Monday, July 30, 2007

The next boom: real estate

From the March 26, 2007 issue of Canadian Business magazine

High atop Toronto, Howard Levitt is still hard at work at 7 p.m. on a Thursday. The senior lawyer with Lang Michener has just returned to his 27th-floor office in BCE Place after wrapping up a day of closed-door negotiations with a client's union. Most of his colleagues are working on their second martini at Jump or Canoe, while Levitt — a fast-talking, tightly bound coil of energy with a boyish shock of dark hair that probably hasn't changed much since he was in college — has exactly one hour before his next client meeting. "I love what I do for a living," says Levitt, who can't seem to sit still for a second. In the space of two minutes, he checks his IBM ThinkPad to see how his stock portfolio is faring, skims through an investment advisory, opens a folder with digital images of his beachfront home in Nicaragua, and begins detailing what seems like a most unlikely real estate investment tale.
"I took my daughter down over Christmas," says Levitt, referring to 10-year-old Aedan. "We went fishing on the Pacific and Atlantic coasts. She caught a 20-pound barracuda. It was amazing." Looking at pictures of his tropical paradise, Levitt momentarily loses himself in Margaritaville. One photo shows off the columned arches of his 3,500-square-foot Spanish-style hacienda, complete with marble floors, quarters for domestic staff and a 36-metre infinity pool. Another frames a wide-angle view of the property from a boat. There's a ribbon of azure and a luxurious swath of white-sand beach. Further up, the ceramic-tile roof of his hacienda peaks out of a lush tropical forest populated by macaws, toucans and howler monkeys.

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