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Have You Bought at Insignia?

By Matt Goyer March 10, 2015

Mark Stiles over at the PSBJ likely correctly surmises that,
Moment of truth for Seattle’s condo market will come this summer:

The Mark Co., which is the broker of record for the 707-unit Insignia, said that 70 percent of the units in the first tower have been pre-sold, but declined to say for how much. The Mark Co., however, said in January that list prices equaled approximately $700 a square foot.

So we want to know. Have any of you bought at Insignia? If so, in the comments let us know what you paid. Or just let us know if you paid list or got a deal off of list.

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6 responses to “Have You Bought at Insignia?”

theeagle says:

March 10, 2015 at 3:18 pm

hard to imagine that Insignia is doing much better than 750/sq; we just saw the 50 shades of grey apartment sell for 900/sq; And that has got to have a pretty good premium for being 50 shades of grey, not to mention it is also a pretty nice apartment regardless of the move. All the insignia apartments looking the wrong way cant approach that, i would think….
Gary Konkindyke says:

March 10, 2015 at 6:31 pm

Bottom line, most units have been sold to investors, many from Vancouver. Its a problem. A very big, BIG problem for future resale and anyone who is truly buying to live there. Prices will not hold.
will says:

March 12, 2015 at 9:55 pm

Why is that a problem? Seattle boasts one of the most constrained rental markets in the nation, one would assume that the investor owned units would rent quickly. Not to mention that any out of country investors would need to put 30-50% down which will pretty much make it a secure closing for Insignia…
Eastsider says:

March 13, 2015 at 1:40 pm

I think what Gary may be referring to is the risk of being limited to cash buyers for future re-sale, as lenders are wary of condos with low owner occupancy rates
Gary Konkindyke says:

March 17, 2015 at 4:30 pm

You’re only talking closing. I’m talking bout living day in, day out. Perhaps people wanting rent should simply rent in an apartment building. Buying a condo is a completely different ball of wax. As a buyer, I want to live there and know my neighbors, as opposed to a transient experience, as is the case in Vancouver, B.C. Owners leasing to renters without any kind of a cap, the problem will be insanity, and the buildings will be less cared for as there is less vested interest to keep spaces in good working order as renters will view it as a place that will pass. Who wants that? And why is the developer being so hush/hush about how many investors have purchased in there? If it is as easy as you’re making it out to be, the developer should just be completely transparent about it, including the statistics of investors purchasing who do not intend to live there as a primary residence.
SeattleBuyer says:

March 25, 2015 at 12:09 am

I bought my unit in the South Tower right as they went up for sale back in Sept 2013. I had followed the project for years, even before Bosa signed on to develop. Bought a 2 bed/2bath and am extremely happy with the purchase. Also feel quite secure in knowing that what I paid 2 years ago is likely a lot less than what they’d sell the same unit for today. There are only 3 units in the entire complex with our floorplan and so we’re happy with how unique our layout is as well. We’re 8th floor, 1000 st ft, corner unit, no upstairs neighbors.

Have You Bought at Insignia?

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