While much of real estate news focus has been on foreclosures and upside-down mortgages, a big-picture look at the market in San Jose is a bit less gloomy, and kind of interesting.
As of this week, there were 1,680 single-family homes for sale in San Jose. Of these, 33 were new listings, so even though we’re moving toward winter there is still new inventory coming online.
Single-family homes on the market in San Jose range in price from $178,000 to $3,950,000, with the average at $660,000. Foreclosures account for 148 homes on the market, and many of these have been listed for some time, so there could be room for negotiating. About one-third of the listings had significant price reductions since Nov. 1.
At the top end of the price range is a striking home at 5752 Country Club Pkwy. in Evergreen, built in 2006. At 13,100 square feet, this three-story Mediterranean-style home offers seven bedrooms, six baths, a private guest apartment with a kitchen and an entertainment center. The interior is totally old-world, right down to the marble flooring. Other noteworthy features are its amazing kitchen, many bay windows, some overlooking Silver Creek’s golf course and others with nice big valley views, a seven-plus-car garage and a full basement.
At the other end of the price range is a two-bedroom, one-bath, 749-square-foot home built in 1935 and located on the outskirts of downtown near 24th Street, at 1064 E. San Antonio St. This property is a short sale that’s been on the market for 179 days. The exterior paint is a funky aquamarine—but it’s priced at less than 200 grand, so the buyer will be able to afford a few buckets of paint.
The median-priced home in October was $438,000—so let’s take a look at what a property at that price point looks like. There are two right now priced at $438,888.
In south/central San Jose, in a 6-year-old development near the fairgrounds, there’s a 1,620-square-foot home. At 359 Bella Ridge Terrace, it’s a three-bedroom, three-bath trilevel with a two-car attached garage and a gas-log fireplace. It is a short sale on the market for 212 days.
The other home is a 1,393-square-foot home in Evergreen, located at 3208 Tenley Drive. Built in 1983, it’s a three-bedroom, 2 1/2 bath with a nice exterior, wood-burning fireplace and a two-car garage. It is also a short sale, just listed in mid-November.
In addition to the single-family homes, there are 585 condos and 282 townhouses on the market in San Jose. The bulk of the condos are in downtown/central San Jose and Willow Glen. The townhouses are spread throughout the city. The condos range in price from $89,000 to $1.8 million, with the average at $293,000. The townhouses are priced from $134,900 to $899,900, with the average at $357,150.
For buyers, the numbers tell the story of a diverse market: homes in all neighborhoods and all sizes priced for a range of pocketbooks, from first time homeowners to those wishing to upsize for growing families.