North San Jose Real Estate: In North San Jose, the real estate sector is experiencing a notable transformation as a veteran San Jose real estate firm, Valley Oak Partners, explores the possibility of constructing a substantial housing development. Located at the corner of North First Street and Trimble Road, the preliminary proposal suggests building more than 100 residences on a 4.9-acre parcel.
The development plans outline a 107-unit townhouse project, filed as a preliminary proposal to gauge community, political, and city planner reactions. This initiative is a response to the evolving nature of real estate in a post-coronavirus economy.
As tech companies scale back their office spaces, office vacancies have increased. Consequently, opportunities to repurpose office properties, including office towers, into residential developments are emerging. This housing project is strategically positioned in North San Jose, an area characterized by a thriving tech sector and office hubs. Two Google buildings situated across from the proposed housing development underscore the tech giant’s significant presence in the region.
The housing development at 2611 and 2635 North First Street is envisioned as a cluster of townhouses spanning 15 buildings. The property is currently owned by an affiliate of The Stanley Group, a real estate and investment firm. An adjacent bank branch operated by Bank of America and other commercial tenants occupy the site. The existing structures, including a larger office building constructed in 1982, are considered inefficient and not likely to be in demand for reuse.
This project reflects the shifting dynamics of North San Jose’s real estate market, where housing solutions are becoming a focal point in response to the changing post-pandemic landscape.
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Our Reader’s Queries
Are home prices dropping in San Jose?
From 2015 to 2024, the typical home values in various metro areas have been projected. San Jose’s typical home values have been on a steady rise, with some fluctuations during the pandemic. However, despite the increase, it is expected that the values will drop below $1.4 million by November 2024.
What is the nice suburb of San Jose?
Nestled next to Cupertino lies the charming city of Los Altos, CA. This welcoming suburb boasts stunning natural scenery and a warm community of neighbors. Perfect for families, Los Altos features a walkable downtown and a remarkably low crime rate. Come experience the beauty and friendliness of this San Jose gem.
Is San Jose a good place to invest in real estate?
Despite the mortgage rates being higher at 6.27 percent in 2023 compared to January 2022, the housing market is expected to remain stable due to the tight supply. San Jose real estate is expensive, and the median listing home price is significantly higher, which are other factors to consider. Overall, the market is expected to remain steady.
Why are houses in San Jose so expensive?
San Jose’s housing prices are 26% higher per unit compared to neighboring counties like San Francisco and Alameda. This is due to a shortage in the labor market and differences in wage structures, according to a recent report.