Sacramento Proposal/Approval/Construction Thread - III

[wburg]

Attached for-sale housing runs into that "get sued in 10 years" problem, but I have a feeling that a lot of the recently built apartment buildings will turn into condos once they are 10 years old. At least one currently underway project is doing a condo subdivision map and CC&Rs in anticipation of condo conversion once the building is a decade old. The for-sale detached units at 2500 R, and the last phases of Tapestri Square, have been snatched up like hotcakes since the boom started hitting.

There is very little detached for-sale housing on the grid--there are, all told, only about 2000 ownership homes, including condos (which are a small percentage) in the central city, 90% of central city housing is rental (including some single-family homes maintained as rentals.) There really aren't that many detached houses in downtown or midtown when compared to the number of apartments.

Good to see a parking structure headed for the chopping block, although the same owner is applying to open two more parking lots on 21st & Capitol and 20th & Capitol. Chop one's head off, two more emerge...

[LandofFrost]

Originally Posted by wburg

Attached for-sale housing runs into that "get sued in 10 years" problem, but I have a feeling that a lot of the recently built apartment buildings will turn into condos once they are 10 years old. At least one currently underway project is doing a condo subdivision map and CC&Rs in anticipation of condo conversion once the building is a decade old. The for-sale detached units at 2500 R, and the last phases of Tapestri Square, have been snatched up like hotcakes since the boom started hitting.

There is very little detached for-sale housing on the grid--there are, all told, only about 2000 ownership homes, including condos (which are a small percentage) in the central city, 90% of central city housing is rental (including some single-family homes maintained as rentals.) There really aren't that many detached houses in downtown or midtown when compared to the number of apartments.

Good to see a parking structure headed for the chopping block, although the same owner is applying to open two more parking lots on 21st & Capitol and 20th & Capitol. Chop one's head off, two more emerge...

How does the "get sued in 10 years thing" actually work? I guess I can go back through the forum.

[wburg]

I'm not an expert on the subject, but basically, condo purchasers can file lawsuit against a condo manufacturer for construction defects within 10 years of the building's construction, after that they can't. This applies to attached condominium buildings but not to developments where the buildings are detached or sit on separately owned parcels of land. As a result, there is kind of a cottage industry of lawyers who find plaintiffs to sue condo manufacturers as soon as any condo approaches 10 years of age, which has a chilling effect on new condo construction if the market is marginal. But a lot of apartment buildings get constructed to condo standards in anticipation that they will be sellable as condos after that 10 year mark.

[LandofFrost]

Originally Posted by wburg

I'm not an expert on the subject, but basically, condo purchasers can file lawsuit against a condo manufacturer for construction defects within 10 years of the building's construction, after that they can't. This applies to attached condominium buildings but not to developments where the buildings are detached or sit on separately owned parcels of land. As a result, there is kind of a cottage industry of lawyers who find plaintiffs to sue condo manufacturers as soon as any condo approaches 10 years of age, which has a chilling effect on new condo construction if the market is marginal. But a lot of apartment buildings get constructed to condo standards in anticipation that they will be sellable as condos after that 10 year mark.

I wonder if anyone knows some specifics. As far as I can tell, homeowners of detached structures also have up to 10 years to sue for defects. I'm curious what the difference is.

[Majin]

Anyone know whats going on with The Warren? Seems work has stopped there for at least the past 3-4 weeks.

[urban_encounter]

Originally Posted by Majin

Anyone know whats going on with The Warren? Seems work has stopped there for at least the past 3-4 weeks.

I noticed that too.

[creamcityleo79]

Originally Posted by Majin

Anyone know whats going on with The Warren? Seems work has stopped there for at least the past 3-4 weeks.

Maybe they're re-working the design!?

[Majin]

Originally Posted by creamcityleo79

Maybe they're re-working the design!?

If they are adding another 10 floors I'd be fine with that

[enigma99a]

Originally Posted by Majin

If they are adding another 10 floors I'd be fine with that

Or they are taking a couple of floors off

[LandofFrost]

Picture of new Whole Foods.

http://www.bizjournals.com/sacramento/ne...-at-whole-foods-planned-for-midtown.html

[DenseCityPlease]

While this is not development news per se, I thought people might be interested to know that Redfin has listed North Oak Park #1 on its national list of top 10 neighborhoods that are "heating up" in 2014. According to the article, the metrics used to evaluate were "median sale price, price per square foot, how many homes sold, how fast they sold and the percentage of homes that sold above list price".

More info at this link (the list is about a third of the way down the page): http://www.redfin.com/research/reports/s...est-neighborhoods-2014.html#.U-EiU4BdXYv

Leaving aside the discussion of the benefits/drawbacks of gentrification, it seems to be a near-future reality for the northernmost neighborhoods of South Sac centered around Broadway. While we often think of the desirability of this area as being driven by the combination of historic housing stock and proximity to downtown/midtown, it should also be noted that this collection of neighborhoods is equally close to the UCD Med Center and, to a lesser extent, Sac State.

I think it's reasonable to predict that by around, say, 2030 just about everything north of Fruitridge Road may be gentrified, with a rough income gradient from upper middle class in the north to lower middle class in the south. This is, of course, already the case west of 99, so I'm primarily referring to the area east of 99 and bounded by 50 to the north, Power Inn to the east, and Fruitridge to the south.

[enigma99a]

Originally Posted by LandofFrost

Picture of new Whole Foods.

http://www.bizjournals.com/sacramento/ne...-at-whole-foods-planned-for-midtown.html

I'll take that over the warren any day!

[Mr. Ozo]

Originally Posted by enigma99a

I'll take that over the warren any day!

Some observations.

1. It looks like the main entrance is on the 20th street side.

2. Those apartments overlooking the top of Faces will have some interesting views.

[BillSimmons]

Originally Posted by DenseCityPlease

While this is not development news per se, I thought people might be interested to know that Redfin has listed North Oak Park #1 on its national list of top 10 neighborhoods that are "heating up" in 2014. According to the article, the metrics used to evaluate were "median sale price, price per square foot, how many homes sold, how fast they sold and the percentage of homes that sold above list price".

More info at this link (the list is about a third of the way down the page): http://www.redfin.com/research/reports/s...est-neighborhoods-2014.html#.U-EiU4BdXYv

Leaving aside the discussion of the benefits/drawbacks of gentrification, it seems to be a near-future reality for the northernmost neighborhoods of South Sac centered around Broadway. While we often think of the desirability of this area as being driven by the combination of historic housing stock and proximity to downtown/midtown, it should also be noted that this collection of neighborhoods is equally close to the UCD Med Center and, to a lesser extent, Sac State.

I think it's reasonable to predict that by around, say, 2030 just about everything north of Fruitridge Road may be gentrified, with a rough income gradient from upper middle class in the north to lower middle class in the south. This is, of course, already the case west of 99, so I'm primarily referring to the area east of 99 and bounded by 50 to the north, Power Inn to the east, and Fruitridge to the south.

I completely agree with you. I think 15-20 years from now Oak Park will be a respectable, if not desirable neighborhood.

[LandofFrost]

Originally Posted by DenseCityPlease

While this is not development news per se, I thought people might be interested to know that Redfin has listed North Oak Park #1 on its national list of top 10 neighborhoods that are "heating up" in 2014. According to the article, the metrics used to evaluate were "median sale price, price per square foot, how many homes sold, how fast they sold and the percentage of homes that sold above list price".

More info at this link (the list is about a third of the way down the page): http://www.redfin.com/research/reports/s...est-neighborhoods-2014.html#.U-EiU4BdXYv

Leaving aside the discussion of the benefits/drawbacks of gentrification, it seems to be a near-future reality for the northernmost neighborhoods of South Sac centered around Broadway. While we often think of the desirability of this area as being driven by the combination of historic housing stock and proximity to downtown/midtown, it should also be noted that this collection of neighborhoods is equally close to the UCD Med Center and, to a lesser extent, Sac State.

I think it's reasonable to predict that by around, say, 2030 just about everything north of Fruitridge Road may be gentrified, with a rough income gradient from upper middle class in the north to lower middle class in the south. This is, of course, already the case west of 99, so I'm primarily referring to the area east of 99 and bounded by 50 to the north, Power Inn to the east, and Fruitridge to the south.

There are a crazy number of remodels going on in Elmhurst and Tahoe Park Neighborhoods right next to this area.

Also, I did a quick parcel search on the Assessor Web Site of every owner on 42nd and on Santa Cruz and then googled their names. More then half of the homes on these streets are owned by Doctors or Nurses!!

I think the gentrification train has already left the station.

[ltsmotorsport]

Originally Posted by enigma99a

I'll take that over the warren any day!

I agree. Much better fit for the central city. I just wish the design wasn't trying to copy the office building across the street so badly. Almost seems desperate to relate architecturally.

[ozone]

Originally Posted by Mr. Ozo

Some observations.

1. It looks like the main entrance is on the 20th street side.

2. Those apartments overlooking the top of Faces will have some interesting views.

Looks like the ground floor is going to be the store and them two levels of parking above that, and then the residential will be above that. This makes sense for a lot of reasons - not the least it that it places housing above the noise. Not sure what you consider interesting views? There's not much to see. One little outdoor pool that's usually empty and even when it's full is rather boring. Your imagination is probably more interesting than the reality.

[enigma99a]

http://www.sacbee.com/2014/08/06/6609954/downtown-railyard-touted-as-potential.html

"Kelley said a location north of the 2012 arena site, along 7th Street, is a candidate for a new Republic FC stadium. The site is near a light rail stop."

http://www.bizjournals.com/sacramento/ne...veloper-hasnt-been-approached-about.html

[ozone]

Originally Posted by enigma99a

http://www.sacbee.com/2014/08/06/6609954/downtown-railyard-touted-as-potential.html

"Kelley said a location north of the 2012 arena site, along 7th Street, is a candidate for a new Republic FC stadium. The site is near a light rail stop."

http://www.bizjournals.com/sacramento/ne...veloper-hasnt-been-approached-about.html

I thought Cal Expo was a done deal.

[wburg]

Cal Expo was a temporary/short term site for Republic FC, this is about a MLS team. I assume an MLS team would mean losing the USL Pro team?

sounds like the site they're discussing is the old Measure Q/R lot on the north end of the Railyards west of 7th Street. Not sure which light rail station they are referring to, the closest stops are Sac Valley clear across the tracks past the Shops and Township 9 on Richards. Adding an attraction like thst would justify a new station at 7th and Railyards, which I assumed they had planned for already as part of the Green Line.