Surge In San Jose Condo Developments
January 28th, 2007 - Category: Condo, Real EstateHousing in downtown San Jose is doing quite well. In fact there is a building boom downtown, especially when it comes to condos. A look at the explosion of high rise condominium construction.
The skyline in downtown San Jose is changing. There are now three high rise projects under construction, including a 124 unit building called City Heights. It will be finished at the end of April.
Barry Swenson, Builder: “We are experiencing the biggest waiting list I’ve ever had on City Heights, it’s unbelievable, and we haven’t even begun to sell them but we have a huge waiting list.”
Buyers will soon have a lot of options. San Jose’s redevelopment agency says there are close to 5,000 condo units under construction or in the permitting process. That will effectively double housing in the city’s downtown core.
The condo market in downtown San Jose is getting crowded but it seems no one is afraid of a glut. Demand is fueled by both lifestyle changes and price.
Last month the median price for a single family home in Santa Clara county was $765,000 dollars. The median price for a condo is $485,000 dollars. Condos are often ideal for first time homebuyers but more and more people just want to be close to where they work or to public transit.
Laura Rolling is impressed with ‘The Lofts’, a new development on the Alameda.
Laura Rolling, Potential Condo Buyer: “These would be just perfect, it has beautiful open space, alot of lighting.”
San Jose city leaders see high rise housing as good for the environment and essential to the downtown economy.
John Weis, San Jose Redevelopment Agency: “As they come into the downtown, they add a vibrancy for all of our cultural affairs and the various retail establishments and to help get new retail off the ground.”
As the Bay Area real estate market begins to stabilize — condo construction in downtown San Jose is only going in one direction — up.
Copyright 2007, ABC7/KGO-TV/DT.
