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Location: Seattle, Wash.
The Skinny: By the time high-end Seattle condo project Escala went up in 2009, the bottom had long fallen out of the market. Someone forgot to tell the developer, who not only asked $12M for the top penthouse unit, but stuck to the pricing model for almost a year. In March of this year, the Puget Sound Business Journal revealed that despite earlier reports that 70 units in the 269-unit tower had sold, in fact, only six units had made it through contract to a sale. Spacious condos aside, that's a lot of space for six families, including the 25,000-square-foot Club Cielo, a "private club for residents and their guests," featuring a gym, bar, and wine cave. Prices were eventually slashed by more than 50 percent, to combat sales so slow there was talk of taking the project rental. That buyer nightmare might have been avoided, and sales have picked up, but the unlucky first adopters can bemoan their misfortune in some pretty cushy digs.
· 1920 4th Avenue #2401 [Zillow]
· Escala cutting condo prices by 50 percent [Puget Sound Business Journal]