An accessory dwelling unit (ADU) in San Jose has become the first California property of its kind to be sold as a condo unit on an existing property.
SFGate.com reports the 749-square-foot, two-bedroom standalone home near downtown sold for $530,000; it was first listed in February at $598,000 and then reduced to $549,000 in March. The ADU does not carry homeowners association dues or shared utilities, and it has a separate entrance and private parking.
San Jose is one of the nation’s most expensive housing markets, with median home prices exceeding $2 million.
“We’re unlocking homeownership opportunities at lower price points, one ADU at a time,” said Mayor Matt Mahan in a statement. “San Jose was the first city in the state to allow ADU sales, and now we’re the first city in California to see an ADU sold as a standalone home. We’re not waiting for costs to come down — we’re using innovative policies to create affordability wherever we can.”
The transaction marks the first time an ADU has been sold without an accompanying home in the state. Bay Area real estate developer AlphaX RE Capital completed the ADU and hopes to put two more of these types of homes on the market in the fall.
Photo courtesy of Zillow
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