Insignia

Insignia-Continental Print-Social Media-1

We review association documents and resale certificates for clients on a regular basis. Every week we post stats and something fun or interesting.

This week it is Insignia, a twin tower 41 story downtown Seattle development with just over 700 units. Insignia was completed in 2016.

  • Average Sale Price – ~$1081 per sq.ft. (based on 11 sales during the last 6 months)
  • Currently For Sale:
  • Average Monthly Assessment – $0.74 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$740/month)
  • Move-in Fee – yes, $700
  • Pets – yes, max of 2 per unit with some restrictions and you may need to buy a new leash for your furry friend – “Animals must be kept in a container or on a leash not to exceed eight (8) feet“
  • Rental cap – no
  • EQ insurance – yes up to $100m only (total building insurance is $460m)
  • Reserve funding – 89.6% (at least 70% is generally recommended)
  • Risk of special assessment – No

Fun fact – buried deep in the 500+ pages of disclosures, you better not be a smoker (or be prepared to go elsewhere to feed your habit) if you want to purchase a unit! Insignia says:
“To protect the Owners and occupants of the Condominium from the adverse effects of second-hand smoke, and to protect the Owners from the potential costs of modifying Common Elements to prevent second-hand smoke from escaping from a Unit and entering any other Unit or Common Elements, smoking is not allowed within any Unit or any Common Element in the Condominium. Without limiting the foregoing, smoking is prohibited in any part of the building and on or in any entrances, balconies, patios, terraces, porches or decks, or from any window or door, or in any other part of the Condominium.”

Want us to help you review a resale cert?
Have an interesting fact to share about your association?
Need help buying or selling? We are here for you!

And of course a fancy disclosure has to follow because attorneys tell us it is a good idea – all information contained herein is based on third party records, is not guaranteed, and is subject to change. We simply review, tell you what we read in someone else’s docs, and hope whatever they have is / was correct at that time.