Silicon Valley Housing Update May 2011
Posted by Josh Burroughs on Mon, May 16, 2011 @ 07:05 PM
Did you know that there are 25 communities offering homes for sale in Silicon Valley, and approximately 50% of the unsold inventory is concentrated in only four developments? Below is a May 2011 breakdown of this analysis.
Although it seems like there is a lot of inventory on the market with these new communities, the valley needs to keep up its new developments, and bring a constant pipeline of residences to the market because once these units are sold or leased up the market will demand more units.
Speaking of apartments, 360 Residences in Downtown San Jose recently switched to a for lease product, and after only 2 weeks of pre-leasing, it's 6% leased. Everywhere else is almost 100% occupied and rents are up more than ever. As a matter of fact, San Jose is actually stronger than the San Francisco apartment market right now.
Don't be surprised if you hear about developers pulling building permits and breaking ground on new projects. Financing is slowly coming around, and we're hopeful that the valley will continue to be a leader in attracting the brightest minds to the best companies and providing quality housing for these employees.
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