Evidently, quite a few of you are interested in the sales progress at Escala. Since posting this piece (MLB Pitcher Purchases Escala 3 Bedroom) last week, many of you have reached out about the number of units sold. Well, ask and you shall receive:
There have been 83 sales of which 63 have closed. Only 5 were sold before 3/27/10 when Teambuilder-JLS took over. According to Erik Mehr, there are 4 or 5 more homes that will close this month. At a rate of 9-10 sales per month Escala could sellout by the 3rd quarter of 2012. The question I keep asking is what’s next for new construction condominiums in Seattle?
In my opinion, the market for new construction condos will literally dry-up in 24-36 months (I’ve gone on record before-read here). At this point in time, I haven’t seen any bullish developers in the marketplace either. This is not because they don’t want to build, but more importantly they don’t have the means to finance the construction. Can we assume that simple supply and demand would indicate a shortage of inventory in the Seattle market?