urbandreamer
recession proof
"Urban Capital Property Group and Alit Developments have sold about 70 per cent of the 29-storey tower in the Bay-Bloor neighbourhood."
These sales figures are always misleading. Usually it's "70% sold", for example. They do not say whether that 70% is 70% of the units (70 out of 100) or if it is 70% of the revenue from all the units. 70% of the units could mean a significant amount of the lower priced 1-berm units are sold, but the majority of the higher priced 2 bdrm + units remain unsold, making it only 55% sold of the revenue from all the units.
Whatever....70% sounds good.
Sure, sounds good to you, but those who may finance the construction want to know what 70% means.
I was just saying that throwing out random numbers is pointless without any backing to what it actually represents.
Mike, I agree. I was not suggesting, nor have I ever, that 70% or some other number is some threshold number to acquire financing.
Signage on the kormann house (queen/sherbourn) stated that 70% was sold in the opening weekend....then the project went bust and the property has been for sale for the past year. Perhaps they lied and it bit them in the ass.
It sold half decently,
On an side note I don't really see the point in "lying" about sales -
Whatever....70% sounds good.
This project has an application in to add 6 more storeys bringing it to 35.