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Stinson's dreams are tumbling down

Harried Times

Originally planned to reach 81 storeys on a site on Toronto's Temperance Street, the Sapphire Tower was to have two connected cylinders covered with blue glass, capped with a globe that would minimize building sway in the wind. The 1,000-unit project was to feature studio and one-bedroom units in the lower levels, two-bedroom units in the higher levels and some full-floor suites.

The project was later redesigned and reduced to 62 storeys. Amenities were to include a private hotel, spa, 24-hour grocery store, dry cleaning service, daycare and valet parking.

In December 2006, the Ontario Securities Commission alleged Stinson broke securities laws by selling units without issuing a prospectus, and Stinson agreed to pay a fine.

The construction start date had been set for 2005, but the project has never broken ground.

Harry Stinson's Sapphire Tower Development Corp. entered bankruptcy protection on July 20. Beleaguered developer has been granted protection for his shimmering, elusive Sapphire condo project

Not so long ago, Harry Stinson's dreamscape floated high above his condo-hotel at 1 King West, soaring to 81 storeys of shimmering blue glass that would arise from a parking lot at 66 Temperance Street.

As Stinson imagined the Sapphire Tower, there would be a sky-lit infinity pool, glass-walled shuttle elevators, circular apartments with two-sided "Citizen Kane" fireplaces, and a "Sky Spa," which even on the cloudiest days would never be gloomy.

There are no blue skies for Harry Stinson these days »

August 10, 2007 in Real Estate Personalities | Permalink


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In the past few years I've been researching who are the successful agents, tried to figure out why top agents are top agents.
Do they have a common educational background? No. Good ones have high school diplomas, masters and doctorates. No correlation.
Similar previous careers? No. One of the best agents I know used to teach baton twirling. I doubt if I could find a lot of those if I tried! I've had waiters, teachers, high powered executives and stay-at-home Moms who were all very successful.
Common interests? No. Other than eating, (which we Realtor-types seem to do exceptional well) the interests are widely diverse.
After 13 years in real estate sales and management, I've only found a few constants.
1. Successful agents treat the real estate business as a business. They actually have a business plan and a budget. They understand that you have to spend money to make money. They know how many sales they need to make the income they require and then they figure how they'll get from here to there. They plan in advance and execute the plan.
2. They actually work when they work and play when they play and take a day or two off every week. (Just like a "real job!")
3. They have fun and enjoy selling real estate but know that it won't be forever.
4. They buy a lot of real estate for investment when they see good deals because they know that no one gets rich selling the stuff. You get rich owning it! Financial independence gives one a lot of freedom, autonomy and a certain air of confidence that smells like success.
. . . And people like to do business with successful people so they do more business!
That’s why I choose this realtor http://www.realtydirectorymakers.com/ for my future.

Posted by: Successful Agents | Sep 11, 2007 8:59:39 AM

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