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The Google Bump and Downtown San Jose Real Estate
 
In the Fall of 2014 one of my San Jose rental property investor clients needed to do a 1031 exchange for about 1.5 million dollars worth of property. She needed to replace about $60,000 in net income.  We were faced with the following conditions:
 1.Even 2014 finding a 4% CAP rate in the Silicon Valley was not easy on the Peninsula
2. Finding newer construction which would help keep the repair costs down and CAP rate up was very difficult outside of Downtown San Jose.
3. While inventory was low in places close to the employment centers in Santa Clara/San Mateo counties there were 90 condos on the market in downtown San Jose.
4. Major tech companies were looking at buying up some large industrial parcels close to downtown San Jose and in fact Samsung and Apple had already started the process.
5. Young tech workers were choosing to live in down town San Jose and filling up places like San Pedro Square on week end nights and using public transportation to get to Mountain View, Palo Alto, etc.
It was was for me to see that investing in downtown San Jose condos was going to pay off big time, both from a cash flow and investment perspective.
So, my Silicon Valley ... more

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