Toronto Theatre Park | 156.96m | 47s | Lamb Dev Corp | a—A

I found this.. is this a newer or older rendering?


theatre_park1.JPG


www.urbanrealtytoronto.com
 
There is a setback in the rendering above... you can see the updated wall on the property to the east of it.

And as far as I know, this project was always proposed to be set back from the street.
 
Good news, not surprising given the location. I've got a lot of hope for this building.
 
Yo mama's 70% sold.

I carped about this years ago, but you don't really hear anyone saying a building is 60% sold, or 55% sold. Or even 90% sold, do you? There's something about that 70% figure that seems to factor into the well-worn condo-sales routine. I just can't figure out what.
 
Sir Novelty Fashion said:
Yo mama's 70% sold.

I carped about this years ago, but you don't really hear anyone saying a building is 60% sold, or 55% sold. Or even 90% sold, do you? There's something about that 70% figure that seems to factor into the well-worn condo-sales routine. I just can't figure out what.
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Used to be that 60% presales were required to get financing for a project. Now 70% is more the norm. Once acheived, usually they can proceed to get their construction loans. Hence the 70%.

I think developers don't like to reveal how sales are going beyond these numbers since if they say 90% sold people take the attitude of why bother and if it still at 70% then the question is have sales stalled. Hence they prefer to get you in to find out (better chance of selling you on a property).
 
interested said:
Used to be that 60% presales were required to get financing for a project. Now 70% is more the norm. Once acheived, usually they can proceed to get their construction loans. Hence the 70%.

I think developers don't like to reveal how sales are going beyond these numbers since if they say 90% sold people take the attitude of why bother and if it still at 70% then the question is have sales stalled. Hence they prefer to get you in to find out (better chance of selling you on a property).
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70% of the entire building? of 70% of the current offering?
 
UD2 said:
70% of the entire building? of 70% of the current offering?
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I think and I am guessing they need 70% probably of the sales $ target for the whole building. Since the mix may vary, it could be 75% or 80%for example of the total units if the very expensive upper larger units are left but the small bachelors on lower floors have all been sold.

You are right that the marketing department likes to say 70% and then "new release of upper floor suites" and then "final release" and then "penthouse release". Again, I think it is to create a buzz about the project and get people to come in. If you say 20% sold then people wait around to see it get higher and there is no urgency to come in. Since sales at opening and VIP events are really important, they like to come to market for the public when they are well into sales.

I agree with you however that it is misleading though probably technically not "lying". I would prefer a statement such as 70% of phase 1 sold with 20% of the whole project sold but I doubt you will hear that.
 
BJL's King East project was "70% sold" for what felt like a year before anything got started. I love this project, but I don't foresee it moving at any pace beyond "glacial" (like most of Lamb's buildings).
 
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