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Escala Prices to Increase June 5!!!

By April 27, 2008

Hurry and buy soon at Escala because the Seattle Times reports, Seattle luxury-condo complex Escala will raise prices:

Developer Lexas Cos. said this week that on June 5 it will raise the asking prices 3 to 7 percent for about 70 unsold units that have been on the market since last spring.

What’s the market doing?

Here are the number of $500,000 to $5 mil condos sold over the past few years in downtown:

2005: 134
2006: 129
2007: 207
2008: 45 so far

Currently there are 189 units in that price range active on the MLS. There are certainly more than this because not all new construction inventory is in the MLS.

Average listing price is $1,100,000, 1335 square feet, $784/square foot and a 160 cumulative days on market.

Related reading, James Stroupe takes a look at future supply and demand, Condo boom bust or wishfull thinking? Supply vs. Demand and comes to the conclusion that supply is diminishing but demand continues.

Also related, is I’m sure you’ve already read elsewhere, is that the Deal [is] off for Clise sale of downtown land postponing further downtown development/supply.

If you were the Escala developers would you raise prices?