Some other projects to consider in the Downtown & Midtown area are the L Street Lofts (pricey, but a top-notch location), 1600 H, and what I think is emerging to be a real contender in Midtown: the Sutter Brownstones. The Brownstones http://(www.sutterbrownstones.com) just hit the market and are priced from $370K to $590K for 1100+ to nearly 2000 square feet--very affordable compared to a lot of other options. A word of warning: there are only 28 units at the Sutter Brownstones, and though they've only been available a few days, already 5 units are in contract.
Who says the market is slow? ;-)
If you're interested in seeing them online, you can link through on my website.
As to whether it's a good investment, well that depends on your investment strategy. You would need to be gambling on a demand for this type of housing increasing. With four other developments slated to begin in downtown Sacramento, that might not be a great bet. As Robert Kiyosaki says in his book 'Rich Dad Poor Dad', you make your money when you buy, not when you sell. Personally, I think it's only a good investment if it meets your personal homeownership requirements, and then it's really not as much an investment as a lifestyle choice. Hope that helps...
They used George Kovacs lighting fixtures in the baths, chocolate cherry cabinets and tried to makeover the units in this ultramodern style, which, I must admit, looks pretty cool. The problem is the building still looks like an apartment building to some buyers, plus the parking is located across the street.
On the other hand, 500 N is fabulous address, and an excellent location, smack dab in the middle of all the downtown action. There are smaller projects in the general vicinity, but nothing that surpasses that address, in my opinion. For example, the Davini homes on 5th are zero-lot lines without homeowner association fees, but then you've got the freeway to contend with. And there are others off 16th and D that cost less than 500 N, not to mention the bazillion other projects around midtown / downtown. It's just too bad that the Towers and Aura bit the dust. But for the 500 N Street owners, that's probably a blessing.