Friday, January 30, 2015

Plant 51 (88 Bush Street, Downtown San Jose 95126) Real Estate Market

Plant 51 (88 Bush Street, San Jose) is an ideal community for homeowners who enjoy the downtown San Jose urban convenient lifestyle.

On any given day, you can see residents of Plant 51 stroll down the short walk on Bush Street to the shops and restaurants on The Alameda, to shop and hang out at Whole Foods Market and the adjacent BrewHaHa brewery, to roll out of bed and catch CalTrain at the adjacent Diridon Station, or VTA Light Rail, and walk their dogs in nearby Cahill Park. Also, HP Pavilion is just a walk away for special events, concerts, Sharks hockey, etc.

The community itself boast lots of amenities - a community Gym / Lounge / FitnessCenter, BicycleKitchen for bicycle parking / storage / maintenance / repair, outdoor barbecue area with 15ft-long outdoor Fire Pit.  Coming soon, Plant 51 will have EV charging stations for conveniently charge your electric vehicles. 

All the units have central forced-air heat and air conditioning.

Currently, one unit is available for sale (Unit 2210)
You have to stand inside unit 2210 to appreciate the feeling.  Feel the vastness as you look up at the towering 17ft high ceilings. Feel the warmth and light come in through the Majestic tall windows.  Soak in the bright, voluminous, feeling. 

For times when you want it dark, this unit has special tall custom drapes.

In comparing with other units in the Plant 51 complex, this unit has a rare, extra-deep, wide- open floorplan that has more length/volume than other loft units. Other units end at a wall that lines up with the kitchen.  Unit 2210 extends farther out for extra voluminous feel.  Around the corner from the kitchen, this particular unit has an extra nook region for a hidden office, library, contemplative/relaxation area out of view.  

Plant 51 Real Estate Market Analysis:

All the units in Plant 51 are nice.  In the section below I point out others that sold even though they do not have the extra qualities that unit 2210 has.

Non-Loft Units that do NOT have the 17ft soaring ceilings of the Unit 2210 loft:

These 3 comps only barely have more sqft because they shut off the ceiling with a floor in between.  These do NOT have the soaring ceiling feel, yet are still nice and sold close to $600,000:

MLS #:ML81432379
88 BUSH Street ,#3132, San Jose 95126 doesn't even have the soaring ceilings as this unit # 2210 and still that one sold for $590,000.  Their description says soaring ceilings, but look at all their photos.   The only reason they squeaked out 1267 sqft is they shut off the soaring view by building that floor in between the levels to block the soaring view. 
Sale Price:$590,000 Sale:09/09/2014

MLS #:ML81438705
88 BUSH Street ,#3130, San Jose 95126 didn't even show any photos of the interior because it is also does NOT have the soaring ceilings yet still sold immediately that same day for $596,000 to another agent in the same office.  If they had really put it on the market and allowed other agents from different offices to compete for it, they could have sold for higher.
Sale Price:$596,000 Sale:10/29/2014

88 BUSH Street ,#3194, San Jose 95126
Apprx.Sqft:1,275 SqFt (Tax) because they closed off the soaring ceilings by building a floor in between.
Sale Price:$590,000 Sale:


Loft Units that do NOT have the extra-width of Unit 2210:

These standard 1444sqft units are narrower than Unit 2210 because the living room cuts off at the kitchen wall rather than extending wider past the kitchen as Unit 2210 does

Also, the data of the standard 1444sqft units below clearly shows the price increasing every month:

88 BUSH Street ,#2115, San Jose 95126 does have high ceiling but room is narrow and is cut off at the kitchen wall.  Thus view not as wide yet sold for $705,000
Sale Price:$705,000 Sale:10/06/2014

88 BUSH Street ,#2113, San Jose 95126 image 6 of 20 does have soaring ceilings but you can see the room cuts off right at the kitchen whereas my client's #2210 has a much wider, voluminous feel because the unit continues farther out even past the kitchen by a significant amount.
Sale Price:$680,000 Sale:09/19/2014

88 BUSH Street ,#2143, San Jose 95126 again has soaring ceilings but room cuts off at kitchen.  Not as wide and voluminous as my client's 2210.
Sale Price:$675,000 Sale:07/12/2014

88 BUSH Street ,#2151, San Jose 95126 again soaring ceilings but main photo shows room cut off at kitchen.  Does not extend past kitchen like my client's 2210.
Sale Price:$673,000 Sale:04/25/2014

88 BUSH Street #2197, San Jose 95126 image 6 of 25 perfectly shows that even though it has high ceilings, it has a boxy narrow feeling because the room doesn't extend past the kitchen like unit 2210. (See attached photo)
Sale Price:$632,000 Sale:02/21/2014

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Plant51, Plant 51, 88 Bush, downtown, San Jose, Whole Foods, Market, HP Pavilion, Cahill Park, CalTrain, Diridon Station, VTA, LightRail, Light Rail, concerts, Sharks, hockey, 

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