Escala Update; sales center to reopen March 27th
The folks at Escala Condos 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.
Another excellent looking project. It seems there is quite a large amount of new build projects in Seattle. In Spain the new build market has almost ground to a halt as developers concentrate on selling off the completed projects for which demand has fallen like a stone over the last two years. We deal mainly in resales here in Moraira.
Nevertheless it is great to see some real estate markets are receptive to new build projects.
Moraira-
Seattle is no different other than the fact that half of these projects finished, but without the buyers to fill them. Now they are reducing prices to rediscover their market.
This is a great strategy reduce prices by 50% of what they used to be so people believe that they are 50% off or less then market value; when in reality they are really only market rate at best!! There are roughly 6 projects in the area with 1 building being at 65% occupied (1521 Pine)
I have heard a lot of buzz about this 50% off Escala but lets remember they only have 6 people living there who got screwed because they could close. Just let the buyer beware that this artificial frenzy can cost you lots of money. This building just got refinanced and a new marketing team, the old team being Dean Jones.
The new being Rennie Marketing Systems from Vancouver they obviously can sell.
They have single handidly created a stir over condo complex that almost went bust. Away go the amenities, away go the services, and Voila! you have a perfectly sellable building with views. Now the kicker is these views are not protected hence 1521’s posture of “we have proteced views!” yeah but you are also 20% above market rate. 1521 you are only adding more chum to frenzy!
With this being said I just had to get this off my chest. Is Escala really a good deal or are people just so infatuated with a good deal that just the thought of 50% price reduction in a declining market gets everybody going this should be on a late night infomercial. Rennie obviously can sell! We shall see because who know’s he is either a genius or just another auction waitng to happen. Oh by the way… Escala don’t try the South Lake Union thing by holding out and over emphasizing your frenzy just go with it and sell to the people who are willing to put down their deposits, you done it just start selling to these crazed animals because once it dies down well you know what happens…
The Escala development sounds really luxurious. There are so many amenities, it must be like living on a cruise ship, except on dry land. I don’t think I’d ever leave home. In my area of California, there are mainly tract homes and smaller condos. There aren’t any condos with more than a couple floors.