Sacramento: 301 Capitol Mall: A New Plan for The Towers Site - Page 11

enigma99a · #**201** Posted **May 17, 2006, 2:07 AM**

So out of the 500 soft deposits, just 50 have been converted into non refundables??? As of 5/13? what the hell. Saca has 6% of the units with 'firm' contracts. w00t.

brandon12 · #**202** Posted **May 17, 2006, 2:38 AM**

Quote:

Originally Posted by foxmtbr

Only 50? Yeah, that seems really low

true, but they did give everybody about a six-week window to get their hard deposits in, so I think a lot of it is just human nature to procrastinate. If I remember right, they gave everybody the choice to make an appointment for a one-on-one contract signing or to wait until the last day and they would do a large group signing. There's no incentive to get your money in anytime before the last day, ie first come first serve for this or that.

enigma99a · #**203** Posted **May 17, 2006, 2:47 AM**

^ And when is the last day?

snfenoc · #**204** Posted **May 17, 2006, 2:48 AM**

Quote:

Originally Posted by enigma99a

^ And when is the last day?

June 26, 2011

brandon12 · #**205** Posted **May 17, 2006, 2:52 AM**

Quote:

Originally Posted by enigma99a

^ And when is the last day?

I don't remember now exactly, but I believe it is early or mid-June. At that point, all of the $10,000 deposits that haven't been converted to 10% will be refunded and all of the units that were being held with those nonrefundables will be returned to the pool of available units.

I'll bet Los Lobos knows the exact date...

Los_Lobo · #**206** Posted **May 17, 2006, 3:37 AM**

Quote:

Originally Posted by brandon12

I don't remember now exactly, but I believe it is early or mid-June. At that point, all of the $10,000 deposits that haven't been converted to 10% will be refunded and all of the units that were being held with those nonrefundables will be returned to the pool of available units.

I'll bet Los Lobos knows the exact date...

You know, I don't remember. I *think* it was early June but I was one of the nutty ones that couldn't wait to give them my money!

foxmtbr · #**207** Posted **May 17, 2006, 3:54 AM**

Quote:

Originally Posted by snfenoc

June 26, 2011

urban_encounter · #**208** Posted **May 17, 2006, 6:00 AM**

It doesn't sound as if people are necessarily having a change of mind so much as they're simply procrastinating (as Brandon said).

I don't think there's anything to worry about. I would think that the Towers would probably see the same kind of percentages (in terms of people deciding not to buy) as did Aura. (Or roughly 80-90% of the available units sold) or non refundables. Saca also has a pretty sizeble list of pre qualified interested buyers to turn to.

We'll see soon enough...

kryptos · #**209** Posted **May 17, 2006, 4:56 PM**

Quote:

Originally Posted by urban_encounter

It doesn't sound as if people are necessarily having a change of mind so much as they're simply procrastinating (as Brandon said).

I don't think there's anything to worry about. I would think that the Towers would probably see the same kind of percentages (in terms of people deciding not to buy) as did Aura. (Or roughly 80-90% of the available units sold) or non refundables. Saca also has a pretty sizeble list of pre qualified interested buyers to turn to.

We'll see soon enough...

ya but you know what, ill bet that some of the same people who signed up for the towers signed up for aura as well...i mean its just a refundable deposit so its not like its a loss...can you imagine if only 1/3 of those who signed up put down the non refundable deposit? would it even get built at that point?

urban_encounter · #**210** Posted **May 17, 2006, 6:05 PM**

Quote:

Originally Posted by kryptos

ya but you know what, ill bet that some of the same people who signed up for the towers signed up for aura as well...i mean its just a refundable deposit so its not like its a loss...can you imagine if only 1/3 of those who signed up put down the non refundable deposit? would it even get built at that point?

Well it's a given that Aura, probably won the horse race, being first out of the block (converting non refundables). Like I said, at this early stage, I wouldn't be that concerned over 301 CM. Saca still has plenty of time and plenty of pre-qualified buyers (5,000 on last count). It doesn't sound as if people have requested their refundable deposits back, (which would really signal the project is in trouble). Instead they simply haven't scheduled an appointment to convert to a non refundable deposit; or maybe the sales staff have appointments scheduled (that we wont know about).

Worst case senario; it may not get built as twin 54 story towers. In the end, there will be a high profile project there that will contribute to the skyline and the vibrancy downtown. But my gut feeling is that everything will be fine with this current proposal.

We will know by the end of June.

#**211** Posted **May 18, 2006, 6:36 PM**

Quote:

Originally Posted by Los_Lobo

You know, I don't remember. I *think* it was early June but I was one of the nutty ones that couldn't wait to give them my money!

Earlier in the thread, Brandon12 said April 29 was the last day, or the refundables would be returned. What happened? Was this just more developer bullspeak? What is the situation with construction financing? Is his lender lined up? If so, are they waiting to see how many refundables are converted? They only have refundables on about 500 of the 800 units and 50 nonrefundables? Sounds like they have a lot more sales work to do before we see construction starting.

ltsmotorsport · #**212** Posted **May 18, 2006, 6:45 PM**

If CALPERS (or STRS, I can't remember which) is ready to go with money, I think they should start already and quite delaying the start of construction. It's such a huge project, it seems to me that a lot of people want to see some real progress at the site before they really throw their money at Saca.

TowerDistrict · #**213** Posted **May 18, 2006, 6:48 PM**

They should do all the paper signing in the new CalPERS building to
emphasize the financial support behind this project.... $100,000,000.00

Los_Lobo · #**214** Posted **May 18, 2006, 6:50 PM**

Quote:

Originally Posted by Construction Guy

Earlier in the thread, Brandon12 said April 29 was the last day, or the refundables would be returned. What happened? Was this just more developer bullspeak? What is the situation with construction financing? Is his lender lined up? If so, are they waiting to see how many refundables are converted? They only have refundables on about 500 of the 800 units and 50 nonrefundables? Sounds like they have a lot more sales work to do before we see construction starting.

We're talking 2 different dates here. The "early June" date I was talking about was when I thought the initial contract signings were supposed to be done. The earlier date (April 29th, then moved to mid-May.......I don't remember exactly) is the date people are supposed to call and make appts. for their contract signings. That's the date we were told people would have their initial refunds returned and their unit would go on the market again if they hadn't set up a meeting to sign papers.

urban_encounter · #**215** Posted **May 18, 2006, 7:08 PM**

I don't think we can say for certian how many units have already been sold.
I kind of have my doubts about the 50 posted earlier. But the project will start when they've reached 470 or so non refundalbe deposits.
I still think it will be fine, just as Aura was fine. Naturally it would be a shame if it took the entire summer to get all the non refundables secured, since this is prime construction weather. Waiting until fall to start construction would probably set this project back well behind Aura. But in the end it will start when it is ready to go.

As far as construction financing, with the backing of CalPers they probably have more than enough lenders ready to bankroll the project.

Everything will be fine...(as everything has tended to fall into place with this project)....

Los_Lobo · #**216** Posted **May 18, 2006, 7:08 PM**

Quote:

Originally Posted by Construction Guy

Sounds like they have a lot more sales work to do before we see construction starting.

So what's your guess on when we will see construction starting?

urban_encounter · #**217** Posted **May 18, 2006, 7:24 PM**

Quote:

Originally Posted by Los_Lobo

So what's your guess on when we will see construction starting?

ConstructionGuy doesn't have a good track record with his predictions. You sure you want him to answer that???

TowerDistrict · #**218** Posted **May 18, 2006, 7:27 PM**

and if The Towers doesn't get built, you can always snag a unit in
Epic, Metropolitan, Capital Grand Tower, Cathedral Tower, Library
Lofts, L Street Lofts, Jibboom Tower, or 500 N.

urban_encounter · #**219** Posted **May 18, 2006, 7:44 PM**

Quote:

Originally Posted by TowerDistrict

and if The Towers doesn't get built, you can always snag a unit in
Epic, Metropolitan, Capital Grand Tower, Cathedral Tower, Library
Lofts, L Street Lofts, Jibboom Tower, or 500 N.

That raises a good point. As we've discussed before, my own personal belief is that there is a huge pent up demand for mid range (priced condo units).

The question being how deep is the demand for high end units (ala Epic, Aura and the Towers???)

There is probably a certain number Sacramento can logically abosorb and I have my doubts as to the viabilty of Epic, though BCN would rpobably dispute me in the face of their overwhelming success with Aura. However I think that number of high end units that Sacramento can absorb is greater than the approximate 300 that have been reportedly sold so far between Aura and 301CM.

foxmtbr · #**220** Posted **May 18, 2006, 11:16 PM**

^^Yes, I agree there are probably only so many high end units in demand in Sacramento. I have a great feeling that The Towers will be built, and I agree that Epic might not stand so great a chance though. I guess we'll just have to wait until the end of June, or whenever it is...