Wednesday, November 14, 2007

Pimping the real estate market

Even realtors were embarrassed at the shananigans outside One Bloor East this week.
Hired paupers (some paid up to $2,000, and so arguably ex-paupers) had been camped outside Toronto's next super-luxury downtown condo building for over a week to keep a place for the well-heeled real estate agents who wanted first crack at the apartments for their overseas clients, some of which will fly off the shelves at $8-million.
This was sleazy enough, especially as the line, predictably enough, deteriorated into a mini shanty town. But then the arguments started.
Some maintained they could hold their place in line by putting themselves on a paper list. Some were up in arms at this idiocy. Some just waltzed straight to the front of the line anyway. Tempers frayed.
A more unedifying spectacle you could not hope to witness.
But, as of yesterday, it was all over. The ex-paupers had their pay-offs. The realtors made their killings. Their shadowy foreign investors had their footholds in the Toronto real estate bubble.
Apparently, there are 13 or 14 more of these super-deluxe condo buildings under construction right now in downtown Toronto, so presumably we can expect more such exhibitions of captialism at its finest in the near future.
Still, it's good to know that at least someone somewhere has plenty of disposable income.

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