It’s Day 3 of “Condo Week” on the Sacramento Appraisal Blog, so let’s take a look at all condominium sales in the City of Sacramento in Downtown and Midtown over the past three years. You can see all condo sales in a previous post if you wish to see the overall context of the condo market. What do you see in the graph below?
Most of the higher condominium sales over the past three years are from the L Street Lofts in Midtown Sacramento. These lofts have quite a selling range depending on floor location, view and size of course. Between the lofts not being listed on the market between June 2008 to the end of 2009, a challenging real estate market in general, and difficulties for buyers to obtain financing in this development, there have been few loft sales as shown above. Per conversation this week with Michael Onstead of Coldwell Banker, there were many buyers lined up to purchase lofts, but financing stood in the way. With that being said, imagine the graph above with more sales at higher levels. That could change the overall look of the trend line, couldn’t it?
Right now the lofts on L Street are typically listed between $300,000 to $600,000 for the most part (that doesn’t include penthouse lofts though). If you’re local, you’ve probably seen or read stories about the L Street Lofts having gone into foreclosure. Hopefully this unique project will be able to resume their sales program soon.
As an FYI, former Sacramento Kings basketball player Kevin Martin is currently selling his penthouse loft on L Street. He paid $1,340,000 in September 2008 and it is currently listed as pending in MLS at $899,000. This is one beautiful property!!
What is your favorite condominium development in Sacramento? Why?