Is Cristalla Still King?
As I drove back into the City last night from a run around Greenlake, I notice the well known yellow band off in the distance as I gazed at the city lights. For anyone that is not aware of what I’m referring too; it is the symbolic and creative lighting at the top of the Cristalla Condominiums. As if it were not enough to be known as one of the best condo projects in town, the building has a bright yellow brand of lighting that stands alone in the dynamic Seattle Skyline. Almost as if it symbolized a crown. It begs the question….”Is Cristalla still the king of condos”. For most if not all of the last four years, I was told that Cristalla “stands alone” in the luxury condominium market. I even posted just a month ago validating that fact UCS on Cristalla. Every developer in Seattle wanted to bottle up the success of Cristalla and make it their own. It has high recognition and an endless praise from the broker community (realtor, Stroupe, Wendy, Ben). I don’t think I’m drinking the Kool-Aid anymore. As this is written there are currently 8 units available for sale. There have been plenty that have come on and then had to be taken off the market due to the inability to sell at the price offered. Out of the 8 listed, 3 are bank owned. The average price-per-square foot is $650. Although some may praise that the prices have been so stable, I would have a tendency to disagree. I think that artificially holding the prices up will ultimately lead to more short sales and foreclosures in the building. The global tidal wave of price declines hit everything and everyone. Cristalla prices will ultimately come down in price. Making it that much better in terms of owning a great unit at market rate. As something holds it value, it is always considered a good thing. I wouldn’t disagree in most cases, but this is different. Even though there are units transacting, the overwhelming majority needs to “wake up” and smell the proverbial coffee. A lot of other buildings, units and owners have done this. I’m still waiting to see how much longer the “former” King of Condos will take. I am also interested to hear what you think? Is Cristalla still the king?
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Is Cristalla still king? NOPE!!! 1521 of course had stampeded into the downtown market as king. but, i think i’d rather shack up at escala if i could somehow just come up with the money. sorry 1521 crew:P escala hooked me up with a jacket. however, the architect for cristalla and 1521 is king in that arena. madison tower? too bad that one is looking to be dwarfed by the ultra hip and cool ten twelve first. however, cristalla does win on amenities…