Santa Clara approves Silicon Valley's biggest private development deal ever

SANTA CLARA -- Feeling giddy in the aftermath of the City Council's unanimous approval of a $6.5 billion development deal, Mayor Lisa Gillmor on Thursday called the experience "surreal."

"It's exhausting. It's a little bit nerve-wracking. There's so much information that we've had to digest, comprehend and weed through," Gillmor said, predicting, "This is going to be the key to our financial future in Santa Clara."

The 9.7 million-square-foot City Place -- described as the largest private development project in Silicon Valley's history -- is to be built by the Related Companies on 240 acres of city-owned land across from Levi Stadium. Plans call for up to 5.7 million square feet of offices, 1.1 million square feet of retail space, 700 hotel rooms and from 200 to 1,680 apartments, as well as a 35-acre park.

Sitting atop what is now a golf course and BMX track, the mixed-use project's anticipated tax and other financial benefits are "staggering," Gillmor said.

The city has projected that it will receive up to $16.9 million in annual tax benefits, along with $9 million to $14 million in yearly rent revenues, once the project is up and running.

The county should benefit, too: Its annual property and sales tax benefits are pegged at up to $11.6 million, while the Santa Clara Unified School District anticipates receiving as much as $22.1 million each year in property taxes. The Valley Transportation Authority would receive up to $8 million annually in sales taxes, according to City Place projections.

Santa Clara's share would be a huge shot in the arm to the city's general fund, which has taken a $14 million annual hit since the dissolution in 2012 of the state's redevelopment agencies, Gillmor said. It will "make up the cash flow into our general fund for generations to come."

Construction costs are tagged at $5 billion, with more than 80 percent of the work to be handled by union labor. Built on landfill, the project involves the construction of a massive platform on top of which its core elements -- dubbed the City Center -- will sit: retail and department stores, hotel rooms, residential units and about 1 million square feet of offices.

"We call it our uptown," said Gillmor.

Historically, the city has lacked its own entertainment district: "Residents have to go to other cities, like Campbell, Los Gatos and (San Jose's) Santana Row," said acting City Manager Rajeev Batra. "But this will provide all those restaurants and destinations in Santa Clara, and also keep our tax revenues here."

Councilwoman Kathy Watanabe put it like this: "It creates a new destination for out-of-towners coming to Silicon Valley. Sometimes it just takes awhile for things to happen, and now it's happening."

Tuesday's approval of the project was "definitely a relief," Batra said. "It's a big milestone, obviously, and you wouldn't believe how much hard work has gone into it from all of the staff. The documentation itself -- if you saw the package, there were 3,000 pages behind the 20-page report to the council."

The idea for the project was informally floated about four years ago, Gillmor said. Founded by Miami Dolphins owner Stephen Ross, Related began talking to the city about three years ago.

Construction on the first of the project's eight phases should begin in summer 2017 "if everything lines up," Batra said.

Likewise, the City Center should be completed in five to seven years, "if not a bit sooner," said Stephen Eimer, an executive vice president with Related and comanaging partner of the project.

The construction of outlying office parks -- up to another 5 million square feet or so, he said -- will be subject to market demand and likely come online later.

One detail of note: 49ers legend Joe Montana, a limited partner in the project, expects to establish a restaurant in the City Center: "He's going to do a Montana-themed, football-themed restaurant," Gillmor said. "He will have a signature development on this property."

City Place has not been without its critics. Neighbors have voiced concerns about traffic, parking and other quality-of-life issues. San Jose officials wondered about the project's environmental impact and complained that the city will have to provide housing and services for those who work at nearby City Place.

Gillmor on Thursday dismissed San Jose's objections: "This is going to be a huge benefit to the entire area," she said. "We want our workers to work here, play here and live here, and this is the kind of development that will do that for Santa Clara, Sunnyvale and especially North San Jose."

Source: San Jose Mercury News, Richard Scheinin
http://www.mercurynews.com/business/ci_30077172/its-surreal-silicon-valleys-biggest-private-development-project

Santa Clara Unanimously Approves Related’s $6.7B City Center Project

Following a deliberation that lasted over four hours, the city council of Santa Clara gave the Related Companies the go-ahead it had been seeking for almost four years—the right to redevelop a 239-acre landfill in the northern part of the city into a mega development that at completion could include 5.4 million square feet of office, 1.1 million square feet of retail space, 1,680 residential units, 700 hotel rooms, 250,000 square feet of food & beverage space and 190,000 square feet of entertainment space. The City Center project promises to be the largest project the Silicon Valley city has ever embarked on, and the final meeting, not unlike the entire process that preceded it, was challenged to the very last minute.

The meeting opened with City Manager Rajeev Batra describing the project in some detail, outlining the process the developer has undertaken with the city, as well as providing a comprehensive overview of the fiscal benefits for the city. In all, the New York-based developer is looking to spend $6.7 billion in total development cost, of which approximately $5 billion would be for construction only. The city of Santa Clara stands to gain nearly $17 million annually in net general funding alone once the project is fully completed, according to Batra.

During Related’s portion of the presentation, the fiscal benefits were summarized at $114 million in total annual recurring revenue to various jurisdictions in Santa Clara at completion. That includes estimated annual allocations of $41 million to the city, $33 million to the school district, $17 million to the county and $14 million to the VTA in addition to an estimated growth in ridership of 52 percent.

“It’s very exciting times, I’m very pleased to present to you one of the biggest projects in the city of Santa Clara,” said Batra as he opened the meeting on Tuesday evening. His presentation to the council concluded with a resounding recommendation to the city council that that the project be approved.

That approval would come after four hours of discussions and evidence that a few lingering issues were still unresolved.

The city of San Jose, for one, sent one of its city attorney deputies to voice San Jose’s disproval of the project and object to the way Santa Clara managed the communications of the review process.

“There are significant environmental impacts,” said Senior Deputy City Attorney Vera Todorov during the public comment portion of the evening. “For example, the DDA that you’re considering tonight was first made public a couple of days ago. It’s 625 pages long.” Todorov explained that this was insufficient time for the public to review and comment on the project details. But that was just one of San Jose’s grievances.

“[Santa Clara’s] consideration of this project will create dramatically more jobs than housing units in a region that is already suffering from a serious housing shortage. It flies in the face of responsible planning and environmental stewardship,” said Todorov. “The project will require San Jose to bear the burden of providing housing and other municipal services to project employees.”

In closing, Todorov asked the city council to take a step back from the decision and review further options it could take with San Jose and neighboring municipalities.

Senior Planner at Santa Clara Valley Transportation Authority, Melissa Cerezo, also voiced her agency’s objections to the project

“VTA has provided consistent and clear input to the city regarding the projects implications for transportation and mobility. VTA submitted comment letters on the traffic and final environmental impact report, and provided public testimony at all five public City Place public sessions and the June 8th public planning commission hearing,” said Cerezo.

Cerezo went on to say that the VTA had been requesting from the city of Santa Clara to assist in transportation safety planning, signal monitoring and maintenance during the construction of the development. “VTA generally supports intensified development near core transit and works with agencies and the developers to help address transportation demands and impacts of redevelopment. However, VTA continues to have significant concerns that have not been addressed,” she added.

Cerezo went on to outline specifics around the transit center improvements that the VTA would like to see, including improved safety measures surrounding streets and direction of traffic.

The final looming issue was the amount of money the developer was willing to commit to the school district. Representatives from the Santa Clara Unified School District presented the to the city and the developer a counter offer letter to settle a number of open items, and voiced a general appreciation for the work Related had done up to that point.

“This is a tremendous project, things are not perfect, they’re not all what we’d like to be, but I think that we’re close enough,” said vice mayor Teresa O’Neill, concluding her remarks. “I’m going to be optimistic and say let’s go ahead and do this, but we have to realize there’s still many areas to work on.”

“The school district hired a consultant to do a study to figure out how many new students City Place would generate, and it was less than 30 students,” said council member Pat Kolstad. “The Related Corporation volunteered to give double the money that is required by law to the school district for their upfront funds.”

He outlined all the funds the district would be receiving in addition to the tax revenue they would receive annually. “This is more than fair and incredibly generous what this developer is doing for the schools, anything beyond that would be really egregious and unfair,” Kolstad concluded.

He also highlighted the money the VTA would be receiving from Related, which was pegged at $17.5 million in addition to the funding the transportation agency will be getting from property taxes and concluded that it would not be appropriate to put additional financial burdens on this single developer in one city.

Council member Kathy Watanabe added, “What I have appreciated over the years is how the Related Company has listened. Every time that a question has come or concern what direction to go, they made sure to reach out to so many of the community to be able to get feedback, and I think that’s really important. They’ve been transparent and open about their plans.”

“We’re doing our share,” said Mayor Lisa Gillmor. “We don’t have the housing imbalance [San Jose does]…but that was their choice, and that’s their community that they planned. We know Santa Clara is a very attractive community, we know over the years our forefathers and mothers put in the infrastructure in our city to encourage business. We can’t help that we’re so attractive!”

This project will be great project for city, she added. And while she acknowledged that San Jose officials have been communicative, she presented a thick file of documents that had been delivered to her office just hours before the meeting. It was the neighboring city’s last ditch effort to influence the decision and a project that will greatly benefit Santa Clara, and none of the council members seemed to appreciate that gesture by San Jose’s attorneys.

All the council members spoke in favor of the project and jointly praised Related for their efforts to close the gaps that were identified during the approval process. In the final minutes of the evening the council voted unanimously and approved the development.

Source: The Registry
http://news.theregistrysf.com/santa-clara-unanimously-approves-relateds-6-7b-city-center-project/

San Jose housing prices: County's median hits $1 million for first time

With high demand and a tight market, Bay Area housing prices continue to soar, setting record highs in April in Santa Clara and Alameda counties.

The median price of a single-family home in Santa Clara County hit seven figures for the first time last month: $1 million on the button. Prices grew even dizzier in San Mateo County, where the $1.2 million average matched the previous record, set in May 2015.

The East Bay also saw a run-up in prices, with the median Alameda County home reaching $750,000, up more than 10 percent from the previous month. Tugged upward by prices in Walnut Creek and other high-end areas, the median Contra Costa County price grew to $525,000, its steepest in seven years, according to new housing figures released Wednesday.

"We just don't have a market under $700,000 in Walnut Creek," said Alain Pinel agent Margaret Garber-Teeter. "And even at $700,000, you're going to be in second-tier schools. So there's still an affordability problem for young families, unless their parents help them, and a lot of young families get help."

Overall, the Bay Area's nine counties saw the median single-family home price rise to $725,000, just shy of the $738,500 peak of July 2007.

"It's the same story: The housing supply isn't keeping up with the demand," said Andrew LePage, research analyst for real estate information service CoreLogic, which released the latest numbers. "Mortgage rates remain low. The region's generating jobs. But you still have relatively low inventory, at least in the mid- and lower-priced markets, where most people are shopping."

The numbers reflect a crisis that is squeezing low-income earners and the middle class. According to a recent poll by the Bay Area Council, more than a third of the population, fed up with housing costs and endless commutes, are considering moving away.

While regional prices rose last month, the volume of sales fell from a year earlier: by 9.5 percent in Santa Clara County, 18.3 percent in San Mateo County, 13.1 percent in Alameda County, 5.1 percent in Contra Costa County and 9.5 percent for the nine-county region. It was the second consecutive month of year-over-year declines for the Bay Area.

Recognizing that there aren't enough houses to satisfy all the potential buyers, computer engineer Eugene Jong sensed a seller's market and worked it to his advantage.

Two years ago, he and his wife, Linda, also an engineer, moved from their San Jose townhouse to a single-family home in Los Gatos.

He watched as San Jose prices kept rising. Then in April, he pulled the trigger, listing the 1,250-square-foot townhouse for $599,950: "The open house was a month ago. The first day, 100 people came. The second day, about 50 more came. I had some numbers in mind in terms of the selling price -- what would be average and what would make me feel really happy. And it ended up that the price was way above the price where I felt really happy."

The townhouse drew 15 offers over the asking price and sold in seven days for $665,000.

Alain Pinel agent Mark Wong, who negotiated the sale, said it was a matter of good timing: If Jong had delayed and listed his townhouse in May, his fortunes might now be up in the air -- at least in part because the amount of inventory is "creeping up" and softening competition.

"The market is shifting right now," Wong said. "The market is really mixed. Some people are getting multiple offers, some are getting no buyers. Just in one month, the market has changed a lot."

High prices "are the new normal," said Julie Ray, a Coldwell Banker agent in Redwood City, "and fabulous houses with curb appeal" still get grabbed up. But "buyers are getting more picky. The inventory has come up to a level where people say, 'You know what? This one I'm not going to bid on, because it's not what I want.' "

In Contra Costa County, Garber-Teeter agreed that May has brought "a leveling" to the market. In more affordable areas -- she mentioned northern Concord, near Pittsburg -- inventory has opened up to the point that "the market is softening, homes are sitting."

Even in desirable Lafayette, Moraga, Orinda and Walnut Creek, she said, "We do have a little more inventory, but then you have to weed through that and find the few that are ready to go."

Expecting stiff competition in April, Garber-Teeter helped clients Tom and Heather Young "get all their ducks in a row" in order to sell their Walnut Creek house and buy a new one in Orinda.

They had purchased the Walnut Creek home, a fixer-upper, for $475,000 in 2009, and spent $225,000 on improvements. Last month, they listed it at $985,000, held open houses on two consecutive weekends, then took offers on the Tuesday after: "We had multiple offers and a buyer that night," said Tom Young, who runs an online advertising company and works at home.

The selling price: $1,070,000.

Last month, they also bought their new place in Orinda: four bedrooms, four baths and 3,700 square feet on a hillside with 100-year-old oak trees and "tons of wildlife."

It listed at $1,350,000. Their bid -- for $1,475,000 -- was one of five. The seller went with a higher offer, but the deal fell out of escrow. The seller then approached a second buyer, who dropped out, leaving the Youngs as main contenders. They had lined up those ducks, showing liquid funds and pitching the seller with a persuasive letter and a photo of their 6-month-old baby.

Now in his new home, Tom Young called last month "the most stressful period of my life, not because anything terrible happened, but because there were an overwhelming number of scenarios to think through and my brain got pretty busy. Now I'm waking up in a brand new place."

Source: San Jose Mercury News, Richard Scheinin
http://www.mercurynews.com/business/ci_29908398/record-high-bay-area-homes-april

$250,000 a night hotel stay for Superbowl Sunday?!!

Super Bowl 50 is finally here in the Silicon Valley. It has been truly amazing watching the stadium and the surrounding area somewhat transform. There is allot of excitement in the air for us locals as we see not only the rest of American, but the world, focusing its eyes on Santa Clara, a key silicon valley city, for the big game. It is also nice to see added revenue coming into this valley with hotel rooms being booked up and restaurants full. Who knows, maybe some of the game day visitors may consider buying a permanent resident here? Just the Realtor in me talking.



Can I Rent an Apartment in Santa Clara Before the Super Bowl?

My desire to go to Super Bowl 50 in Santa Clara is strong. However, it’s not strong enough to pay for a hotel stay.

When I saw the Fairmont Hotel in San Jose offer a $150,000 package for a three-night stay, I shrugged my shoulders and figured market forces were hard at work. But when I saw the Fairmont in San Francisco offer a $1 million package for a four-night stay, I was stunned and left with questions: How many mints will they leave on my pillow for $250,000 a night? Are there enough mints in the world? Most important, where else could I stay in the San Francisco Bay Area?

I didn’t get an answer on the mints, but I did find five possibilities in Santa Clara. I set out to see if it was possible to score an apartment close to Levi’s Stadium before Sunday’s kickoff. While signing a last-minute lease to bunk down for one big weekend might be cuckoo, it’s no more crazy than spending seven figures to stay at a hotel 45 miles away.

I started at the Estancia at Santa Clara, which is only about a mile away from the stadium, according to leasing consultant Claudio Cordero. A brisk 20-minute walk on game day sounds great. Cordero said I could move in immediately to a one-bedroom unit with a private garage for $2,494 a month. Sweet!

But that comes with a 12-month lease. I explained to Cordero that I needed a place for a shorter term. He offered great news: There’s also an option for a three-month lease at $2,994 a month. So for a little less than nine grand (plus security deposit), I’d have a party palace for 12 weekends beyond the Super Bowl. Take that, Fairmont!

Cordero did warn me that subletting isn’t allowed at the Estancia, so I wouldn’t be able to cash in on the days when I wouldn’t be at my personal Super Bowl HQ. He also added that I could move in “ASAP” to my third-floor unit at the “simple and elegant” complex.

Sticking close to the stadium, I spoke with Alexis Calvillo at River Terrace. Also about a mile from the Super Bowl site, the complex is running at about 97% occupancy. Calvillo said I could move in today to a one-bedroom on a three-month lease at $3,771 a month. A bit pricier than the Estancia, River Terrace promises a “Mediterranean-styled swimming pool and rejuvenating hydro-massage spa” for residents. No subletting is available, but it’s a fine choice if you don’t mind spending $11,313 for a walkable spot to the Super Bowl.

Venturing farther afield, I looked at apartments in the Village Green complex, about six miles from Levi’s. A long walk to be sure, but totally worth it if I could score a deal. Nancy Sandberg, senior resident manager, said the location is “not walkable” to the Super Bowl. When I asked if you could see the stadium from the apartment, she helpfully added “not unless you got up in an airplane.” Sandberg said only two units are available out of the 98 in the building, and both of those won’t be ready until at least Feb. 10.

Sad to say, I was tackled for a loss at the Village Green. I tried two more apartment complexes—neither of which is walkable to Levi’s—and found workable options at each location.

At the Flora Vista apartments, property manager Amanda Blackketter said she had a one-bedroom unit available. It would be $2,150 per month for a six-month lease and about a 15-minute drive to the stadium (sans traffic!). Almost thirteen large, but it’s available for immediate move-in. Blackketter added that while the stadium wasn’t within walking distance, the neighborhood around the complex is great for strolling—she said the building has a walk score of 87.

At the Lawrence Road apartments, community manager Adel Robles said she wouldn’t suggest trying to walk to the game from her location. She did have units available immediately, but added that an applicant would need to get a credit check, which could take three days. That would be cutting it close. If you don’t mind sweating it out, a one-bedroom unit is $1,895 and available only on a 12-month lease. I couldn’t see myself locking into a year at $22,740 for a unit without in-room laundry, but the monthly cost was the cheapest of the options I found.

While I wouldn’t recommend last-minute apartment rentals as a solution to a Super problem, it is possible to find a place to stay in Santa Clara for the big game. Now where’s my mint?

Source: Realtor.com, Erik Gunther
http://www.realtor.com/news/trends/santa-clara-apartment-rentals-can-it-be-done/

The Levi Stadium's Positive Economic Impact on the Silicon Valley

Super Bowl 50 is just two days away and it is a very exciting time for Santa Clara and for the Silicon Valley in general. Below is a great video by Santa Clara Mayor Jamie Matthew explaining the positive economic impact the new Levi's Stadium has on the city and this valley - Positive economic impact that will positively impact the real estate market.

San Jose businesses and Airbnb hosts aim to cash in when Super Bowl throngs arrive

Local businesses expect to see an uptick in activity when tourists arrive for the Super Bowl in a couple of weeks.

And along with Airbnb hosts, the Willow Glen Business Association hopes to snag a piece of the action.

The group has organized a campaign that will focus on promoting merchants through select social media sites and other websites where visitors are likely to search for things to do in the area leading up to the Feb. 7 game, according to a press release from the group.

It also has teamed up with the city of San Jose, which agreed to promote and give away its "WG Experience" packages. The packages will be available at Super Bowl City, a transformed Plaza de Cesar Chavez Park with a mini football field, beer garden, game areas and a cafe. The packages include gift certificates and special coupons for goods and services in Willow Glen.

The city's economic development department expects the amount of revenue from parking, hotel, airport and sales taxes will total three to four times more than usual for this time of year.

Willow Glen Business Association executive director Valerie Merklin said there is no way to project revenue specifically for Willow Glen businesses, but the organization is optimistic.

"We are definitely hoping to attract many of the out-of-town visitors to Willow to shop, dine and relax here," Merklin wrote in an email.

Willow Glen resident Rebecca Morgan, an Airbnb "super host," said so far no one has booked with her for Super Bowl week, but that isn't unusual because many fans don't book their lodging until they know whether their team is playing in the big game. She expects to receive more inquiries as the date draws closer, especially because of the extremely limited lodging at standard hotels.

"The hotels are sold out pretty much, so they really don't have many options unless they want to commute from Monterey or Tracy," Morgan said. "I think what people who are looking to book Airbnb will do is they'll search San Jose and as they see what's available they'll find us."

Morgan said she believes Willow Glen will be an attractive draw for Super Bowl tourists because of its proximity to downtown San Jose and local offerings.

"We're a hidden treasure a lot of people don't know about, so if they come and explore our offerings, they'll be happy, they'll be excited," Morgan said. "It's a fabulous place, it's got all the charm of downtown, the boutiques and restaurants and cool places," she added.

As for helpful tips for visitors, Morgan said that they should expect to leave early to account for traffic delays.

"When someone does book then I will encourage them to take VTA; otherwise traffic is going to be a zoo," she said. "We want to make it easy for them to get there from Willow Glen."

Source: Mercury News, Julia Baum
http://www.mercurynews.com/san-jose-neighborhoods/ci_29411068/san-jose-local-businesses-and-airbnb-hosts-aim

Saturday Stats - Strong Sales Surprise in Usual Seasonal Slump

MLSListings Silicon Valley and 

Coastal Regions Housing Market Overview

(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)

Strong Sales Surprise in Usual Seasonal Slump

December 2015 single family home sales showed unseasonal gains in nearly all MLSListings counties, compared to November 2015. Santa Clara had the largest gain of 20%, San Mateo 14%, Santa Cruz sales rose 9%, and Monterey 5%. Only San Benito sales dropped 17%. December year-over-year sales remain above 2014 levels in four of the five MLSListings counties. San Benito sales rose 20%, both Santa Cruz and Santa Clara grew 16%, and San Mateo increased 7%, with Monterey showing the only decline at 2%.

Month-to-month inventory tells a different story, continuing to decline across all counties compared to November 2015. Inventory dropped 52% in San Mateo, 46% in Santa Clara, 45% in Santa Cruz, 15% in Monterey, and 3% in San Benito. It remains split among the counties compared to 2014, with San Mateo up 14%, San Benito up 4%, Monterey up 2%, and Santa Cruz and Santa Clara down 16% and 1%, respectively.

Compared to last month, median sales price dropped 20% in San Mateo County, 7% in both Monterey and Santa Clara Counties, 5% in San Benito County, and grew 4% in Santa Cruz County. Compared to 2014, the median sales price remains relatively positive, with the counties of San Benito up 11%, Monterey up 9%, Santa Clara and Santa Cruz counties up 6%, and with San Mateo up 2%.

Data supplied is for MLSListings Inc five home counties: Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz. MLSListings data is tabulated the third of every month to the third of the following month; primarily to account for late corrections and additions by agents. These updates are often not included in most market reports. The Market Indicators Report reflects the most current information on the date the report is generated.

A complete report for numbers indicated in summary can be found at mlslistings.com in the Media Center.

Further media inquiry: please contact pr@mlslistings.com.

Santa Clara Plots Ambitious Downtown Development Plans

Just like adjacent Levi’s Stadium — the $1.2 billion, 68,500-seat home of the San Francisco 49ers and site of Super Bowl 50 in February — the proposed City Place development has been grabbing lots of attention for Santa Clara.

The planned $6.5 billion mixed-use development, dubbed “Downtown Silicon Valley,” will become a regional hub sprawling across 239 acres and eventually encompass 9.2 million square feet of office, residential, retail and entertainment venues.

It’s emblematic of Santa Clara’s Bayshore district sprouting north of Highway 101, where tens of thousands of visitors and media from around the world will descend for the 2016 Super Bowl.
On the other side of freeway, the pace is a bit less frenetic. There are a few more reminders of when the formerly agricultural region was called the Valley of Heart’s Delight instead of Silicon Valley. It’s the quieter, more historic side of town south of 101, where residents and officials of the city and Santa Clara University are seeking to rekindle a downtown area lost to urban renewal more than 50 years ago.

“Our residents want us to create a downtown especially for Santa Clarans themselves,” said Julio Fuentes, city manager for the city of 120,000 that traces its roots back to the founding of the original Mission Santa Clara in 1777.

To that end, Fuentes and other city officials have hosted three public meetings this fall for residents to discuss features they’d like to see in a revitalized Mission City core. City leaders have taken a back seat, allowing a core group of about 25 to 30 residents to brainstorm about their hometown’s new downtown. The city also solicited comments from residents on its web site.

“They are asking us to create a boutique downtown with locally owned shops, restaurants and services,” Fuentes said. “A place to call their own.”

Long a jumble of disparate small businesses, older houses and vacant lots, the old downtown is just beginning to stir to life. Centered on Franklin Street and bounded by El Camino Real and the Caltrain station on the east and including the Santa Clara University campus, the district contains a mix of privately owned parcels, as well as those owned by the city and the Jesuit-operated university.

Earlier this year, the Santa Clara City Council approved a 44-unit condominium project with 14,500-square-feet of ground-floor retail space at 1313 Franklin St. To be built by Sunnyvale-based SiliconSage Builders LLC, the pioneering Downtown Gateway project will be the first such development in the district in more than 20 years.

Another project is the 417-unit apartment development called Mission Town Center at Benton Street and El Camino Real to be built by The Irvine Co. of Newport Beach. It will include 26,000 square feet of retail.

Mayor Jamie Matthews said the massive City Place project has made it possible to consider a greater variety of uses in the city’s re-born downtown area. “We are great at creating (research and development) and other kinds of high-tech jobs,” he said. “We have not been as good at promoting retail. That’s beginning to change.”

He cited not only the yet-to-be-built City Place, but also Santa Clara Town Centre on El Camino Real, a reincarnation of the old Mervyn’s Plaza that opened last year. It’s anchored by a 140,000-square-foot Target.

“This has been a wonderful exercise,” Matthews said of the three community meetings. “We (city officials) are standing back and letting the process take its course.”

Based on public input so far, as well as the wishes of city officials, Matthews said he envisions the creation of a “walkable district” for visitors and commuters from nearby Caltrain, BART and high-speed rail service many years in the future.

“People want [downtown] Campbell, Los Gatos or Los Altos,” Matthews said of those thriving central business districts comprised mostly of small, locally owned shops and cafes.

The final public meeting on resurrecting Santa Clara’s downtown is scheduled for 6:30 p.m. Dec. 1 in City Council Chambers at City Hall, 1500 Warburton Ave.

Source: The Registry, David Goll
http://news.theregistrysf.com/santa-clara-plots-ambitious-downtown-development-plans/

10 Housing Markets Fueled by Job Growth

The Silicon Valley (which they are calling San Jose, Sunnyvale, and Santa Clara) is #10 on this list, but it's STILL on the list. This area has had rapid job growth for sometime, but it can't maintain its high ranking forever. It's just interesting to see it still made the list.

Job growth is propelling home appreciation in several housing markets across the country. Nearly 3 million jobs have been created in the past 12 months, notably among the 25 to 34 age group too.

"With more jobs, more people in the labor force, and higher wages materializing, this spring's strong pace for home sales will continue," writes Jonathan Smoke, chief economist of realtor.com, in recent commentary.

Realtor.com® singles out the following 10 markets as seeing some of the highest job creation in the past three years as well as above-average price appreciation.

Atlanta–Sandy Springs–Roswell, Ga.

Employment growth, 2011–2014: 1.7%

Median home price growth, 2011–2014: 20.3%

Austin–Round Rock, Texas

Employment growth, 2011–2014: 3.7%

Median home price growth, 2011–2014: 8.5%

Charlotte–Concord–Gastonia, N.C.–S.C.

Employment growth, 2011–2014: 2.7%

Median home price growth, 2011–2014: 8.4%

Dallas–Fort Worth–Arlington, Texas

Employment growth, 2011–2014: 2.9%

Median home price growth, 2011–2014: 8.2%

Denver–Aurora–Lakewood, Colo.

Employment growth, 2011–2014: 2.9%

Median home price growth, 2011–2014: 10.8%

Grand Rapids–Wyoming, Mich.

Employment growth, 2011–2014: 4%

Median home price growth, 2011–2014: 9.8%

Orlando–Kissimmee–Sanford, Fla.

Employment growth, 2011–2014: 3.6%

Median home price growth, 2011–2014: 12.5%

Salt Lake City, Utah

Employment growth, 2011–2014: 2.8%

Median home price growth, 2011–2014: 10.3%

San Francisco–Oakland–Hayward, Calif.

Employment growth, 2011–2014: 3.2%

Median home price growth, 2011–2014: 16.8%

San Jose–Sunnyvale–Santa Clara, Calif.

Employment growth, 2011–2014: 4.1%

Median home price growth, 2011–2014: 15.6%

Source: RealtorMag Online

http://realtormag.realtor.org/daily-news/2015/06/08/10-housing-markets-fueled-job-growth?om_rid=AAFmZk&om_mid=_BVdcaTB9CahVMK&om_ntype=RMODaily

Flashback Friday - AREAA Installation Gala Dinner at Levi's Stadium

Happy Friday Everyone!

Here is another great photo from this past January 23rd 2015. I had a great time with some great company at the Asian Real Estate Association of America installation gala dinner at the Levi's Stadium in Santa Clara.

Happy Chinese New Year 2015!

2015 Is The Year Of The Goat!

To all my past and current clients, Thank You for all your business and support throughout the year.

May the coming New Year bring you and your loved ones joy, love, good health and prosperity.

MIMI WANG

Realtor® GRI, SRES, CDPE, HAFA, REO, CCRM,  CalBRE #: 01775814

Century 21 M&M and Associates

10420 S. DeAnza Blvd.

Cupertino, CA. 95014 

Cell: (408) 569-3808

mimi@mimihomes.com www.mimihomes.com 

2014 President Women’s Council of Realtors 

Santa Clara Valley Chapter

Fluent in English, Mandarin, Cantonese and Vietnamese

The Mimi Wang Silicon Valley Bay Are Real Estate Blog is Here!

My name is Mimi Wang. I am a Realtor here in the Silicon Valley/San Jose/Santa Clara area. I will now be blogging with Blogger to keep you informed as often as possible with everything going on in the valley and/or my real estate business.


MIMI WANG
Realtor® GRI, SRES, CDPE, HAFA, REO, CCRM,  CalBRE #: 01775814
Century 21 M&M and Associates
10420 S. DeAnza Blvd.
Cupertino, CA. 95014
Cell: (408) 569-3808
www.mimihomes.com
2014 & 2015 President Women’s Council of Realtors
Santa Clara Valley Network
Fluent in English, Mandarin, Cantonese and Vietnamese