for the week.
"We wouldn't be here if it wasn't worth our while," said Sean Sussman, speaking to CTV News while huddled in a lawn chair covered in a sleeping bag.
Some of those in line find brief reprieve from the cold and windy weather by stepping into a hotel located just across the street. They've booked a room there for quick showers and a few hours sleep each day.
People lining up are getting curious looks from passersby. Many say they can't believe they'd go through the trouble to buy a condo that won't be built for a few more years.
"That is just too much," said one bewildered lady.
Others say they wish they had the time -- and the money -- to join the line.
"An ordinary guy who has to work every day, how can he compete with these people?" asked one man.
The building will be the tallest in Toronto, reaching 80 storeys. It will house a hotel, exclusive retail stores plus luxury apartments that will cost upwards of $2 million.
With files from CTV's MairiAnna Bachynsky