San Jose was recently ranked as the best city for home sellers by Forbes.com. In the “Best Cities for Home Sellers” article by Matt Woolsey, San Jose is ranked as the top city for home sellers out of the country’s 40 largest metro areas. San Jose earned the top spot based on its tough regulatory measures on new construction and job growth. New home construction in San Jose fell 63% in 2007 compared to 2006. The decline is attributed to the city’s strict regulations which limit overbuilding commonly found in many declining markets today. Home vacancy rates were also at a national low at 0.8%. On the job front, San Jose experienced a 1.2% increase in employment rates. Combine these factors with the new conforming loan limits and San Jose comes out as the #1 city to be a home seller.

San Jose edge out its neighbor to the north, San Francisco, for the top spot. San Francisco ranked second on the list of best cities for home sellers. Other notable city rankings include Salt Lake City #3, Denver #7, Seattle #10, and New York City #21.

To assess conditions for home sellers, the rankings were based on the following factors: unsold vacancy rates, construction projects started, and employment creation. The article also factored in the impact which new conforming loan limits would help each market’s lending.

Read the full Forbes.com article.

The San Jose Downtown Residents Association (SJDRA) will once again be hosting its 1st Saturday Social this Saturday morning, May 3rd from 10:00 am to 11:30 am, at Bijan Bakery in downtown San Jose. The SJDRA 1st Saturday Social is a no-host event designed to foster community development and promote community awareness amongst downtown residents. The 1st Saturday Social is a great way to meet your downtown neighbors and to discuss issues that affect downtown living while sipping a cup of coffee and enjoying the fantastic pastries at Bijan Bakery.

The mission of SJDRA is to provide a voice for a diverse socio-economic group of residents of the downtown San Jose core, promote a partnership with the city government and neighborhood businesses by participating in policy and planning processes, educate residents about neighborhood issues, and maintain and promote the downtown core as a livable, family-oriented community with a high quality of life.

San Jose Downtown Residents Association (SJDRA)
1st Saturday Social
Saturday, May 3, 2008
10:00 am - 11:30 am
Bijan Bakery (next to McCormick & Schmick’s)
170 S. Market Street, Suite 110
Downtown San Jose

For additional information or to RSVP for the SJDRA 1st Saturday Social, contact paulmhiggins@yahoo.com.

The real estate market, generally speaking, may still be slow but things are looking up a bit here in downtown San Jose. At least for the month of March things seemed to have picked up from the previous month. The number of closed transactions doubled in March ‘08 from February ‘08. Despite March ‘08 being down compared to the same time period in 2007, its still encouraging to see that sales have increased this year. Getting financing is now the tricky part for any potential buyer, but many buyers are sensing that this is a good time to purchase. The following statistics represent Central San Jose’s (MLS Area 9 which includes downtown San Jose) condos, townhomes, and lofts.

As I’ve mentioned in previous blog entries, the statistics may be a little misleading since they do not include sales transactions from new construction developments, which include City Heights and North Keystone. Furthermore, units at Axis and Three Sixty Residences have also been selling but have not began closing transactions yet. This also skews the statistics since most of this new construction wasn’t available at this time last year.

*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.

The San Jose Downtown Residents Association (SJDRA) will be holding its Spring Quarterly Meeting on Wednesday, April 16, 2008 at 7:00 pm in the Paseo Plaza lounge. The featured guest speaker for the SJDRA Quarterly meeting will be Dan Gagliardi, President of Soccer Silicon Valley. Additional items of the agenda include an update on the PBID, 1st ACT Silicon Valley, and First 500 Days plan for Downtown.

Residents of downtown San Jose, and non-residents, are encouraged to join SJDRA and attend the Quarterly meeting. Membership is only $10. For additional information, contact www.sjpeople.org or call (408) 794-0153. The San Jose Downtown Residents Association is a great way to meet your downtown neighbors and to learn more about what’s happening in downtown San Jose.

San Jose Downtown Residents Association (SJDRA)
Spring Quarterly Meeting
April 16, 2008 at 7:00 pm
Paseo Plaza Lounge
144 S. 3rd Street
San Jose, CA 95112

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.

If you are in downtown San Jose today or tomorrow, you may hear a buzz in the air, see a sea of teal, or feel a sense of excitement. That would be playoff hockey here in downtown San Jose at the Shark Tank (HP Pavilion) starting tonight. The NHL San Jose Sharks will be taking on the Calgary Flames in Round 1 of the Western Conference playoffs as they make a run at the Stanley Cup. The Sharks went on an 18-0-2 run over their last 20 games to win the Pacific Division title enroute to the playoffs. This is Sharks playoff territory! Good luck and bring the Stanley Cup to San Jose!

Sharks Playoff Schedule - Round 1 vs. Calgary Flames

Game 1 4/09/08 at San Jose
Game 2 4/10/08 at San Jose
Game 3 4/13/08 at Calgary
Game 4 4/15/08 at Calgary
Game 5 4/17/08 at San Jose (if necessary)
Game 6 4/20/08 at Calgary (if necessary)
Game 7 4/22/08 at San Jose (if necessary)

If you live, work, or pass by any part of the VTA light rail system that makes a curve in the road, you may have heard the train squealing by. Authorities at the Santa Clara Valley Transport Authority (VTA) are hoping that an approximately $1.8 million rehab project in three curved sections through downtown San Jose will reduce that “wheel squeal” you hear. The Downtown Transit Mall Rail Rehabilitation Project, which begins April 1, 2008, will replace the curved rail at three corners located at First and Devine streets, Second and Devine streets, and Second and San Carlos streets. In addition to replacing the rail, VTA will also be removing adjacent pavers and cleaning or replacing the pavers.

The Downtown Transit Rehab Project Schedule

Second and Devine Streets
March 31 - April 11, 7:00 am to 5:00 pm - Granite paver removal
April 21-23, 7:00 pm to 4:00 am - Sawcutting
May 9-11, continuous 9:00 pm Friday until completed - Demolition, rail work, concrete pour
October - Ganite paver replacement

Second and San Carlos Streets
April 14-18, 7:00 am to 5:00 pm - Granite paver removal
April 23-25, 7:00 pm to 4:00 am - Sawcutting
April 25-27, continuous 9:00 pm Friday until completed - Demolition, rail work, concrete pour
May 9-11 - Granite paver replacement

First and Devine Streets
Work tentatively scheduled for October 2008

Read the VTA Construction Update or VTA Rail Rehab Fact Sheet.

For additional information or questions regarding the Downtown Transit Mall Rail Rehab Project, contact VTA Community Outreach at (408) 321-7575 or visit the VTA Construction Update page.