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

When I last spoke to developer Gerry LaCaille in 2007, the original Alex concept reflected the booming condo market – upscale, customized and highly personalized catering to various buyer profiles. Today, it’s another story. The downtown condo market has struggled with the proliferation of high-end condo buildings creating a tough environment in which to bring a new development to market. Fortunately, like Enso and Escala, Volta has repositioned itself to appeal to a larger segment of buyers. Volta will still offer an array of layout and size options appealing to a wide range of buyers but with more standardized finishes allowing it to enter the market at reasonable price points.

Why the name Volta, you ask? Two reasons. First, to provide a fresh start with a new marketing & sales team. Second, it’s a marketing play on the name. The building has been renamed in honor of Italian physicist Alessandro Volta, known for inventing the electric battery. Alessandro pays homage to the project’s original name, Alex. The building is situated just two blocks from the Battery Street tunnel and the center of Volta’s medallion logo bares a likeness of the top of a modern battery.

Volta Condominium features 34 home homes with 20 different floor plans within its compact 8-level design. The ground floor will contain a commercial space and a live/work loft with one-bedroom, one-bedroom + den and two-bedroom homes above ranging in size from 626 to 1,095 square feet. There are two penthouses that will offer soaring 15′ ceiling heights, skylights, spectacular views and large private roof top decks.

The one-bedrooms on the west side and the two-bedroom north facing homes appear to have the most appeal, offering good living space and views. The 4th floor north facing units also have private decks.

The building and home interior features include:

• Two color and finish schemes – Cognac (light) and Slate (dark)
• Quadruple glazed four layer windows for noise reduction
• Vast floor-to-ceiling windows providing ample light and views, in most units
• High ceiling heights, up to 15′ in the penthouses
• Oversized stained wood doors to individual units
• Hardwoods in the entry, hallways and kitchen; carpet in living and bedrooms
• Whirlpool Gold stainless appliances with Bosch and Viking upgrade options
• Custom Euro Concept kitchen cabinetry
• Slab silestone counters with under mount sinks

It’s unfortunate that the living area will be carpeted particularly when many of the homes have an open kitchen / living design. Having hardwoods throughout would provide a more seamless finish. Perhaps that will change as the floors are laid. In order to keep prices down several items are not included with purchase, namely washer and dryers and parking. Aside from the penthouses, which comes with two parking spaces each, parking is available on a first-come, first-served basis for $25,000. At this writing, storage is still being worked out. It may be included with every home or offered as an option.

Prices start from $299,950 for a one-bedroom and range up to $1,095,950 for a large west-facing penthouse shell. The project has applied for FHA approval as 28 of the homes are within FHA’s loan limit. More pricing info to come shortly.

Amenities are limited to the main lobby and a roof top deck, though that helps to keep HOA dues down which is expected to be around $.44 per square foot. The roof deck, located on the east side of the building will include a dog run area and green space.

The sales center is slated to open at the end of April / early May with first occupancy expected in July. Though only a handful of units are presently listed in the MLS, all homes are available for pre-sale purchase.

Website: www.VoltaOnBell.com

In order to sell the remaining units, we have decided to retain the services of Kennedy Wilson, Inc. and utilize their dynamic auction marketing process. On Sunday, March 28, 2010, 18 units of the remaining inventory will be offered for sale. The company will begin marketing the units the weekend of February 27th.

Well, here’s your chance to tour over 40 condos units during a progressive Belltown Condo Open House event on Sunday, January 31st. The event runs from 1:00 pm to 4:00 pm.

These are individually owned resale units, representing condominiums throughout Belltown, not some big condo developer promotion. Come tour Studios, One-bedroom and Two-bedroom homes at your leisure. Just download a copy of the map and you’re on your way.

The tour features units at 17 Belltown condominiums including The Parc, Mosler Lofts, Cristalla, Austin Bell, Seattle Heights, Belltown Court, Avenue One, Arbor Place, The Vine, Royal Crest, The Ellington, The Concord and others!

Click image to download and print (PDF):

Originally constructed in 1930, the rejuvenated Queen’s Court was unveiled in early 2007. Though, it wasn’t alone as a number other developers rushed to bring new conversion projects to market. With its premium pricing, combined with stiff competition and the subsequent market collapse, Live Historic eventually found itself in financial turmoil.

Fast forward to 2009, under a new owner Queen’s Court received additional upgrades, its HOA budget fully funded and prices slashed. It also obtained FHA and VA financing approval. Led by the sales team at Developer Services Group, Queen’s Court has further restructured its pricing in order to be competitive in today’s market place.

Homes at Queen’s Court are now being offered from just $159,000 for studios and tops out at $210,000 for a one-bedroom. The homes retain its ’30’s architectural charm yet feature modern updates and conveniences including new cabinetry, fixtures, stainless appliances, granite countertops and in-unit washer/dryer combos.

Seventeen of the 34 homes are available, though pricing has only been publicly released for the units shown below.

So after its 3rd price cut in 6 months how does it stack up? For comparison, units #104 and #110 are now being offered at 29% and 38.5% below their 2007 prices, respectively. However, even at this pricing level, there’s still competition from other, newer properties in Belltown and Queen Anne. What’ll set Queen’s Court apart is its quieter location and 1930’s character.

The building doesn’t offer much in the way of amenities, but it does have a newly remodeled lobby, a library and green space. On the other hand, the limited amenities allow Queen’s Court to keep its homeowner dues fairly low.

Parking is available on a first-come, first-served basis. At this time there are only two spaces left, which I believe are available for $35,000 a piece. Fortunately, there are ample leasing options including the Bernard Apartment across the street for $125/mo as well as the nearby Seattle Center garage.

Queen’s Court is open weekends from 11:00 am to 3:00 pm.

Click thumbnails to view larger image:

Received word this past week that 200 West Highland received bank approval to begin closing. Currently, the upscale development has 5 homes under contract that it anticipates will close by the end of February.

200 West Highland is situated across the street from Queen Anne’s famous Kerry Park offering homeowners stunning views of downtown and Elliott Bay. Prices of the remaining homes range from $895,000 to $2,050,000.

Website: www.200westhighland.com

Marselle Condos

The Marselle Condominium sent out an update last week announcing that they’ve sold an additional 8 homes to start off the year. Of the remaining properties available, prices begin from $199,990.

Currently, Marselle has several incentives available – a special 95% Seller Financing, no mortgage insurance and no HOA dues until January 2011. Additionally, Marselle is FHA & VA approved.

Website: www.marsellecondos.com

Ruby Condos

The Ruby Condominium is now 65% sold! Comparatively speaking sales at Ruby have been brisk and confirms there is demand for well-priced entry-level condominium homes that are centrally located and close to downtown.

In addition, Ruby recently reduced prices across the board with all homes now priced below $300,000. Ruby is FHA & VA approved.

Website: www.rubycondos.com

Home features:

• 2-bedroom, 2.5 baths
• Epicurean kitchen features luxury finishes
• Stone slab countertop w/undermount sinks
• State-of-the-art appliances – Viking, Sub-Zero and Bosch
• Private rooftop deck
• Two years HOA dues paid by Seller

View floor plan – click to enlarge:

Brix is hosting a happy hour this Friday, November 20th, from 5 pm to 7 pm at Townhome #128 on the 10th Avenue side of the building. Refreshments and model home tours will be available. Brix, which sold phenomenally well at auction, has released another set of homes for sale.

Home 514 – Open one Bedroom (523 sq ft, HOA dues $248.51)
Priced at $239,000 (was 349,900)

Home 314 – Open one Bedroom (547 sq ft, HOA dues $259.76)
Priced at $255,000 (was 309,000)

Home 215 – Open one Bedroom (541 sq ft, HOA dues $257.56)
Priced at $255,000 (was 265,000)

Home 332 – True one bedroom, one bath (519 sq ft, HOA dues $242.89)
Priced at $279,000 (was $323,000)

Home 311 – True one bedroom, one bath (671 sq ft, HOA dues $318.22)
Priced at $295,000 (was $399,000)

Home 307 – Open one bedroom with den (789 sq ft, HOA dues $374.48)
Priced at $329,000 (was $420,000)

Home 615 – True one bedroom, on bath (636 sq ft, HOA dues $301.35)
Priced at $350,000 (was $410,000)

Home 113 – One bedroom, 1.5 bath Townhome (814 sq ft, HOA dues $385.73)
Priced at $319,000 (was $459,990)

Home 237 – One bedroom, 1.5 bath Loft (823 sq ft, HOA dues $391.36)
Priced at $355,000 (was $469,900)

Home 128 – Two bedroom with den, 2.5 bath Brownstone (1,165 sq ft, HOA dues $553.28)
Priced at $409,000 (was $560,000)

Canal Station North – Ballard

With adjusted prices and the first-time home buyers tax credit incentive Canal Station sold well in October with 12 home sales. Now, they are offering buyers another incentive – from now until the end of the year Canal Station is offering a $9,000 buyer bonus.

Here’s a sample of the amazing value you’ll find at Canal Station North.
One Bedroom + Den, Suite 646 at 816 sf is priced at $314,950
Two Bedroom + Den, Sutie 253 at 1079 sf is priced at $379,950

Ruby Condos – Eastlake

Ruby is aggressively aiming to close out sales by the end of the year and recently reduced prices again to match market expectations.

HOME #108 – 801 sf. 1 bed/1bath.
Priced at $299, 500 (was $399,990)

HOME #111 – 801 sf. 1 bed/1bath.
Priced at $299,5000 (was $349,990)

HOME #408 – 801 sf. 1 bed/1bath.
Priced at $315,000 (was $399,990)

Home #302 – 934 sf. 1 bed/1bath.
Priced at $305,500 (was $479,990)

Home #214 – 723 sf. 1 bed/1bath.
Priced at $279,500 (was $349,990)

Home #409 – 801 sf. 1 bed/1bath.
Priced at $315,000 (was $399,990)

Home #412 – 809 sf. 1 bed/1bath.
Priced at $315,500 (was $369,990)

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.

“What people might not realize is that the first-time tax credit expiration date means that the deal must close by November 30th, 2009,” explains Michael Miller, CEO of local real estate marketing firm, MCM Group. “It’s taking 30 to 45 days for deals to close, so really the deadline for purchasers to qualify for this credit is right upon us. Buyers who want to take advantage of this should make their decisions and have their offers signed around by early next week at the very latest.”

Sylvan Ridge has just two available new townhomes that are complete and ready to move in today. Two buildings are currently under construction with seven new townhomes, two of which have already been purchased. Building 27 is due for completion in late October, and building 28 in early November. Buyers of the homes in building 28 who make a decision by next week will still have time to customize the features with optional upgrades such as slab granite countertops.

“We partnered with a local interior finishes firm, Super Floors,” says Tamea Duckworth, Sylvan Ridge Community Sales Manager. “They can provide the buyers with upgrade options and interior design consultation to upgrade or change several of our finishes at Sylvan Ridge. But once they start installing the interior finishes in building 28 next week, buyers will miss the chance to roll the upgrade costs into their purchase and their mortgage.”

All townhomes at Sylvan Ridge feature two bedrooms, two bathrooms, den, powder room and attached garage. These zero-lot line townhomes are approved for VA and FHA financing, so qualified buyers can put as little as 3.5% down. Homes are priced from $289,950.

Located in West Seattle, these homes are just east of the new High Point neighborhood, offering buyers an easy commute to downtown Seattle and a myriad of choices for shopping, dining, entertainments and outdoor recreation. Sylvan Ridge is now in its third phase of construction, with over 70 homes sold and closed. When the community is complete there will be 178 townhomes.

Sylvan Ridge is located at 2733 SW Sylvan Heights Drive in West Seattle.

Website: www.sylvan-ridge.com