The 88 Condos in San Jose Revises Pricing

The 88, the 197-unit condo project in Downtown San Jose, has reduced its price today on some of its units. A short while ago we got an alert that Unit 605 at the tower, was reduced from $545,000 to $490,000, roughly a 10% drop. This is expected as we’ve heard sales at all the condo projects in downtown San Jose have been extremely sluggish. The unit in question is a 2bd/2ba, 1033 SF unit. It’s unclear whether the price cuts are across the board, or if this is a teaser drop, but it is likely that there is significant room for negotiation on any unit.

At $490,000, that represents a sales price of just under $474 psf. The 88 has a relatively low land basis because of redevelopment agency involvement, but other condo towers in San Jose such as the Axis and 360 Residences might not have the flexibility that 88 has. The project is a development of the CIM Group, Stockbridge Funds, and Wilson Meany Sullivan.

Similar Posts:

• San Jose Condos Going Rental
• KT Properties Picks Up 1 S Market in Downtown San Jose
• Sobrato-Oracle Building at 488 N Almaden To Go Full Circle?
• Possibly Brilliant Timing for Buyer of Oracle/Sobrato Tower; PWC Possibly on the Hunt
• Legacy Partners Drops Sobrato-Oracle-BEA Tower Deal

Leave a comment