Escala Prices to Increase June 5!!!

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?

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • TheMightyQuinn

    Of course they can sell those units, the prices are too low!

    I guess they’re trying to artificially inject a sense of urgency into potential buyers hoping to make a sale.

  • TheMightyQuinn

    Of course they can sell those units, the prices are too low!

    I guess they’re trying to artificially inject a sense of urgency into potential buyers hoping to make a sale.

  • EconE

    Just curious Matt…

    What sources are you using for your past sales? I’ve noticed that some places listed on Redfin as past sales include commercial units, apartment complexes and even garage parking spots such as this one from a Cap Hill Condo that sold.

    unit…

    http://www.redfin.com/stingray/do/printable-property?external_id=61201

    parking spots…

    http://www.redfin.com/stingray/do/printable-property?external_id=51457

    http://www.redfin.com/stingray/do/printable-property?external_id=68679

    I even came across an apartment complex in Bellevue that sold and rather than listing the sale as one sale, it was listed as over 100 different sales with each unit showing the same sales price of over 15MM if I remember correctly.

    It really makes one wonder just how many million $+ places actually are selling.

    How many are actually for sale. Well…it looks like you already answered that one. Many more than are accounted for on the MLS for sure.

    Way too many IMO.

  • EconE

    Just curious Matt…

    What sources are you using for your past sales? I’ve noticed that some places listed on Redfin as past sales include commercial units, apartment complexes and even garage parking spots such as this one from a Cap Hill Condo that sold.

    unit…

    http://www.redfin.com/stingray/do/printable-property?external_id=61201

    parking spots…

    http://www.redfin.com/stingray/do/printable-property?external_id=51457

    http://www.redfin.com/stingray/do/printable-property?external_id=68679

    I even came across an apartment complex in Bellevue that sold and rather than listing the sale as one sale, it was listed as over 100 different sales with each unit showing the same sales price of over 15MM if I remember correctly.

    It really makes one wonder just how many million $+ places actually are selling.

    How many are actually for sale. Well…it looks like you already answered that one. Many more than are accounted for on the MLS for sure.

    Way too many IMO.

  • http://twitter.com/mattgoyer mattgoyer

    Hey EconE,

    The numbers I quote are from the NWMLS that an agent friend pulled for me.

    As for Redfin, I’ll forward that to our data team and get them pulled off the site. Unfortunately the data we get from the county is pretty “dirty”.

  • http://blog.mattgoyer.com Matt

    Hey EconE,

    The numbers I quote are from the NWMLS that an agent friend pulled for me.

    As for Redfin, I’ll forward that to our data team and get them pulled off the site. Unfortunately the data we get from the county is pretty “dirty”.

  • Affluent Bitter Renter

    LOL LOL LOL.

    To paraphrase PT Barnum, “There’s an Escala condo purchaser born every minute.”

    If anyone falls for this tactic, I have a bridge to sell them…

  • Affluent Bitter Renter

    LOL LOL LOL.

    To paraphrase PT Barnum, “There’s an Escala condo purchaser born every minute.”

    If anyone falls for this tactic, I have a bridge to sell them…

  • Pingback: Raising Prices to Entice Buyers—wait, what? | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.

  • http://www.gamestrata.com nitsuj

    OH NOES!!!

  • http://www.gamestrata.com nitsuj

    OH NOES!!!

  • jo

    Lame.

    I suspect the people that are considering Escala won’t be naive enough to fall for this marketing ploy.

  • jo

    Lame.

    I suspect the people that are considering Escala won’t be naive enough to fall for this marketing ploy.