Only a small number of employees have so far moved into the new Apple Park campus, but its presence has already created a boom in the number of property developments, reports the New York Times. Prices of existing properties are said to have doubled in price since 2011.
Local businesses are also gearing up for an anticipated boost in demand …
The flurry of new developments is benefiting both Cupertino and neighbouring Sunnyvale, says the NYT.
The development of the headquarters […] has already helped transform the surrounding area. In Sunnyvale, a town just across the street, 95 development projects are in the planning stages. The city manager, Deanna J. Santana, said she had never seen such action before. In Cupertino, a Main Street Cupertino living and dining complex opened in early 2016. This downtown enclave includes the Lofts, a 120-unit apartment community opening this fall; small shops; and numerous restaurants and cafes.
Existing property prices are said to be rising by 15-20% per year, with would-be buyers needing to bid well above the asking price to secure deals.
A three-bedroom, two-bathroom, 1,400-square-foot ranch-style house that cost $750,000 in 2011 has doubled in price. Since Apple said it was moving into the former Hewlett-Packard site, prices have moved up 15 to 20 percent year after year, said Art Maryon, a local real estate agent. Today, bidders usually offer 20 to 25 percent over the asking price.
Some one-story ranch houses are selling for $1.6-1.8M, while new businesses are being established to cater for the influx of high-income employees.
A Residence Inn at Main Street Cupertino, expected to open in September, has been slightly customized to meet the needs of Apple employees. Guests will have access to Macs and high-speed internet connections.
While that’s good news for business owners and anyone selling a property in the area, not everyone is happy about the development.
Residents of Birdland, an 877-home neighborhood, have been particularly vocal. They have complained about early-morning construction rigs that beep and rumble along major streets, unpredictable road closings, unsightly green sheeted barriers and construction potholes that result in punctured tires.
They managed to successfully defeat Apple’s plan to construct a tree-lined median on a local road, arguing that the loss of one lane would increase traffic congestion. Other residents are worried that parking facilities at the campus will be insufficient, with workers or visitors parking in front of their homes.