Skyline High-Rise in San Jose, CA, Going Rental

Another high-rise building that hit the market with a big marketing splash is turning rental.  The Skyline in San Jose announced that they're halting sales and will rent out the luxury units.  Danielle Contreras, a local condo specialist, told me "I had a feeling this was coming.  They shut their sales doors not long after they opened and all activity on the proposed sister tower came to an immediate halt."

The San Jose Mercury News officially broke the story this weekend.  The developer, Barry Swenson, had to turn the remaining units at another of his developments into rentals as well.  That building, The Lofts on the Alameda, only sold 31 of its 42 units when the last 11 were rented out.

Danielle states the building had a major flaw from the start:  "Building the first tower at the corner of Lick and Alma wasn't the best idea.  How can you call a building Skyline and boast skyline views when the building has an obstructed view of downtown?"  Still, she's glad that the developer didn't lower the price to a ridiculously low level just to cut his losses.  "The last thing our housing market needs is another 120 or so condo units dumped into it."

For other high-rise alternatives please visit Danielle's San Jose Condos page on Highrises.com.

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