Help me find cool, upcoming areas (read cheaper, hip, safe and improving) in the Peninsula/Southbay. (San Jose: for sale, real estate market)

[88AAJ]

I currently live in the Haight in SF and was planning on purchasing a home in Temescal area of Oakland, but I landed a job in Palo Alto. Now I need to change my strategy and focus on areas closer to PA. I would like to learn more about areas within shorter commuting distance (including Caltrains) to Palo Alto that are relatively inexpensive, have charm and great value (long term investment).

I am okay if the neighborhood is on the edge of marginal areas, especially if there are more artist around. I am budgeting 350k on a home or 450k for a duplex. I realize that this price range will be a challenge and this is a tall order.

I would also like to learn more about down payment assistance programs in the community as well.

Any and all suggestions are appreciated!

[jbunniii]

Do you know this site?

Find All the Homes for Sale & Experienced Real Estate Agents | Redfin

It allows you to search the MLS database (i.e., those houses that are listed with realtors) using various criteria.

I don't know of any areas like what you are describing. My guess based on my own monitoring of the real estate market is that the only cities with houses in that price range will be East Palo Alto and maybe the grungier parts of Redwood City. These are both very close to Palo Alto, but neither is what I would consider remotely "hip," (actually I'm not sure I would call any city on the peninsula "hip"), and I wouldn't bet too heavily that they are safe or improving, either. But that's a judgment call that only you can make, after checking them out for yourself.

If you're OK with a condo, you will find more in that price range. (But watch out for the HOA/maintenance fees!)

Another option would be to try to find a foreclosure, but from what I can tell, that can be fraught with risk. It seems that in many cases, buyers aren't even allowed to examine the property before placing a bid on it, and they can be in horrible condition. And yet, you will face a frenzy of competition from would-be flippers. See this article, for instance:

http://www.mercurynews.com/ci_15078937?nclick_check=1

Dunno about downpayment assistance programs. I'm a firm believer that if you don't have a 20% downpayment in cash (plus an extra year's worth of expenses in cash) you're probably kidding yourself if you think you can afford to buy. But as far as I know, FHA is still making loans up to $729k with only 3.5% downpayment and marginal credit score requirements. (i.e., subprime loans)

[88AAJ]

thank for the post jbunniii. I was also thinking parts of Redwood City - maybe closer to downtown, but I really don't know the area. I guess you are right that it may not be too hip, but maybe that can change in time.

I also plan to explore more of San Jose since I've only gone to the city a few times, but there seemed to be some older charming buildings in the downtown area.

I would prefer to purchase a single family home or duplex, but would be open to a condo if the HOA fees were low as you suggested. I imagine I could find younger hipper people in such a complex as well.

I have roughly 20k to put down, but could also borrow a bit from 401k if needed.

[sonarrat]

I think Burbank in San Jose is exactly what you're looking for. It fits your budget (for a small SFH) and your wants: it is marginal but improving, has an artist vibe, close to 280 for a commute to Palo Alto, though it's a rough one. Using public transit, you could take the bus to Cupertino Square and then transfer to the 101 express bus to Palo Alto. Getting to Caltrain from there is a little tricky.

[catknip]

I would consider the Downtown San Jose Area and West San Jose / Campbell area if you're coming out of a place like Haight & Ashbury. As far housing goes I can't exactly direct you to a place that will compromise cost and lifestyle but the downtown neighborhoods are great, they are very quaint and beautiful.

Anything from 1st street all the way down to 13th between Taylor and Margaret hosts some really nice houses. SOFA district has free art galleries on 1st street every first friday of the month. Plenty of cafe and restaurants to satisfy curious cats like you. Coleman shopping center adjacent to downtown SJ has Traderjoes and a bunch of other shops. Funny that I could care less about bicycles but there is a growing scene of bicyclists here. There are a few highrises: City Heights, 360, Axis, and The 88. Apartment studios in Japantown and along 3rd street blocks between San Carlos and Julian. I have a friend who was born and raised in San Francisco who currently resides in Downtown San Jose; she says its better than New Jersey. Her words not mine ahha.

Downtown Campbell / West San Jose area is also vibrant. Rasputin and Streetlight Recordstores along Bascom. The Pruneyard is a very hip place with The Coffee Society, Wholefoods and a slew of restaurants.

I suggest investing in a car if you can, you'll be able to get around faster that way. Although Public Transport in the South Bay is actually good. But commuting on the Caltrain to Palo Alto might be a pain. However people take the VTA to the Caltrain at the Diridon station all the time. Mountain View might be a really good fit, they have a vibrant downtown scene and the Caltrain is right there. It has 3 book stores on one street! There might be a couple more but thats insane!

[bigdumbgod]

Originally Posted by sonarrat

I think Burbank in San Jose is exactly what you're looking for.

There you go!
Just know to stay west of Leigh to avoid the riffraff. Downtown SJ is a few minutes down West San Carlos via VTA bus 23, Satanic Row the other direction (if you dare), Santa Clara University due north, Streetlight Records and The Pruneyard due south down Bascom via bus 61/62, and of course the fabulously weird and funky antiques district right there around Bascom/San Carlos. Or what we like to call, the "Anti- Valley Fair". Good for vinyl, retro/recycled clothes shops, comics, dive bars, nakedness, and all kinds of ethnic eats. Unincorporated is bliss

[nmguy]

Originally Posted by bigdumbgod

There you go!
Just know to stay west of Leigh to avoid the riffraff. Downtown SJ is a few minutes down West San Carlos via VTA bus 23, Satanic Row the other direction (if you dare), Santa Clara University due north, Streetlight Records and The Pruneyard due south down Bascom via bus 61/62, and of course the fabulously weird and funky antiques district right there around Bascom/San Carlos. Or what we like to call, the "Anti- Valley Fair". Good for vinyl, retro/recycled clothes shops, comics, dive bars, nakedness, and all kinds of ethnic eats. Unincorporated is bliss

Bigdumbgod, I enjoy reading your posts. You have a bit of Herb Caen in you.

Paul

[88AAJ]

great tips. I didn't know these places existed. I now plan to explore the following areas in San Jose and Cambell:

SJ Downtown: 1st street all the way down to 13th between Taylor and Margaret (including Japantown)
SJ Burbank area: W San Carlos/S Bascom Street (stay west of Leigh)
Cambell: around the Pruneyard shopping center

Should that cover most of it? Thanks again folks.

[milnivlek]

Originally Posted by 88AAJ

great tips. I didn't know these places existed. I now plan to explore the following areas in San Jose and Cambell:

SJ Downtown: 1st street all the way down to 13th between Taylor and Margaret (including Japantown)
SJ Burbank area: W San Carlos/S Bascom Street (stay west of Leigh)
Cambell: around the Pruneyard shopping center

Should that cover most of it? Thanks again folks.

For Campbell, you may want to look slightly further west from the Pruneyard, around historic downtown Campbell. It's a charming place, especially on weekends.

[bigdumbgod]

Originally Posted by nmguy

Bigdumbgod, I enjoy reading your posts. You have a bit of Herb Caen in you.

Paul

Herb Caen forever. Legendary Bay Area guy.