Nov 2017 news… i.e. market has factored this news into future pricing.
Any listing in that area says it’s near the proposed Google expansion. There’s been a huge pop. I wish they’d hurry up, because I’m waiting for the rents to pop. That won’t happen until it’s closer to people working there.
Isn’t there a lag between price increase and rent increase? In this case the lag might be longer as it will be a while before employees move in.
People who are more experienced in renting out houses can comment on the “lag” i.e. if it’s an normally observed occurrence.
I definitely expect there to be a lag, since investors have clearly started buying in the area. Rents shouldn’t pop until a google building opens, and people want the short/walking commute.
My concern is it’s California, and we all know how smoothly development projects go. SJ is pretty good about approvals (by CA standards), and they seem fully on board with it. Hopefully, it doesn’t turn into 10+ years or arguing over plans and permits.
See how these condos jumped recently. I even visited one of these during open house and all are closed very fast.
This home had appx 500 visitors each day of open house. Not in move-in condition, needs lot of work.
The listing agent started with 1050k, then increased to 1199k, then finally settled 1.511M, still it needs at least 100k work.
Visited open house, crowd was crazy that we need to wait outside sometime before get in.
I remember when Cahill Park was REALLY cheap and cash only due to HOA litigation. I didn’t like the tandem garage or how narrow they are. They feel quite a bit smaller than their sq ft suggests due to all the stairs. They are super close to Diridon though.
We did not like that tandem garage either, otherwise, would have bid for that Cahill Park as it is just before diridon and we did not feel any noise when inside home.
Probably, the bulk of the price appreciation but usually there would be some price appreciation left to pick up because not all are known yet
If I guesstimate, almost 1000 family(of 2) would have visited the home from listing to end of open house. Not only this home, plenty of other SFHs were attracted by crowd, esp after Jan 2018 onwards. For sure, 20+ offers would have been there.
Do you need more visibility?
If there is any doubt, check this home where the final price is going to be.
Some 94555 comparison:
This house has 7000+(on Redfin - Search “Activity for” on the page) views!! I have a strong feeling that this house will exceed $1000/sq ft.
I have no clue how many families actually visited these properties.
Point is “good” properties are hot in the Bay area market.
How much above the Redfin estimated price you think it will go for?
My guess is around $1.55M-1.610M range.
This is sold for 1.56M, looks like cash offer closed in 12 days !
Will google actually build an office there? In how many years?
It seems a speculation to me. Housing recession may come before Google pull the building permit, I think it’s a risky area to buy at inflated price.
It does seem people are investing believing Google will build there soon.
What does “Believing” mean? What does “soon” really mean in terms of years?
And what percentage of gain after google announcement? Is it above general market movement?