Dear Editor, South Valley Developers have filed an application
to build a development of new homes at the corner of Monterey Road
and Cochrane Road in the Morgan Hill Ranch mixed-use planned
community.
Dear Editor,
South Valley Developers have filed an application to build a development of new homes at the corner of Monterey Road and Cochrane Road in the Morgan Hill Ranch mixed-use planned community. The purpose of this letter is to strongly endorse South Valley’s extraordinary plans and to seek your support for this important project.
The median price of a new home in Morgan Hill has risen to the astonishing level of $703,000. In order to qualify for a home in this price range, its owner must earn an annual income of at least $150,000 and have $140,000 cash down payment available. While this may be achievable by some of Morgan Hill’s residents, most are priced out of the opportunity of home ownership. Virtually the only people who can afford to buy a new home in Morgan Hill are those who already have homes that have appreciated in value and have the equity needed to trade up to a new home.
This plea is sent on behalf of the sons and daughters of Morgan Hill families. These young people grew up in Morgan Hill and, in most cases, Morgan Hill is the only home they have ever known. They went to school there, played on the sports teams, attended the local churches and made lifelong friends.
Many of these young people leave for four or more years of college, graduate and then want to return to Morgan Hill to begin their adult lives. Instead they discover that they cannot afford to live in Morgan Hill. They have no hope of owning a home and realizing the American dream that their parents have experienced. Their choices are limited to renting a modest apartment, if one is available, or moving far away from their home town where prices are lower.
South Valley Developers are offering these young people an opportunity to own and to invest in the community. The homes planned for the new Madrone Plaza community are richly designed, well conceived and modestly priced. At this new development, many of Morgan Hill’s sons and daughters will have a chance at home ownership and all of its rewards and benefits. This will be a community where young people starting out, city employees with limited salaries and other deserving people will be able to own a piece of their home town of Morgan Hill.
As developer of Morgan Hill Ranch, the city’s major business employment area, I wholeheartedly support South Valley’s goals and plans. I urge the representatives of the City of Morgan Hill to strongly support this worthwhile new development, give it a high allocation for home building and allow the opportunity to begin soon.
Robert J. Eves, president
Venture Corp., Mill Valley
