Something is Changing at Escala…
Here’s Escala’s teaser site if you want to sign up to be notified about their new pricing: http://www.somethingischangingatescalaseattle.com/
Rennie Marketing Systems out of Vancouver is doing the marketing and Team Builder JLS is the listing agent.
In his weekly newsletter Bill Hume at Team Builder JLS describes the changes:
The developers of Escala have created the big buzz in condo circles this week by hiring the incomparable urban condo guru, Bob Rennie of Rennie Marketing Systems, to revamp the marketing approach of this magnificent building. Bob, as usual, captures the tenor of the times in this sentiment about today’s pricing. Pricing is being completely readdressed and I think we have to address that the marketplace wants quality, not hyper-luxury. They want quality and value. The current Club Cielo portion of the community is being modified, as well.
“We’ve all been waiting for yesterday to come back,” said Bob Rennie, whose firm took over marketing of the 269-unit tower at Fourth Avenue and Virginia Street in November. “It’s time to make business decisions.”
Just five units have closed at Escala, according to county records. Rennie says 67 more buyers are under contract â€” but he knows that in this market, that doesn’t guarantee much.
They’ll all be contacted over the next few weeks and offered reduced prices as an inducement to stay, Rennie says without giving specifics. Escala’s developers also plan to scale back services at the building’s private club, he says, so high homeowners’ dues can be cut.
Meanwhile, the sales center has shut down. It won’t reopen until everything’s sorted out, perhaps by mid-March. “We’re trying to stabilize the building,” Rennie says.