Reacting to the shift in the Seattle condominium market both the Escala Condominium in downtown Seattle and The Sanctuary townhome development on Capitol Hill have raised their prices.
Escala, which is now over 65% sold, has raised their prices anywhere from 1% to 5.5% depending on floor plan based on properties currently listed in the NWMLS.
The Sanctuary, which is also 2/3 sold, raised their prices 5% as of today (May 1, 2012). Only four homes remain ranging from $819,950 to $1,049,950.
“While our asking prices respond to supply and demand we’ve also added value to the final four homes,” said Rob Nall, the seller of the 12-unit Sanctuary development. “I’m confident that prospective homebuyers will continue to view this property as a unique opportunity to own one Seattle’s most irreplaceable addresses.”
Disclosure: Sanctuary is an advertiser of Seattle Condos And Lofts
May 10th, 2012 at 11:28 pm
oh please…slight uptick. are YOU KIDDING ME? no, real estate is NOT rising. it’s estimated there are 12 MILLION houses on the banks books (reo, foreclosures, etc.). those WILL finally unfold and unravel. they can’t stay “hidden” forever. The banks are shortly going to be forced to deal with that inventory overhang. there’s another false real estate created perception that demand is up and supply is down (aka a “seller’s market”) – this is completely bogus.
Escala is not that great. don’t know about the other place. but this is a shameful tactic.
May 11th, 2012 at 10:09 am
You’re right about that…the shadow inventory is significant, there is a considerable inventory. The current reality for buyers in the present market is that they’re just not available today and we’re seeing multiple offers. How long this environment will last is the question.
The banks are not likely to dump the inventory on the market, which will prolong the recovery period. Though, they are currently selling the inventory in bulk to large investors, rather than marketing them individually.
May 24th, 2012 at 11:14 am
Jane,
You exude so much bitterness and negativity. I hope things get better in your life. Hang in there, no matter what, things will get better for you!