Living the Luxe Life
From September 2005
Community Comments
Spark a community dialogue. Be the first to contribute by adding your comments.
“Many banks that we had relationships with rejected the deal. They said ‘It’s too risky for us; it’s never been done before in that town. The people of Sacramento must not want condominiums, and it’s too much of a risk.’”
The bank he finally convinced to take the deal based its decision more on their prior business relationship with his company rather than faith in the Sacramento market, he says.
’Cause Mine Is Better
There appears to be at least some rivalry between the two residential projects, which are in the same neighborhood and target the same customer, although both developers deny it — if only because each thinks his product is the superior one.
“I don’t consider a project like BCN’s competition at all,” Saca says. “I don’t believe there is any competition. I believe our project is much nicer than anything anyone could do. If there really was competition, I doubt anyone could steal buyers from us.”
Declares Nassi: “We really don’t have any competitors in this realm. (My development) is a totally different type of development. It’s very niche. It’s artistic and boutiqueish. We’re catering to those discriminating customers who really want to live in a unique building that has an artistic edge to it.”
In any case, this town seems to be big enough for the both of them — and then some. Saca and Nassi say they have had surprisingly high demand for units, and both are busy acquiring property and launching additional residential projects downtown.
Saca, who was born and raised in Sacramento, says there was some skepticism when he first proposed building the massive project. “When I first announced it a year ago, everybody thought I was crazy,” Saca says. “Now the market’s starting to embrace my idea, and you’re seeing other people coming in to downtown.”
Continued...
The bank he finally convinced to take the deal based its decision more on their prior business relationship with his company rather than faith in the Sacramento market, he says.
’Cause Mine Is Better
There appears to be at least some rivalry between the two residential projects, which are in the same neighborhood and target the same customer, although both developers deny it — if only because each thinks his product is the superior one.
“I don’t consider a project like BCN’s competition at all,” Saca says. “I don’t believe there is any competition. I believe our project is much nicer than anything anyone could do. If there really was competition, I doubt anyone could steal buyers from us.”
Declares Nassi: “We really don’t have any competitors in this realm. (My development) is a totally different type of development. It’s very niche. It’s artistic and boutiqueish. We’re catering to those discriminating customers who really want to live in a unique building that has an artistic edge to it.”
In any case, this town seems to be big enough for the both of them — and then some. Saca and Nassi say they have had surprisingly high demand for units, and both are busy acquiring property and launching additional residential projects downtown.
Saca, who was born and raised in Sacramento, says there was some skepticism when he first proposed building the massive project. “When I first announced it a year ago, everybody thought I was crazy,” Saca says. “Now the market’s starting to embrace my idea, and you’re seeing other people coming in to downtown.”
Continued...
The Magazine
Site Links
Prosper Plus +
- Get Prosper Plus to receive e-mail alerts, special event invites, and content that interests you.
Community
- Join the Community and start participating. It's fast. It's easy. It's free.
Advertise on this site! Show your support for the Prosper Network and reach influential thought leaders and web users like yourself. Contact us to find out how.
© 2004-2007 Prosper Media, LLC. All Rights Reserved. Terms of Use | Privacy Policy
The materials on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Prosper Media, LLC.
Community Comments