The Ashton is a new luxury condominium community located at 400 El Camino Real in Belmont.
BELMONT, CA—After years of recording lagging supply, the Bay Area is possibly beginning to catch up. San Jose had the biggest increase in new listings of the 45 major US metropolitan areas included in a September 2018 realtor.com report. San Francisco also ranks among the five housing markets with the largest September supply gains, with 1,683 current listings.
In fact, inventory across the region improved by 5% year-over-year in August, the second consecutive month of gains, according to the latest analysis of Bay Area home sales by Pacific Union chief economist Selma Hepp. Adding to the inventory is The Ashton, a luxury condominium community located at 400 El Camino Real. The project is conveniently positioned in the City Center neighborhood of Belmont, a district with top-rated schools and employers.
The 73-residence community includes two four-story residential buildings as well as an approximately 4,900-square-foot one-story retail center. Residences at The Ashton will feature spacious floor plans, hardwood floors and upgraded interior finishes.
The Ashton is being sold by Regis Homes Bay Area and marketed exclusively by Polaris Pacific.
“This new development will add 73 new conveniently located homes to Belmont, which is very much in need of new for-sale housing,” says Jeff Smith, senior vice president of residential development at Regis Homes Bay Area. “With the Belmont Caltrain station within walking distance and the 101 freeway nearby, these homes will create a transit-friendly centrally located community that will offer proximity to nearby entertainment and employment centers.”
Located at the prominent corner of Davey Glen Road and El Camino Real, The Ashton will include 27 one-bedroom, 27 two-bedroom and 19 three-bedroom homes ranging from approximately 700 to 1,775 square feet. Four two-story live-work townhomes will also sit on a private drive across from the retail building. Residents will have access to a number of amenities including a fitness center, an outdoor patio with barbecue, bike storage and 138 parking spaces.
“With the housing crisis in the Peninsula continuing to grow, we're eager to begin delivering these homes for the benefit of the city of Belmont,” Smith tells GlobeSt.com. “We're excited at the level of convenience that The Ashton's amenities and location offer its residents, and realize how important it is for residents to have access to what they need locally—this is an essential part of a healthy community.”
Regis Homes Bay Area's financial partner on the project is Tricon Capital, while the design/development team includes architectural design firm Dahlin Group, civil engineer BKF, structural engineer Nishkian Menniger and general contractor Regis Contractors Bay Area.
The US housing market got a much-needed inventory boost in September, though there are still not enough properties for sale to meet demand. The realtor.com report said that new listings on its website rose by 8% from September 2017, the biggest such increase since 2013. The increased supply is helping to slow appreciation, with the median-priced $295,000 home up by 7% from one year ago. Last September, home prices were up by 10% on an annual basis, according to Pacific Union.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
