More than a year after the $120 million Four Seasons Hotel and Private Residences opened to considerable fanfare, a dozen firms that designed and built the ultraluxury project say they haven’t been paid in full.

They have recorded claims totaling more than $34 million against the downtown Seattle building. The largest lien, for $23.7 million, was filed in August by Lease Crutcher Lewis, the project’s general contractor.

Two Four Seasons subcontractors and lien claimants — Redmond millwork installer Surgent and Silverdale mechanical contractor Stirrett Johnsen — filed separate suits in King County Superior Court last month.

The lawsuits name Lease Crutcher Lewis, SHG, each owner of the building’s posh condos and a host of other defendants, and seek judgments totaling more than $1.8 million against Lewis and two other contractors.

The folks at Escala and TeamBuilder have been busy redefining the Escala experience during the past few weeks. Now, the $370 million condominium development is set to officially reopen its sales center on March 27th, though it sounds like they’ll soft open on March 15th according to rep with TeamBuilder.

Out of the 80 or so pre-sale buyers, 6 have closed and about 35 are expected to continue with their purchase at this writing…that’s around 15% of the units sold.

The most significant change to the project is pricing with homes now starting as low at $384,000 for a 952 square foot one-bedroom (B layout), $699,000 for a 2-bed + 2-bath home (C layout) and from $1,574,000 for a 3-bedroom 2,442 square foot home. I spoke with a pre-sale buyer who’s unit was reduced 28%, which is approximately the figure that’s been floating around from other buyers. However, I’m told the percentage will vary by layout/location.

In looking at Escala’s first release pricing sheet dated 7/2006, the “B” layout plan units ranged from about $500,000 to $800,000 (before they starting raising prices) and now they’re between $384,000 to $550,000. The “C” plan homes now range from $699,000 up to $999,000 for a 20th floor unit. Back in 8/2006 those homes were priced from $800,000 to $1,600,000. The prices today are well below those during the market’s peak in 2006/2007.

Pricing has dropped low enough that the project has applied for FHA approval. This is striking considering how the property was originally marketed – very upscale, a private social club with hugely expensive memberships, homes with private elevators and vestibules – to potentially being FHA eligible.

The other significant change to the project is Club Cielo, which will remain but in a far more limited form. Rather than a fully staffed and managed social club and restaurant with outside membership, the facilities remain (bar, kitchen, dining room, wine grotto and dining space, terrace, theatre and spa/fitness area) but only for use of residents on a pay-per-use system. Residents may schedule fitness trainers and masseuses or cater their own parties in the club’s dining room and bar. As a result, homeowner dues have been reduced from $.85 to $.58 per square foot.

There are eight levels of underground parking. All homes come with parking and there will be extra spaces available for purchase as well. The wine grotto has 271 storage lockers available with each locker holding two cases. I’ve heard conflicting info, but most likely they will be available to residents on a first-come, first-served basis.

The spa and fitness areas are spacious with professional quality equipment, two resistance lap pools, hot tub, 4 or 5 massage rooms and a yoga studio.

The building and homes are gorgeous. The amenities impeccable. The pricing, fairly attractive comparatively. Considering new construction condos offering homes at the similar price points – Enso, Olive 8, Volta – it’s hard to beat Escala for its overall quality, finishes, uniqueness, views and level of amenities.

Condominium websites:
Escala
Enso
Olive 8
Volta

2030 8th Avenue. 38-story 350-unit residential tower proposed in the Denny Triangle area. Located at 8th and Lenora, the building would be situated NW of the Cosmopolitan and SW of the 2200.

    Design Review Early Design Guidance Meeting
    February 9, 2010 at 5:30 PM
    Seattle City Hall
    Download the design proposal workbook (12 MB PDF)

2nd & Pike Tower (1430 2nd Ave). 35-story residential tower at the SE corner of 2nd & Pike. At one point the project was to include a hotel, Candela, which has since been removed from the proposal. The project is situated on the SE corner of the intersection, across from the Newmark Tower.

    Design Review Second Early Design Guidance Meeting
    February 9, 2010 at 7:00 PM
    Seattle City Hall
    Download the design proposal workbook (7MB PDF)

1200 Stewart. Twin 35-story towers proposed at the corner of Denny and Stewart to contain residential, hotel and retail space.

    Design Review Board Meeting
    February 23, 2010 at 5:30 pm
    Seattle City Hall

151 John Street. This is a 7-story residential building proposed at the corner of John Street and Warren Avenue next to the Seattle Center. This the lot adjacent to the north of Queen Court.

    Design Review Board Meeting
    March 3, 2010 at 6:30 PM
    Queen Anne Community Center

3031 Western Ave. This is Martin Selig’s 14-story 78-unit apartment proposal that’s situated at the north end of the Olympic Sculpture Park and west of the Alexandria.

    Design Review Board Meeting
    March 9, 2010 at 5:30 pm
    Seattle City Hall

Read more at Stroupe Condo Blog:
Something Everything is Changing at ESCALA

UPDATE 2/2/2010:
Additional information from the Seattle Times indicate:
1) Prices are to be reduced (that’s expected)
2) 5 Buyers have closed with another 67 pending
3) Current buyers will be contacted to review contracts / pricing
4) Club Cielo services may be scaled back

Welcome mats will soon roll out for homebuyers at Enso, Vulcan’s highly anticipated new LEED Gold certified condominium project in downtown Seattle’s South Lake Union neighborhood. Enso buyers began closing on their new homes today, and will start moving into Enso tomorrow and through early next year.

During one of the most difficult real estate markets in history, Enso has continued to attract growing interest from a range of buyers, with 55 percent of the 135 homes now sold. A total of 75 sales contracts have been signed with both new buyers and existing buyers in the last six months alone, translating into a robust 13 sales per month. The South Lake Union Discovery Center has also seen a nearly 60 percent increase in condo-related traffic in November compared to last year.

Enso has also received Fannie Mae approval, a critical step in allowing buyers to obtain loans and close on their new home purchases. Most lenders also typically require a project to have at least 51 percent of owner-occupied homes for buyers to obtain financing. By successfully achieving a strong enough level of pre-sales at Enso before allowing buyers to close, Vulcan has been able to preserve the project’s ability to attract new buyers seeking assurance they can close in a timely manner and avoid the prospect of auctioning its remaining condo inventory at a diminished value.

As part of Vulcan’s novel sales strategy in response to a declining real estate market, it significantly reduced condominium prices in order to attract both new buyers and retain existing buyers – helping them preserve equity in their homes from the outset. As the first condominium project in Seattle to revise Purchase and Sales agreements with new reduced pricing for existing buyers on a large scale prior to closing, many of Enso’s pre-sale buyers have decided to re-commit to the project and close on their homes. Pricing for Enso homes ranges from the low $300,000s to over $1 million.

“We saw many buyers from other projects who decided to walk away from their earnest money because they could not obtain financing or did not want to purchase a property for more than it was now valued,” said Ada M. Healey, vice president of real estate at Vulcan Inc. “We understood how critical it was to go back to our pre-sale buyers – who bought at the height of the market – and proactively lower prices to 2009 levels. We carefully monitored market conditions to ensure our homes were priced to sell. We took a long term outlook and wanted to do what was best for our buyers, the neighborhood and ultimately, our project.”

At a time when many regional projects are at a standstill and unable to secure financing, this loan renewal helps Olive 8 earn its distinction as an urban and sustainable condominium project that has been able to move forward as planned while continuing to be a desirable option for buyers.

Olive 8 is Seattle’s first Leadership in Energy and Environmental Design (LEED) Certified (Silver) hotel/condominium building. Hyatt at Olive 8 occupies the first 17 floors with another 22 floors of luxury condominiums above. Of the 229 condominium homes, 51 have closed. A wealth of new research indicates green building is forward-thinking, offers many long-term financial benefits and is an investment that pays off in terms of lower energy and water bills, as well as healthier indoor air.

R.C. Hedreen President David Thyer says, “As the developer, it’s not unexpected for us to think Olive 8 is unique and will hold its value in the long-term. But the extension of this loan syndication led by our long-time partner, U.S. Bank, reinforces our belief that this hotel/condominium combination in the heart of Seattle is a project with a strong future. We see it as a very positive sign in what has been a slow and challenging market.” Olive 8 was designed by the internationally acclaimed New York City firm Gluckman Mayner Architects in partnership with local architect, MulvannyG2.

Minneapolis-based U.S. Bank’s history of doing business with R.C. Hedreen dates back 15 years, with a variety of projects being financed over the years.

“We are proud to be involved with the construction of Olive 8, which shares our commitment to quality and environmentally-sound business practices that help sustain our resources and the environment,” says John Swanson, senior vice president in commercial real estate at U.S. Bank. “Also, this a shining example of the fact that U.S. Bank is a strong leader within the banking industry, and that we continue to make loans and provide financing to projects like Olive 8, even in this difficult economy.”

Due to its sustainable design and construction, which includes one of the largest green roofs in Seattle, Olive 8 is expected to use 23-percent less energy and 36-percent less water than a comparable non-green building. It is the first building in Seattle to participate in King County’s Transfer of Development Rights program; in exchange for higher building rights, R.C. Hedreen paid nearly one million dollars toward the preservation of 284 acres on Sugarloaf Mountain in rural King County, as well as vital salmon habitat. The carbon footprint of the Olive 8 building will soon be reduced by 21-percent when Seattle Steam Company, which provides heating for the hotel, will begin using mostly biomass as fuel instead of natural gas. Olive 8 also features preferred parking spaces for highly fuel-efficient vehicles and outlets for electric cars in the underground parking lot.

The Seattle Times reports that Heron/Pagoda Towers developer Multi Capital Group has lost part of the property through foreclosure.

A developer who had proposed a $900-million, twin-tower development across Fifth Avenue from the Westin Hotel in downtown Seattle has lost part of the property to foreclosure.

New York lender G4 Capital Partners took title to about half the site of the proposed Heron and Pagoda towers this week, according to county records. G4 had loaned an affiliate of New York developer Multi Capital Group $13.7 million to buy the property, but the affiliate defaulted.

Ashworth Cottages

A Pryde+Johnson development in the Green Lake neighborhood had sold only 2 of its 20 homes in the two years before the bank took over the development a few months ago. Since returning to market three weeks ago with steep discounts they’re now down to their last four units.

Even though they’re nearly closed out, Ashworth Cottage’s latest sales team is hosting its official Grand Opening on Saturday, November 14th with lattes from 11-1pm and hotdogs from 2-4pm. www.liveashworth.com

European Tower

GIS International is bucking the trend and moving forward with pre-sales at its one-home per floor European Tower development. They’ve reduced prices significantly and re-launched their website. www.europeantower.com

Marselle Condominium

Marselle reports that they’ve sold 20 units last month and 13 owners have already moved into their new digs. Half of the homes are priced under $300,000. www.marsellecondos.com

Thornton Place website: www.thornton-place.com

HOME #108 was $399,990, just reduced to $309,500!
801 sf. 1 bed/1bath. Views are spectacular from living room and large ground floor patio surrounded by large landscaped courtyard. 9’ ceilings, smooth and attractive slab granite counters throughout, hardwoods in entry, kitchen and living room. Home 108 is a ground floor home with spacious and comfortable patio surrounded by lush and colorful landscaping throughout the courtyard.

HOME #111 was $349,990, just reduced to $309,500!
801 sf. 1 bed/1bath. Ground floor home. 9’ceilings, smooth and attractive slab granite counters throughout, hardwoods in entry, kitchen and living room. Cozy and spacious outdoor patio surrounded by lushly landscaped courtyard has sweeping views of Lake Union and surrounding area.

HOME #408 was $399,990, just reduced to $335,500!
801 sf. 1 bed/1bath. Sunset and Lake Union views are stunning from living and terrace. 9’ ceilings, smooth and attractive slab granite counters throughout, hardwoods in entry, kitchen and living room. Home 408 is a top floor home with spacious and comfortable terrace looking down to lush and colorful landscaping throughout the courtyard.

Home #302 was $479,990, just reduced to $315,500
934 sf. 1 bed/1bath. 9’ ceilings, large bedroom, and large private deck. Smooth and attractive slab granite counters, hardwoods in entry, living and kitchen. Faces north and west from private terrace off living room.

Home #313 was $399,990, just reduced to $309,500
718 sf. 1 bed/1bath. Unique corner home with convenient area off entry that can be used for a desk or small office area. Home faces north and west overlooking beautifully landscaped courtyard, with dramatic views of Lake Union and surrounding area. 9’ ceilings, smooth and attractive slab granite counters, hardwoods in entry, kitchen and living.

Home #409: was $399,990, just reduced to $325,500
801 sf. 1 bed/1bath. Views are spectacular from living room and large private deck! 9’ ceilings, smooth and attractive slab granite counters throughout, hardwoods in entry, kitchen and living room. Great price for 3rd floor home with large terrace and sweeping views of Space Needle and Lake Union!

Ruby’s Website: www.RubyCondos.com

All homes include one garage parking and storage.
FHA, low-down financing available through Seattle Mortgage.
Dimensions are as per the “as built” survey in the POS. Prices and terms are subject to change without notice.