Sacramento is in the middle of a crisis, You hear about it every day.
I cant even go into a store without hearing someone talk about how they will never be able to own a house.
My question is this, If a developer set our to build large amounts of urban housing and decided to do it in such a way that he would be able to sell it at a somwhat affordable price, Would he be able to do it?
And if not why?
What do you think
Sure, except I'm not sure he'd be able to get the financing. If he had his own, and he was willing to take a smaller profit, it could be done. But it couldn't be done skyscraper style. Building such large buildings requires extraordinary expense, just because they're so tall.
Glad to see another blog that believes in Sacramento.
Posted by: John (Uneasy Rhetoric) | August 24, 2005 at 09:59 PM
Even if someone built affordable housing speculators would buy it all up and resell it at huge profit.
I moved back to California after living in NM for three years. I owned a custom home there 2500 sq ft. and sold it for 152k. I now live in Elk Grove where rent is 50% of mortgage.
According to USA Today Sacramento is over 54% over valued.
http://www.usatoday.com/money/perfi/housing/2005-08-17-housing-valuations.htm
Posted by: Kevin | September 16, 2005 at 10:54 AM