The San Jose City Council has given their approval for a major new retail project in Downtown Willow Glen. It will be a mixed use project at the corner of Lincoln Ave. and Willow St. and is expected to start this June and be completed in early 2012. The new project will be on a 41,000 sq. ft. lot and have 18,000 sq. ft. of retail space and 23,000 sq. ft. of 2nd and 3rd floor office space and is projected to cost $10 million dollars. Several of the local businesses will be incorporated into the new buildings including Willow Street Pizza, Peetes Coffee, Jamba Juice, Noahs Bagels and the Willow Glen Frozen Yogurt & Ice Cream Shop. This sounds like a very nice upgrade to Downtown Willow Glen and the local businesses should benefit from it. We spend time there and we enjoy Downtown Willow Glen and all the shops and the food. If you have never strolled down lincoln Ave. in Downtown Willow Glen please give it a try its a nice place to take your family.
More good news that the Real Estate market is recovering from the downturn as applications for home loans increased by 9% last week as interest rates declined for all types of mortgages. Rates fell back to around 5% for 30-year fixed loans as reported by the Mortgage Bankers Association. The Association also noted that their survey showed the increase for both purchase and refinance loans. Lets hope the rates hold and people continue to take advantage of the improved Real Estate Market.
Good news for Santa Clara County Real Estate as it appears that the Silicon Valley real estate market is still rebounding. The median price of houses sold in Santa Clara County last month increased 15 percent compared with a year earlier to $525,750 for single family homes. December’s median price was lower than the $550,000 mark reached in October and November of 2009. The sale of single family homes also increased 44 per cent in December, as reported by Data Quick, to 1,266 homes. Thats about the same level as we had 3 years ago. We also saw Condominium sales rise by 69 percent which is a welcomed and very strong growth for this segment of the market. The median price for Condominiums in December was $330,000. This is very good news for the Real Estate Market and the local economy. Lets hope the interest rates stay at Historic lows and that the momentum continues.
