Condo construction in downtown Seattle and Belltown has been completely dormant for more than 5 years following the real estate downturn. Banks weren’t willing to lend money to condo builders and instead funneled money into apartment development. Insignia is the first condominium development in a number of years, and it is a mega-complex looking to capitalize on the growth and popularity of downtown Seattle largely being driven by nearby Amazon.
Insignia is being built by Nat Bosa, a Canadian developer who has done numerous condo projects in BC and California. Bosa is betting big on downtown Seattle, with 700 units in two 41-story towers covering an entire block between Battery St, Bell St, 5th Ave and 6th Ave. We’re guessing that the project will fill with many Seattle tech workers, especially given that the new Amazon towers are also under construction just one block away.
The sales team at Insignia is gearing up for presales on the building, hosting special previews for real estate brokers this week. Construction still has a couple years to go, but buyers will be able to put these units under contract shortly. Pricing is expected to be from the low $400,000s for a 1 bedroom to upwards of $2mil for penthouse units.
Purchasing one of these units this far in advance does come with some benefits and risks. Obviously you can secure the unit/view you like very early in the process. The risk to an early purchase reservation like this is that you are making a commitment to buy along with a substantial deposit, not knowing exactly what the real estate market looks like when the project is done. More importantly, you need to have some confidence in your own employment, finances and continued residence in Seattle when the building is done.
The findwell team of agents regularly helps condo buyers in downtown Seattle, and we’d love to help buyers with Insignia. We feel pretty strongly that there are advantages to having your own representation when buying new construction from a builder, and you can also save money with us in the process. The condo is just down the street from our office in South Lake Union, and you’ll want to contact us early so your agent can be registered during your initial visit to the showroom.