L Street Lofts Now Renting

L Street Lofts - 1818 L Street, Sacramento CA 95811

The L Street Lofts just became more affordable to those desiring to live at this midtown location. If you want to rent, they range from $1,825 for one bedroom to $3,150 for a one bedroom Penthouse. If you would rather buy a condo, Zillow show the sale of a 663 sf. unit on the 6th floor for $210,000 last April… making the estimated monthly mortgage payment $758. Buying a unit seems to be the better way to go, but don’t forget the HOA fees, I believe that’s an additional $250 per month.

L Street Lofts

Investor Buys L Street Lofts

Nearly a year after developer Sotiris Kolokotronis mixed-use loft project at 18th and L streets failed to find a buyer in a foreclosure auction on the Sacramento courthouse steps, a southern California investor has paid $21.5 million for most of the L Street Lofts in midtown.  The project was originally built for $55 million and sold 22 of the 92-unit condominium before a suit was filed in 2009 to foreclose.  The now defunct La Jolla Bank, which made a $33 million loan to construct the L Street Lofts was shut down by federal regulators in 2010 and its assets were purchased last year by OneWest Bank.

Source: Sacramento Business Journal

L Street Lofts Foreclosure

Developer Sotiris Kolokotronis mixed-use loft project at 18th and L streets has now been scheduled for a foreclosure auction April 13 on the courthouse steps. With only 22 of the 92-unit condominium sold, L Street Lofts LLC has defaulted on a $33 million loan held by OneWest Bank. This foreclosure sale might be one of the biggest bargains in midtown with prices tumbling as much as 50% or more off current asking prices. I’m sure several investors will be waiting to get a piece of the iconic midtown building.

Update 10/22/2011: It was foreclosed on and still has not yet been sold. I understand they would like over $20,000,000 which is higher then the current value according to local developers. The foreclosed value (the loan amount) was about $28,000,000. No one purchased the building at the courthouse so the bank got it.

No midtown penthouse slump

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.

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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.

L Street Lofts Hard Hat Tour

Last Saturday I got to go on a hardhat tour of The L Street Lofts. They aregetting it up and ready ASAP. I was told that in December people will beginto move in. Anyway, for those that are interested, the nice people at the Lofts are offering tours of the under construction building to anyone who's interested at 3pm everyday (I believe?)... just call to get signed up.

This room rocks. I love how the concrete column on the wall has the sametexture as the ceiling.

Progerss at 500 Capitol Mall

L Street Lofts Construction Tour

L Street Lofts
South Side of 18th and L
8-Stories
92 For-Sale Condo Units
6K Retail Space
Developer Sotiris Kolokotronis
Architect: Ankrom Moisan Associated Architects

Last week I got to go on a hard hat walking tour of the L Street Lofts and and see what will a fantastic building when compleate later this year.

The main entrance will have two resturants in this big open area.

Up on the third floor many of the lofts are starting to take shape. I loved these lower units on L Street... being able to walk out onto a padio and listen to the people and activity below was nice.

L Street view on third floor.

All the units have 10 foot ceiling and open living areas. All the units facing east and west on the third floor have big patios to enjoy.

Big patios!!!

Forth Floor

Forth floor view looking west.

Fourth Floor northwest corner.

Sixth floor... big and open without walls installed yet.

Sixth floor view looking west

Sixth floor view looking Northeast towards Faces.

Seventh floor. These are temporary support columns for the pour of concrete up on the eight floor.

Eight floor.

As you can see the view from the top will be gorgeous.

There it is poking out of the tree line. When finished, I think this will be a fine addition to midtown.