Curious to see what you guys think of Vallco Town Center’s effect on Cupertino and nearby real estate?
A realtor I was discussing this with advised NOT to buy SFH in Cupertino (at least near Vallco area), and that West SJ (Lynbrook zone)/Saratoga is safer bet.
Predictions are bad for Cupertino - influx of low income residents (nothing against them personally), horrendous traffic, possible school re-zoning, etc.
I’m personally in the market for a SFH, so this will be useful information for me.
The % of low income housing in the new Vallco proposal is going to be really low. There are not enough SFH’s anyway in all of Cupertino (and South Bay). So SFH will still be desirable.
As far as the Lynbrook choice goes, I’ll agree that area is more residential (more SFH) but its quite a distance from any retail stores/freeways or the east/north areas which is where all the tech firms are. Also for last year, the enrollment in Lynbrook was low and they opened it up to other areas too.
I don’t know much about the re-zoning? Can you provide more information on this?
@Feyn: being a little blunt here. You sound like you are concern trolling. How is this going to cause an influx of low income residents. They are going to charge sky high rents even for the BMR units (since the AMI for Cupertino is north of $100k). You are probably going to get it filled with early career professionals. That’s a good thing for Cupertino.
Come to lynbrook neighborhood. It is nice and quiet.
As for vallco development, my only concern is impact on middle/high school. (I assume they add elementary). People are talking about decreasing enrollment and most dink couples in new complex but i am not sure. When people think about Cupertino, the first thing they have in their mind is school. Otherwise, it is rather boring town (which works great for people like me). I know many families who live in luxery condo with school age kids near vallco. They paid over million a few years ago for condo. Thus, i guess luxery condo in vallco will attract many students. Note that cupertino high is over capacity now. Lynbrook is accepting students from cupertino high area through open enrollment(lottery) to balance the enrollment.
My friends who live in condo near vallco seems pretty happy there especially because kids love to stop by coffee shops restaurant after school or weekend. I guess Vallco will creat even more urban feel in this area. Thus, people who love such feel would love it. However, people like me (who grew up in big city and loves quiet neighborhood) would prefer Lynbrook, Saratoga or Monta area. Hence, it really depends on you and your family’s preference.
I’m definitely not “concern trolling”. I’m pro-development obviously as I’m looking to buy (more supply is better).
You guys have a lot more experience in RE. You may disagree with some viewpoints, that’s OK, but please back up your statements with data/reasoning.
Vallco’s proposal is for a total of 2402 units, half of which will be reserved for low-income, defined as those making <85K for a family of 4. Assuming each of those families have 2 school-age kids, that’s 2402 kids going into the Cupertino school system. Add the other half (no income limit units), and there may be around 3K kids.
So, 2,402 units + 1.8 million office space (about 10-12K workers) is the possible addition to Cupertino.
@druid, regarding re-zoning, I see that being discussed in Nextdoor due to the sheer number of new students projected, but I hope somebody more connected with the schools can provide more useful datapoints.
Sand Hill Property Company’s proposal includes approximately 1.8 million square feet of office space, 400,000 square feet of retail, and 2,402 units of housing. Fifty percent of the housing units are proposed to be affordable. A new AMC theatre, bowling alley, and ice rink are also included in the plan. The City of Cupertino is committed to a review that is compliant with state housing law.
Honestly, it will affect all CU school district. They will try to spread burden to other CU/FUHSD schools… Sigh…
Nothing is firm. Just proposal. Babies ain’t manufactured by assembly line. Married and have babies immediately? Have 2 children and miraculously become school age and come to Cupertino to stay with $85k?
$85k is low income? AFAIK, rentals for new condos ain’t cheap… more expensive than many SFH rentals. Also small square footage. I have a feeling, the studios and one bedrooms would likely be rented by singles and DINKs. Not sure what is the definition of very low income which would have 300 units… in any case, need these guys, many job vacancies in big boxes, groceries and restaurants.
I am not talking here, just bullish way. If there is a price drop, I will buy 8k lot SFH here. The surrounding areas are around 2M now.
I have few friends living next to vallco mall area, who bought SFHs at 358k (7.8k lot) , 780k (7.8k lot) and 1.01M (10k lot).
Any home, in this area, I can confidently buy any time, even during recessionary period. I have not seen price reduction not more than 5% even during the peak 2008 downturn.
Nothing is firm. Just proposal. Babies ain’t manufactured by assembly line. Married and have babies immediately? Have 2 children and miraculously become school age and come to Cupertino to stay with $85k?
Blockquote
The way I understand is this:
Cupertino City has no way to reject this proposal unless it doesn’t meet SB35 requirements, which it does at the moment.
From the article, “Councilman Barry Chang says it appears the city can’t reject the Vallco Town Center plan…”
It is possible that City and Vallco may re-negotiate to some middle ground, which Vallco may do to stay on good terms with the City.
Since low income is defined to be “those making <85K with family of four”, it is likely that these families will have 2 kids to qualify in the first place. The question is whether the kids will be school-aged or not.
Hmmm, If you buy first, that sets my list price. I need to pay more than that ! Let me get it first, as you are affordable to pay additional premium over my price !
Last week, I was casually talking to my friend (whether he has any intention to sell), living near by Merritt drive, he bought at 1.1M (10k lot) he told me that his primary home would be gone to his daughter (he is making it as rental now) and moving to Pleasanton home.
Will the effect on schools really that bad? I don’t know about Cupertino specifically but all across the South Bay quite a few schools are shutting down due to lack of students.
Cupertino RE is at the higher end of price point. Many if not most residents have grown children. Wouldn’t it be good for some new blood come into town or else the whole Cupertino is like a 55+ community?
There may be some realignment or redrawing of school boundary needed. At worst just open a new school or two. A wealthy town like Cupertino can well afford it.
At the end of day, if every school can operate at ideal capacity, nobody can complain. (This concern is different from nimby). However, with 2400 new units (1200 bmr), current residents are not sure if that’s the case. I haven’t gone through the proposal yet but wonder what is the plan in case of over capacity at middle/high school. No one likes to be assinged to non-neighborhood school or morning/afternoon classes (cusd schools used to have them due to over capacity).
If Sandhill works with city/school_district/residents to reassure such concern with reliable/realistic projection/plan instead of just saying “it would be fine”, the whole process would be much smoother.
By the time it’s built at least your kids would be in college right? Between now and then Cupertino may actually see severe under enrollment than overcrowding.
in big boxes, groceries and restaurants.