Cities Rising: Sacramento?


By: CityFella

Baby boosters, Empty Nesters  and Millennials  are returning to Americas  inner cities.  Oakland‘s downtown populations has tripled in the last few years.

High rise residential towers have reshaped the skyline of Austin, Seattle, and San Francisco.    Rising next to the Bay Bridge is the second tallest condo on the west coast is the  50 story One Rincon Hill II.

It’s sister property at 641 feet(60 stories)is the tallest residential tower on the west coast.

The tallest residential tower west of Chicago is the 683 foot The Austonian in Austin Texas.

Before the building boom went bust, sacramentians where all the buzz about the 53 story Saca Towers planned for Capitol Mall.   Saca Tower was one of Condominiums planned or built between 2005-2007.  Most struggled to find buyers.  Some projects went bankrupt, others became rentals.

Not many years ago there were pile drivers strengthening the ground. The project went bust and the current land owners CalPers say one day they will build a smaller residential office retail center on the site.

Today this prime location awaits funding and a visionary.

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(The white squares are piles driven into the ground to support the weight of the structure)

The economic collapse was devastating to real estate market nationally.  To generate revenue, many of the nations condo’s  became rentals. The Condo Market recovered  quickly in Honolulu, New York, San Francisco, Austin and other cities.

Sacramento’s condo market has recovered much slowly.

 After many years of being dormant, Tapestri Square in midtown has found buyers.

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The L Street Lofts is nearly sold out.

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Capitol Park at 15th and L (above the Residence Inn) is currently the tallest Condo project in the city.

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Sacramento’s cityscape is rapidly changing, sidewalk cafe’s are common place in midtown

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There is a market in Sacramento.  Before the project failed one of the 52 story Saca Towers was sold out.    Sacramento is the capitol of the 12th largest economy in the world.  Only Washington has more associations and lobbyist,and politicians who are  currently scattered throughout the city.

    The condo market in many cities haven’t recovered from the economic crises.  Lenders are very cautious,Sacramento condo  is an unknown market. Sacramento, a rising city?  Not yet.  Some believe the condo market will fully rebound in 3 to 4 years.

Published by CityFella

Moved to the Big Tomata in the nineties from San Francisco. No Suburbs for me with its single colored houses and lawns and the excitement of pulling out my trash can once a week. I'm a CityFella , a part time New Yorker. I'm happiest in the Center City where people the streets and people are alive. I'm still waiting to buy a 34th floor condo somewhere downtown/Midtown with a nightclub. "Hurry I'm old" My politics are somewhere in the middle with a needle that constantly moves. I'm too liberal to be a Republican and too conservative to be a Democrat. Everything interests me . I've come to love Sacratomato, Its a nice town in cheap sensible shoes .

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