The Apartment Building Boom in Sacramento

By
Real Estate Agent with Lyon Real Estate BRE #00697006

Just driving around town in Sacramento, you can't help but notice cranes and huge apartment buildings going up. Who wants their town to look like Miami, LOL? But it's happening in Sacramento. With average building costs running $150 to $200 a square foot, according to some websites, it doesn't seem to be really feasible to build entry-level homes for first-time home buyers.

Well, you could build homes like those at the Mill at Broadway, sandwiched between two freeways and low-income housing projects on the edge of Upper Land Park. Those homes are skinny structures with 3 levels, very close together. So close you could crawl out your bedroom window and into your neighbor's.

You can read more in my personal blog today at this link: Why Sacramento Apartment Buildings Are Springing Up All Over Town.

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Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
Real Estate Market Trends
Location:
California Sacramento County Sacramento
Groups:
Everything California
Northern California Real Estate Professionals
CALIFORNIA REAL ESTATE
Lyon Realtors
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Tags:
sacramento real estate
new construction sacramento
new sacramento apartment buildings
renters gaining traction sacramento
tenants vs homeowners sacramento

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Rainmaker
2,579,351
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Same here, Elizabeth... and yet they keep saying there are not enough rental apartments and rents keep going up. However, our construction is not quite so "tight" as you described.

May 11, 2018 06:01 AM #1
Ambassador
1,633,484
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Pretty sad scenario, Elizabeth. Wonder what the future holds for housing inventory in many markets around the country?  It's an interesting time. 

May 11, 2018 07:48 AM #2
Ambassador
2,994,551
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I've been noticing more apartments going up in our area too.  Somehow, our local supervior on the county board of supervisors, is so against more residential growth that she won't allow subdivision of large swaths of land into neighborhoods.  Yet, apartments are popping up next to industrial areas.  I don't get her logic. 

May 11, 2018 10:55 AM #3
Rainmaker
2,251,580
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

A couple days ago, I drove through town, and was shocked to see so much construction going on.  And, almost all of it is apartments or condos.

May 12, 2018 03:40 AM #4
Rainmaker
2,069,300
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Nina Hollander We have about a 3% rental vacancy rate in Sacramento. Extremely tight rental market, and that's where the demand seems to be right now. More so than buying a home.

May 12, 2018 08:07 AM #5
Rainmaker
2,069,300
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Debb Janes EcoBroker and Bernie Stea JD It's frightening in that companies are putting their money where the demand is, which means demand is not in home ownership. Not a good trend.

May 12, 2018 08:08 AM #6
Rainmaker
2,069,300
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Chris Ann Cleland Industrial parks aren't gonna complain and land in an industrial park is cheap.

May 12, 2018 08:09 AM #7
Rainmaker
2,069,300
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Myrl Jeffcoat I'm not seeing a lot of new condo construction in Sacramento; what I see are apartment buildings. The buildings might look like condos until you spot the sign that says RENT NOW.

May 12, 2018 08:11 AM #8
Rainmaker
2,579,351
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

HI Elizabeth... apartment rentals are nutso here, but finding a house to rent is even crazier and expensive.

May 12, 2018 08:14 AM #9
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