Amid Google plans, downtown San Jose tower fetches record price


#1

Also in downtown San Jose, Mountain View-based Google is eyeing development of a massive, transit-oriented project that some have dubbed Google Village. It would create 6 million to 8 million square feet of offices near Diridon Station and the SAP Center. Since word emerged about Google’s areas of interest on the western edges of the city’s core district, investment activity and development plans have sprouted in downtown.

In early May, this news organization reported that investment groups or a realty firm linked to Google had been quietly buying numerous properties near the train station and the SAP entertainment complex. Those purchases began in late December 2016 and continued throughout the first half of 2017.

In the East Bay, property values jumped in downtown Oakland after ride-hailing startup Uber Technologies disclosed plans to move into the old Sears building there. The Google effect could be far greater in San Jose.

“Oakland had its Uber effect, but what Uber is planning in Oakland is about one-tenth the size of what Google plans in San Jose,” Ritchie said.


#2

Dang! Poor students, they will compete with RE investors for the space.

I just want Pollo Campero to come to San Jose. Anything else use MasterCard.


#3

What are the areas that stand to benefit from this? Having good schools are important as well as most google employees would care about that unlike young startup folks in SF.


#4

There are always younger folks who prioritize commute distance over schools. Look at north Sunnyvale and Santa Clara. Schools there suck but prices are extremely high.

I think the area around the Whole Foods and train station would benefit. A lot.


#5

Schools around 95110 ( Tamien train station ) are bad. I am really wondering how long it will take for this area to improve. There is a wide variation in $/sq ft sold in this area. Some very old (1910) houses are being sold for 350$/ sq ft while other 1960 ones are around the 500$ mark.
The Whole Foods area is 95126 which is much higher at about 750$/sq ft. Houses already at 900k to 1.2mn here. This area has some very nice houses but again schools here are still bad.


#6

Been looking up on the same topic this morning. 95110,95113 and 95126 are the zips around diridon area. 95126 is only decent one. Sub 1M properties have room to growwuth addition in sft etc and what not.

Which zip( not only 3 above) stands to benefit the most from this 5 yr plan of Google campus?

Also, to @manch’s point about north Sunnyvale, Santa Clara the houses have the potential to be a decent neighborhood when they started to gentrify, meaning 2 car garages 6k avg lots wide streets etc. 95126 has victorian’s small lots etc. Not sure if myques make sense


#7

Ain’t Santa Clara a matured city? How easy is it to buy and rebuilt existing houses?


#8

If you drive on Stockton avenue, you will see a brand new housing complex built recently. I had moved out of there when the empty lot sat there. I told my wife somebody is going to make bundles of money by building. I think it’s on the same block as Whole Foods.

All that area, to the left of Whole Foods if you are coming from Santa Clara St. is in need of gentrification. We were just about to buy a home there back when we were looking for one, but lost it to a I can say the word investor. The reason being is that my wife worked a block away. We were living then also 2 blocks away.


#9

What about Plant 51? I posted some of their listings a while back. Like this one:

They look very sharp. Definitely the type that young professionals working at Google would like… It’s not cheap though.


#10

A few units from that building are on zillow for Rent - 3100 - 3500 for 2bed - 2 bath. After 440 / month HOA, it generates negative 1000 cash flow with 25% down. I don’t think it is a good investment.


#11

Fresh listing, right in time


#12

Plant 51 is a great location with Diridon booming. It’s not the best building but location, location, location. I remember when those were going for under $500k although the one posted is bigger than the standard 2/2.


#13

[quote=“RealEstatebull, post:6, topic:2675, full:true”]
Been looking up on the same topic this morning. 95110,95113 and 95126 are the zips around diridon area. 95126 is only decent one. Sub 1M properties have room to growwuth addition in sft etc and what not.

Which zip( not only 3 above) stands to benefit the most from this 5 yr plan of Google campus?


I know the rosegarden area will benefit. I am not sure if that is 95126 or not. I would love to live there.


#14

Close friend of mine lives there. Very nice community that looks after each other. Comparing this to rivermark/north san jose area, this complex is actually quite under priced imo.


#15

Rosegarden is also in 95126.