Downtown Condos: Middle Class Need Not Apply

Here’s a detail in today’s Seattle Times article about Insignia—the first new construction condo project to break ground in five years—that caught my attention: While condo prices at Insignia haven’t been set, Bosa said, “they’ll be more than you can buy anything [downtown] for now.” More than anything that’s for sale right now? Yikes. One […]

Friday Flashback: “Seattle isn’t like other cities.”

Time for another Friday Flashback! Today’s flashback comes at you from February 2007, as the Seattle Times declared 2007 to be “The year of the condo in downtown Seattle” (emphasis mine). [Condo developer David] Thyer insists that Seattle isn’t like other cities, where developers are struggling with an oversupply of new condos. There’s a demand […]

Details on Escala’s Exit from Fantasy Land

Kirsten Grind over at the Puget Sound Business Journal posted a more detailed update yesterday on the 180° strategy turnaround at the upscale downtown condo complex Escala that we mentioned a month ago. Escala cutting condo prices by 50 percent Downtown Seattle condominium tower Escala will lower prices by as much as 50 percent on […]

Escala Condos’ Shocking Price Strategy Timeline

April 2008: Raising Prices to Entice Buyers—wait, what? (Awesome plan, Escala!) Developer Lexas Cos. said this week that on June 5 it will raise the asking prices 3 to 7 percent for about 70 unsold units that have been on the market since last spring. Another 22 units that will be released for sale May […]

Some Luxury Condo Developers Finally Dropping Prices

Another great story in the Seattle Times today by Eric Pryne: Bellevue Towers, other new condo projects cutting prices The developer of the region’s tallest luxury condo towers says it’s cutting prices an average of 20 percent in hopes of kick-starting sales. Only 43 of the 539 units at Bellevue Towers in downtown Bellevue have […]

Raising Prices to Entice Buyers—wait, what?

Here’s an interesting story that popped up over the weekend and had people emailing me and discussing it in the comments and forums. A downtown luxury condo building named Escala is having trouble moving the last 70 units (of 270, so roughly 25%), so to try and juice up their sales, they’re raising prices. Yes, […]