Great job, Fremont owners!!! We saw this coming…
I remember looking at 200k condos and 500-600k homes in Warm Springs. This was in 2011. Now it has all at least doubled.
Yes, those days are long gone. It truly was inevitable, with the proximity to SV, that Fremont would boom. Tesla coming and taking over the Nummi plant contributed too.
Mo housing, mo housing, mo housing…
They better build schools.Fremont has a serious problem with schools. 18 elementary schools are in a lottery, imagine all these overflown schools going to jr high/high I am not sure what they are going to do.
No stopping Tesla or Fremont!!! Forget places like San Leandro or Hayward, folks. Fremont market still got legs I say…
We in San Jo are going to serve these people with buses and train cars, no problem…They can come to live here…cheaper than over there.
As long as Mr Musk can continue to spin his story and get VC money to plow back into his fabulous plant in Fremont (and other places) we Fremont owners are happy. To this day, I can’t believe the idiots who said pass on the fully remodeled 3/1 SFH that I quickly bought there about 2.5 years ago for well under 500k with borrowed money (did not have to be all cash). Cash flow positive from Day 1…
Tesla factory expansions are nice, but I personally think the main reason Fremont is rising is due to school ratings and affordability for single income family. More and more school ratings are increased due to influx of new families, it is becoming a snowball effect now. Most families are still working in Peninsula or South Bay. If you were to work in Peninsula and looking for good school with single income, I think Fremont is the only choice. Same apply to people who work in South bay, but they might have more options with some neighborhoods in San Jose. I follow the rise of school rating in Bay Area, and I think that’s where the money is.
You can still find decent houses in Ardenwood with good neighborhood and schools:
Works in a lot of people budget of < 1.2m for single income earner.
This one will be > 2m or even 2.5m in South Bay, but schools are almost comparable
Tesla factory pays how much per hour? Those workers aren’t buying homes in Fremont. Fremont is benefiting from strong schools and reasonable commute to many places.
Taken from that article, one has to still give Tesla a lot of love and credit for what Fremont is today…
Yet the approval marks more than a major new project for Fremont. It also represents a dramatic turnaround for the city.
Fremont was in tough shape after the shutdown of the NUMMI auto factory in 2010 and the closure of the Solyndra solar startup in 2011. Those back-to-back economic setbacks erased 5,800 jobs.
When NUMMI closed in 2010, it had 4,700 workers. Even worse, the stunning collapse and bankruptcy of Solyndra wiped out 1,100 more jobs. No viable replacements were in view for either plant. At its peak level of employment in 1979, when it was operated by General Motors, the Fremont auto factory complex employed 6,800.
Everyone who live in elementary school areas -> Ardenwood OR Warwick OR Patterson OR Oliveira etc , seem to have Thornton as Junior High & American as High School.
@500 new homes are being built in Patterson Ranch. Also, some new houses are being built in Warwick & Patterson & few in Oliveira elementary school areas.
Does that mean in the future new high & middle schools will be needed to be built?
I don’t disagree with Tesla bringing jobs to City of Fremont. But IMO, Fremont housing prices is NOT fueled by those jobs, maybe a bit on the rental market.
Capital infusion of that magnitude has to have some impact on the local region. Definitely rental market benefited greatly across all of Fremont. It’s the rising tide lifts all ships again effect.
Some info here regarding Patterson Litigation to FUSD: http://www.fremont.k12.ca.us/pattersonranch
Like anything its not all yes or no.
My neighbor works at tesla as a Software engineer, he told me that many of his colleagues bought homes in fremont after joining tesla (post 2009). So there has been some impact.
Factory workers obviously cant buy now, but may be around 2010 when some homes in sundale were going at 300-400 they could have, with 2 jobs in the household.
Agree, fremont needs to build schools, but will they? Already there are 18 schools in lottery, not sure what happens when they get to middle/high?
Does Tesla Software Engineers work in Fremont or Palo Alto? Just curious.
There are some in Fremont, he is in the group that does a lot of firmware and engineering.