Expansion At Valley Fair Shopping Mall

Here is an article from earlier this month from the Mercury News regarding the expansion that is underway at the Valley Fair Shopping mall. They have already torn down the existing parking garage by the women's Macy's and are currently building a much bigger one that can accommodate 1,000 more cars. This new garage will have technology that can find your car in case you can't remember where you parked. Also, they plan on adding a Bloomingdales, more high end retailers and a luxury movie theater. 

So why am I writing about this in blog for real estate? Because in my opinion the expansion at the very popular and trendy Valley Fair Shopping mall says something about the economic viability of this area. I mean, think about it? They wouldn't be spending millions and millions of dollars expanding the mall if they thought this area didn't have the economic potential to support the expansion. They know that the Silicon Valley is rich with high paying jobs, a higher median income, a high median home sales price of $729K, and nice weather - though we do have a severe drought that could come back to bite us in the a*s economically, but that not withstanding, this valley has long term economic potential. Westfield, the group that owns the mall, that this area has the people with enough disposable income to make the mall expansion good investment.

As a Realtor looking at all this it comes as no supprise for me that there are corporations that are willing to spend big dollars on an investment in this area. I am still seeing multiple offers and a rising median home sales price. I know it is not go on forever, but I also know that betting on this area is a safe bet, be it for retail shopping or real estate.

 



Valley Fair mall 'smart' garage will find your car