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Prices going up on two central city projects (May 2008)
Monday, May 12, 2008
Despite a limping real estate market overall, two new projects in the urban core have seen robust sales and have increased prices over the initial release prices.
Sutter Brownstones
This 28-unit brick townhome LoftWorks development in Midtown debuted to an enthusiastic buying community and units that were priced from $370,000 to $590,000 in the first phase—and are currently priced from $385,000 to $625,000. The largest floorplans feature a separate studio living space with its own private entrance. Dues are reasonable at $122-138/mo, but buyers should be asking questions about the reserves and how future repairs will be coordinated.
SoCap Lofts
I gave the folks at SoCap a little bit of a hard time for not incorporating a mixed-use component into the Downtown Sacramento development (I'd have been happy with something as simple as a cafe space at the corner of 6th & R), but that hasn't seemed to slow down their sales. New residents have moved into all of the 7th Street units and the developer is making progress on the next several rows of infill housing. It doesn't hurt that the detached design has allowed the HOA to be kept at an easy-to-swallow $93/mo to cover common area costs (yes, individual homeowners will be responsible for their own townhome-style loft units' maintenance). Prices have bumped up an average of about $10,000 per unit from the first release and still seem to be selling briskly. I'm looking forward to the next project Regis is working on a couple blocks further west set to begin moving forward in 2009 or 2010, which will include a mix of residential and retail.
Somebody should let LoftWorks and Regis Development know that we're in a real estate downturn—but not before they take advantage of early release pricing!
Labels: Central, Downtown, Midtown, Old Sac
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posted by Rob McQuade @ 2:57 PM,
