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Real Estate News and Advice |
January 9, 2009 |
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San Jose: The Jewel of Silicon Valley
by Courtney Ronan
While San Jose is close to San Francisco, a fact that sweetens the deal for any prospective recruit, you might be surprised to learn that San Jose is actually larger than the city by the bay. San Jose holds the title of being Northern California's largest city (as well as California's third-largest and the United States' 11th largest), and it's sometimes easy to forget just how many attractions the city located south of San Francisco has in its own right. For starters, San Jose has some 50 wineries scattered throughout its area, as well as world-class shopping, professional sports teams including the NHL San Jose Sharks, plenty of museums and cultural centers, and, of course, some brilliant minds within city limits. A series of initiatives by the San Jose Downtown Association has helped re-charge the center of this city and preserve its cultural amenities. Throughout the past 15 years, more than $1 billion has been invested into the revitalization of downtown San Jose. Among the city's projects are the $140 million San Jose McEnery Convention Center; the San Jose Arena; and an efficient, 20-mile-long light rail transportation system. As a result of these initiatives, many incoming residents are opting to live in the downtown area as well as the booming suburbs. While the city's economic growth continues, the Silicon Valley experienced its most dramatic growth during the late 1960s and early 1970s. Today, more than 4,895 high-tech companies are located within Valley, employing more than 233,175 people. Among the city's largest employers are Intel, Pacific Bell, Hewlett Packard, Apple Computer, Sun Microsystems, IBM Corporation and National Semiconductor Corporation. San Jose's explosive growth hasn't compromised its safety, however. The city continually ranks among the nation's safest large metropolitan centers. Money magazine, in fact, ranked San Jose number five on its list of the nation's best cities. That title came through a combination of contributing factors. In addition to its safe streets and extremely hot local economy, in which high-tech firms play a predominant role, San Jose also enjoys a relaxed California lifestyle, enhanced by sunny year-round weather. Dress is usually casual to accommodate the sun-kissed climate (an average of 300 sunny days per year, in fact) and "let-it-be" attitude that pervades the city and its neighbor to the north. That's not to say that San Jose residents never break out their sweaters; cool winds blow through the city come fall and winter months, but anything heavier is rarely if ever needed. It stands to reason that San Jose is big on recreational pasttimes. The city has 125 parks and two lakes, and if you hop in your car and drive less than one hour from city limits, you'll reach the magnificent shores of the Pacific Ocean. While you're in town, you'll want to take advantage of the local museums; there are many located in and around greater San Jose. Among them are the Children's Discovery Museum San Jose, located within a purple building you can't possibly miss; the San Jose Museum of Art; and the San Jose Historical Museum, a 25-acre complex comprising 28 different buildings dedicated to the history of San Jose. Your historical journey here will lead you to a Chinese temple, a recreation of a letterpress printing house, a Portuguese imperio, and even an old-fashioned ice-cream parlor. Among the historical museum's collections are Native American, Spanish and Mexican artifacts. Following your tour, step outside the museum's grounds into nearby Kelley Park, home of the Happy Hollow Zoo and Japanese Friendship Gardens. If your profession or your California daydreams bring you to San Jose as a permanent resident, prepare yourself for the possibility of sticker shock. This is a white-hot real estate market, so prices have risen steadily. The average housing value in San Jose currently stands at approximately $258,000. According to local RE/MAX statistics, median sales prices of existing homes range from $180,000 to more than $600,000, depending on the area of San Jose. The average housing age is around 25 years old. Among the city's population of 817,000, the average annual income is approximately $46,500. The fastest-growing segment of the local economy is high-tech industries, which also represent the most common type of profession held by residents, who average a young 32 years of age. San Jose's buying power has been ranked number three in the United States. San Jose housing is diverse, ranging from single-family homes to duplexes, condos, apartments and townhomes. Apartment rents are high, starting at about $700 per month for a studio or one-bedroom, depending upon the area and the community. Single-family home rentals begin at approximately $1,250 per month.
It's clear that San Jose residents know how to work and play hard. That's a
balance that's hard to find these days, and it's ironic that a city whose
economy is based on the rush to find faster, more efficient technology is
comprised of residents who also excel at the art of relaxation. And little
wonder -- they're situated in the heart of some of Northern California's
most beautiful country.
For more Community Profiles: Click Here
Published: June 14, 1999 Use of this article without permission is a violation of federal copyright laws.
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