There are currently 2 large new home developments in Fremont. Patterson Ranch, located in the Ardenwood neighborhood, has over 500 brand new single-family homes. All of these homes are either 1 or 2 stories with an average lots size of 4,000+ sq.ft. The development has been going on since 2015. There are two communities in Patterson Ranch that are actively selling.
Click any of the two communities below to learn more:
The other major new home development project is near the new Warm Springs’ BART station. There are 2 master-planned new home communities near the BART station - Toll Brother’s Metro Crossing community, and Lennar’s Innovation District. Shea Homes will be building in this area as well. Combined there will be over 1000 units in the next few years. These homes will be a mix of condominiums, flats or townhouse style condos. There won’t be any single family homes in this development. There are a total of 7 communities that are actively selling - 4 communities within Toll Brothers’ Metro Crossing master community and 3 communities within Lennar’s Innovation District master community.
Click on any communities below to learn more:
Yes., There are a total of 3 new home communities that are either coming up soon, or are currently pre-selling.
Here is a list of the upcoming new homes:
The price has increased a lot in the past few years. Most of brand new single family home with decent schools in Fremont are now selling above the $1.5M range. Brand new 3 bedroom town house and condos are typically between $1M - $1.3M range. A typical brand new 2 bedroom town home or condo sells between $700k to $900k. If your budget is under $1M, there are very limited options for brand new homes unless you are looking for the two bedroom homes.
On average, we’ve seen about 7% price increase year-over-year in Fremont across all type of homes in the past few years. Interestingly, for last year, we’ve seen more and faster price increase for townhomes and condos (about $90k increase in 2017) than for single-family homes (about $72k increase in 2017). This is probably because a lot of home buyers are still looking for homes under or about $1M range, making the homes in that price range ultra competitive.
We get this question a lot, and we plan to write another post about the pricing dynamics in Fremont. Historically speaking, price increases about 7% on average for Fremont. So what we’ve seen in the past few years, while expensive, is still within the norm. Specifically for new homes, the demand in North side of Fremont (e.g. Patterson Ranch), has been primarily driven it’s proximity to Palo Alto, Mountain View & Menlo Park where the high paying tech jobs are. The demand for the south side of Fremont is mostly driven by people who are looking for additional commute options. With the opening of the brand new Warm Springs/South Fremont BART station, Fremont is also moving towards a transit-oriented city, the demand for a more urban lifestyle has been pushing up the new home prices near the Warm Springs BART area. On top of that, there just isn’t a lot of alternatives for families with a $1M budget who are looking for great schools for their kids and at the same time doesn’t want to spend hours commuting to work every day.
There are about 7 single family home communities in Fremont. In the Ardenwood area, there is Patterson Ranch by KB Home, their single-family homes start from $1.5M. There are a bit more single-family homes In Mission San Jose area, the Abby, Mission Heights, Orchid Heights and Birdsongs by Roberson Homes, and Palm by TRIPointe homes. Expect $1.5M as a starting price point for brand new single-family homes in Fremont.
Here is a complete list of brand new single-faimly homes currently selling or coming up soon in the Fremont area.:
It’s hard to make a generic statement about which one appreciates faster. For new home developments in Fremont, we’ve seen the builders typically increase the home base price by about 1% or $10k in each release. Usually, there will be one release each month. So we’ve seen the home price for a brand new housing development typically increases by about $100k/year in Fremont right now. In comparison, existing homes’ median price increased by about $78k last year (2017). So overall in Fremont, new home prices are increasing at a faster rate than the price increase of existing resale homes. When you comparing new home with existing resale homes, keep in mind that new home base price is only one of the factors. There are other costs such upgrade options, builder incentives, and landscape cost that you will also need to factor in in order to have a full apple to apple comparison.
There are a total of 30 new home communities in Fremont. Click here for a complete list of all the new homes in Fremont.