Where can you find gated communities in San Jose or Silicon Valley?  There aren’t many of them! (It is a myth, however, that the Silver Creek Valley Country Club is the only one in Silicon Valley. That’s just not true.)  There are fewer than a dozen, though, and in this post I’ll provide some basic info on each and links to the home owner association for each so you can learn more if you so desire.

Most of these enclaves include neighborhood pools.  Some also boast golf courses, spas and restaurants.

In the Evergreen area of San Jose (the east foothills), there are two gated residential neighborhoods:  The Villages, which is a retirement community for seniors (and has age restrictions) and the Silver Creek Valley Country Club, which is the largest and best known gated community in Santa Clara County.  A large complex and elegantly appointed, the Silver Creek Valley Country Club is also the most expensive of the gated communities.

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The other day I was previewing for clients all over east and south San Jose: Berryessa, Alum Rock, Evergreen, Santa Teresa and Blossom Valley. It was one of the hundred degree days and I was glad my car has a strong air conditioner. I stumbled upon Canyon Park near Silver Creek as I was obeying my car’s navigation system, and stopped long enough to take a few photos since the views were just perfect. Hope you enjoy seeing them.

Canyon Park is located across from the intersection of Larkspur Canyon Drive and Stoney Creek Place (off San Felipe) in San Jose’s 95109 zip code (near Silver Creek).

Like what you see? Read more about Canyon Park on Yelp & see reviewer’s comments.

Photos, by the way, are not retouched. They were taken with my new Blackberry Tour (as you can see, I have not yet figured out how to focus the pictures!) – these were my first attempt at using the camera function.

We may be in a recession with 11% local unemployment, but affordable homes are getting scooped up with multiple offers and in many areas, inventory is shrinking.

Today we’ll look at five areas of San Jose which offer at least some, if not mostly, entry level housing: Blossom Valley, Cambrian Park, Evergreen, Santa Teresa and South San Jose.

Evergreen does have some high-end housing in Silver Creek and elsewhere, but it also provides some very affordable homes for first time home buyers.  Cambrian Park is mostly middle class but it, too, has some McMansions (original Cambrian Park tract with large lots and very old homes that are not infrequently bulldozed) and some homes with views (Vista Loop area, bordering Los Gatos and Almaden Valley).  Blossom Valley has some beautiful properties and many close to thecenics Santa Teresa Foothills.  Overall, though, these homes represent affordable or mid-range houses for sale in Silicon Valley.  When we look at them as a group, it gives a strong sense of what the market is doing generally.

The months of inventory reflect how long it would take the current inventory to be absorbed (or sold off) if no new inventory came on the market and sales continued at the current pace.  Six months is a balanced market.  Fewer represents a seller’s market and more reflects a buyer’s market.  As you can see, April shows a push in all five districts of San Jose into seller’s territory:

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Things have been rough for first time home buyers in Silicon Valley. Lenders have been tightening requirements for months, demanding larger down payments and more perfect credit than at any time in the last 10 years.  This is true all across Santa Clara County, from Evergreen to Saratoga to Cambrian Park and South San Jose. Money is tight.

For those hoping to get into a single family home for under $500,000, which is possible in some parts of San Jose right now, there’s real improvement in affordability over the prices we saw a year ago. But that’s only true if you can buy! Don’t be discouraged – if you want to buy, now’s the time to begin planning.

What do you need to do to be able to take advantage of the soft Silicon Valley real estate prices?

• Cash is king, especially now – so save for that down payment
• If necessary, consider buying your first home with your parents’ help. They can put down some of the downpayment and be on title with you and you can pay them back over time. Of course, consult a real estate attorney to set this up!
• Check into the first time homebuyer programs available in your city or town
• Meet with a good lender (who comes to you by referral) to work out a plan to buy, clean up any credit issues, and investigate any other opportunities for assistance (such as programs for teachers, firefighters, police officers, and other city or county employees)

Call or email me if you’d like to talk about the possibilities of buying a home in today’s Silicon Valley real estate market!