Construction trucks were spotted yesterday at the site of the proposed high-rise building on the corner of Santa Clara and Market Streets. The new high-rise project being proposed is a 23-story tower with 312 for-rent units called One South Market. According to one of the construction workers on-site, digging for One South Market is scheduled to start today. This is major progress for downtown as there has not been any residential highrise construction since Axis and The 88 were completed. A few weeks ago we were just talking about another highrise tower, Centerra, being proposed in downtown. If both of these highrise buildings are built as planned, this would add over 650 additional rental units on the market in downtown San Jose in the next few years. This doesn’t even include the 408-units being proposed as part of the North San Pedro project (more about this to come in the next day or two).

One South Market is a joint project being developed by Essex Property Trust, KT Properties (developers of Axis), and Spring Capital Group. For photos of the proposed One South Market project, check out the latest renderings on The San Jose Blog.

One South Market
1 S. Market Street
Downtown San Jose

For more downtown San Jose real estate information, call Tony Sum at (408) 891-8289.

Just like the weather, the real estate market in downtown San Jose has been heating up. Most real estate listings in downtown are selling within a week and usually with multiple offers. This has lead to a shortage of inventory throughout Silicon Valley and many areas around the country. Last month there were a number of complexes that had multiple sales. This includes The 88, Viridian at Bernal Park, Plant 51, City Heights, and Paseo Plaza. And from the list of pending properties for sale, May will have a number of properties sold as well. According to the sales team at Axis, sales have been spectacular since they’ve reopened with over 20 condos sold the last few weeks.

Reminder: The following statistics represent resales of Central San Jose’s (MLS Area 9 which includes downtown San Jose) condos, townhomes, and lofts. As noted in past statistical postings, these numbers may not include sales from new construction developments. New developments may or may not provide information to the MLS.

For additional information about buying or selling real estate in downtown San Jose, call Tony Sum at (408) 891-8289.

April 2013

*The above statistics are generated using information from the MLSListings, Inc. (formerly RE InfoLink) MLS, but have not been verified and are not guaranteed. MLSListings, Inc. disclaims any responsibility for the accuracy and reliability of these statistics.

Wonderful new listing in the Madison Place at Monte Vista complex for sale. This 3 bedroom, 3 bathroom townhouse overlooks the Los Gatos Creek Trail and is just minutes from the heart of downtown San Jose. The 1,621 square foot floorplan includes one bedroom and a full bathroom on the main living level. The kitchen includes features beautiful stone counters and stainless steel appliances. Plenty of counter space for cooking and dining at the eat-in countertop. This fantastic townhouse property has been upgraded to include a technology package with surround sound in the living room and master bedroom. Don’t miss out on this wonderful townhome for sale!

344 Bautista Place
Downtown San Jose
3 Bedroom, 3 Bathrooms
1,621 Square Feet*
List Price $579,000
MLS #81314399

Open house Saturday 5/4 and Sunday 5/5 from 1:00-4:00pm.

For more information, click here.

Listed by Eric Woodward, Silicon Valley Lofts & Condos

The downtown San Jose Farmers Market at San Pedro Square returns today after a winter hiatus. From 10:00am - 2:00pm every Friday you can enjoy fresh California grown fruits and vegetables from local vendors, buy beautiful orchids or fresh cut flowers, have lunch from one of the hot food vendors, as well as get many specialty products such as baked goods, kettle korn, hummus, and homemade toffee. This is a Zero Waste Event, so please make an effort to bring your own reusable bags. Pacific Coast Farmers’ Markets is celebrating its 25th Anniversary with many special promotions and events throughout the market season. A calendar of events can be found at www.pcfma.com.

What: Downtown San Jose Farmers Market
When: Every Friday, 10:00 am - 2:00 pm thru November 15
Where: San Pedro Street between Santa Clara and St. John Streets in downtown San Jose

There’s a great event for the whole family happening this weekend in downtown San Jose’s SoFA District. ArtHouse is an interactive art festival and block party that will include art shows, guided gallery tours, artist talks, hands-on art activities, original artworks for sale, live performances and music, food by Moveable Feast food trucks, and much more!
All of the activities will take place in the galleries and venues along South First Street between San Salvador and Reed, and outdoor at the newly renovated Parque de los Pobladores. ArtHouse takes place between 12:00pm – 4:00pm. There will be free event parking at Notre Dame High School (596 So. 2nd St.), or $5 all-day parking at the city lot under Highway 280, 1 block south of the Institute of Contemporary Art (560 So. 1st St.). For more information, visit www.sjica.org.
What: ArtHouse Art Festival and Block Party
When: Saturday, April 27, 12:00pm - 4:00pm
Where: South First Street between San Salvador and Reed Streets in downtown San Jose

A good indicator that the real estate recession is a thing of the past is all of the recent chatter about construction going on. And there is plenty of chatter happening about more highrises being built in downtown San Jose. The latest proposed high-rise development is called Centerra, a 21-story high rise tower, 347 unit project by Simeon Residential Properties. And according to the Silicon Valley Business Journal, the developers of Centerra are ready to jump into the real estate market in downtown, possibly as soon as this summer.

The Centerra project will be located on the city block between Almaden Avenue and Notre Dame Avenue, and Carlysle Street and W. Saint John Street. The project will face the San Pedro Square Market and kitty-corner to Axis, another high-rise development in downtown San Jose. If this location sounds familiar, this site was previously slated for another highrise residential building called The Carlysle, which was going to be built by Barry Swenson Builder (developer of City Heights). It sounds like Barry Swenson Builder will be helping with the design-build for the new Centerra highrise. According to plans for Centerra, the project will also include 7,000 square feet of retail facing the San Pedro Square Market.

Centerra
Downtown San Jose
21-story highrise, 347 units
7,000 square fee of retail
Simeon Residential Properties

For additional information about real estate and high-rise living in downtown San Jose, call Tony at (408) 891-8289.

Starting tomorrow, April 24, and running thru May 1, Silicon Valley Restaurant Week returns with specially priced prix fixe menus from some of the best restaurants in Silicon Valley. Many of your favorite, and many new, restaurants in San Jose are offering a three-course dinner – appetizer, entrée, and dessert – at a special price. Diners get a chance to sample cuisine from a broad selection of restaurants at a very affordable price. Restaurants get to thank local customers, and consumers can show their support for their favorite restaurants.

Participating restaurants in downtown San Jose include Arcadia at the Marriott Hotel, the Capital Club, Il Fornaio at the St. Claire Hotel, Loft Bat & Bistro, Mezcal, Morton’s the Steakhouse, and the Grill on the Alley at the Fairmont Hotel. Restaurants in Campbell, Willow Glen, Sunnyvale, Santa Clara, and beyond are also participating. For a full list of participating restaurants, click here.

What: Silicon Valley Restaurant Week
When: April 24 – May 1, 2013
Where: various areas including downtown San Jose, Santana Row, Campbell, Willow Glen, Santa Clara, Sunnyvale, and beyond.

For more information visit www.siliconvalleyrestaurantweek.com.

If you are currently active in the real estate market by now you’ve noticed that prices are going up. And if you’re not in the market, you’ve probably read or heard about the bidding wars and lack of inventory. An article in last week’s San Jose Mercury punctuates the point by stating that “intense demand has sent prices soaring.” Its not much different here in downtown San Jose as prices are on the rise with a shortage of available real estate for sale. Let’s take a look at the condos, lofts, and townhomes that sold in downtown San Jose last month. You will see that a few of the top floor units at The 88 sold and there was plenty of activity at Plant 51. One additional note to consider is that the number of short sales and bank-owned (REO) properties has significantly dried up.

Reminder: The following statistics represent resales of Central San Jose’s (MLS Area 9 which includes downtown San Jose) condos, townhomes, and lofts. As noted in past statistical postings, these numbers may not include sales from new construction developments. New developments may or may not provide information to the MLS.

For additional information about buying or selling real estate in downtown San Jose, call Tony Sum at (408) 891-8289.

March 2013

*The above statistics are generated using information from the MLSListings, Inc. (formerly RE InfoLink) MLS, but have not been verified and are not guaranteed. MLSListings, Inc. disclaims any responsibility for the accuracy and reliability of these statistics.

Fantastic new 2 bedroom condo at Plant 51 just listed on the MLS for $529,000. This is a 2 bedroom, 2 bathroom condo with 1275 square feet of living space. The floorplan features an open kitchen and spacious living room with a bedroom and bathroom on each side of the living space. The kitchen features beautiful granite counters and stainless steel appliances. You will also love the gorgeous hardwood floors in this condo. This unit is located facing the interior courtyard and has a balcony for your enjoyment. This piece of prime real estate in the desirable Plant 51 complex won’t last long!

Plant 51 is located in downtown San Jose across from Cahill Park and walking distance to shops and restaurants on The Alameda. This is a great location for commuters with its proximity to Diridon Station. And if you haven’t heard, the Whole Foods on The Alameda is set to begin construction in May.

Plant 51
88 Bush Street
Downtown San Jose
2 Bedrooms, 2 Bathrooms
1275 Square Feet
List Price: $529,000

For more info or to schedule a private viewing, call (408) 891-8289.

Find out why the Ultimate Film Festival Survival Guide recently named Cinequest one of the Top Ten Film Festivals. Over the next 13 days (February 26 – March 10) discover over 200 international films, celebrate at VIP Soirees and Maverick Meetups, and meet artists and technologists at the Artist & Innovator Forums.

Centered in downtown San Jose near the SoFa District, the Cinequest Film Festival is a uniquely warm and personal festival. Over 95,000 people will attend Cinequest over its two week run.

This year’s Maverick Spirit Award winners are Harrison Ford, Salman Rushdie, and Chef Dominique Crenn. The man who brought to life Hans Solo and Indiana Jones will be presented his award on Sunday, March 3 at the California Theatre after a Q&A moderated by Jennifer Siebel Newsom. The following Friday, Chef Dominique Crenn, the chef/owner of Atelier Crenn in San Francisco, will delight festival goers with tales of her culinary journey while they taste samples of her artful delicacies. And on Saturday, March 9, Salman Rushdie will be presented with his award after a showing of Midnight’s Children based on Rushdie’s beloved novel.

Tickets and passes are available now at www.cinequest.org, or at the Cinequest Box Office located at Camera 12 on Paseo de San Antonio between First and Second Streets in downtown San Jose. Cinequest is not to be missed!