{"id":9843,"date":"2010-03-03T06:00:24","date_gmt":"2010-03-03T14:00:24","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=9843"},"modified":"2010-03-02T17:39:14","modified_gmt":"2010-03-03T01:39:14","slug":"details-on-escalas-exit-from-fantasy-land","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2010\/03\/03\/details-on-escalas-exit-from-fantasy-land\/","title":{"rendered":"Details on Escala’s Exit from Fantasy Land"},"content":{"rendered":"

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<\/a>.<\/p>\n

Escala cutting condo prices by 50 percent<\/a><\/p>\n

Downtown Seattle condominium tower Escala will lower prices by as much as 50 percent on unsold units, the luxury building\u2019s new marketing firm said Tuesday.<\/p>\n

Rennie Marketing Systems and the building\u2019s listing agent, Bellevue-based Teambuilder, declined to release price cuts on each unit, but said savings will range from 20 percent to 50 percent.
\n…
\n\u201cWhat the prices were has no bearing on what they should be for this market,\u201d Mehr said. \u201cWe priced it as if we had a brand-new building today.\u201d<\/p><\/blockquote>\n

This is quite the turnaround from April 2008<\/a>:<\/p>\n

Lexas principals John Midby and Eric Midby said prices are going up<\/strong> partly to send a message<\/strong> to prospective buyers: If they\u2019re waiting to buy until prices drop, they\u2019re reading the local market wrong.<\/p><\/blockquote>\n

That was some top quality denial, right there. Somebody<\/b> was certainly reading the local market wrong, but it wasn’t the prospective buyers.<\/p>\n

Back to Kirsten…<\/p>\n

Escala cost $370 million to build and has sold just six units<\/strong>.<\/p><\/blockquote>\n

Just six<\/b> units. Out of over two hundred and sixty. Considering the fact that they claimed in ’08 that around seventy units had sold, I suppose it was only a matter of time before they finally faced reality.<\/p>\n

You can only live in crazy fantasy land for so<\/em> long.<\/p>\n

(Kirsten Grind, Puget Sound Business Journal<\/a>, 2010.03.02<\/em>)
\n(Eric Pryne, Seattle Times<\/a>, 2008.04.26<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[612,198],"tags":[65,4,68,313,181,311,31],"coauthors":[],"class_list":["post-9843","post","type-post","status-publish","format-standard","hentry","category-local","category-news","tag-business-journal","tag-condos","tag-downtown","tag-escala","tag-grind","tag-pryne","tag-seattle_times"],"yoast_head":"\nDetails on Escala's Exit from Fantasy Land \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2010\/03\/03\/details-on-escalas-exit-from-fantasy-land\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Details on Escala's Exit from Fantasy Land \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"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. 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