patrick.net
An Antidote to Corporate Media
1,196,742 comments by 14,090 users - anniecoyote, askmeaboutthesaltporkcure, Eric Holder, GNL, intrepidsoldier, OldDawg online now
invite responseComments 1 - 3 of 3 Search these comments
Actually, I kind of misspoke about SOLD OUT. They are sold out of the relatively few single-family homes they built there, but this development is predominantly condos. The relevant website...
http://www.summerhillhomes.com/find/parkwood_garden/index.cfm
...mentions low $500,000s, which pretty much means at least $549,999. lol The smallest unit is 1400 square feet, 2 bedrooms, so that's probably what you get for "low 500,000s". And you probably get a nice earful of the highway 85 traffic on the upper-floors, too.
A rough check on Craigslist for 95124 shows 2BR apartments/condos going for around $1000 to $1500 per month.
So you can buy the assumed 2BR, 1400sq foot, "ear and eyeshot from highway 85" place for, say $550,000, or you could rent an equivalent sized place in the general area for $1500.
Buy versus rent ratio is 367.
If a healthy buy versus rent is 200, then the minimum units here should sell for no more than $300,000.
My personal feeling is that they should be even cheaper than that.
No wonder the whole place seems so empty.
"I know they wanted $500,000+ at one time for each unit,"
Original starting prices were at $650,000 and up.
But are not worth more than $300,000.
This HUGE condo development is right off of highway 85, near highway 17, near Campbell/Los Gatos/San Jose. If you drive by on 85, you can't miss it.
Anyway, they started building these things right at the peak of the bubble, and from all accounts, I never see any lights on at night in any of the units, and many of them always seem to have the same windows open, possibly to forestall mold.
They also paused construction for a while, with stacks of tiles sitting on the rooftops for many months.
The website for this development says SOLD OUT, but sold to who? I don't believe that for a second.
I know they wanted $500,000+ at one time for each unit, but I personally wouldn't pay over $150,000.
Anybody know the story with this place?