Business Journal: New Condos Up For Sale
The first new high-rise condominiums in Downtown Sacramento will go on sale this month, testing a rather troubled housing market.
Monday, June 4, 2007
Thirty new high-rise condos will be available to buyers in the next few weeks, opening in the 13th through 15th floors of the Residence Inn at 15th and L streets. The Penthouses at Capitol Park is the first project to test the high-rise housing market in downtown Sacramento. The development has often been overshadowed by two higher-profile projects – the much-delayed and uncertain The Towers and Aura condos, both are high-end projects on Capitol Mall. But investor Warren Lortie of Newport Beach says he is not worried about the condo market, since about half of the 30 units atop the Residence Inn have already been reserved for buyers. He bought the condos as part of the complicated financing deal for the soon-to-open hotel.