If you've picked up the latest issue of Sacramento Magazine you may have noticed the question asked on the cover:
LOFT LIVING, CONDO CULTURE: Can it thrive here?
Yes. In fact, in order for Sacramento to continue to grow in a healthy way, lofts and condosneed to be a part of that mix of well-executed housing options. Large single-family homes on quarter-acre lots aren't a practical option in a dense urban core and smarter use of space means sharing: walls, walkways, common amenities, and a belief in a sense of place.
And the "well-executed" part is the key, as some Downtown and Midtown projects have demonstrated.
Among the more successful projects: the Sutter Brownstones have done well in this market because they have the hip, thoughtfully designed styling people want while giving owners a sense of community; the L Street Lofts may not be selling as quickly as investor Resmark Equity Partners may want, but the top-notch location and solid design mean they're selling—unlike recent projects like the Whiskey Hill Lofts (they've been turned into rentals) and Alchemy @ R Street (on the market as short sales as of this writing).
So what are the markings of a well-executed project? In the central city where buyers are more demanding, it means a mix of striking design (this isn't the 'burbs), quality materials and finishes, smart pricing, and convenience (neighborhood amenities, parking). Missing any one of these can make for a real challenge when it comes time to sell, missing more than one can be disastrous. People buying in these urban neighborhoods are doing so because they're unwilling to compromise on what they want—having multiple urban projects to choose from means they shouldn't have to.
Oh, by the way... Flip to page 127 and you'll see my nearly-life-sized head staring back at you (you coulda warned us, SacMag)! Of course I'm sporting a beard right now, maybe looking a little "Pacific Northwest" in honor of west coast cities like Portland and Seattle that have shown us how to execute on that need for urban infill. But I WAS FEATURED IN SACRAMENTO MAGAZINE!
Okay, maybe "spotlighted" is a better word. But still.
Too cheap to pick up your own copy? You can check out the article... View the rest of the post here.
A month ago I announced that LoftWorks had released pricing for the Sutter Brownstones.
Slow real estate market? In the month since that announcement more than half a dozen of the 28 East Coast-style brownstone units are in contract, and among those reported to be buying are city manager Ray Kerridge who came to us from a stint putting Portland on the map as a hot urban hub.
Now selected units at the Sutter Brownstones are available online. For anyone on the fence, I think these units offer just about the best combination of price, location, design, and amenities. In fact, the only complaint I've had from clients is the size of the garages and the fact that the HOA's low fees means a larger portion of each unit's maintenance is left up to the... View the rest of the post here.
I just had a great exchange on a real estate forum with a professional in the East Bay asking about the Sacramento market:
Q. Can anyone answer this general question, in regards to Sacramento?
Where are you seeing all the action, in terms of sales, and reduced listings? Is there a particular area, or price range, or type of home? I know this is a broad question, just looking for some insight into the Sac market.... From an outsider...
A. If your question is "what's selling?" then there are a couple answers.
Bank-owned properties. The investors are coming back and they're looking for deals. In many cases, the best deal (on paper) is going to be a foreclosure listing. MLS statistics have been showing that single family homes priced under $250K are leading the local market in activity.
Established neighborhoods. Some neighborhoods never go out of style locally. The best parts of Sacramento—Land Park, East Sac, Arden Park, Fair Oaks—always seem to hold up well, even when the market is down. Many of these neighborhoods don't have a ton of inventory (sellers aren't selling if they don't need to), but there continue to be a lot of buyers looking to "get in".
The urban core. Downtown and Midtown are back in style as more single professionals, young couples, and empty-nesters are looking to be close to everything. Commuting is out, walking/biking to work is in. Proximity to shopping, dining, entertainment, and employment make these areas popular—and the number of new projects that are selling and the fact that huge price declines haven't hit these neighborhoods show that demand remains.
If your question is "where are the deals?" then there's a slightly different answer.
A lot of traditional "first-time homebuyer" and "new investor" neighborhoods have seen dramatic price declines. I'm seeing bank-owned properties on the market for under $100K in areas like Oak Park (95817), North Sac (95815), and ... View the rest of the post here.
The Arts & Crafts Movement in architectural design came to Downtown and Midtown Sacramento at the turn of the 20th century. The period between 1900 and 1920 welcomed a new housing type in central city homes: the bungalow. Characterized by their porches and open floorplans, bungalow styles include the Craftsman, California Bungalow, and Praire, the bungalow marked a more casual and open style in homes after the Victorian era rigid formality.
Some of these bungalows are still scattered throughout the central city, but Midtown has a wonderful concentration of them. Drive down Q Street and as you reach the 2500 block you'll see to the left what's affectionately referred to locally as "bungalow row"--an entire block of beautifully maintained bungalows.
These California Bungalows pop up in surrounding areas, and a few are currently for sale within a couple blocks of "bungalow row". Take a look at Coldwell Banker-Dunnigan's listing at 1615 26th St, which just came on the market. Both it and it's neighbor across the street, 1616 26th St listed by Lyon, were built in 1910, as was the Prairie Bungalow at 1514 23rd St that was just recently listed for sale by Keller Williams.
At the opposite end of Midtown in Boulevard Park, Lyon has 427 21st St and 328 22nd St for sale, which were built in 1908 and 1920 respectively.
For more information about Sacramento bungalows, check out an introduction Sacramento Bungalow Heritage Association founding member Kerry Phillips' has written, "What is a Bungalow?"
While these aren't the only bungalow homes for sale in Downtown and Midtown, they give you a good idea of the variety of homes you can find in the bungalow style... View the rest of the post here.
It's not often that I can thank the federal government for simplifying things, but the proposed Good Faith Estimate (GFE) form released by Housing and Urban Development (HUD) turns what once read like stereo instructions—sometimes missing stereo instructions—into a much clearer picture of what you can expect from your home loan.
HUD's new, four-page Good Faith Estimate (you can preview it in PDF format here) more clearly explains to a prospective borrower the terms of the financing they may be committing to. While it still remains an estimate, the GFE now spells out which terms a) may not change, b) may change by not more than 10%, and c) may change prior to... View the rest of the post here.
by Rob McQuade, ABR, Sacramento REALTOR® Downtown Sacramento Real Estate
It seems David Taylor is the golden child of Downtown Sacramento development these days. During a time when grandiose projects like John Saca's Towers and Craig Nassi's Aura Condos hit the skids, Taylor's U.S. Bank Tower at 6th & Capitol Mall seems to be the only highrise project that has come out of the ground in the last two years on the grid. We've seen some smaller but key successes in the L Street Lofts and 1801 L (both by Sotiris Kolokotronis) as well as the 1600 H Lofts (from Habitat's Jeff Kraft), but the big buildings that define a city's skyline are a sore subject for Sacramento.
It's almost no surprise, then, that the City of Sacramento is fast-tracking sale of the city-owned Sheraton Grand Hotel (and garage) to David Taylor and his partner in the transaction, CIM Group. In addition to the U.S. Bank Tower, Taylor has built projects that include the New City Hall expansion and 1201 K Street. CIM Group of ... View the rest of the post here.
by Rob McQuade, ABR, Sacramento REALTOR® Sacramento Real Estate
I just got word from a friend in Minneapolis about an explosion a couple blocks from her home. The cause? A portion of the gas line in a vacant home was damaged by copper thieves stripping out wiring. With the recent climb in foreclosures here in Sacramento, more homes are sitting vacant than ever before—making an accident like the one in Minneapolis possible. If you notice any suspicious activity in a home that is vacant or has a "bank-owned" or "foreclosure" real estate sign ... View the rest of the post here.
by Rob McQuade, ABR, Sacramento REALTOR® West Sacramento Real Estate
Ever wonder what driving a hydrogen fuel-cell vehicle is like? This weekend you'll have a chance to take one for a test drive at the California Fuel Cell Partnership (CaFCP) open house in West Sacramento. The CaFCP will be giving tours of their West Sac operations—a global partnership of more than 30 car makers, energy providers, fuel-cell technology companies, and government agencies—and... View the rest of the post here.
by Rob McQuade, ABR, Sacramento REALTOR® Downtown Sacramento Real Estate
Sacramento once again thinks globally and acts locally at the 2008 Earth Day celebration, being held this year at Southside Park at 8th & W downtown. The event is being held on Sunday, April 20th, from 11am to 6pm and will be the focus of weeks of "green" events before and after (including World Earth Day on Tuesday the 22nd). Leading up to the event are several walking tours emphasizing green... View the rest of the post here.
by Rob McQuade, ABR, Sacramento REALTOR® Midtown Sacramento Real Estate
It's taken me a couple days to post the real numbers to make sure the information was meant to be public, but I confirmed with Mollie at LoftWorks that pricing for the Sutter Brownstones will be from $369,000 to $590,000 for the three-story townhomes—which strikes me as a great price for new construction in a prime location like this one, especially compared to the more than $500/sq.ft. that several Downtown and Midtown loft projects are listed for.
The floorplans range from 1,119 square feet to 1,986 square feet, with the largest unit including a separate studio on the ground floor with its own kitchen, bath, and... View the rest of the post here.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
;)
