In a media release to the public on Wednesday, Escala announced that they have reached 65 sales.  Of those 65 sales, 38 condos have closed.  This is good news for a project that has 269 units to sell.

The success can be attributed to a major shift in their sales and marketing.  In addition, some units were reduced by up to 50%.  Good luck to the sales team on their remaining inventory.  More more information about Escala, follow the buttons below:

A green home may be classified by LEED, Built Green, Energy Star or another 3rd Party classification.

I thought I would highlight a few environmentally certified new construction projects and those still seeking some form of green building classification:

Trace North/Trace Lofts – Capitol Hill

Brix – Capitol Hill

Rollin Street – South Lake Union

Enso– South Lake Union

Veer Lofts – South Lake Union

Parc – Belltown

Mosler Lofts – Belltown

Cosmopolitan – Downtown Seattle

Olive 8 – Downtown Seattle

1521 – Downtown Seattle

5th & Madison – Downtown Seattle

220 West Highland – Queen Anne

Hjarta – Ballard

Florera – Greenlake

Bellevue Towers – Downtown Bellevue

This is a fun post for me to write.  I have been so excited to share with you some recent updates to the blog.  As you will see in the picture below, we have added a category of links titled “UCS Exclusive Sites”.  I think this is an incredible addition to the site.

For the last 2 months, I have been working tirelessly on building individual sites for the major condominiums projects in Bellevue and Seattle.  The objective was to bring each project to you!  This hyper-local approach, delivers “building” specific information.  Each website is loaded with great info.  You can search units for sale, units that have sold and within a few weeks you’ll be able to search for rentals as well!  In addition, you will find the following:

• Neighborhood information
• Amenities
• Walkscore and much much more.

Each site is fairly interactive as well.  For example, if you want UCS to send you listings in your favorite building, just fill out the email notifications form and you will receive new listings immediately when they hit the market.  As an owner you will also be able to keep tabs on the units that are for sale in your building.  We will be adding new features to the site as time goes on. For now, my hope is that you enjoy what has been created.  Please spread the word!  I’m very excited to get your feedback.  See below for a list of all the websites offered at this time:

Here is an example of the website for the Vine!

These are where the website links are located in UrbanCondoSpaces (see the picture below):

Eastside/Bellevue Condos:

Bravern Condos
Bellevue Towers
One Lincoln Square
One Main Street Condos
Astoria Condos
Washington Square
Kirkland Central

Seattle Condos:

Trace Condos and Lofts
Brix Condos
Eastlake Condos and Lofts
Enso Condominiums
Veer Lofts
2200 Westlake
The Cosmopolitan
5th and Madison
Escala Condos
1521 Condominiums
Cristalla Condos
Bellora Condos
Concord  Condos
The Vine
The Parc
Mosler Lofts
Madison Lofts
Gallery

I spoke with Erik Mehr of Team Builder JLS yesterday regarding the progress at Escala Condominiums.  According to Mehr, they have successfully closed 6 sales since taking the project over.  They have over 40 pending sales and for those of you interested, you can follow their pending sales in the MLS.  They made a commitment to adding all their sales to the MLS last month.

In summary, Erik felt that they were making great progress.  He said that the HOA dues approach that reduced the owners monthly payments was very well received.  I inquired about what units were selling well, and as you might have expected the units priced between $450,000 and $550,000 have seen a lot of activity.  Mehr also mentioned that the “F” plans were seeing an abundance of sales as well.  They are the 3 bedroom units, generally priced over $2,000,000 dollars.  Thus far out of 20+ 3 bedroom units, Escala has sold 8 of those floorplans.

In terms of financing, MetLife, the projects preferred lender, is lending conventionally and will continue to do so.  This squashes a lot of the rumors that were suggesting that you had to purchase “all cash”.  I was also surprised to hear that the project is only a few weeks away from FHA approval as well.  This will be a monumental step for the success of the project.  I will confirm when they get their approval.

Overall, the 30-40% in reductions seem to be moving the majority of this inventory.  As the number of “new” units downtown continue to dissapate, Escala will be looked at as a good option for downtown living.

I took a series of pictures from the west facing “E” unit while at the Escala brokers open event last Thursday.  I thought I would share them with you so that you can get a glimpse of what that west facing view would look like.  Enjoy:

Amenities

Location

Floorplans

[mappress]

See More Pictures Here

For you any of you that have not seen Escala yet; do it!  I highly recommend it.  In my years of doing real estate it is one of the most interesting projects I’ve seen.  From the grand lobby, the million dollar views and the all white penthouse 30 floors above the city, Escala at a minimum offers visions of grandeur.

While at the brokers open event on Thursday, I tried to summarize my experience on Twitter.com.  ”Escala is the Upper Eastside of NY, with remarkable views, spacious layouts & luxurious amenities. It might not fit Seattle yet, but time will tell.”  That 140 character summary was the best I could do with trying to capture the essence of a project that cost over $370 million to build.  Trust me, it is not easy.

Everything aspect of the project was designed during some of the most successful years of our local real estate economy.  That reveals itself as you experience the luxurious and excessive aspects of the 31 story project.  You have thousand dollar furniture in the lobby a grand marble staircase, a magical chandelier and a second floor full of amenities that look like they could belong in some of the best resorts around the country.  Amenities come at a cost.  Since converting the amenity and club space to a “pay per play” system, they were able to reduce homeowners dues to $.53 per foot (originally $.80).

The next stages of our tour (on Thursday) was a guided walk-through of the modeled units as we headed up higher and higher and experienced the incredible views.  Each condo was modeled differently and I often looked right past it as I was trying to get a feel for the units “finish level” and view corridor.  If you have been reading this blog or any other condo blog in town you  would have see a barrage of posts that had scolded the Escala for their asinine pricing strategy.  I felt that since they have publicly announced the price reductions that I should look at the units with care and consideration.  With that being said, let it be known that I was really impressed.  I constantly challenge my assessments of each unit so that I could report back un-baisley.

I will leave you with four considerations:

1.  Take a look at the Escala Home pricing below
2.  Enjoy the pictures that I took while touring the project (see here)
3.  Give me a few days and I will have all the video I shot at Escala uploaded to my Youtube.com channel.
4.  Take a look for yourself this weekend.  If you like real estate in general is a fascinating experience.

–

Escala Home Pricing:

A Plan, 1 bed/1.5 bath
Total Living SF 1,054
Floors 3-19 with North or South Views
Priced at $384,000-$554,000

B Plan, 1 bed/1.5 bath
Total Living SF 1,110
Floors 3-19 with East or West Views
Priced at $384,000-$554,000

C Plan, 2 bed/2 bath
Total Living SF 1,780
Floors 3-24 with NE, NW, SE, & SW views
Priced at $699,000-$1,124,000

D Plan, 2 bed + den/2 bath
Total Living SF 2,182
Floors 20-24 with North or South Views
Priced at $1,250,000-$1,450,000

E Plan, 2 bed + den/2 bath
Total Living SF 2,226
Floors 20-29 with West of East Views
Priced at $1,090,000-$1,625,000

F Plan, 3 bed/2.5 bath
Total Living SF 3,073
Floors 25-29 with NE, NW, SE & SW views
Priced from $1,600,000-$2,250,000

In a continued effort to re-brand and re-engergize Escala Condominiums, Rennie Marketing is reaching out the brokerage community.  I will attending an event tomorrow that includes a tour of the building and a briefing of new pricing and HOA strategy.  If any of you have any specific questions prior to the event let me know and I would be happy to ask for you.  I’m treating this event as a clean slate to get re-introduced to the project and to get a better understand of their goals and expectations regarding the future of Escala.  I will report back.

On March 28th at 1pm, Kennedy Wilson, will be facilitating the auction of the 5th and Madison condo units.  There will be 18 units hitting the auction block.  If you have not been to an auction yet, it is quite an experience.  I will be in attendance with a few clients who have been considering a purchase.  In addition, I will be tweeting live from the event and will report back with intimate details.  For now, I have attached (see below) the unit list and starting bids.

Hot off the wire, please read below for a notice from the Escala Sales team.   As expected they are starting a pro-active vs re-active approach. Expect more details, but as you can see prices will start at $384,000.  How do you think the market will re-act?  I’m anxious to get your opinion!

YOU NEED TO CHANGE MORE THAN JUST PRICE IN TODAY’S NEW ECONOMY

Dear Jeff,

As a valued registrant, we would like to share with you details of the important changes happening at Escala Seattle. First and foremost, our pricing has been dramatically reduced. Below is a list of starting prices for our One, Two and Three Bedroom Homes.

1 BEDROOM, 1.5 BATH, 952sf Homes starting at:  $384,000
2 BEDROOM, 2 BATH, 1607sf Homes starting at: $699,000
3 BEDROOM, 2.5 BATH, 2442sf Homes staring at:  $1,574,000

In addition, we have taken a sustainable business approach to homeowner fees and services. The concept of Club Cielo, a five-star, 30,000sf club facility with outside membership, will now be available to Escala residents only. This decision has greatly reduced homeowner fees. All the while maintaining an unbelievable level of service and a greater level of security.

What does this mean to you? In place of a fully-staffed Bar, Restaurant and Spa we are moving to a User-Pay system. Whether you’re planning a private party for your 40+ guests, want to schedule a fitness trainer or masseuse on Thursday or simply want to book the screening room – all can be arranged through the concierge and Columbia Hospitality. Where costs are involved, those fees will bill directly to you instead of burdening the entire Home Owners Association. The fitness facility, resistance pools and changing rooms are always available.

There are many things that have not changed at Escala. These include access to an extensive amenity package, spacious homes with the largest decks of any downtown development and classic Seattle views. Combine all of that with Absolute-Value pricing and there is no other building like Escala in downtown Seattle.

Our sales office opens to the public on March 27^th, 2010. As an early registrant, we’d like to get you in prior to the March 27^th date. Call 206.816.6300 to schedule an appointment with one of our new sales professionals.

See you soon!

The Escala Seattle Team
1920 Fourth Avenue
Seattle WA  98101
t. 206.816.6300
e. info@somethingischangingatescalaseattle.com
w. somethingischangingatescalaseattle.com

Courtesy of Matt and an Urbnlivn.com reader, 5th & Madison has plans to auction off their 18 remaining units on March 28th, 2010.

Read more below:

Dear 5th and Madison Owners:

On Friday afternoon, Rick Drottz of 5th and Madison, LLC informed the Board of Directors of the upcoming sale of the remaining Developer owned condos. Mr. Drottz also requested we communicate his message to the ownership. See below:

During the last three years, we have conducted a very successful sales program at Fifth and Madison which has resulted in the closing of 103 out of 126 units.

In order to sell the remaining units, we have decided to retain the services of Kennedy Wilson, Inc. and utilize their dynamic auction marketing process. On Sunday, March 28, 2010, 18 units of the remaining inventory will be offered for sale. The company will begin marketing the units the weekend of February 27th.

Information about this sale will be available in the on site Auction Information Office in unit 2301 beginning the week of March 1, 2010.

Sincerely,

Richard Drottz
Vice President
Fifth and Madison, LLC