San Jose - Those new high rise residential buildings in downtown San Jose are selling pretty well according to the latest figures. They report a 150% increase in sales over last year with 69 new condo units purchased in Santa Clara County in September.
Laura Medanich is the Marketing Director for The 88 high rise and she confirms that sales are going well despite a downturn in the housing market elsewhere. Medanich says people with steady jobs, a down payment and the expectation to live in the home for at least two years are the ones they're seeing buying the downtown condo units. She adds the high rises are seeing what has to be considered a normal housing market in the middle of the storm.
The fact that the new residential towers were not available during the questionable lending practices that caused the mortgage crisis appear to have worked in favor of the new buildings. Medanich says this is the way the housing market used to be before the mortgage meltdown.
