Will Google’s expansion to San Jose help home values in the area?
As a member of the Silicon Valley Association of Realtors (SILVAR), I read the Press Releases they put out on a variety of subjects related to housing; a recent release ties in to what I wrote about last week, namely traffic and housing! The President and CEO of SILVAR commented on data showing traffic has increased 84% in the last 10 years and jobs have grown 29% from 2010-2016, yet new housing has only increased 4%. This lack of housing, let alone affordable housing, may very well put the Bay area at a disadvantage as companies look for new hires; there’s only so far folk can commute.
Case in point, drive around Mountain View in the evening and you’ll see a huge increase in parked RVs aka Silicon Valley’s idea of affordable housing for those who live hours away; RVs are their home Monday through Friday, they then return to their families and houses over the weekend, typically several hours drive away.
Bearing in mind that the median home goes for $1.14 Million in Santa Clara County and $1.4 Million in San Mateo County–moving forward, how’s the Bay Area going to entice people to come work here?
Thankfully, all isn’t doom and gloom and some companies are building housing as they expand, case in point is Google’s expansion to San Jose; already prices near their upcoming construction have increased, thereby making San Jose owners very happy. The project will cover approximately 240 acres of empty parking lots and warehouses, plans include construction of 2,600 new homes which will greatly help future employees.
For the full article go to: https://www.silvar.org/press-release-1780.htm
For housing information in Santa Clara and San Mateo counties, take a look at the charts I’ve assembled here. You’ll notice that cash purchases have fallen off a bit and more buyers are taking on financing and getting loans.
For houses, Palo Alto, Los Altos, and Saratoga lead the way in highest average sale prices to date this year.
For townhomes and condos, Palo Alto followed closely by Los Altos then Menlo Park, lead the way.
Just the Facts Ma’am!
Covering Silicon Valley. All information from the Multiple Listing Service.
Want information for other areas? Comments? Questions? Send me a message, I’d love to hear from you!
