About 75 percent of the units at the upscale L Street Lofts development recently foreclosed, according to an article in The Sacramento Bee.

The Bee noted that the development, located at 1818 L Street, was plagued by a sluggish local economy and lawsuits related to the development’s vacancy rate.

Then around March 18, L Street Lofts LLC defaulted on a $33 million loan.

On April 13, the lender for the luxury 7-story, 92-unit condominium foreclosed on 70 unsold units after nobody came forward to bid.

While the recent foreclosure is not very good news for those wishing to sell their L Street Lofts unit, it does have potential benefits for interested Sacramento condominium buyers.

Now that the property has foreclosed, the bank will more likely be willing to accept lower-than-usual offers on units at L Street Lofts.  After all, banks lose money the longer real estate properties remain on the market.

Plus, once the Sacramento housing market finally bottoms out, prices at L Street Lofts will likely rise, along with most other pieces of Sacramento real estate.

And with a restaurant and retail complex just across the street from L Street Lofts in midtown, location will certainly be a draw for the development once the economy recovers.

Sacramento real estate market conditions right now are favoring interested Sacramento buyers looking for a good deal on Sacramento real estate.

If you’ve been thinking about investing in a Sacramento condominium, then contact me, Bruce Slaton, your Sacramento real estate expert.

I’ll give you an even more comprehensive overview of the current state of Sacramento real estate as well as answer any questions you might have.

Want to get the process started right now? Then check out some of my FREE Sacramento condominium buying resources, including:

Until next time,

Bruce