Toronto 88 Scott Street | 203.9m | 58s | Concert | P + S / IBI

It will be great to see the Wellington Canyon extended eastward.

Today:

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Ryan_T said:
So is this project on schedule for construction? It's been 6 months since launch and they're still only at 60%?
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Projects typically have 12 month sales projection. schedules are usually sped up though. (as projects almost always sell faster than 12 months) this, like any other condo ever built, will not be completed on its scheduled completion date.
 
Seems this project has sold slower than INDX though, despite being as close to the financial district. Perhaps the marketing campaign has not been sufficiently obnoxious.
 
market is slower than it was for INDX, It's a larger building (though it has 480 units compared to 798), and It isn't the same developer. Because of the unit difference, I'd say that they are aiming for very different parts of the condo market. (this one is aimer for larger unit purchasers, most likely more end users, while INDX is smaller units, more investor driven) I'd say this has about a 95% of going through at this point though, save for a complete and utter crash in the market. (I.E., less than 5,000 units a year for the GTA, unlike the 15,000 or so we will probably get this year)
 
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I got this email from them last week.

"Concert is proud to announce that 88 Scott is now 60% sold, making it the best-selling new downtown condominium in Toronto." I'm not sure which condo projects qualify as "new downtown condominiums".

They also don’t plan on starting construction until Spring 2013.
 
innsertnamehere said:
market is slower than it was for INDX, It's a larger building (though it has 480 units compared to 798), and It isn't the same developer. Because of the unit difference, I'd say that they are aiming for very different parts of the condo market. (this one is aimer for larger unit purchasers, most likely more end users, while INDX is smaller units, more investor driven) I'd say this has about a 95% of going through at this point though, save for a complete and utter crash in the market. (I.E., less than 5,000 units a year for the GTA, unlike the 15,000 or so we will probably get this year)
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Agree with these comments - 88 Scott is aimed at a different market than INDX - larger units, much more oriented towards end users as opposed to investors, and a slower sell cycle would be normal, is to be expected. My understanding is that the first phase of construction activities, demolition of the existing building (with saving of selected facade components for re-use in the new construction) is to start in February.
 
AHK said:
Agree with these comments - 88 Scott is aimed at a different market than INDX - larger units, much more oriented towards end users as opposed to investors, and a slower sell cycle would be normal, is to be expected. My understanding is that the first phase of construction activities, demolition of the existing building (with saving of selected facade components for re-use in the new construction) is to start in February.
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I didn't get why people were saying TenYork floorplans were horrible until I saw 88 Scott. For the same square footage, every room has larger dimensions, and in many cases the rooms line up to make it look like one massive room.

Looking at the 2-3 bedroom units, and their family, library, or flex/option room designs, it's pretty clear they put some thought into how this will be used long-term. If I had a family, I'd be all over those. Still, $1m+ is a LOT. I wonder if those are the units that aren't moving at all. The old arguments that it's not good to raise a family downtown are all still there.
 
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Ryan_T said:
I didn't get why people were saying TenYork floorplans were horrible until I saw 88 Scott. For the same square footage, every room has larger dimensions, and in many cases the rooms line up to make it look like one massive room.

Looking at the 2-3 bedroom units, and their family, library, or flex/option room designs, it's pretty clear they put some thought into how this will be used long-term. If I had a family, I'd be all over those. Still, $1m+ is a LOT. I wonder if those are the units that aren't moving at all. The old arguments that it's not good to raise a family downtown are all still there.
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We just need more day care and schools in the city core.
 
Email recieved today from Concert...

Dear, blah, blah, blah

88 Scott continues to be the best-selling new condominium in downtown Toronto. And in addition to being over 60% sold, we are excited to announce that we have now received our official rezoning! Unlike many of the proposed alternatives out there, 88 Scott has been approved as a soaring, contemporary condominium tower rising 58 storeys to claim its place in Toronto's magnificent skyline. This approval paves the way for us to commence construction as planned in 2013.
 
Right, official rezoning approval. Whoopde-doo...


How is is it that INDX, Massey, TenYork, etc are sold out or nearly sold out, and this project is still at ~60%. Could it be the large units? or the higher assignment fees? Here's to hoping this will be a non-investor building.
 
Ryan_T said:
Right, official rezoning approval. Whoopde-doo...


How is is it that INDX, Massey, TenYork, etc are sold out or nearly sold out, and this project is still at ~60%. Could it be the large units? or the higher assignment fees? Here's to hoping this will be a non-investor building.
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i think it's the larger units, they have alot of 3 bedrooms+ from 1,500 sq ft to 3,000 sq ft; hence higher prices.
also the smallest 1 bedroom is 555 sq ft. only the bachelors are smaller from 278 SQ. FT. - 355 SQ. FT.
 
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