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.
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.
(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.
The L Street Lofts is nearly sold out.
Capitol Park at 15th and L (above the Residence Inn) is currently the tallest Condo project in the city.
Sacramento’s cityscape is rapidly changing, sidewalk cafe’s are common place in midtown
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.