Sacramento Business Journal
December 7, 2007
It's easier to sell a million-dollar home right now than one priced half that much, noted Sotiris Kolokotronis, the developer behind the L Street Loftsin Midtown, while giving a tour of the ballyhooed building that's nearing completion. When he launched the project, his colleagues told him he'd sellout before the paint dried. They were partly right. All but one of the 12 penthouses, priced at $749,990,have been sold in advance of completion -- including two of them to a buyer who plans to turn them into one large suite. But sales of the other units, starting at $389,990, haven't been as brisk. A total of 36 of the project's 92 units have been sold, according to HanleyWood Market Intelligence. The lofts will be largely finished by the end of theyear. Sales are still ahead of projected rates when the project wasenvisioned, Kolokotronis said.
Numbers like these should bode well for getting more high-end housing built in midtown. I've been lucky enough to go on a tour of the L Street Lofts and the penthouses are amazing. Not only is the view impressive but the layout of the two level floor plans are unique and creative too.