Sacramento: 301 Capitol Mall: A New Plan for The Towers Site - Page 36

foxmtbr · #**701** Posted **Sep 13, 2006, 5:34 AM**

Alright, thanks for the numbers!

joninsac · #**702** Posted **Sep 13, 2006, 5:37 AM**

Anyone else see the ad in the Bee announcing the phase 4 release of 100 units at the Towers?

TowerDistrict · #**703** Posted **Sep 13, 2006, 5:52 AM**

-100 homes just released
-Last chance for pre-construction pricing
-Priced from the high $300,000s to 3 million

innov8 · #**704** Posted **Sep 13, 2006, 5:56 AM**

More under highrises.

TowerDistrict · #**705** Posted **Sep 13, 2006, 5:59 AM**

^^^ those two are awesome shots

Quote:

Originally Posted by bennywah

As also has been mentioned, but not repeated in awhile the project is being sold in phases, so its not going to sell out until it is finished and thats planned

i think most people are forgeting that the Towers was originally to be BUILT in two phases - one for each tower. But overwhelming interest, complete funding, and actual sales drove them to build both towers at once.

innov8 · #**706** Posted **Sep 13, 2006, 6:02 AM**

Thanks my friend

Phillip · #**707** Posted **Sep 13, 2006, 6:08 AM**

Quote:

Originally Posted by mechanico

That project is still on? They have 80% covered with nonrefundable deposits? Why hasn't this been in the news?

It was in the news, in May.

http://dwb.sacbee.com/content/business/columns/shallit/story/14259431p-15073598c.html

Scroll 2/3 of the way down Shallit's column. Nonrefundable deposits on 80% of the Aura's 265 units. That's 212 condos.

I don't know what's going on with Aura (is any work happening there now?), but if Aura didn't go up and all 212 Aura buyers decided to move to the Towers instead there would still be around 200 Towers units left to sell---providing none of the original 400+ buyers has backed out.

OTOH, if Towers didn't happen and half the committed buyers decided to go to Aura then Aura would be a sellout (again, providing no backouts).

=========

I wonder if anyone has put down a deposit in both buildings?

Phillip · #**708** Posted **Sep 13, 2006, 6:13 AM**

I really like the first photograph in post #704, innov8, shot at night with the Tower Bridge in the background.

innov8 · #**709** Posted **Sep 13, 2006, 6:19 AM**

^ Thank you Phillip

AURA will also happen. I believe the slow up has to do with
621CM using the lot while they have been pumping in
concrete for the foundation. It might also have to do with
permits but I don't know for sure.

I know of someone who has deposits in both projects. A name
that is recognized by most locals. (can't say it on here though)

Phillip · #**710** Posted **Sep 13, 2006, 6:32 AM**

Quote:

Originally Posted by innov8

I know of someone who has deposits in both projects. A name that is recognized by most locals. (can't say it on here though)

I bet it's not "Maloof".

Phillip · #**711** Posted **Sep 13, 2006, 6:35 AM**

Quote:

Originally Posted by Phillip

I bet it's not "Maloof".

I take that back. It's a crazy world. Anything is possible.

cascraperdude · #**712** Posted **Sep 13, 2006, 2:20 PM**

What do non-refundable deposits mean? Does that still allow the buyer an out for financing etc. as in a usual real estate sale? Or are those deposits gone no matter what if the buyer pulls out? Basically how committed does this make someone?

I have been reading about a lot of buyers who are pulling out of tract home sales and I thought they also used the term "nonrefundable deposits," so I was just curious.

#**713** Posted **Sep 13, 2006, 3:29 PM**

A non-refundable deposit means you won't get your money back if you back out provided that the developer performs on the contract. Performance by the builder/developer would be to build what you say you are going to build within the time frame written into the contract. For buyers in the Towers project, if I recall one of the posts here correctly, there is no time frame written into their contracts which specify when their unit must be ready for them to occupy. There are only time deadlines for topping out the structure and completing the window wall. I think Brandon12 said that Saca has two years to top out the structure from the effective date of his contract, which is whenever Saca signed (or signs) it.

mechanico · #**714** Posted **Sep 13, 2006, 5:12 PM**

I'm not a lawyer but from what I understand there really is no such thing as a non-refundable deposit, atleast the full deposit as in the following case.

http://www.calrealestatelaw.com/newsletter/print.cgi?article=6

Not the best source, I know, but there are a ton of articles out there on this exact subject. From what I understand, from this and a few other articles, the deposit must be a reasonable amount given the damages the seller would occur. Any lawyers out there that can help with this. Anyone willing to post a contract for a tower condo.

mechanico · #**715** Posted **Sep 13, 2006, 6:13 PM**

What percentage of the buyers, that have laid down deposits, are investors?
Innov8 mentioned he knows someone that has deposits on units in both towers, clearly an investor.

brandon12 · #**716** Posted **Sep 13, 2006, 6:51 PM**

^ I know of of someone who's in both buildings too (maybe the same guy).
He's no ordinary investor though. By that I mean, you don't have to worry about him cash-flow wise.

What's an investor? someone who's buying a unit not as their primary residence?

mechanico · #**717** Posted **Sep 13, 2006, 7:10 PM**

A January article about Las Vegas. It offers an interesting perspective on luxury condo projects. I'm not implying anything with this post but the article does get into the impact of increased construction cost and what those deposits really mean.

http://www.realestatejournal.com/propertyreport/newsandtrends/20060116-corkery.html

mechanico · #**718** Posted **Sep 13, 2006, 7:26 PM**

Quote:

Originally Posted by brandon12

What's an investor? someone who's buying a unit not as their primary residence?

I wouldn't say that.People could buy condos as second residences for business purposes and not be investors. I'd say anyone who plans on making money on the property would be an investor, whether they plan on renting it, selling it ect. Even if you plan on living in it for a few years and selling it for a profit I guess you would be an investor. Non-investors would be those that are buying the "lifestyle" that the Towers promote and are not thinking of a financial return.

mechanico · #**719** Posted **Sep 14, 2006, 1:27 AM**

Things I like about this project

1. I hate taking care of my dry cleaning and really like the idea of a concierge.
2. A pool that is not kid friendly. I like kids, I just hate the kid/pool combo.
(It's not really a kid friendly project in general)
3. I hate downtown parking. I'd have my own space. The last time I used a Valet he sweated all over my seat.

4. Hotel bar.

5. Restaurants-Sometimes I'm too tired to deal with food and just want to eat, have a cocktail, and go to sleep.

a few things I'm conflicted on.

1. What is a view worth? It's very cool ,makes people jealous, and certainly adds some value but would the effect wear off, for me personally. Like a painting or new furniture after awhile it's just there. Then again, who would buy a condo in the towers, without a view?
2. Demographics-I'm worried this project will be filled with 30 somethings with something to prove and old people with small dogs.

creamcityleo79 · #**720** Posted **Sep 14, 2006, 2:13 AM**

Quote:

Originally Posted by mechanico

Things I like about this project

1. I hate taking care of my dry cleaning and really like the idea of a concierge.
2. A pool that is not kid friendly. I like kids, I just hate the kid/pool combo.
(It's not really a kid friendly project in general)
3. I hate downtown parking. I'd have my own space. The last time I used a Valet he sweated all over my seat.

4. Hotel bar.

5. Restaurants-Sometimes I'm too tired to deal with food and just want to eat, have a cocktail, and go to sleep.

a few things I'm conflicted on.

1. What is a view worth? It's very cool ,makes people jealous, and certainly adds some value but would the effect wear off, for me personally. Like a painting or new furniture after awhile it's just there. Then again, who would buy a condo in the towers, without a view?
2. Demographics-I'm worried this project will be filled with 30 somethings with something to prove and old people with small dogs.

In response to #2 perhaps you should go back and look at a post from brandon12 w/pictures of the groundbreaking ceremony. There was a very good mix of people and I remember thinking how diverse and exciting it the mix of people looked!