Sacramento: 301 Capitol Mall: A New Plan for The Towers Site

[urban_encounter]

Originally Posted by sugit

Third release of tower condos for sale

Sacramento Business Journal - 2:59 PM PDT Wednesdayby Mike McCarthyStaff writer

Developer John Saca is going to release a third batch of condominiums in his 54-story Towers on Capitol Mall project Wednesday night, announcing it on the project's Website.

The first two releases brought deposits on 470 units of the 804 total, said Tony Ammirato, the broker with the Ryness Co. who is marketing the project.

This bunch will be around 50, with a starting price as low as $394,000 for a one-bedroom unit, although that is likely to be sold very fast. Most of the units will be well over $400,000.

Saca will continue to release units in small batches, mainly because it may be necessary to sell at higher prices later on to cover increased construction costs during the two years of construction, Ammirato said.

The next batch probably won't go on the market until late summer.

The units being offered Wednesday night will be a mix, placed on different floors, and with different square footages and views. The news that they are on the market will be sent to, among others, 19,000 people on the project's interest list, he said.

Amiratto's team plans to put banners on the construction site at 3rd and Capitol Mall.

I wonder how well sales are going, in terms of people converting their non refundables into hard deposits????