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February 2016

Insignia 85% Sold with Less Than 100 Units Left

20150713_164702Insignia has just announced that they are officially over 85% sold in both towers combined, leaving them with less than 100 homes left.

If you are a buyer who is interested in living in the Downtown area of Seattle in a never lived in unit in a new construction high rise and want to move in this year, these are the remaining options for you along with any resale units that come on the market in Insignia. However, purchasing from the non-resale Developer owned units still gives you the opportunity to pick the floorplan you like best with the finish package you like most, which is unique to purchasing in new construction.

Construction on the north tower, which will start move-ins this summer, is moving along quickly. The interior finishes are being worked on above the 26th floor and the lobby and amenity levels are also nearing completion. The current south tower residents should be excited to have use of the indoor pool by this summer!

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

First Hill Might Get Another Condo Building

Document1Daniel's Real Estate, the Developer of Gridiron Condominiums in Pioneer Square, is under contract to purchase a lot of land in Seattle's First Hill neighborhood where they indicate they will build a residential tower being designed as condos. However, in the same breath they are stating it might end up as a rental building.

The lot is located at 800 Columbia St, on the corner of 8th and Columbia near St. James Cathedral. The project will be 30 stories and have 284 units. They would like to get started on the project by the end of next year but that all depends, of course, on the city okaying the plan.

So, we have another potential condo project to track. Stay tuned for further updates.

Source: PSBJ; Rendering by LMN Architects

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

Join us for Condos Over Coffee 2/24 - Monthly Candid Coffee Chat

Condos over Coffee Logo with WritingCONDOS OVER COFFEE - February 24th

WHEN: February 24th 7:30 to 8:30am
Uptown Espresso in South Lake Union
Strategies for Selling your Condo

Join me at Uptown Espresso coffee shop in South Lake Union where we will have a candid coffee chat on serious strategies and tactics for selling your condo in today’s very dynamic condo market. Whether you are on the fence about selling now, or you know that you want to sell and want to begin the next steps to get ready for the sale, come sip some java or tea and talk it through.  This month’s over Coffee is ideal for those who are thinking about selling and:

  • you want to learn about strategic pricing in today’s market- multiple offers don’t fall out of the sky
  • you want to understand tactics on timing the market
  • you want to sell but are concerned about the challenges of finding a new home in this competitive market – there are options to help leverage your power as a seller to allow time to look for your new condo or house
  • you  want to buy but don’t want to sell until you find a new home – maybe you don’t need to sell before you buy if you have equity in your current condo and we’ll chat about ways to buy before you sell without being a contingent buyer
  • you want to move up and buy one of the new pre-sale new construction condos that will be completed (closed) later this year or next year – let us help you get a plan in place to time the sale of your current condo perfectly

Please RSVP here so that we can make sure to save a seat for you. Friends, family and/or colleagues are welcome to stop by too, so pass the word along!

Oh, and coffee's on me! So stop by on your way to work and get some great info about selling your condo and get any questions you may have answered.

Next month’s Condos over Coffee will be on March 30th and will be a discussion on prepping your condo for the market.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

New Construction & Pre-Sale Condo Update

Mark Co Trend Report Dec 2015In light of our recent blog post about Developer InHaus calling it quits on Solo Lofts condo project in Ballard along with a recent report that a Canadian developer might go with condos on their new proposed 1,200 unit project in South Lake Union, I thought it might be a good time to pause and review the presale condo market. In specific, I want to examine the options that exist for new construction and the performance of those projects as they compare to the resale inventory downtown. I love to share stats and numbers and often I like to share other people’s numbers as well so that you don’t always hear the same thing from me. A different perspective is helpful, I feel.

According to the December Trend Sheet report from the Mark Company, the sales and marketing firm representing Insignia Condos, reflecting on the Downtown Seattle Market for new construction, it appears their Condominium Pricing Index for new construction is showing the index up 17% over last year at $835/sq ft. Additionally, of the 4 actively selling new construction developments in the downtown area, there are 348 new construction units available at this time. While this may sound like a lot, it only represents 34% of the total unit count of 1,009 condo units either built or under construction downtown in these four projects. That means 66% of the new construction inventory is already spoken for downtown Seattle.

Continue reading "New Construction & Pre-Sale Condo Update" »

South Lake Union Project Might be Condos After All

Rendering Courtesy of Chris Dikeakos ArchitectsAccording to the Puget Sound Business Journal, the previously announced tower project to be built on Denny and Fairview in South Lake Union, might be condos after all.

The Onni Group out of Vancouver BC is now saying that their company might build the new project as condominiums instead of apartments. The site of the project is between Boren Ave N and Fairview Ave N and from Denny Way to Thomas Street. They had originally proposed to build 4 towers on the two lots, two at 41 stories and two at 24 stories. However now, the first phase of construction would be the two 41 story towers which would include almost 1200 residential units, which would make it Seattle's largest ever condominium project if it is indeed built as condos. The second phase would be on the second block and would now contain a 29 story tower and 36 story tower that will also be residential with retail.

With the market bringing nearly 7,700 new apartment units over the next three years, the competition for rentals might weaken with the influx of inventory. But with Insignia already 80% sold out and only rumors of a few more condo developments coming into Downtown, Belltown and South Lake Union, new construction condo options in the area are few and far between. These might be factors that are swaying the developer's decision on whether to build apartment units or condominiums.

However, this project being built as condos is still a 'might be' but it does seem more likely than it did 2 years ago when the project was first announced.

Rendering: Chris Dikeakos Architects Rendering

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.