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.

For all you movie buffs out there, the Cinequest Film Festival kicked off Wednesday night starting almost two weeks of movies, events, seminars, and more movies. Cinequest will feature over 180 movies and independent films from around the world during the 12-day festival. The film festival also includes numerous technology and filmmaking forums along with opening night and closing night galas.

Now in its eighteenth year, according to festival organizers Cinequest continues to focus on the core of the festival’s mission - discovery. The festival provides “independent and foreign filmmakers, technology innovators, students, and film lovers with the opportunity to discover, empower, and distribute.” The 12-day event is expected to draw a crowd of over 80,000 attendees.

For a review of the Cinequest Film Festival, read this review.

Cinequest Film Festival
February 27 - March 9, 2008
(408) 295-FEST (3378)

Festival Venues
California Theatre (345 South First Street, San Jose)
Camera 12 Cinemas (201 South Second Street, San Jose)
San Jose Repertory Theater (101 Paseo de San Antonio, San Jose)

For additional information, movie times, and ticket purchase, go to the Cinequest Film Festival website.

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.

Did a developer stiff the City of San Jose over $1 million on a condo project in downtown San Jose? As reported in today’s San Jose Mercury, the City Auditor is alleging that the developer of the Park Townsend complex, located at West Julian and North First Street, inflated construction and administrative costs thereby reducing the amount owed to the city. The developer, Goldrich & Kest, built the Park Townsend complex with the assistance of a subsidy, $4.6 million, from the Redevelopment Agency. In return, the City of San Jose was to receive 25% of the profits after all of the Park Townsend condos were sold in 2005. According to the City Auditor, the result of the inflated costs reduced the profits owed to the city by more than $1 million. If Goldrich & Kest does not pay the amount alleged to be owed, the Redevelopment Agency could sue to recover the amount due.

My question . . . why did it take the City over three years to realize it was being shortchanged over $1 million???

A few months ago I wrote a posting about the return of the San Jose Earthquakes to Major League Soccer (MLS) and to San Jose. In case you missed it, the Earthquakes season started last week.

Back in the old days, the San Jose Earthquakes played in Spartan Stadium and were one of the best teams to watch in the NASL. Players like Paul Child, George Best, Johnny Moore, and Laurie Calloway made for very exciting soccer in San Jose. Today, the Earthquakes are playing homes at Buck Shaw Stadium at Santa Clara University. With a lot of luck (and money), owners Lew Wolff and John Fisher are negotiating for a soccer specific stadium near downtown San Jose as a permanent home for the Earthquakes by 2011.

Professional sports bring more that just soccer, hockey, or lacrosse to San Jose, they bring a sense of community and family. If you haven’t had a chance to see a professional soccer game with your family or friends, take the time to enjoy a wonderful afternoon in the sun and support the San Jose Earthquakes.

I don’t normally write about our company, Silicon Valley Lofts & Condos, but this is a significant announcement that I wanted to share with all the readers of this blog. Last week, Silicon Valley Lofts & Condos reached an agreement with Phil Ma, Realtor, to join the SVLC team. If any of you have bought or sold a condo in downtown San Jose in the last few years, you know that Phil Ma has been one of the top downtown real estate agents. Phil has represented numerous buyers and sellers in downtown San Jose, most significantly in the Paseo Plaza and Paseo Villas complexes. Phil has also been significantly involved in downtown residential living having been one of the original members and officers of the San Jose Downtown Residents Association.

Phil brings a wealth of real estate experience and downtown knowledge. This expertise and experience adds to our efforts to be the downtown San Jose real estate specialists. Silicon Valley Lofts & Condos is excited to have as Phil a member of the SVLC team. Welcome aboard, Phil!

To contact Phil:

Phil Ma, Realtor
(408) 667-5500 mobile
phil@siliconvalleylofts.com
phil@philma.com
www.philma.com

Occasionally, you’ll see a bike rider on the streets of downtown San Jose. On Wednesday, February 20, you’ll see a myriad of bicyclists racing through the streets of San Jose and finishing at San Jose City Hall. Stage 3 of the Amgen Tour of California will begin in Modesto, circle around the Sierra/Felter/Calaveras Loop, and then find its way to the stage finish line at City Hall on Santa Clara Street. If you’ve driven through downtown in the last few days, you probably noticed all of the signage for street closures on Wednesday. The cyclists are expected to cross the finish line at City Hall as early as 2:00 pm with the last cyclists finishing at approximately 3:15 pm. If you are planning to be in the downtown San Jose core area in the morning or early afternoon on Wednesday, be sure to check out the road closures first.

The Amgen Tour of California is an 8-day, 650 mile, professional bicycle race featuring the world’s top professional bicycling teams. The race, which begins in Palo Alto with a prologue, features stages in the California redwoods, wine country, and along the Pacific Coast. The Amgen Tour of California completes its last stage in Pasadena. The race supports Breakaway From Cancer which raises awareness and funds to support services and programs for people living with cancer.

Amgen Tour of California
Stage 3
Wednesday, February 20, 2008

For additional info on stage route, maps, and road closures, go to the Stage 3 Amgen Tour of California site.

Interested in getting the inside scoop on what’s happening in downtown San Jose? Here’s your chance to hear firsthand from two people that really know downtown San Jose. San Jose City Council member Sam Liccardo (District 3) and Mark Ritchie, CEO of Ritchie Commercial, will be on the radio tomorrow night, February 12, at 7:00 pm, on The CEO Show on KLIV 1590 AM. Liccardo and Ritchie will participate in an in-depth discussion on the current state and future of downtown San Jose. Topics for Liccardo and Ritchie will include high-rise developments in downtown, BART to San Jose, and San Jose State’s role with the City. Interested listeners can participate in the call-in show (408-575-1600) with questions.

The CEO Show is a weekly talk show hosted by Carl Guardino of the Silicon Valley Leadership Group. The talk show features prominent business and community leaders discussing key issues affecting Silicon Valley. According to The CEO Show, “It is a show about Silicon Valley for Silicon Valley.”

The CEO Show with Sam Liccardo and Mark Ritchie (Ritchie Commercial)
Tuesday, February 12, 2008
7:00 pm and 10:00 pm (encore broadcast)
KLIV 1590 AM

Listen to the broadcast here.

The headline on the front page of today’s San Jose Mercury declares Hillary Clinton the winner in California on Super Tuesday. The headline on the local section of today’s San Jose Mercury declares the city of San Jose and San Jose police department as winner’s of the downtown Fat Tuesday Mardis Gras celebration. And that’s because it was a relatively quiet Fat Tuesday in downtown San Jose, at least compared to past Mardis Gras celebrations. There was an impressive police presence throughout downtown San Jose last night with police cars found on virtually every corner and groups of officers streaming about on foot, bike, and horseback. There were the occasional handful of partygoers walking the streets or congregating at intersections but for the most part, it was a low key night in downtown San Jose.

This leads me to the main issue of this posting: How do we get downtown San Jose to be the vibrant, thriving, downtown destination that everyone wants it to be? We want downtown San Jose to be a main hub for entertainment, dining, nightlife, and culture in Silicon Valley. We want downtown San Jose to be active and exciting for residents and visitors alike.

In past years, Mardi Gras celebrations got out of hand. Fat Tuesday in downtown San Jose included public drunkeness, violence, and property damage that ensued from unruly revelers. Many will argue that these are people who come to downtown from outside areas but that’s beside the point. This year was subdued and mellow as a result of the police presence and word that unruly behavior wouldn’t be tolerated. So how do we move on from these points and move forward towards a downtown that can include a festive, fun celebration? This is not just about Mardis Gras but for any occasion, event, or holiday. Whether its Super Tuesday or Fat Tuesday, downtown San Jose needs to be a safe, inviting, friendly place for people to enjoy. The question is, how do we get there?