San Jose is the second largest city in California after L.A with an estimated population of 945,000 as of 2013. San Jose is also part of Silicon Valley – a world capital for technology and start-ups where companies such as Google located their HQs when they were starting.
Silicon Valley’s success story is obviously reflected on the local real estate market where average home prices are among the highest in the nation, and rent is very expensive as well. The main technology companies that have risen to prominence in this area are Apple, Cisco Systems, eBay, Google, Oracle Corporation as well as others.
The city of San Jose is located within Santa Clara County at the southern part of California right next to San Francisco Bay. It covers a total area of 178 square miles (461 sq km). The population has been booming ever since its early beginnings back when it was called “Pueblo de San José de Guadalupe” (Town of St.’s of Guadalupe). There has been a lot of residential growth here as well as in the rest of the Silicon Valley area. However, this is coming at a high cost for farmers – especially those whose lands are not suitable for building.
People come to the city in search of prosperity and opportunity and the overall quality of life is pretty good with plenty of work opportunities available. It takes about one hour to get from San Jose to San Francisco using Public Transportation. The local airport “Mineta San José International Airport” offers flights domestically and internationally.
San Jose’s rental market consists mostly of two-bedroom units which can go for $1500-$1800 per month depending on location, features, exposure etc.
Home prices range from around $200,000 for a small apartment unit to $1,000,000 and up for single family homes. Condos in close proximity to downtown San Jose will cost upwards of $500,000.
Real estate is booming as much as the technology sector in this region of California which we consider to be among the most important on a global scale. There are also other schools such as Santa Clara University that contribute substantially to population growth making it a highly desirable city in which to live and invest.
Additionally, new construction condominiums are being built in downtown San Jose. Some of the most popular projects include:
The Orchard – offers 9 stories and a total of 117 units with prices starting at $300,000.
The Towers – this is a complex that comprises 12 luxury condos with amenities such as – indoor lap pool, sauna, professional fitness center etc. Prices start from $1,200,000.
One South Market – this is a large project offering 320 residential units with prices starting at $269,990
Sukko Terra Condos – these will be located above the retail stores in the central business district and will comprise 261 luxury units ranging from studios to 3 bedroom apartments with prices starting at $220,000.
There are also other projects under construction such as: Park Plaza, Capitol Towers and a few others. It is important to mention that the average price of all new residential units in San Jose is $700,000 meaning they are considerably smaller than older apartments or homes.
These are just some of the most popular condominiums being built right now but there are plenty of options available for investors who want to take advantage of this hot market offering great returns on investment. Many buyers flock from abroad to purchase real estate in San José due to its quality and high standards which make it one of the top cities in terms of security and overall living conditions. Silicon Valley offers so many opportunities that it becomes quite attractive for people worldwide thus contributing greatly to the development and growth of the city.
The economic opportunities are vast and there is no shortage of work for those willing to make San José their home. The cost of living in this part of California is quite high with some groceries costing up to 40% more than they would in other parts of the country or even Europe. The average family income amounts to $100,000-$125,000 which is considered “comfortable”.