Escala Update: Summary of important and exciting news as of 5/5/08-

- Having sold more than 50% of the total inventory, LEXAS Companies has announced the release of new the new home inventory on floors 9, 28 and the sub-penthouse level.

- Come June 5th, prices on all previously released homes will be increased by 3-7% to balance the phased inventory.

- The second level that accommodates Club Cielo has recently been completed and they are currently working on the first residential floor- Yay!

- Club Cielo’s website is now up and running!

This entry was posted on Monday, May 5th, 2008 at 5:39 pm and is filed under Real Estate News, New Construction, Escala, Midtown. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Jason H. Says:

May 6th, 2008 at 7:15 am

Yeah right… There is no way in god’s green earth that Escala is 50% sold out… 25% maybe… but no where near 50%.

Further, with the building to the East being built 15 feet away, I doubt they will ever acheive 50% presale…

Last time I checked they had 22% sold… unless they dropped prices, which they have done even though they are claiming they have raised prices… (they lowered some, raised some)… there is no way they have seen a surge like that!

Steve Says:

May 6th, 2008 at 11:39 am

Jas - Escala has reached 50% of their presale inventory. Based on the conversation I recently had, prices will be going up June 5th… be sure of that!

And with a product that outstanding, do you honestly think it would sit vacant in the Seattle skyline?!?! …doubtful

Dan L Says:

May 6th, 2008 at 12:11 pm

Jason - the buildings across the alley are merely proposed projects. And at an estimated billion dollar construction cost that’s all they’ll be for a long, long time. They’ve got a snowball’s chance in hell of getting a loan in this credit and housing market.

Ashley Says:

May 6th, 2008 at 10:33 pm

In case anyone is interested in reading their press release:

Showing Confidence in the Downtown Seattle
Condo Market, ESCALA Announces an Encore Sales Release & Price Increases

SEATTLE – April 29, 2008 – ESCALA, an elegant 31-story, mixed-use condominium development now under construction in Seattle’s Midtown district, will increase prices on all of its available homes on June 5 due to continued strong demand for downtown residences.

ESCALA has successfully sold more than half of its premier sales release at introductory prices, and now three new levels will be released with higher pricing on May 1 – the 9th, 28th and sub-penthouse floors. This new sales release will be followed by a June 5 price increase on all available residences of 3 percent to 7 percent, which is an average of $50,000 more per home.

“We had a very successful introductory sales release, so this is a natural step and was part of our business plan from the beginning,” says John Midby, principal of Seattle-based LEXAS Companies, the developer of the $350-million ESCALA. “We’ve closely studied the overall market, and we’re encouraged by what we see in downtown Seattle. Seattle doesn’t mirror the national housing picture, and there’s never going to be a better time to buy at ESCALA in terms of value.”

Because of increased construction costs and the current unavailability of construction financing, the next project of similar scale offering homes downtown will not open until at least 2011, representing a 90% decrease of new construction inventory within Seattle’s city center home market by 2010.

“ESCALA occupies attractive market timing as there will be constrained supply and a forecast for increased demand in the downtown area, with few comparable properties delivering over the next three years,” Midby said. “We’re currently pouring ESCALA’s third floor and homeowners are selecting their interior finishes for a fall ’09 delivery – about the same time that other projects currently on hold will likely start construction.”

Since ESCALA broke ground in the summer of 2007, no other high-rise condominium project has begun construction. While other downtown residential projects were initially scheduled to deliver around the same time, they are not financed and are now delayed because of the credit market. ESCALA is one of the last two projects to receive financing since the credit slow down began.

The price increase announcement (effective June 5) provides homebuyers a limited opportunity to purchase at the original, introductory pricing, and LEXAS Companies has reported recent sales.

“Our buyers have arrived at the conclusion that ESCALA is unique and, fundamentally speaking, there’s not enough reason not to buy,” says Midby. “Even with price increases, ESCALA offers the best value on the marketplace today and tomorrow.”

Midby says attractive pricing is part of the proposition but is not the only consideration – a central location, high quality and enviable timing are also key factors for ESCALA homebuyers.

The tower, which is scheduled to open in the fall of 2009, has 275 grand condominium homes and a 25,000-square-foot private city club, Club Cielo, which will offer a sanctuary for homeowners, their guests and other members of the club. Seattle-based Columbia Hospitality, Inc., will manage Club Cielo, the first new private club to open in Seattle in more than two decades. A select number of memberships will be available to non-residents.

Residences at ESCALA range in size from 909-square-foot, one-bedroom City Homes to three-bedroom Sky Villas at more than 3,000 square feet to penthouses that may range up to 16,000 square feet. All homes are adorned with expansive outdoor terraces, and many feature private elevator vestibules. Prices for the City Homes and Sky Villas range from mid-$500,000s to more than $5 million. Pricing for penthouses is available on request.

ESCALA’s 12,000-square-foot presentation center is located in the Centennial Building on the corner of Fourth Avenue and Stewart Street and is open to the public from 11 a.m. to 6 p.m. daily. The presentation center features a 2,600-square-foot model residence that has been fully furnished by Masins and showcases art provided by ESCALA’s arts partner, PONCHO.

ESCALA will anchor Seattle’s newest in-city neighborhood, Midtown. More information about ESCALA is available at www.EscalaSeattle.com or by calling 206-816-6300 for an appointment.

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