Looking for That Silver Lining? Silver Creek in San Jose Has it All!

In the South Bay, one of the hottest “up-and-coming” real estate markets is in Silver Creek.  Many new million dollar homes and a prestigious Country Club with a pristine golf course form part of the attraction – and the rest can be attributed to easy freeway access and serene views of the East foothills. 

The “Silver” lining to the dark real estate cloud lies in choosing which areas will start appreciating fastest when the market turns, but are still priced under where they were in prior years.  Although I don’t claim to have a crystal ball, my bet would be on the Silver Creek area for a quick return to solid appreciation.

Thanks to the new neighborhood features just introduced by Redfin, we can take a closer look at the Silver Creek market to get a snapshot of current market conditions.  There are now 92 homes for sale and 7 condos – which is not surprising as this area has many more single family homes than condos.  Inventory is at a high right now, but homes are moving a bit faster than in the rest of San Jose with an average time on Redfin of 91.5 days.  As condo prices are fairly close to single family home prices, it is not surprising than the average time on Redfin for a condo in this area is 122 days.  

The median total price reduction for a home is 5.8%, so if you find a home here you fall in love with, it is still worth it to wait a bit before putting in an offer.  Chances are, the price will adjust.

As the average home price here is higher than most areas of San Jose, even smaller homes are a good investment as they will benefit from the comparables in the area.  

Prices range from $448K for a 3/2 at 1742 Silver Creek Court, to $2.999M for a 5 bed, 4 bath mansion at 2026 Biarritz Place.   This was a recent reduction from the $3M+ range!

In Silicon Valley, many of my corporate coworkers have measured their success by being able to buy a property in Silver Creek.  This mentality will be instrumental in its come-back, when the market turns.