Wendy Saunders, executive director of the Capitol Area Development Authority, offers her insight into residential real estate in Sacramento. For more from Saunders, check out “Small Wonders” in our May issue. Sign up for our newsletter and we’ll email you when it’s available online.
What’s the biggest change in the local residential real estate market in the past year?
The past year has been very exciting for the residential real estate market, especially in the central city. The demand for city living is so strong that we’ve seen all kinds of new housing projects and product types get underway: multifamily [units] like the new apartments at 19th and N streets, and 15th and Q streets; micro-units at 19th and J streets ; and townhomes, like the ones along 20th Street, and at 10th Street off Broadway, just to name a few. Leasing for new projects, like the Ice Blocks, continues to be very strong. If this dynamism continues, our central city will be transformed in a very positive way over the next decade.
What do you foresee as the biggest change on the horizon in the year to come?
All of the new housing in the central city is going to spark the desire for new amenities that appeal to city residents — like the Bark Park CADA built for the city last year. I think there is going to be great demand for entertainment, shopping, beautiful streets and safe routes for pedestrians and bikes. I hope that rising interest rates, construction labor cost increases and new fees don’t stifle new construction starts.
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