Transaction Tops $1,478 per Square Foot
SARATOGA, California (August 21, 2014) — Adriana Plut of the Alain Pinel Realtors Los Gatos office closed the sale of 88 E. San Fernando Street Unit 2101, a penthouse unit of the 88 in Downtown San Jose. The all-cash condo sale, which closed last Friday, was for $2.2 million with an astounding $1,478 price per square foot.
The 1,488 square foot, two bedroom, two bath penthouse is situated in the 88, a luxury high-rise tower in Downtown San Jose. The unit boasts the largest sky deck of any penthouse on the property with grand views, perfect for entertaining. The previous owner also meticulously upgraded and cared for this home adding many luxury finishes. The building amenities at the 88 include a full-sized pool, spa, generous fitness center, gardens, a gourmet kitchen, media room, business center, and concierge service.
The property was sold off-market, in one day, following a private showing. Plut credits the record price per square foot to an extreme shortage in supply. “Millennials and young professionals love the urban, walkable lifestyle that these luxury, high-rise buildings allow, but there is virtually no new inventory,” says Plut. “With all of the new towers being rent-only, the only opportunities to buy are re-sale units in the three condo towers – AXIS, City Heights, and the 88 – which are few and far between, so people are willing to pay large premiums for them.”
The unit previously sold in November of 2012 for just under $1.16 million.