Prepare to be disappointed
I would love to paint a picture for my readers and clients that buying a new, pre-construction condo at a VIP sales event is a simple and straight-forward process where if you have money and are ready to spend it, you get exactly what you want when you want it. Unfortunately this is not always the case.
This past weekend I attended yet another one of these VIP broker-type sales events at one of the highest-profile condo projects STC neighbourhood. Condos at this project are selling in the $400+ per square foot range. These are not low end condos for area.
My client wanted to buy a 1 bedroom unit for something around $150K. We lined up early as per builder, we knew exactly what we wanted, we even had our deposit cheque ready to be handed over. When invited, we were told that there were no 1 bedrooms+ den and upwards available (even though it was advertised that there would be). In fact, there were no units available unless we wanted to spend at least $250K+ at lower levels.
Of course, I knew this would likely be the case beforehand and had prepared my client for this reality. But most people attending these “VIP sales events” have no clue what they are walking into.
My best advice to buyers is “prepare to be disappointed”. Even though you may know exactly what you want to buy and have the financial means to do so, you may go home empty handed. It’s the nature of these sales events. They are built around hype and anticipation. Once you are through the doors they know that given the chance, most people will buy just about anything
Questions or comments? Feel free to contact me or leave a comment below.