Business Journal: Trouble For Condos

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(Sacramento, CA)
Monday, September 18, 2006
National homebuilder D.R. Horton from Texas has backed out of its two condo projects for Sacramento. The company won the competition to buy a county building on I Street, between 7th and 8th Streets, where they were to build 295 condos with some office space and stores. D.R. Horton also dropped plans to build about 200 condo units along the sacramento river just north of old sacramento. The old PG&E building on Jibboom Street would have become an entertainment venue in that redevelopment plan. With prices falling for both condo units and houses, and with construction costs on the ride, most homebuilders with wall street investors have become very conservative.