The Seattle Condo Blog

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

Condo blogger James Stroupe just posted an update on Escala. Apparently, changes are in the works from a new sales team (TeamBuilder JLS) to possible adjustments in pricing, HOA Dues and the condo’s relationship with Club Cielo.

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

Yesterday, Escala unveiled Club Cielo, a $30 million private club and the first to open in Seattle in more than two decades. The exclusive 25,000 square foot Club Cielo was selected to provide signature amenities to residents of Escala, including venues to socialize, entertain and refresh.

Here’s just a few of Club Cielo’s premier services and amenities:

• An exclusive dining room and bar, including a garden terrace.
• Full-service day spa offering massage therapy, facials, manicures and pedicures.
• A professional grade 5,200+ square foot fitness center offering strength and cardio training equipment, two resistance lap pools, a yoga and Pilates studio and on-site certified instructors.
• A large theatre / multi-purpose room for private screenings, presentations or parties.
• A climate-controlled Wine Cave for up to 9,000 bottles, with an adjoining intimate dining room.
• Access to private chefs, car service, housekeeping service, personal assistants and animal care and dog walking services.

Club Cielo will also offer a limited number of memberships for non-residents.

Scheduled for completion in 2009, the signature Escala development will have 275 luxury condominium homes ranging from $500,000 to well over $5,000,000. Club Cielo will be operated by Columbia Hospitality whose other managed properties include the Salish Lodge & Spa and the Kenwood Inn and Spa in Sonoma Valley.

For more information on Club Cielo, please visit www.clubcielo.com.
For more information on Escala, please view our post or visit www.escalamidtown.com.

Club Cielo’s second floor entrance

Club Cielo’s Wine Cave private dining room

Club Cielo’s fitness center

Escala’s glass enclosed grand lobby from 4th Avenue

Escala’s fireside lounge

Renderings courtesy of Club Cielo / Escala

Another Belltown condo project
The Schuster Group, developer of Mosler Lofts, purchased the site just south of the Bellora at Cedar and Elliott, according to the DJC. Earlier proposals for the site included a mid-rise apartment and condo projects. At one point one of the proposed projects was called “Bellora 2″.

Schuster’s current plans for the site is a “green” condo project which is zoned to 125′ for residential buildings. No time frame has been provided.

Insignia Towers
The DJC also reported that construction of the Insignia Towers project at 5th between Bell & Battery has been postponed, possibly until 2009. Insignia’s developer, Embassy Development, attributed the sluggish market for their decision.

Escala
As was widely reported earlier this week, Escala announced they’re increasing the prices of their remaining inventory. While the overall adjustment reflects a net increase, sources indicate that they also reduced prices on some of the units the east side of the building.

The National Sales and Marketing Council announced its 2008 “The Nationals” Gold Award winners this past Wednesday in 59 categories. The awards honor new-home sales and marketing homebuilders, developers, associates, and consultants. From among the 1,400 entries, Seattle winners were represented by Escala and Veer Lofts (Vulcan):

• Best Buyer Retention Program – Escala
• Best Sales or Information Center – Vulcan’s Discovery Center at SLU
• Best Attached Home Plan, High-Rise – Escala
• Best Attached Community of the Year – Veer Lofts

Other awards include:

• Best Website – Escala
• Best Logo – Veer Lofts

On the Horizon

Eastlake area – Ruby Condominiums (website) at northern tip of Eastlake Ave E at E. Allison.

Lower Queen Anne – Luxe Condominiums (website) at 500 5th Ave W. Thirty-nine flats starting from the low $300,000s.

Escala Unveils Revamped Website

Escala unveiled a new website with additional features including home floor plans, an impressive virtual tour and a webcam.

Fini Preview Event Update

Fini’s VIP Preview Event will be held next weekend, May 5th & 6th from 11:00 AM to 6:00 PM at their presentation center at 6802 Greenwood Ave N. (map). Homes will be available for purchase at the preview event with a 5% deposit.

Seattle Condo Expo 2007

Click here for updated event info.

The Seattle Condo Expo and Realtor Symposium is set for May 19th & 20th at the Westin Hotel. Tickets will go on sale on May 1st and those interested in attending can register on their website. The cost of the event is $10 and can be purchased at www.SeattleTixx.com.

Kiro Radio has several short podcasts of interviews with several leading individuals in the Seattle condo craze including the developers of AVA & 1 Hotel, Blaine Weber of Weber + Thompson, Dean Jones of Realogics and economist Matthew Gardner of Gardner-Johnson…to name a few.

The event has blossomed into a two-day expo with a consumer focus. Last year, it was a single evening event aimed towards Realtors. The change this year sounds like a great opportunity for the buyers to immerse themselves with various projects at a single location as well as provide an opportunity to meet with architects and developers.

Escala

Escala broke ground this morning. I didn’t stick around for the ground breaking but I did tour the recently completed 2,600 sq ft penthouse model unit; it’s impressive.

8th and Pine

300+ unit condominium, completion expected for 2009.

Seneca Towers

A 7- and 24-story tower project with 210 residences ranging from 450 to 1,600 square feet. Ground breaking is slated for mid-2007, developed by Levin Menzies. Located at 8th and Seneca overlooking Freeway Park.

CarrAmerica

Located in the South Lake Union District, CarrAmerica is a 5-building mixed-use office, retail & residential development. No dates yet.

Images:

8th & Pine

Seneca Towers

Following Escala’s public preview event on July 27th, 50% of the homes have been reserved (though, nearly 20% were reserved prior to July 27th). In any event, this is a great endorsement of the Escala project and to the strong condo market in Seattle.

The Escala’s public design preview event is still two weeks away and anticipation is building. However, Escala has pre-released a number of units at special introductory pricing and a quite a few reservations have already been placed. Reservations can be made with a $10,000 deposit which converts to purchase & sale contracts in the Fall.

Prices for the design preview release on July 27th will be higher than the current release allotment. This is the most opportune time to reserve a unit for your next home or investment.

Here’s an illustration of a floor plan for floors 4-6. It’s a little difficult to see but there are 12 units, 4 on each end and 4 in the center. Even the one bedroom units on the lower levels have semi-private vestibules.

Click image for larger version:

For more information about the current release and pricing, please contact me.

* * * * * *

Escala released it’s second allotment of homes earlier this week to those who had 2nd or higher position reservations in the first release with price ranges approximately 10% higher.

Escala also updated it’s website with revised floorplans and renderings.

Updated 7/27/06

Due to overwhelming interest in the project, the developers will host a preview event ahead of the sales center’s scheduled opening. The event will be held on July 27th @ 5 PM at 414 Stewart Street, Ste 200. The Escala reception center will include a 2,600 sq foot prototype, preliminary floor plans and introductory pricing. Reservations will be accepted at the event. For more info, please view the Escala Midtown post.