Although they are impractical for me. I like to keep an eye on the high rise condos that have been built in Downtown San Jose. I have seen a lot of puff pieces in the San Jose Mercury and elsewhere about the performance of these properties. I have not seen any data about how they have been selling. So I took it upon myself to check out the assessor's office data on these properties. There are four complexes in downtown San Jose that include: The 88; The Axis; City Heights; and Three Sixty Residences. Three Sixty Residences hasn't started selling.
Since June of 2007 a total of 635 units have been built and put on sale in Downtown San Jose.
109 of these units have been sold.
City Heights has sold 57 out of 125 units since June 2007.
The Axis has sold 45 out of 330 units since August 2008.
The 88 has sold 7 out of 180 units since May 2009.Chart of sales
Given the current state of sales I don't think all the inventory will be sold until 2015,
Of course once Safeway comes in things might change.
Things might also change once 360 recidences start selling.
It is to early to tell what is really happening with The 88.