Real estate investors battle over Bloor St. condo
Published Wednesday, November 25, 2009 6:57PM EST
A battle is brewing among real estate investors over a new condo being built in downtown Toronto.
Three separate groups of real estate agents and brokers lined up outside the Intercontinental Hotel hoping to secure their place in line to buy into the new project being built at Jarvis and Bloor Streets.
However, a dispute broke out between the groups over which line would be honoured. Each group said they received different instructions from the developer.
The project, titled X2, is being constructed by Great Gulf Homes and Lifetime developments.
Dozens of people who began lining up outside the Intercontinental Hotel on Bloor St. at 6 a.m. Wednesday said they were told that the developers would not honour any lines that began forming before then.
One line across the street from the hotel formed days ago as did a third line on the second floor of the hotel. People waiting in those lines told reporters they were told not to lineup outside the hotel because they were blocking the sidewalk. The area outside the hotel is also a construction zone.
A representative for the developer came out at around 8 a.m. and much to the dismay of many, began issuing the first 150 numbers to the people who had lined up outside the hotel this morning.
"Unfair! Unfair!" shouted dozens of people across the street, holding up signs in protest.
The representative did not speak to reporters at the scene about the apparent disagreement.
Anthony Nguyen, who had lined up for days, said he was extremely frustrated.
"I'm very disappointed," he told CTV News. "I mean, the effort these people put in was for nothing."
Realtor Shawn Perlman, who found himself in the right line, said he felt fortunate.
"I feel bad for those people but I'm representing clients," he said. "I've got a job to do."
The first units were expected to go on sale this evening exclusively to agents and brokers. The price of the units were starting at $270,000 -- a reasonable price for Toronto's red-hot housing market.
"The prices are reasonable considering the location and the quality that's being built," said Andrew La Fleur, an agent with Re/Max Condos Plus, who was in the right line outside the hotel.
An overwhelming interest in the new condo will likely bring up the price.
La Fleur said his line had about 60 people waiting and another 50 people were waiting in the line on the south side of the street.
People on the south side had heard about the official line but refused to budge, hoping the organizers of the event would honour those who had been standing there for days.
La Fleur said he's not surprised there was a communication breakdown.
"Different things were said but at the end of the day, the venue that was chosen was not well-suited to what took place," he said. "There was no safe place to line up outside the hotel, so it was inevitable that things would break down."
With a report by CTV's Janice Golding