If you’ve been considering purchasing in one of the first San Jose High Rise condos, now may be the time to make the leap. A new housing plan from www.SJHousing.org called Building Equity & Growth in Neighborhoods (BEGIN) has recently approved over $8 million to assist qualified buyers in beautiful downtown San Jose.   

First time home buyers that meet the qualifications can receive a
Down Payment assistance state loan of up to 20% of the purchase
price of their new San Jose highrise at an unheard of 3% interest
without any payments being required for the first 30 years. And, the down payment required to lock in your new home could be just 5% of the sales price with this great program.

   MORE at SANJOSEHIGHRISES.com….

Sales of Million Dollar homes have increased last month from 148 sales in May of 2009 to 251 homes for May of 2010. Could this be due to the fact that the Median price of sales was down during the same time period at $1.3M in May of 2010 from $1.41M in May 2009. This is a change of 8% from last year. Lower the prices of the top tier homes and more buyers will be looking for the move-up option.

There still some issue with the selling of the highest end homes in Silicon Valley as the downtown SanJoseHighRises still have $1.M + penthouses available. These homes in the sky make up the best of downtown living with views that can not be found anywhere else in the Valley. When your ready to make an offer on a High Rise Penthouse make sure you have a professional to represent your interests and not just that of the developer. 

Highest Price Silicon Valley house sold last month for $5.95M in Los Altos, CA.

City Heights in Downtown San Jose has become the first high rise to except FHA loans. After opening there sales office over two years ago City Heights has finally reached the 50% sold rate that is required for a building to become FHA approved. To be exact they are at a 52.4% occupancy rate, almost twice as many sold unites as the next closest high rise.

So call your lender today and find out about the FHA loan requirements. Once your approved you could also qualify for record low down payments of just 3.5 percent. City Heights will be the only high-rise downtown that qualifies for FHA financing and offers such a low down payment option.

City Heights residents (more than half the building is occupied) are enjoying downtown living with fantastic views at a great value. No other high rise in downtown San Jose offers as much for as little as City Heights. Tour the models and you’ll discover modern one- and two-bedroom deluxe homes and lofts with sweeping skyline views and spacious, open floorplans.

Residents of City Heights, located in downtown San Jose, are an easy stroll from great restaurants, art galleries and shopping. City Heights also offers convenient access to Mineta San Jose International Airport as well as highways 101 and 87 and interstates 280 and 680.

Call me ( Danielle Contreras ) to take you on your first visit the City Heights San Jose sales center and models daily from 10 a.m. to 5 p.m. at 175 W. St. James St., just off Market Street. For additional information call (408.850.7994).