Insignia

Insignia’s two towers.  Photo: Bosa Development

Insignia, as in “signature”, definitely makes a mark. Numerous amenities, accessibility, and a great view: these are some primary features of luxury living in this 41-story building. It inhabits a full block at 583 & 588 Bell Street in the Denny Triangle area. The north tower opened in Summer 2016, and the south tower in Spring of 2015. Originally the building was scheduled for construction much earlier, but it was stalled for a while due to previous economic instability in the market.

The downtown corridor is reportedly short on permanent housing, as opposed to rental properties. At the time of this writing, there were only a few available living spaces left of Insignia’s 700 units in both towers. Homes range from $500,000+ to over $2 million, depending on the amount of space/footage and the view available. Dimensions vary from 868 to 2,520 square feet.

40th Floor Penthouse, Insignia.  Photo: Tucker English/Puget Sound Business Journal

According to Nat Bosa of Bosa Development, he always strives “to focus on timeless design and lasting, quality materials” for each of the residences he’s created here in the U.S. and abroad, so people are satisfied long-term with their living space. A modern approach was applied to the $450 million project, and many comforts were made available for ease of living. Mitchell Freeland Design was instrumental for interior design elements within these living quarters. Quartz countertops, engineered hardwood floors, fine cabinets, and other touches prevail.

2-Lap Pool. Photo: insigniabybosa.com

Fitness Room. Photo: insigniabybosa.com

Some of the comforts/amenities available:
˖ fitness options, such as a loaded fitness equipment room and a yoga/pilates studio on-site
˖ a glass atrium with indoor lap pool and spa (North Tower)
˖ pet care services, including an outdoor pet retreat, plus pet wash and groom area
˖ 1,000 parking garage spaces for 700 units
˖ bike storage with a work area
˖ attendant working in lobby
˖ private screening television room
˖ park-like community space, outdoor fireplace, seating area, and built-in grills, all on the 7th floo
˖ steam room and sauna (North Tower)
˖ stations to charge electric cars
˖ car wash bay

Accessibility to downtown Seattle:
Insignia currently has a Walk Score of 98 of 100 because it is so convenient to reach businesses, services, and nightlife in the surrounding neighborhoods. Being located at the crux of Belltown and Lake Union, Insignia is close to many large, local employers as well. It also has a Transit Score of 100 for accessing public transit and a Bike Score of 88.

Lounge at Insignia. Photo: insigniabybosa.com

And the great view:
There is a wide-view Sky Retreat Lounge on the 41st floor that any resident can access. And many of the homes have an unimpeded interior view of the Seattle Center, Elliott Bay, or other sights, depending upon the dwelling’s location in the building.

Insignia takes downtown living to a new level, in more than one way.

Seattle Condo Market – 2016 in Review

Seattle CondoThe Seattle condo market can vary greatly depending on the neighborhood.  While there are condos in most Seattle neighborhoods, the biggest concentration is obviously is in Downtown Seattle.  The Downtown Seattle condo market saw increases in 2016 from 2015.  The average Downtown Seattle condo sales price was up ($781,310 vs $667,959), price per square foot was up ($702 vs $626), and the days on market was less (29 vs 39 days).  So Downtown Seattle condos sold faster and for more money.  In addition, more of these Seattle condos sold in 2016 (934) than in 2015 (790).  While the numbers improved, sales in both years were dominated by the Insignia project on 5th and Battery.  In 2015, there were 299 Insignia sales and in 2016 it accounted for 406 sales.  Insignia has been the exception, not the rule.  It is the only major downtown condo project in the last couple years, mainly because of the risk of lawsuits condo builders face and because the Seattle rental market has improved, making apartments the preferred choice for developers.  With limited new condo inventory and the improved overall Seattle real estate market, Seattle condos have seen increased in their prices.

The overall real estate market in the region (area covered by Northwest Multiple Listing Service which serves 23 Washington State counties) saw an 8.1 increase of sales in 2016 when compared to 2015 with inventory at a record low for most of the year. For the 23 counties, the median sales price increased 8.9 percent from $310,000 in 2015 to $337,500 in 2016. Condos, which make up a smaller share of the market, were up 12.6% while single family homes increased 8.7%.

The luxury real estate market was strong in 2016, with over 3,251 home sales over $ 1 million compared to 2,676 in 2015: over a 21 percent increase. The number of condos over $500,000 also increased with 1,711 sold in 2016 versus 1,459 half-million dollar sales in 2015: also over a 21 percent increase.

2017 seems to be taking over where 2016 left off.  As always, to maneuver the Seattle condo market, reach out to your local real estate broker to navigating the Seattle real estate market.

These statistics were gathered from the Northwest Multiple Listing Service, but were not compiled or published by that organization.

Downtown Seattle Condos Starting to Fill Up

Downtown Seattle Penthouse Condo Available

The past two years have not been promising for the Seattle Condo Market, and condo developers are finally starting to see a turn around in the Downtown area. According to the Seattle Times, roughly two dozen new projects were at work between 2007-2010 during big the real-estate crash. Many of those who bought the pre-sale backed out and several developers ended up converting their buildings to rental units to cater to the economy. Those who stuck it out had to slash prices, and in many cases had to lower the costs by up to 40 percent.

Today the market is starting to look more appealing and beginning to have the first signs that it will bounce back. A few good indicators include Escala raising  some of their prices; one of the largest downtown projects to date, Escala did so quietly, with the majority of their condo units selling for 99% of the asking price, they’ve begun upping the anty as their inventory gets smaller. Also of the 2,500 condo projects that have been built in downtown and surrounding areas, fewer than 250 units is left unsold. There are currently no new projects in place; most developers and lenders have put condos on hold to allow the market to recuperate. If you’re interested in learning more about finding a condo in the Seattle area, here is a list of available units.

Luxury Kirkland Condo for Sale

1+1+1=1 fabulous one of a kind Kirkland condo created with functionality in mind. For those moving from a home and unwilling to sacrifice space this is perfect luxurious condo. Three units were architecturally changed into one two bedroom unit with three baths and an ADU. Extensive office space, large cooks kitchen, dining and living rooms for entertaining, his and hers baths in the master. Built-in wet-bar, flat screen TV’s, sliding doors to HUGE view of Lake Washington and Seattle.  Condo includes moorage! West facing Lakeside stretches the width of the building.
Status Condo For Sale
Area Kirkland
List Price $1,995,000
Bed/Bath 2/3.75