We have been trying to bid for houses in Fremont (townhouses only, SFH is out of our budget) and UnionCity (SFH around lowry road, west side of 880) but we are getting overbid by 100K+. I dont think we would be able to compete with the folks directly as first time buyers and only have 15-18% Downpayment. Jobs in Southbay around santa clara/north San Jose area. so commute will be 40+ mins each way.
We looking into couple of new communities and one of them Bayshores in Newark. The path to houses from the 880 exit is pretty much run-down commercial complexes and some industrial sites.
#1. Schools are pretty low rated (although we dont have kids yet and dont need a school for atleast another 5 years). Will it cause problems selling it in future? are there plans for new schools in this area? could not find it in Newarks Master plan (not sure if they even have a master plan).
#2. will this appreciate over next few years (assuming we dont see a crash)
#3. Do you it is a wise decision to get this paying $1m+ for a townhouse?
I think that area smells (at least every time I passed by the Dumbarton toll plaza in the past it did). If it’s gonna smell no matter what then Milpitas is a better buy IMO. You should be able to get a fairly new townhome there for $1M.
Hold on, why aren’t you considering Fremont neighborhoods like my South Sundale where SFHs are pretty reasonable still (might be able to find a fixer in the high 700ks and up for bigger and better conditioned homes)? I would rather bet that the schools in my area will rise faster than most in other areas because the folks that are moving are professionals and tech. My tenant is into cloud computing. 3 kids and stay home mom is pretty active with school. My opinion of course…
The smell is not that bad in Milpitas. It certainly hasn’t stopped home prices from zooming up. Shoot, when I was driving down from the city every weekend to help my Big Bro with his landscaping of his brand new Milpitas home in a sweet circular cul du sac the smell was present then when we would go to the junkyard there. And now, Milipitas homes are expeeeeensive. That 4 bedroom my Big Bro bought brand new was 190K if I remember correctly. Now, 1M and rents out easily for about 3-4k…
All those three does not matter, at this market ! This area completely changed.
Google New complex can be reached by 5 mins, Diridon station 5 mins, people can easily go to SFO by train, Tamien station near by. If I get this at 850k, I would buy without second thought. I visited open house, at least 3-5 families inside the home always, continuous stream of people.