By Jeni Pfeiffer, Associate Broker, Realtor
How will the future Silicon Valley BART affect Bay Area real estate values?
The Santa Clara Valley Transportation Authority (VTA) is building the Bay Area Rapid Transit (BART) Silicon Valley Project with expected service to begin in 2018. This will extend BART coverage from Warm Springs Fremont to Berryessa with a stop in-between at Milpitas.
What does this mean for Silicon Valley real estate? Reflective in Japan, Sweden, and European countries, transit-oriented development (TOD) have been enthusiastically desirable here for residents seeking alternatives to transportation via car only.
KB Berryessa Project_Courtesy Calthorpe Associates
TOD developments are mixed-use residential and commercial area designed to maximize access to public transport and often incorporates features to encourage transit ridership. Builder KB Home, for example, purchased 10 acres on the north side of the 120-acre San Jose Flea Market operation, and has already started selling homes in their Berryessa Crossing Development.
Both Pulte Homes and Taylor Morrison Home Builders, at North Jackson Avenue and Berryessa Road, built the Pepper Lane Project located at 1116 Pepper Road, San Jose, approximately 1 mile from the future BART Berryessa Station. Pulte has a few homes left for sale and Taylor Morrison has sold out. Part of the appeal of this location is the close proximity to BART in the future.
VTA Public Relations Supervisor Linh Houng stated to Legacy Real Estate & Associates that connecting bus lines to light rail, Cal Trans and bike paths will be designed to implement smooth connections to BART. The bicycle and pedestrian facilities and connections to be added to existing city roadways adjacent to the station area.
CLICK HERE for the VTA BART Visual Library and updates.
The BART Milipitas Station will be located at Captitol Avenue and Montague Expressway conveniently close to the Great Mall. The Berryessa BART Station, Located between Berryessa and Mabury roads, adjacent to the San Jose Flea Market in north San Jose.
The KB Home site is the beachhead for what will become a transit village with thousands of residences, many of them high-density, along with stores, a new school and park lands. This will certainly enhance the desirability of the area, as well, provide housing to many.
For home sellers, this is an advantage to owning a home close to the BART stations. For home buyers who are seeking close proximity to BART, it may be a good time to buy before the project has been completed.
The KB, Pulte and other model homes are available and under construction. Generally, the first release is priced the lowest for a new home community. Coupled with the seasonal effects on housing market, buyers will likely get a very good deal. Of course, this also means that competition for the first release will be intense.
To have the best chance at getting a home, you should work with a Realtor familiar with the community and the new home purchase process. Make sure you have your trusted Realtor accompanies you on your first visit to ensure your Realtor is allowed to represent you and negotiate the best deal for you.
Please feel welcome to contact Jeni Pfeiffer at 408-813-4256 for more information.