The last available new condo unit downtown, a 38th floor unit in the Insignia, has sold.
The Puget Sound Business Journal first reported on the two bedroom unit’s pending sale yesterday, and Jeff J. Reynolds of Urban Condo Spaces confirms that the sale is now nearly final. PSBJ reports a sale price of more than $2.6 million.
Reynolds notes that this sale marks the end of a wave of condo development downtown that also included the Olive 8 and the Escala. He’s seen a marked decline in downtown condo inventory as Insignia and Luma have sold off their inventories, with only 46 units available in all of downtown—a 57% decline year over year.
The small downtown inventory follows a surge in both sales and selling prices from January 2017 compared to January 2016.
The next major condo development to open its doors will be Nexus in 2019, but several projects are scheduled to break ground later this year.