Those 6 All Cash Sales at Escala

I enjoyed Tim’s Escala timeline though annoyed he thought of the idea before I did. This lead me to wonder about those 6 sales at Escala and so I dug them up in the county records:

#602 – $918k – 1/08/2010
#906 – $660k – 11/5/2009
#1101 – $605k – 11/10/2009
#1901 – $700k – 1/4/2010
#2101 – $1.860m – 11/10/2009
#2801 – $4.12m – 11/10/2009

Unfortunately I couldn’t find the square footage of the units. Can anyone help out? Curious to know what these folks paid per square foot.

In other Escala news Stroupe has details on the HOA being reduced to $.58/square foot now that Club Ceilo is no longer. Stroupe seems to have a good connection with the Escala folks. Would be curious to know if he’s representing buyers there or is himself a buyer. Because I know just as many agents who tried to grab a unit at Escala as I did at Olive 8.

As well the PSBJ reported on Escala, Escala sales don’t stack up:

The building, located at Fourth Avenue and Virginia Street, has 67 units pending and is in conversations with those potential owners about their purchases, according to the building’s marketing firm. Partners in Lexas Cos. did not return calls for comment.

Escala cost $370 million to build. The Lexas Cos.’ lender, Fremont General Corp., filed for bankruptcy in 2008 and sold its commercial loan portfolio to New York-based IStar Financial. That company is now handling the financing on the project, which is not in jeopardy, according to the marketing company.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • 4th

    1101 @ $605k = $574 sq ft. That's higher than Enso but lower than Olive 8.

  • http://SeattleHome.com Sam DeBord, SeattleHome.com

    Good update, Matt. Here's an unofficial partial list from some marketing materials:

    Unit 2101 was advertised at 1942 sq ft.
    Unit 1101 – 934 sq ft.
    Unit 906 – 934 sq ft.
    Unit 602 – 1600 sq ft.

    If the numbers are right, we're looking at $575-$700/sq ft for the lower level units, while the upper level went for around $1000/sq ft.

  • Guest

    Here is the info from Escala's declaration (http://146.129.54.93:8193/imgcache/OPR200906010

    #602 – $918k / 1,607 sq.ft. = $571
    #906 – $660k / 952 sq.ft. = $693
    #1101 – $605k / 952 sq.ft. = $635
    #1901 – $700k / 952 sq.ft. = $735
    #2101 – $1.860m / 1,955 sq.ft. = $951
    #2801 – $4.12m / 2,442 sq.ft. = $1,687

  • pascaltran

    for good or bad Escala still the best looking building in downtown Seattle, I do feel bad for investor, developer and the 6 pioneer buyer, but most of all this has change entire pricing of Downtown, Belltown and Bellevue Condo, I wish Escala could stand on its own to separate from the best to the Very Best of the Best. Mr John Midby and his associate should be proud of your legacy It is Just the Market. NOT YOU