The big news in downtown San Jose real estate is that Centex Corporation has sold its Plant 51 development for $161 million to a joint venture led by Dallas-based RSF Partners Inc. Plant 51 is the 265-unit loft and condo project which involved converting the former Del Monte cannery into homes. According to a Centex representative, Plant 51 is currently only 70 percent completed. Purchasers who had placed a deposit for a unit at Plant 51 recently began receiving phone calls from Plant 51 sales representatives informing them of the sale of the complex. It is unknown at this time whether the joint venture group will continue to sell the units or convert the project into rental apartments.

The sale by Centex was part of a portfolio sale which included 8,500 lots in 11 states. The total value of the portfolio sale was $455 million. Other members of the joint venture which purchased Plant 51 include San Francisco-based Farallon Capital Management and Greenfield Partners of Connecticutt.

The Santa Clara County Association of Realtors (SCCAOR) will be holding its Homeownership Fair 2008 at the Santa Clara Convention Center on Saturday, April 5, 2008 from 10:00 am to 4:00 pm. The Homeownership Fair is a one-stop shop for anyone interested in real estate and consists of 80 information tables, 24 educational seminars, and dozens of professional speakers. Whether you are a buyer, seller, investor, or someone just looking to learn more about real estate, the Homeownership Fair is a fantastic venue to get lots of valuable information.

You can even take the Light Rail to the Homeownership Fair. Just exit at the Great America Light Rail station.

SCCAOR Homeownership Fair 2008
Saturday, April 5, 2008
10:00 am - 4:00 pm
Santa Clara County Convention Center
5001 Great America Parkway
Santa Clara, CA

Downtown San Jose’s Three Sixty Residences was featured recently on KTVU Fox Channel 2’s “The Malou Review.” Advertised as downtown San Jose’s most prestigious address, the video clip prominently displays many of Three Sixty’s condo and complex amenities, including a Smart Home feature. What’s a Smart Home? According to the video clip, the Smart Home feature allows you to control certain features of your home from a computer anywhere in the world. Turn on the lights from your office. Roll down the window coverings while you are on vacation. You can have a Smart Home at Three Sixty.

The Malou Review is hosted by two-time Emmy Award winner Malou Nubla. The weekly “info-tainment” program combines useful information with exciting entertainment.

Click here to watch the episode of the The Malou Review and learn more about Three Sixty Residences. The clip about Three Sixty is halfway through the video.

Another month, another round of statistics to digest. From January to February, the numbers remained relatively constant. The February 2008 median price actually jumped $50,000 from January 2008 and even surpassed the median price from February 2007. However, the number of closed transactions in February 2008 was almost half of what it was the previous year and the inventory available is significantly up from the same period in 2007. And that’s not even counting the new construction in downtown San Jose (i.e., City Heights, North Keystone, Axis, and soon to be The 88). So if you’re a buyer, you’ve got plenty of inventory to choose from. The following statistics represent Central San Jose’s (MLS Area 9 which includes downtown San Jose) condos, townhomes, and lofts.

*These 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 resposibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.

Downtown San Jose’s newest high-rise condo building, Axis, is holding pet-friendly, downtown walking tours on Saturday, March 15, from 9:00 am to 12:00 noon. The “Pet Axis” event is designed to give potential high-rise residents and pet-owners alike the opportunity view models, tour downtown San Jose, and experience living in downtown with their pets. Tours for “Pet Axis” are scheduled to begin every half hour beginning at 9:00 am.

“Pet Axis” will also include “Downtown Doggie” and “City Kitty” contests with prizes courtesy of Andy’s Pet Shop. In addition, South Bay Purebred Rescue will be providing pet adoption information and copies of Humane Society Silicon Valley’s “City Pet: Guide for Downtown High-Rise Living for Pets and Their Owners” will be on hand.

“Pet Axis”
Saturday, March 15, 2008
9:00 am - 12:00 pm
Axis
38 N. Almaden Blvd.
Downtown San Jose

Do you live in downtown San Jose and own a pet? What has been your experience living in downtown with a pet? Where do you take your dog for a walk? What parks or dog parks do you and your four-legged friend visit? Feel free to share your downtown-living-with-pet experience.

Many of you have been waiting and asking about the new legislation, the Economic Stimulus Act, that temporarily modifies conforming loan limits. Wait no longer, the new conforming loan limits have been released by the US Housing and Urban Development (HUD). The new conforming loan limit amount for Santa Clara County is $729,750, which is the maximum amount under the new legislation. The new conforming loan limits vary by county.

For more information about this “FHA Forward Loan” or to view the new conforming loan limits for other counties, visit the HUD site.

While the real estate market may be a bit slow, construction at The 88 in downtown San Jose is full-steam ahead. With a sales office scheduled to be open in April 2008, the developers have requested from the San Jose Redevelopment Agency to allow construction on the next three Sundays. The additional construction work on Sundays is anticipated to complete the northeast corner of The 88 building in order to have a sales center ready by April.

The 88 is a 22-story, 197-unit high-rise condominium tower with approximately 32,000 square feet of ground level retail. The luxury condo developement in downtown San Jose will feature a pool, spa, state-of-the-art fitness facility, courtyard, and media center. A sales center for The 88 is scheduled to open in April 2008.

The following work is scheduled to occur at The 88:

Sunday, March 2, 2008
Install storefront frames and glass at The 88 retail level
Sheetrock first floor retail space
Install curtain wall at man-lift opening
Install steel for first floor canopy

Sunday, March 9, 2008
Paint and tile inside first floor retail space
Install storefront frames and glass at The 88 retail level

Sunday, March 16, 2008
Finishing touchup work and owner fixture installation
Install storefront frames and glass at The 88 retail level

You’ve probably heard all the bleak stories about the real estate market from January 2008. And there are plenty of stories to go around. The historical lows for the number of closed transactions was a particular hot topic in the news stories. So let’s take a look at how the condo real estate market did in the downtown San Jose area. The following statistics represent Central San Jose’s (MLS Area 9 which includes downtown San Jose) condos, townhomes, and lofts.

These aren’t exactly pretty numbers. The number of closed transactions in the area was half of what it was the previous year. The other noteable stat was the decline in the median sales price from 2007. Almost a $100,000 difference in just one year. Economists and housing officials are predicting (praying) that the economic stimulus package will help the downturn in the real estate market. It will be interesting to see what effects the new conforming loan amounts will have on the market. Do you think it make a difference?

*These 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 resposibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.

A community meeting will be held next Wednesday, March 5, regarding the proposed North San Pedro project. The meeting will present information about the proposed North San Pedro project and seeks neighborhood feedback and input. San Jose Redevelopment Agency staff will facilitate the meeting with representatives from the developer, Barry Swenson Builder, presenting information about the proposed development.

The North San Pedro project is an approximately five acre site located between Coleman Avenue, West Julian Street, Terraine Street, and Bassett Street. Barry Swenson Builder has currently filed for a Comprehensive Preliminary Review (File No. PRE07-312) with the City. The proposed development by Barry Swenson Builder and Olson Company will include three residential high-rise condo towers, approximately 90 town homes, and a one-acre public park. A public meeting discussing the public park features was held in November 2007. A previous community meeting regarding development of the North San Pedro site was held in September 2007.

North San Pedro Community Meeting
Wednesday, March 5, 2008
6:30pm - 8:00pm
St. James Senior Center, Room #5
199 N. 3rd Street
San Jose, CA 95112

Proposed North San Pedro Development Site

View Larger Map

Downtown San Jose was prominently featured on KRON4’s “Best of the Bay” television show this past Sunday, February 24. The show chronicles the “best of” interest categories such as entertainment, shopping, healthcare, dining, and spas in the San Francisco Bay Area. This week’s show included a piece on the revitalization of downtown San Jose. “Best of the Bay” host Paul Ghiringelli described downtown San Jose as the “creative urban center for the entire region.” “Best of the Bay” interviewed downtown San Jose residents Randy George and Chuck Collins to talk about why they chose to live in downtown San Jose and why they love living in downtown San Jose. Randy and Chuck, who reside in the Park Townsend complex in downtown San Jose, talked about the resurgence of downtown San Jose and the various restaurants that make downtown living appealing.

Other downtown San Jose features mentioned in the “Best of the Bay” episode include the new Groundwerx team, SoFA’s First Friday, Hotel Montgomery, O’Flaherty’s Irish Pub in San Pedro Square, Peggy Sue’s, and Tangerine Hair Studio.

Click below to watch the “Best of the Bay” episode.