Executive Staff Address Local Economic and Real Estate Conditions at Santa Clara County Association of REALTORS® General Membership Meeting

SAN JOSE, Calif., June 19, 2014 – Executive staff from three Santa Clara County cities provided insight on the city of San Jose’s economy and a local real estate update at the Santa Clara County Association of REALTORS® General Membership meeting on Thursday, May 29th.

Guest speakers included Nanci Klein, Deputy Director of Economic Development for the City of San Jose; Kevin Riley, Director of Planning and Inspection for the City of Santa Clara; and Sue Martin, Planning Director for the City of Gilroy. They provided an not only an excellent update on current economic and real estate conditions, but their predictions for what lies ahead in the years to come.

“It was wonderful to have these important city staff members come to SCCAOR,” commented SCCAOR President Myron Von Raesfeld. “Our members benefited greatly from the valuable information they shared.”

Below are some highlights of what they had to say:

• Home prices in our area have increased 15 percent year-over-year.
• All industry sectors are now growing in our area.
• The City of San Jose has regained all of the jobs it lost in the recession.
• Unemployment in San Jose has reached the national unemployment level.
• One challenge San Jose will face in the future is population growth and how does the city accommodate that growth.
• San Jose is basically a bedroom community. It needs more jobs.
• BART is coming to San Jose in the first quarter of 2017.
• Gilroy has predominately single-family homes.
• The Gilroy Premium Outlets helped the city get out of the recession.
• Gilroy is working with the California High Speed Rail Authority regarding bringing high speed rail to the city.

About the Santa Clara County Association of REALTORS®
SCCAOR, established in 1896, is California’s oldest and Northern California’s largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.

West Coast Commercial Real Estate News