Single Unit Condos Around New Levi's Stadium Selling For $500,000 A Pop
You probably knew that the first athletic event at the new Levi’s Stadium in Santa Clara isn’t a football game — sorry, 49ers. The San Jose Earthquakes take on the Seattle Sounders in an MLS game on Saturday. Yep, the first lines will be for soccer.
Or no, delete that. The first lines are actually for condos down the street. And they’re going for $500,000 each. That’s insane, even by Silicon Valley standards.
A luxury apartment complex on Tasman Road, less than a mile from the new stadium, just set a sales record: half a million dollars per unit, about double the average condo price.
“While I won’t attribute 100 percent of that to the stadium, it is attributed to an economy and an area that has activity happening. And when you have activity, it’s like a domino effect, more happens,” said Myron Von Raesfeld, President of the Association of Realtors.
According to Zillow.com, homes in the area are spiking, up more than $20,000 on average in the past month alone. Some are going for as much as $800,000.
Of course something similar happened in the China Basin/SoMa area of San Francisco when (then) Pac Bell Park opened in 2000. In Santa Clara, a $6.5 billion development project has recently been approved by voters, which will bring in restaurants, a new hotel, offices, a movie theater and a golf course in the area surrounding the stadium.
— Mike Rosenberg (@RosenbergMerc) July 31, 2014
Plus, Six Flags Great America, the Santa Clara Convention Center and a multi-screen movie theater are nearby already. As is Mission College, and several Silicon Valley office complexes, such as Yahoo.
As predicted by opponents of the stadium, traffic in the area is going to be murder. I’d attach a camera to a drone and visit the region that way, if at all.