Developers Are Building Rare Condos In Silicon Valley
Source: bisnow.com | Re-Post MNM Partners, LLC 7/12/2017 –
Silicon Valley is facing a shortage of new condo development. Affordability continues to worsen in Silicon Valley, and many residents are struggling with rising rents and home prices.
After the market crashed, more apartments went up than condos, making for-sale developments a rarity in Silicon Valley, according to the Mercury News. Rapid job growth and pushback from local cities against development also are impacting the development pipeline. Now home prices have reached an average of $1M in Santa Clara County and are over $1.3M in San Mateo County, according to Pacific Union. For-sale homes and condos spent an average of just 10 days on the market in May.
Here are some of the condo projects headed to Silicon Valley. Almaden Terrace