Home Buying in Downtown>Question Details

Tom, Home Buyer in 95757

Does anyone have any information of 500N st in downtown Sacramento, CA? I am looking for specific information

Asked by Tom, 95757 Fri Mar 28, 2008

in regard to how the project is progressing and whether it is a good investment or not? Any information besides the website would be appreciated.

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4
Rob McQuade’s answer
No doubt about it, people want to be closer to shopping, dining, entertainment, nightlife--and work. The condo conversion of 500 N has been several years in the making, and it's still the only real residential highrise ownership opportunity in Downtown Sacramento (yes, I know a couple units at Capitol Towers are privately owned). But, as Beth mentioned, there's no way around the low ceilings and slightly cramped feel.

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? ;-)

Rob
2 votes Thank Flag Link Sat Mar 29, 2008
I just showed that project to a client last weekend and compared to others in mid-town I was unimpressed. The best part of the project was location (which still rules) and I will say that they have put in some nice finishes but you can't get away from the low ceilings and the narrow hallways. IMO if I were to invest I'd be sure to get the 1bedroom with the expanded view (which is really the 2bedroom with the wall removed). It really showcases the property and would definintely be a show stopper for any tenant.
2 votes Thank Flag Link Sat Mar 29, 2008
I'm not sure what specific information you're looking for, but these are existing units that have been converted into condos. Some of the units are already available for sale. A loft 1br/1ba starts at $365K, and they go up to in the $800K range. I strongly suggest that you have a realtor - buyer's agent represent you if you want to go look at the units, even just out of curiosity. (once you go in once, they don't allow you to be represented). Without any cost to you, that is the best way to ensure you have someone negotiating specifically on your behalf.

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...
Web Reference: http://www.suearcher.com
2 votes Thank Flag Link Sat Mar 29, 2008
These condos were originally built as condos, not apartments. So they weren't converted, they were remodeled. I could be wrong in my estimate, but I think 11 of them sold when they were constructed and the rest, due to the market conditions, were rented out. After the market surged, the owners decided to remodel the units and attempt to sell them again.

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.
0 votes Thank Flag Link Tue Apr 8, 2008
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