Trying to choose between a condo and a townhome by the Great Mall can feel like comparing apples to oranges. You want great access to BART, solid long‑term value, and a monthly payment that fits your budget. The right answer depends on true total cost, not just list price. In this guide, you’ll learn how to compare prices the right way, what costs to include, and what to expect from each property type near the Milpitas Transit Center. Let’s dive in.
What this comparison covers
You will focus on homes within a consistent radius around the Great Mall and Milpitas Transit Center. A radius of 0.5 to 2.0 miles works well. Proximity to BART can affect both pricing and rental demand, so keep your search area consistent.
You will compare two property types: condos and townhomes. In listings, a home can be marketed as a townhome but legally be a condominium. Always verify the legal form in county records or HOA CC&Rs. This matters for financing, HOA coverage, and resale.
You will look at recent sales, current listings, HOA dues, and all the pieces that roll up into total cost of ownership. You will also consider investor metrics if you are buying for rent.
How to compare prices near Great Mall
Use a consistent process so you can make a true side‑by‑side comparison.
Define your radius and time window
- Pick a radius around the Transit Center, such as 1.0 mile. Keep it constant for both property types.
- Use a 6 to 12 month lookback for sold data so you capture enough comps but remain current.
Pull recent sales and current listings
- For both condos and townhomes, gather number of sales, median sale price, price per square foot, days on market, and typical bedroom counts.
- Note which buildings and communities show up most often. This helps you focus on real market anchors.
Confirm HOA dues and what they cover
- Record monthly HOA for each community and what is included, such as water, trash, exterior maintenance, building insurance, and amenities.
- Ask about any special assessments or reserve shortfalls. HOA health is often the biggest difference between similar‑priced options.
Check taxes and assessments
- In Santa Clara County, the base property tax rate is generally near 1 percent of assessed value. Many parcels also have Mello‑Roos or special assessments. Verify the actual amounts on the county tax bill.
Note parking, storage, and outdoor space
- Parking near the Great Mall can drive premiums. Track whether units offer an attached garage, assigned spaces, or a shared garage, plus any storage and private patio space.
Verify legal form
- Do not assume MLS property type equals legal form. Confirm if the unit is fee simple or part of a condominium regime. This can affect financing, insurance, and HOA scope.
What affects total cost
A smart comparison looks at total cost of ownership, not just price per square foot.
One‑time purchase costs
- Purchase price based on recent comps.
- Closing costs from your lender and title company.
- Down payment, which affects your monthly payment and whether you need PMI.
Monthly carrying costs
- Mortgage payment for principal and interest. Get real quotes for your credit score and loan type.
- Property tax. Start with the 1 percent baseline and add parcel and Mello‑Roos taxes for the specific parcel.
- HOA dues. Include any special assessment payments if they are spread over time.
- Insurance. For condos, the HOA’s master policy usually covers the structure, while you carry interior coverage. For townhomes, you may carry more structure coverage depending on CC&Rs. Consider earthquake insurance.
- PMI if your down payment is under 20 percent on a conventional loan.
- Utilities and maintenance. Some condo HOAs include water and trash. For budgeting, include a maintenance allowance that fits the property’s age and scope of owner responsibility.
Example cost formula you can use
- Monthly carrying cost = Mortgage (P&I) + Property tax + HOA + Insurance + PMI (if any) + Utilities/maintenance allowance.
- Annual carrying cost = Monthly carrying cost × 12.
Run sensitivity checks by changing your down payment and interest rate. Try a lower down payment for a first‑time buyer scenario, 20 percent down for a move‑up buyer, and 25 percent down for an investor. Adjust the interest rate up or down to see how much your total changes.
Condos vs townhomes near the Transit Center
Use these common patterns as a starting point, then confirm details for each community you tour.
Space and layout
- Condos near transit and retail hubs often run 1 to 2 bedrooms and about 600 to 1,200 square feet, with some newer 2 bedroom units up to roughly 1,400 square feet.
- Townhomes often range from 2 to 4 bedrooms and about 1,000 to 2,000 plus square feet, with 2 to 3 levels and more storage.
Parking and outdoor space
- Condos may have assigned spaces in a lot or shared garage, with limited storage.
- Townhomes typically include enclosed garages, sometimes driveways, and more private patio or small yard space.
HOA scope and fees
- Condo HOAs usually cover exterior, common areas, roof, landscaping, and a master insurance policy. This reduces direct maintenance but can mean higher dues.
- Townhome HOAs may focus on common areas, while owners cover structure and roof. Fees can be lower or similar depending on amenities and coverage.
Legal form and financing
- Condos must meet project approval standards for many loan programs. Lenders look at issues like reserve levels and owner‑occupancy ratios. This can affect buyer eligibility and resale liquidity.
- Townhomes that are fee simple with separate parcels are often simpler to finance. Always confirm the legal form before you write an offer.
Transit and demand around the Great Mall
The Milpitas BART extension opened in 2020 and improved regional access for commuters. Being close to the Transit Center and the Great Mall’s retail and entertainment hub supports demand from both renters and owner‑occupants. Units with quick access to BART often command stronger interest. Use recent comps in your chosen radius to confirm any premium.
For investors: rent and returns
If you plan to rent out the property, take the same disciplined approach.
- Gather 6 to 12 current rental listings and recent leases for 1, 2, and 3 bedroom units within your radius.
- Estimate annual rent and compare to purchase price to get a gross rent multiplier.
- Build a simple pro forma. Annual net income equals annual rent minus property tax, HOA, insurance, management fees, maintenance, and a vacancy allowance.
- Cap rate equals net operating income divided by purchase price.
- Confirm rental restrictions in the HOA. Many HOAs limit the number or percentage of rentals. Short‑term rentals may be restricted by both the HOA and local rules.
Buyer checklists you can use today
Use these quick checks to avoid surprises and compare options side by side.
Price and size
- Radius and time window match for both property types
- Median sale price and price per square foot for condos vs townhomes
- Typical bedrooms, bathrooms, and square footage
HOA and assessments
- Monthly HOA dues and what they cover
- Any special assessments or planned increases
- Reserve study status and past assessment history
- Rental restrictions and move‑in or transfer fees
Financing readiness
- Legal form verified in CC&Rs and county records
- Condo project approval status for your loan type, if applicable
- Down payment options and PMI impact
Livability and storage
- Parking type and count
- Private outdoor space and storage
- Noise considerations near transit and retail
How to build your side‑by‑side cost view
Create a simple worksheet for two or three homes you like.
- Step 1: Plug in price, interest rate, and down payment to get your mortgage estimate.
- Step 2: Add property tax using 1 percent of price as a starting point, then layer on parcel assessments.
- Step 3: Add HOA dues and any amortized special assessments.
- Step 4: Add insurance, PMI if needed, and a utility or maintenance allowance.
- Step 5: Total your monthly and yearly cost. Repeat for each home.
When you compare, focus on the total monthly number and the livability tradeoffs. A townhome might cost more per month but deliver a garage and extra bedroom. A condo might keep monthly costs lower if HOA dues cover key utilities and building insurance.
When to consider each option
- Choose a condo if you want a lower entry price, walkability to transit and retail, and less direct maintenance. Review HOA financials closely since that is part of your true cost.
- Choose a townhome if you want more space, a private garage, and fewer project‑level financing hurdles. Confirm what the HOA covers so you can plan for exterior maintenance over time.
Local guidance for a smoother purchase
You can move faster and avoid surprises when you pair hard data with on‑the‑ground insight. A local team can pull recent comps within a precise radius, confirm HOA details with management, and coordinate with lenders who know condo project approvals in Santa Clara County. If you are buying and selling at the same time, explore bridge financing options to reduce timing stress. If you are preparing a listing, consider improvement programs that can help your home show at its best.
Ready to compare real homes near the Great Mall side by side and see your true monthly number in minutes? Work with a local team that combines neighborhood knowledge with a clear process from search to closing.
FAQs
What is the biggest price driver near the Great Mall?
- Proximity to the Milpitas Transit Center, parking type, HOA dues, and unit size are key drivers. Recent comps within a consistent radius will show how each factor affects value.
How do HOA dues differ for condos and townhomes here?
- Condo HOAs often cover more items like exterior maintenance and a master insurance policy, which can lead to higher dues. Townhome dues vary based on what the HOA covers. Always confirm the budget and any special assessments.
How do property taxes work in Santa Clara County for these homes?
- The base rate is generally near 1 percent of assessed value, plus parcel taxes and possible Mello‑Roos. Check the specific parcel’s tax bill to avoid surprises.
Is earthquake insurance required for condos or townhomes?
- It is not required by law, but it is common to consider. Condo owners rely on the HOA’s master policy for the structure and can add interior and loss assessments coverage. Townhome owners may carry more structure coverage depending on CC&Rs.
Can I use FHA or VA financing for a condo near the Transit Center?
- Many condos need project approval for FHA or VA loans. Lenders also look at HOA reserves and owner‑occupancy levels. Townhomes that are fee simple are often simpler to finance. Check project status early.
What rental rules should investors check before buying?
- Review HOA rental caps, lease length rules, and any short‑term rental bans. Confirm local city rules and the HOA’s enforcement history to protect your returns.
