November 26, 2009

Condos are hot again in Toronto. So hot that by 5:30am yesterday morning pandemonium was breaking loose amongst hundreds of realtors lined up on Bloor St. W to purchase the first X2 Condominiums.

Realtors were so hyped to snap up the first X2 units (located at Jarvis and Charles) that some camped out by the sales center Tuesday night and by break of day Wednesday there was chaos; three dueling lineups, protesters, and police involvement. According to the Toronto Star, some agents are currently considering legal action against the builder Great Gulf Homes over what occurred.

It’s now River City’s turn. On December 3rd River City condo project will employ an alternative method for selling first units. River City developers, Redquartz and Urban Capital, have announced a lottery whereby clients may submit requests for up to three units. The developer will then select units, and draw names from those who’ve expressed interest. The lottery will take place on December 3rd and offers are scheduled to be signed on the 5th and 6th.

According to Property Edge Real Estate Service’s Stephanie Stoute, “the River City sales center has been packed with agents and the lottery appears as though it may leave some without an opportunity to purchase in this first round of sales.”

Its unknown whether River City has the same hype as X2 but it is certain that the lottery system will be a more orderly process. For developers looking to generate media about their development, frenzied linups may be the better way to go – albeit the lottery system seems a little more refined.

Interested in learning more about Toronto’s River City by RedQuartz Developments and Urban Capital?
Map River City Here.
Enter the River City Hive Here.

Interested in learning more about Toronto’s X2 The Condominium by Great Gulf Homes and Lifetime Developments?
Map X2 The Condominium Here
Enter X2 The Condominium Hive Here

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