"We have about 500 people on the waiting list to buy condos. That's unheard-of interest. I've had 50, I've had 100. But I've never seen anything like this before. This demonstrates exceptional market demand for the residential units at 188 West St. James towers in downtown San Jose."
"This can be fantastic for the downtown. You are going to get more people downtown. You will see a trickle-down effect for restaurants. Having homeowners with equity in those towers means they will be living and owning downtown. The buyers will have equity in the area, and they will be part of the downtown success story."
"They are onto something with those price points. Most of the younger generation is priced out of single-family homes right now. The pricing strategy effectively targets younger buyers seeking affordable homeownership options in the competitive real estate market."
Machine Investment Group and Centurion Real Estate Partners are marketing 640 condominium units across two towers in San Jose's downtown. The project has generated unprecedented interest with 500 people on a waiting list to purchase units. The residential complex consists of a 22-floor eastern tower with 337 units and a 20-floor western tower with 303 units, with marketing efforts focused on the western tower first. Pricing ranges from $429,000 for studios to $1.8 million for penthouses. Real estate experts view this development as transformative for downtown San Jose, attracting residents and generating economic activity through restaurants and other businesses. The project targets younger buyers priced out of single-family homes, with potential for 700 to 900 residents.
#downtown-revitalization #residential-real-estate #san-jose-housing-development #affordable-homeownership #urban-development
Read at The Mercury News
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