Wednesday, 26 September 2012

88 Scott Now at 60% Sold

88 Scott is Now at 60% Sold

An insider over at UT has confirmed what we (or at least I) had already known about this project, and that is that sales have been pretty steady, if not stellar. Considering that most real estate experts in the Toronto Area, no believe the market is starting to tail down a bit, this is actually pretty good. There will be a lot of projects that will have to be postponed now that it seems, some of the international cash that has been funding the Toronto market is leaving town. Not to worry, there seems to be enough local interest in the properties in the core, to keep the market vibrant barring a complete collapse of the housing market or of the US Economy, whichever comes first.

The Building

88 Scott is being developed by Concert Properties, and is being designed by Page and Steele Architects. It will rise 58 Floors and reach 205 meters, making it one of the tallest buildings in the city when it's completed and at least within the top 30 tallest towers in Toronto. The building is built in the Post Modern Style with a bit of Retro Art Deco, mixed in with Modern Glass and Steel. It from the renderings looks like it will be one of the best buildings in the City.

Location and Amenities

The Building is located at the corner of Scott and Wellington, and is almost right in the heart of the Financial District of Toronto. This location should make it a favorite among the Professionals that work there, and would like an easy commute back in to the home zone at the long end of a busy day making tonnes of cash. ( I would think, lol)

The Core Club

The Core Club Features a Bistro and swimming pool, as well as social area, which allow residents to intermingle with each other for drinks and good times. It also includes an Outdoor Terrace to take advantage of those pleasant summer days and evenings.

The Sky Lounge

Located on the 46 and 47th floors is the Sky Lounge a social area with fireplace bar, and entertaining and dining possibilities. It also has a dedicated caterers Kitchen.

Getting a Mortgage and Mortgage Insurance through BMO Insurance for financing a loan to purchase at FIVE Condos is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at BMO Insurance include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from BMO Insurance is actually one of the major financing costs on home loans.

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