It is time for an update on Escala Condos in Belltown/Downtown, one of the few new contruction condo buildings with units still available in Seattle.
We reached out to , Erik Mehr, Sales Manager at Escala, who is responsible for the sale of the remaining units and here is what we chatted about.
(Marco) Escala seems to be doing great with sales this year, what do you think the reasons are that buyers are coming to Escala and so many sales are happening there?
(Erik) We offer the greatest value, location, square footage, finish level and amenities. Additionally, we respect the consumer with a completely transparent and orderly sales process which enables buyers to fully understand and appreciate the price structure.
We also have the most knowledgeable experienced condominium sales team in the NW on site to provide buyers with the necessary information to make an informed purchasing decision.
Combined, our Escala sales agents have sold over 3,000 condominium units.
How many units have now sold at Escala?
203 of the 269 have sold. 192 of the 203 have closed.
And for the remaining units, do you anticipate any changes in price points, whether that be up or down?
As the downtown area condominium supply dwindles the prices are likely to increase.
Is there a favorite floor plan you particularly like at Escala that you’d buy right now?
We think all of our plans are fantastic and offer amazing and irreplaceable value.
We see that most of the smaller floor plans have been purchased, so that leaves several larger 2 bedrooms at higher price points. Do you think Seattle has enough demand to sell those out in the near future? Are sales happening at those higher price points as well?
We only have 66 homes unsold of which 34 are priced from $409k to $989k so we will not have any issues selling the remaining inventory.
Has the condo association been established yet, and do you know if there are any plans of the association to do anything different with the amenities package that is offered at Escala. For example the restaurant /bar and spa?
The HOA was formed upon project completion two and one half years ago. The unit owners have representation on the board and it is unlikely that any changes will be made.
Is there anything you want us to pass along to the public that might help them make a decision to consider Escala over other options in the city?
Year to date, Escala has accounted for 33% of all area 701 condo purchases over $399k.
We encourage any potential Seattle condo buyer to make an appointment to tour the project with our sales team and see why so many have already purchased (note: area 701 refers to the MLS area descrbing downtown, belltown, south lake union).
It appears that Escala is selling off its remaining units at a pretty fast clip. Within the last year, 101 units have gone into contract or closed. That means they are selling around 8 a month, which is a high number of sales for a condo project now as compared to the slower pace of sales in the past. If they continue selling at the pace they have in the last year, this building should be closing out in the next 8 months, leaving only resales for buyers interested in living in Escala.
Based on this sales velocity, it also appears pricing at Escala is appropriate for our current market.
By Marco Kronen with Seattle Condo Review: A guide to Seattle Condos exclusively for buyers and sellers.