I got that too, but they said 80% in the email. I checked with a buddy who has access to Urbanation and they report only 60%. Something doesn't add up here.
 
ducati0000 said:
yup at %70 expect ground breaking.
Click to expand...

Ground breaking?

From the Scotiabank Group

A permit is generally not issued
until a proposed project is 70% pre-sold,
leading to a typical lag of at least 6-12
months between a new opening and the
start of construction.
Second, residential construction intentions
are down sharply. Municipalities issued
permits for just over 10,000 multi-unit dwellings in the first two
months of 2009, roughly half the rate of a year ago. While many
projects that have secured financing will likely go ahead, the weak
sales environment suggests few major new projects. For the first
time in over a decade, apartment completions are exceeding
apartment starts.
Third, we expect to see an increasing number of pre-construction
project cancellations. A large share of unsold units are in preconstruction
stage. Many of these projects are unlikely to go ahead,
failing to achieve a sufficiently high level of sales to obtain
financing. To the extent that any existing projects are cancelled, this
in turn will create a pool of displaced buyers re-entering the market.

http://www.scotiacapital.com/English/bns_econ/retrends.pdf
 
Careful guys, the National Post did not 'report' this. The 80% Sold info is part of the full page ad for South Beach. I hope this project goes ahead, but this could just be a marketing tactic to create some urgency to push sales.

I still find it hard to believe this info that they are providing, seeing as how Urbanation has reported a 20% difference based on last quarter.
 
nothing is impossible today... some lie about % sold some about price reduction... it's understandable... remember beyond the sea? apparently the whole project was sold out and all of a sudden it's 85% sold...
Just a few months ago i remember U condo selling 542 sqft unit for $324,900 and now with 'price reduction' they're offering 325 sqft unit for $219,000... do the math...

we'll know by the end of June if this is a done deal or not... :)

rp42, why should one be negative about this project? :)
 
Last edited:
% sold is just a reported number... most builders give the % sold of all 'released' suites...meaning 10% of the units may be supposedly held back 'to be' released closer to the completion date so the number of sold may fluctuate +/-10% .... i like this condo and look forward to seeing this one get completed especially the retail portions.
 
Funkster said:
Careful guys, the National Post did not 'report' this. The 80% Sold info is part of the full page ad for South Beach. I hope this project goes ahead, but this could just be a marketing tactic to create some urgency to push sales.

I still find it hard to believe this info that they are providing, seeing as how Urbanation has reported a 20% difference based on last quarter.
Click to expand...

Very good point about the ad.... They can say just about anything in their own advertisement.
 
Fyi - One of the phases of Beyond the Sea did sell out very fast. The 85% sold number is for a newer phase.

Re: SB, it's also possible that the builder purchased a bunch of suites, just to bring them up to the construction requirement.

I am again only hesitant to believe that 20% of sales have happened since last quarter, since whenever I drive by the site (various times / days), there is usually only one car in the parking lot.
 
fyi... when i said sold out i meant the whole project not one of the phases... but like someone said they can say whatever they want...
time will tell...
 
went to the sales office yesterday, they said 80% sold, and confirmed start contruction this summer.
 
For those of you interested a nice article about South Beach Condos could be found in this month's edition of Condo Guide...
 
View from Marina Del Ray

dpylyp_2.jpg


Source: PJ Stephen / dpylyp
 
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