Villa Almendral – One of San Jose’s Affordable Housing Efforts, Languishes
Neighborhood Housing Services Silicon Valley invested over $10M to bring this cottage-style condo complex to life – offering better than average mortgages and terms, and lower prices for its 17-unit condo complex located at Almaden and Alma Ave. Yet only one unit has sold in 8 months. Why?
According to the San Jose Mercury News, buyers are reluctant to buy ANYTHING right now, for fear that the market will continue its downward trend. And even though prices for the two bedroom model have been reduced from $535,000 to $450,000, single family homes are now going for $450,000 in some parts of San Jose.
These units offer two and three bedroom models, all new appliances, two car garages, an excellent commute location, and granite countertops. A new marketing strategy has been launched, which includes a Prius giveaway contest.
Nearby condo competition is also stiff – Barry Swenson Builder has studios for sale in a neighboring complex starting at $294,000.
The San Jose building department is soon to come to the rescue – with $10M for downpayment assistance for new buyers. Still, the jury is out as to whether interest will pick up.
[Photo Credit: San Jose Mercury News]
