Those 6 All Cash Sales at Escala
I enjoyed Tim’s Escala timeline though annoyed he thought of the idea before I did. This lead me to wonder about those 6 sales at Escala and so I dug them up in the county records:
#602 – $918k – 1/08/2010
#906 – $660k – 11/5/2009
#1101 – $605k – 11/10/2009
#1901 – $700k – 1/4/2010
#2101 – $1.860m – 11/10/2009
#2801 – $4.12m – 11/10/2009
Unfortunately I couldn’t find the square footage of the units. Can anyone help out? Curious to know what these folks paid per square foot.
In other Escala news Stroupe has details on the HOA being reduced to $.58/square foot now that Club Ceilo is no longer. Stroupe seems to have a good connection with the Escala folks. Would be curious to know if he’s representing buyers there or is himself a buyer. Because I know just as many agents who tried to grab a unit at Escala as I did at Olive 8.
As well the PSBJ reported on Escala, Escala sales don’t stack up:
The building, located at Fourth Avenue and Virginia Street, has 67 units pending and is in conversations with those potential owners about their purchases, according to the building’s marketing firm. Partners in Lexas Cos. did not return calls for comment.
Escala cost $370 million to build. The Lexas Cos.’ lender, Fremont General Corp., filed for bankruptcy in 2008 and sold its commercial loan portfolio to New York-based IStar Financial. That company is now handling the financing on the project, which is not in jeopardy, according to the marketing company.
