ESCALA Starts to Buzz – Media Coverage & Wine Cave Table
In addition to our photos we took at ESCALA just last week, a lot of other media has surfaced recently as well. If you’re following the progress of ESCALA closely, then you may have already seen the “In the News” email that was just sent out.
Probably the most interesting was the Daily Journal of Commerce article where developer John Midby is quoted for pointing out that only an estimated 659 condos will be delivered as new inventory by 2011. When doing a search for solds in the downtown area from January 1st, 2008 through 2009, there were 446 sales.
So 659 new listings added to the market in 2 years, minus 2 years of an approximate 446?
No! That 446 does not include many of the new construction sales. So, the history of sold properties is often skewed (lower), hence the disclaimer in newspaper articles about basing their info on NWMLS data when reporting active, pending, and sold listings. Many developers and other bullish industry professionals will expect to see another abnormal increase in prices in the next couple of years due to lack of inventory. With ESCALA being the last new construction site to break ground since the increased restrictions on lending, Midby proves the value of ESCALA, even in this down market.
Also, we have found Dean Jones, CEO of condo market analysis company Realogics, to be an excellent and reliable source for additional information when gauging the market since he specializes in the new construction arena. King-5 recently featured a segment with a testimonial from an ESCALA buyer and he shares his excitement for the urban lifestyle. The clip also recognizes an approximate 10% depreciation in home prices for October 2008 in the greater Seattle region. However, the downtown area proves to be unique with only an approximate 3% depreciation. Therefore, it’s unlikely that we’ll see prices decrease for presales at ESCALA.
Another “buzz” that was recently published is about an Eastside professional who’s looking forward to ESCALA’s private social club.
“As an Eastsider, this is a chance to be a part of a facility where I can entertain clients in a high-end environment,” he explained. “The club has a broader scope than other clubs in the area and a higher estectic.”
Club Cielo will really raise the bar to clubs in Seattle, and be another talley mark for what our city has to offer when comparing to New York and San Francisco. Fortunately for those in the know, ESCALA prices are still…low.
ESCALA’s wine cave table is here and in the shop. We’ve got some pictures, but still waiting to hear more about the story behind the tree.Email