Downtown San Jose Real Estate

Statistics for April and May 2008

Tony — Wed, 11 Jun 2008 18:37:46 +0000

In the past few weeks, there have been a few news reports and articles claiming that home sales have rebounded after months of record lows. The San Jose Mercury ran an article (May 21, 2008) stating that home sales were up 30% in April 2008 compared to the previous month in Silicon Valley. How did downtown San Jose fare relative to the rest of the Valley? Let’s take a look. As always, the following statistics represent resales of Central San Jose’s (MLS Area 9 which includes downtown San Jose) condos, townhomes, and lofts.

	Inventory	Closed Sales	Median Sales Price	Total Sales Volume
March '08	178	20	$490,000	$9,286,100
April '08	175	16	$479,000	$7,428,400
May '08	162	19	$455,000	$8,821,800

April '07	141	28	$529,250	$14,529,249
April '08	175	16	$479,000	$7,428,400

May '07	141	28	$535,420	$14,991,777
May '08	162	19	$455,000	$8,821,800

In the Central San Jose area, the number of closed sales actually dropped in April (16) from March (20) but then bounced back up in May (19). Historically, however, sales are still down compared to 2007 in the same months.

Even though it looks like sales are still down in the area, this may be a bit misleading. The statistics above only include resales of property in the area and do not include sales from new construction developments, which are generally not included in MLS stats. With the number of inventory available from new construction, its probably safe to say that there are a few sales from that category of real estate. The sales statistics also may be a bit skewed by new construction sales since many of these units will not close escrow until a later date. For example, a buyer may put down a reservation hold and enter into contract on a condo in Axis, but the close of escrow and move-in will not be until July. Therefore, the transaction will occur in July even though the “sale” occured months before. In addition, with the opening of The 88, many buyers that were waiting for this complex may now be taking action after seeing the models.

*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.

01SJ: A Global Festival of Art on the Edge in Downtown San Jose

Tony — Wed, 04 Jun 2008 19:12:11 +0000

This weekend downtown San Jose will be transformed into an international hub of ground-breaking digital arts, interactive performances, and new cinema. The 2nd Biennial 01SJ A Global Festival of Art on the Edge hits downtown beginning today and features over 100 artworks, performances, screenings, talks, and workshops. Billed as North America’s newest and largest festival of digital arts, 01SJ is where art, technology, and pop culture collide. Festival organizers promise that 01SJ will be a perspective-altering experience that will entertain, enlighten, educate, and involve attendees.

The five-day arts festival schedule of events will include art exhibitions, films, concerts, performances, happenings, and nightlife. There are a number of free events as part of 01SJ. One of the featured events of 01SJ will be SubZero on Friday night, a block party in the SoFA district including 50 artists and bands. SubZero is also being presented by South First Fridays.

01SJ is presented by ZER01, an independent nonprofit organization dedicated to the arts and digital culture. The original 01SJ festival took place in 2006.

01SJ presented by ZER01
2008 01SJ A Global Festival of Art on the Edge
June 4-8, 2008
Various Venues Downtown San Jose

Rumors of Safeway at The 88

Tony — Wed, 04 Jun 2008 17:34:48 +0000

Rumor has it that Safeway will be the anchor tenant on the ground-floor retail area at The 88, downtown San Jose’s most recent luxury, high-rise development. According to an article in the Silicon Valley/San Jose Business Journal, the developers of The 88 are in talks with the grocery market chain to locate a store at the street-level of the 22-story tower, which is located on San Fernando Street between 2nd and 3rd Streets. The store would be on the south side of the The 88. An annoucement for the deal could be only weeks away, according to sources familiar with the discussions.

Safeway has been successful in placing smaller grocery markets in urban locations similar to The 88 and downtown San Jose. A Safeway at The 88 would likely be less than half the size of a store in a suburban location.

Bringing in a national retailer like Safeway would be a tremendous lift for downtown San Jose. Hopefully this will attract more residents to the area. More importantly, maybe this will attract other big retailers to downtown San Jose. If Safeway does move in at The 88, how will that affect Zanotto’s Downtown Market? Do you currently shop at Zanotto’s? If so, would you continue to shop at Zanotto’s if you had a choice to go to Safeway? What do you think of having a Safeway in downtown San Jose?

Read a synopsis of the article by Katherine Conrad in the Silicon Valley/San Jose Business Journal.

Music In the Other Park Set to Kick Off

Tony — Tue, 03 Jun 2008 18:19:18 +0000

Back for its 11th season, Music in the Other Park is set to kick off this Thursday evening in St. James Park in downtown San Jose. Each Thursday evening in June, the free concert series will feature a different genre of music ranging from reggae to swing to retro R&B. The concerts start at 5:30 pm and are free to the public. There are plenty of food and beverage vendors at the event if you get hungry or thirsty. So grab your favorite lawn chair and come enjoy the great music, weather, and fun. The concert series is produced by the San Jose Downtown Association.

Music In the Other Park 2008

June 5
Groundation (reggae) with Firme (reggae with Latin twist)

June 12
Dan Hicks and the Hot Licks (swing/jazz/folk) with Samantha Stollenwerck (Cali soul)

June 19
Augustana (rock/pop) with Special Guest Ben Lee

June 26
Midnight Star (retro R&B) with Ryze The Band (retro R&B, formerly Nu Day)

Music in the Other Park
5:30 pm to 9:15 pm
St. James Park
First Street and St. James Street
Cost: FREE

*Note* No smoking in the park this year!

The 88 VIP Opening

Tony — Tue, 03 Jun 2008 01:02:37 +0000

Downtown San Jose’s newest luxury, high-rise condo, The 88, held its VIP Opening last Thursday evening showcasing its 12th floor models and 5th floor, resort-style common areas. The 22-story tower, developed by Wilson Meany Sullivan, LLC (San Francisco), is located in the core of downtown San Jose at San Fernando Street between Second and Third Streets. The event attracted an estimated over 400 attendees including numerous real estate agents, lenders, various city officials, and a number of guests interested in purchasing at The 88. The 12th floor models showcased the well-appointed condo homes at The 88 and the fantastic views available. The common areas located on the 5th floor of The 88 feature a social room complete with gourmet kitchen, pool, spa, and barbeque area. Also located on the 5th floor is the complex fitness facility.

The 88 is the latest in a series of high-rise condominium developments to open in downtown San Jose. City Heights was the first high-rise in downtown San Jose followed by Axis.

St. James Park Advisory Council Meeting

Tony — Tue, 20 May 2008 18:57:15 +0000

The St. James Park Advisory Council is meeting this Thursday night, May 22, to discuss the future of St. James Park in downtown San Jose. If you are interested in learning more about the current status, master redevelopment plan, and future redesign proposals for St. James Park, this is your chance to get involved. Items on the agenda for the St. James Park Advisory Council meeting include park design goals, solar power lighting, design development layout, and park security and safety.

St. James Park Advisory Council Meeting
Thursday, May 22, 2008
6:00pm - 7:30pm
Trinity Church, Choir Room
81 N. 2nd Street
Downtown San Jose

Farmers’ Market Returns to San Pedro Square

Tony — Tue, 06 May 2008 18:50:58 +0000

Are you craving fresh fruit or vegetables? Or maybe you just want to enjoy a leisurely stroll through San Pedro Square enjoying the sun. The San Jose Downtown Farmers’ Market at San Pedro Square is back in full swing each and every Friday from 10 a.m. to 2 p.m. Walk through San Pedro Square and enjoy the fresh variety of produce and flowers — all locally grown in California. Local arts and crafts, food demonstrations, and entertainment can also be found at the Farmers’ Market. The Farmer’s Market in downtown San Jose kicked off last Friday and will run every Friday weekly through December 19, 2008.

To learn more about the benefits of buying locally grown produce and eating organic produce, visit the Pacific Coast Farmers’ Market Association.

San Jose Downtown Farmers’ Market
San Pedro Square
San Pedro Street between Santa Clara and St. John Street
Every Friday between May 2, 2008 - December 19, 2008
10:00 a.m. to 2:00 p.m.

For more information about the San Jose Downtown Farmers’ Market, call (408) 279-1775.

San Jose Ranked #1 as Best City for Home Sellers

Tony — Wed, 30 Apr 2008 18:39:34 +0000

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.

SJDRA 1st Saturday Social at Bijan Bakery

Tony — Wed, 30 Apr 2008 17:48:24 +0000

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.

Stats for March 2008

Tony — Tue, 29 Apr 2008 00:13:47 +0000

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.

	Inventory	Closed Sales	Median Sales Price	Total Sales Volume
February '08	169	10	$519,500	$5,036,800
March '08	178	20	$490,000	$9,286,100

March '07	136	33	$499,950	$17,121,788
March '08	178	20	$490,000	$9,286,100

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.