The San Jose metro is the most "equity-rich" in the county

Of all the metro areas in the US, San Jose has the highest percentage of "equity-rich" homes at 72%. Equity rich means your loan-to-value ratio (LTV) is heavily weighted towards value. For example, if you have a loan for $300,000 and the home is worth $1 million, there is $700,000 in equity there and that would be considered equity-rich.

More than 7 out of every 10 homes in San Jose now fall into this category. In comparison, the San Francisco metro came in second at 61%. California has the highest share of equity-rich homes of all states, and came in at 39%.

Even more impressive, eight of the top 10 equity-rich zip codes in the USA are in San Jose. In the top 100, 85 of the top zip codes are in the Bay Area.

Yes, this is a very expensive place to live... but for those lucky enough to own their own homes there is some reassurance that you can either tap equity as needed or move to a less expensive place and live like someone that won a small lottery.

Source: SVBJ

2019 Annual Spring Symposium

The Urban Planning Coalition at SJSU is hosting their 8th Annual Urban Planning Symposium on Saturday, April 27th at the MLK Library. The theme will be of great interest to a lot of the locals urbanists and Downtown residents reading this--personal transportation devices (PTDs). Downtown patrons have become infatuated with scooters, shared bikes, and even funky one-wheel skateboards. The symposium discusses how these devices can become more sustainable, the impact on urban planning, and the future of these devices on the SJSU campus and Downtown.

Admission is free and breakfast and lunch are provided. If you are a student you will even get some credits for attending. To learn more about each panel and RSVP, head over here.

San Jose 2018 Unemployement

San Jose finished 2018 with the one of the lowest levels of unemployment of all time. At 2.5%, only May of last year saw a lower number (2.3%). The labor force also grew from 553,000 people to 575,000. Sometimes unemployment figures are better than reality because people give up and drop out of the labor pool entirely. The fact that the labor force grew shows that is not the case.

Wages in the San Jose metro also grew 4.5% in 2018, which outpaced San Francisco, New York, and Seattle. Keep in mind we already have the highest salaries in the US. Now is an amazing time to look for jobs or ask for raises!

Source: San Jose Economy Blog

Map of future Downtown San Jose projects

This collage was created nine months ago by CTA25 from the San Jose Development Forum on Skyscrapercity (yup, that's how far behind I am on the forum). While some projects already have revised designs and it is missing some of the recent megaprojects like Adobe's 4th tower and Boston Properties' insane 1.8 million SQFT proposal, this provides a pretty good perspective on just how different Downtown San Jose will look in a few years. Red lines are projects that are already well under construction.

Source: San Jose Development Forum (thanks for putting this together CTA25!)

Apple WWDC 2019 returning to Downtown San Jose

Apple's largest event of the year will happen in the middle of San Jose between June 3 and June 7th. The event brings tens of thousands not only the the McEnery Convention Center, but to supplemental events hosted all over Downtown.

If you are a developer and and want to register, today is your last day to join the lottery for a chance to buy the $1,599 admission pass over here.

Source: SVBJ

San Jose Light Tower v2.0 has a location!

There is finally has an official location for the resurrection of our most famous landmark. The City Council voted unanimously to approve the Arena Green near SAP and Diridon as the future home of a new San Jose Light Tower.

The next step is an international idea competition for the design of the tower called "Urban Confluence Silicon Valley." Individual teams will submit creative designs for the project and there will be an award for the top three.

The icing on the cake is that there will be a little extra height available for the new tower (see yesterday's post). By raising building height limits to FAA regulations, will gave the tower an extra 100 feet of potential. I'm sure the height will be full maxed and hope there are some options for virtual increasing that height as well (lighting, drones, etc.).

The official announcement from The San Jose Light Tower Corporation is below.

Downtown San Jose building heights set to increase

Believe it or not, San Jose building heights are actually below FAA requirements. The restrictions were self-imposed to boost the airport and attract more international flights. Now that we have one of the fastest growing airports in the country as well as the 2nd busiest in the Bay Area, the City Council has decided to remove some of those restrictions to help Downtown San Jose development.

There will be some negative impact to SJC. On the rare days with inclement weather where long-distance flights have to take off south over Downtown, they will need to either limit the number of passengers or cargo. This is required to safely fly over the Downtown core in the extremely rare event where one of the two engines becomes disabled.

The positive side to the changes is that most of Downtown will get an extra 15-30 feet of develop-able space, making high-rise construction more compelling to developers. In the Diridon area, you might see buildings up to 150 feet taller than what is allowed today. The change is estimated to open up over $4.4 billion worth of vertical real estate in the Diridon area alone.

Perhaps one day we'll have electric planes with vertical take off and landing and can completely eliminate the height requirements, but for now this is a positive step towards building a more dense and vibrant Downtown.

Source: SVBJ, SVBJ (2)

Springtime Events at Santana Row

This Spring, the Row will feature quite a few fund raisers and fun events--everything from a beauty and wine walk, an autism benefit concert, and the Summer Fashion Show. There are also regular events like the first Saturday Makers Market promoting local artisans, a free yoga series, and a mommy & me kid's club on the 2nd Tuesday of every month. Check out the full calendar of events below.

EVENT	DETAILS
Beauty & Bubbles	Thursday, April 4; 6 p.m. – 9 p.m. Step into Spring with Beauty and Bubbles benefiting the Junior League of San Jose. Meet and mingle with the winemakers while sampling wine and bubbles from local Santa Cruz winegrowers. Plus enjoy light bites, DIY flower crowns, beauty touchups, exclusive discounts and more inside Santana Row shops & restaurants!  Participating shops and restaurants include Crate & Barrel, Laser Away, LB Steak, Vintage Wine, Kendra Scott and more. Tickets are $35 in advance, and $40 starting March 29th. Purchase tickets online here or inside the Santana Row Concierge.
Makers Market in the Park	Saturday, April 6; 11 a.m. – 5 p.m. Visit this curated marketplace in Santana Row Park (across from Left Bank Brasserie) and shop local artists selling US handcrafted goods such as jewelry, handbags, ceramics, glassware, soaps candles and more! Enjoy the beautiful outdoor park and support local small business every 1st Saturday of the month. 30+ local artists DIY workshops Live music Complimentary Wine & Bites in the store  Contests for store gift certificates! For more information on how to be a vendor, please call (408) 320-1868.
Voices for Autism Benefit Concert	Saturday, April 6; 12 p.m. – 4 p.m. Join us for a day of fun, food, and music in Park Valencia. The Youth Leadership Committee is hosting the 4th Annual Voices For Autism Benefit Concert to increase autism awareness and raise money for the programs at Pacific Autism Center for Education (PACE).  The concert will feature youth bands and other musical performances from students around the Bay Area! This is a free event and perfect for families with children of any age. There will be music, interactive autism awareness demonstrations, and select restaurants are participating in fundraisers to raise money for PACE. All proceeds from this event benefit Pacific Autism Center for Education. PACE provides high quality behavioral therapy, education, and residential care for children and adults with autism. For more information, visit http://www.santanarow.com/events/voices-for-autism-benefit-concert.
Yoga on The Row	Every Saturday from May – September; 9 a.m. Bring your yoga mat and enjoy a morning workout with lululemon during their FREE Yoga Series every Saturday in Santana Row Park. Registration opens at 8:30 a.m., and classes start at 9 a.m.
Mommy & Me Kid’s Club Kick-Off Event	Tuesday, May 14; 10 a.m. – 12 p.m. The second Tuesday of every month, May through December join us for a fun-filled day of arts and crafts, face painting, music, balloon art, entertainment and more. Join us for the kick-off event on Tuesday, May 14th.  Enjoy live music from Andy Z, flower planting, character appearances, DJ and more.
Summer Fashion Show	Saturday, June 8; 2 p.m. One of the best parts about summer is the fashion. Santana Row’s most popular event, Fashion in The Park, returns to showcase the coolest looks for a hot summer in the most summery of spots—Santana Row Park. This professional runway show will feature the hottest summer styles from Santana Row shops. Tickets are $50 and include seating at the runway show, access to the onsite lounge, champagne & wine, light hors d’oeuvres, a Passion for Fashion shopping card with exclusive incentives & post‐show soirees. Tickets go on sale April 1 at the Santana Row Concierge and online at www.SantanaRow.com.