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The High Life

Two new downtown towers—City Heights and The 88—win approval for FHA financing.

by Danny Wool on Feb 09, 2010
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When the shows are over, the Shark Tank clears out, and the restaurants and clubs close, most of the folks who’ve been playing Downtown must climb in their cars and drive home. The same thing happens in most downtowns throughout the West. But once upon a time, the urban cores of America's cities were places where people not only worked and did business—they were places where people lived, and the services and amenities reflected that. As the cities grew upward, the people grew outward and not just in terms of their girth (but that too).

People moved to McMansions accessible by big-box lined highways. For a while that was the new American dream, defined more by the networks than by the people that lived it. And that's all about to change again. Lots of cities, including downtown San Jose, are going back to what a city once was—"a center of population, commerce, and culture." The population is coming home.

This is already obvious in San Jose—a city that is coming of age—where residential towers compete with office towers to provide their residents with an all-inclusive urban experience.

For two of these, The 88 and City Heights, that experience just became more accessible.

Both offer luxury living in the heart of downtown. It's a chance to live just a short walk from all the trendiest restaurants and hottest shopping spots that the city living has to offer. Theater and sports are just an elevator ride away too, making a night in town an all-nighter before rolling out of bed and down the block to the office.

Not that anyone has to leave their home to have a good time with their neighbors. The buildings offer a bounty of amenities under the same roof, including pools, fitness centers and hot tubs. Parties aren't a problem either, with a barbecue area and landscaped courtyard where everyone can romp. The 88 even has a party room complete with a gourmet kitchen and a billiard table. It's almost like living in a five-star hotel, as the property’s concierge will probably tell you.

For more intimate occasions, residents can escape to their condos, all of which offer stunning views of San Jose and the surrounding hills. Inside, there are hardwood floors, granite countertops, and the most modern stainless steel appliances. Housekeeping and laundry services are available too.

And here’s the best part: Both buildings were recently approved for FHA financing, meaning that residents can get a mortgage for as little as 3.5 percent. With condos going for as low as $300,000, that means that prospective first-time buyers can put down as little as $10,500 to get their dream home in the heart of a rapidly evolving downtown.

There are other advantages as well. Credit guidelines are more flexible, and gift funds can be used if relatives decide to contribute to the initial down payment. All of the loans are adjustable, and they can be assumed by resale buyers whose credit is approved.

It’s a buyer's market now for new homeowners, but that same market has already slumped and has nowhere to go but up. What better place to go up than in the city's top-rated residential towers?

The number of available units is limited. Luxury homes at rock-bottom prices are sure to be grabbed up by a new generation of young couples, who want to live the new American dream with all the advantages of downtown living. There's only a limited window of opportunity to get in on the ground floor—or any of the floors.



by Danny Wool on Feb 09, 2010
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