Santa Clara County leads the state in Property Value’s!
This week Mark Emmons, in
the Mercury News, wrote about Santa Clara County leading California in property
values. If you’re looking to sell your home, now is the time in the Silicon
Valley! Contact the Dawn
Thomas Team today.
SAN JOSE — There was further evidence Monday that Silicon Valley’s surging economy is having a positive effect on local property values.
California’s State Board of Equalization announced that Santa Clara County’s 8.3 percent growth in assessed residential and commercial property values for 2013-14 is the highest in the state.
“Santa Clara County tends to lead the way,” said County Assessor Larry Stone. “We’re the bellwether. I always tell my fellow assessors around the state, ‘Just watch us because what’s happening to us will be happening to you soon, too.’ This has really happened overnight here in just the last 18 to 24 months.”
In June, Stone had announced that assessed values in the county had grown by nearly $26 billion over the previous year — from $308.8 billion in 2012 to $334.6 billion. That marked the second-highest dollar increase in county history.
That increase was twice what Stone’s office had projected, and all 15 cities in the county recorded increases of assessed value growth above 6 percent.
“The recovery,” Stone said Monday, “is solid and throughout the county.”
The reason comes down to one factor: job growth. Stone noted that he frequently travels Highway 237 between Sunnyvale and Milpitas and two years ago he would see six completely empty office buildings.
“Today, every one of them is full and there are seven or eight more Class A office buildings under construction on that corridor,” Stone said. “And when office buildings are full, so are apartment complexes.”
He added that over the past 18 months, 8,000 apartment units have been completed or currently are under construction in San Jose alone. There are another 5,000 recently completed units in the county built outside the city limits.
Monday’s report by the Board of Equalization painted a rosy picture of the
state’s recovery from the recession[...]
SAN JOSE — There was further evidence Monday that Silicon Valley’s surging economy is having a positive effect on local property values.
California’s State Board of Equalization announced that Santa Clara County’s 8.3 percent growth in assessed residential and commercial property values for 2013-14 is the highest in the state.
“Santa Clara County tends to lead the way,” said County Assessor Larry Stone. “We’re the bellwether. I always tell my fellow assessors around the state, ‘Just watch us because what’s happening to us will be happening to you soon, too.’ This has really happened overnight here in just the last 18 to 24 months.”
In June, Stone had announced that assessed values in the county had grown by nearly $26 billion over the previous year — from $308.8 billion in 2012 to $334.6 billion. That marked the second-highest dollar increase in county history.
That increase was twice what Stone’s office had projected, and all 15 cities in the county recorded increases of assessed value growth above 6 percent.
“The recovery,” Stone said Monday, “is solid and throughout the county.”
The reason comes down to one factor: job growth. Stone noted that he frequently travels Highway 237 between Sunnyvale and Milpitas and two years ago he would see six completely empty office buildings.
“Today, every one of them is full and there are seven or eight more Class A office buildings under construction on that corridor,” Stone said. “And when office buildings are full, so are apartment complexes.”
He added that over the past 18 months, 8,000 apartment units have been completed or currently are under construction in San Jose alone. There are another 5,000 recently completed units in the county built outside the city limits.
The Trimble Research Park construction site in San Jose, Calif., August
2013. At the time, developers were building five to six million square feet of
new office space in Silicon Valley. (Gary Reyes, Mercury News)
Click Here to read the rest of the story on Mercury News!
*Article courtesy of the San Jose Mercury
This blog is courtesy of The Dawn Thomas Team who is an
award-winning Real Estate Agent team at Intero Real Estate Services in Los Altos
650-701-7822. We help nice people with selling and buying homes in the greater
Silicon Valley and Beyond!
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