Luxury Condos Coming to Downtown Sacramento and Market Update
Because Lyon Real Estate is one of the oldest and well respected real estate companies in Sacramento, we often get invited to tour new projects before the public hears much about them, including the new luxury condos in downtown Sacramento, . In fact, a woman from outside of Sacramento called a month ago, demanding to tour luxury condos in downtown Sacramento, and apart from the units at 500 N Street, we had to tell her there aren’t any. Yet. Yet being the operative word.
Well, there have been a few, but there are none for sale now. The condos at the top of the Marriott come to mind, the Penthouses at Capitol Park, but those sold out. Lots of false starts and promises on other projects, but now that we have the Golden 1 Arena, downtown Sacramento is suddenly burning red hot.
The Sawyer Residences, located at 660 J Street, offers 45 luxury condos consisting of one to three bedrooms, above the 16-story Sawyer Hotel. We hear the penthouse is reserved at $4.1 million, and the HOA is about $1.28 per square foot. Definitely luxury condos for downtown. These units feature all the bells and whistles, including Kimpton Hotel amenities, doorman, valet, concierge services, a private lounge and an outdoor pool.
The Sacramento Kings and their developers asked us not to talk about these luxury condos until after April 11th. No way do we want the Kings mad at us Sacramento Realtors.
One of the buyer’s agents on the Elizabeth Weintraub Team is a downtown specialist, and I’d like to introduce you to Josh Amolsch. Josh has his ear to the ground when it comes to luxury condos downtown Sacramento and all of the new projects. He’s our go-to-guy for all things downtown Sacramento. Josh is an exclusive buyer’s agent, working solely for buyers, never for sellers.
I mean, you can choose any old buyer’s agent you want, but why not choose one of the best, especially when you don’t pay for those services? Listen to what Josh has to say about downtown Sacramento:
Why You Should Buy in Downtown Sacramento
“It would seem like the growth potential for Sacramento is slowing down, but not across the board. Downtown has a lot going on. From all of the business’s that will pop up in the Railyards Development over the next several years to a potential major league soccer team being granted to Sacramento, we are on fire! A buy-and-hold for any investor or homeowner, especially in the downtown area, is smart.
“Don’t take my word for it, here are articles and statistics showing all of the activity happening downtown right now as well as a population projection showing that the inland areas will experience faster population growth over the next several decades and likely into the fourth largest metropolitan area in California, Sacramento. We have a ways to go before we even reach the median levels at the top of the housing market a decade ago.
– Downtown luxury condos above The Kimpton Hotel are about 30% sold already with one of the penthouses, over 3,000 square feet, being sold for more than $4,000,000. Many of the others are sold, have reservations in place or are in the talks of being reserved. The smallest 1 bedroom (800sqft) is priced about $600,000. They are being marketed as an urban resort.
Older Luxury Downtown Condos
– Getting into 500 N St condos (Bridgeway Towers) or the Saratoga Townhomes on Q St would be a great idea since they are in between all entertainment on R St and the Downtown Commons Arena district. The condos at Riverfront Plaza by the Crocker Art Museum are also very popular, with sought-after remodeled units, located at 200 P Street.
– Four developers fought for this contract. The least expensive unit included in one proposal was a 587-square foot loft condo for $440,250. Cresleigh Homes won the contract to build 78 condos in a 9-story glass building at the corner of 14th and N Streets. Construction is slated for summer 2018.
– A substantial amount of my buyers the last 2 years have been from Bay Area people moving to Sacramento.
– San Francisco County, CA: $1,048, 166
– San Mateo County, CA: $1,021,667
– Marin County, CA: 1,009,308
– Nantucket County, MA: $983,597
– Santa Clara County, CA: $922,511
Sacramento ranks number 10. Why? We are 58% less expensive than San Francisco, for one thing.
– About 50 percent of people who reside in San Francisco are looking at homes on Zillow, with about 12 percent examining homes in the Sacramento region.
The projection also states that California’s largest population group is young adults in their 20’s. Between 2015 and 2030, these young adults will become middle aged, 35 to 44 years old. These are the ages at which adults typically get married, start families, and establish their own households. As a result, housing demand will rise.
If I were investing in Sacramento, I would choose Downtown right now and feel secure about my decision. Get this, I actually negotiated a fabulous sale for clients at $20,000 under asking on a townhouse a month ago; in this hot seller’s market! ” — Josh Amolsch