South Bay School District Pays $1.4M For Residential Property

SANTA CLARA COUNTY, CA — A local school district has entered the South Bay’s red-hot residential real estate business.

The Los Gatos-Saratoga Union High School District’s stated goal for purchasing the 123 New York Ave. property is traffic flow amelioration, Superintendent Bill Sanderson said in a news release.

The district paid $1.4 million for the 7,450-square-foot lot and 1,232-square-foot building adjacent to Los Gatos High School, Sanderson said.

“As part of the Los Gatos community, the district has long been working to address traffic flow issues and this purchase enables us to investigate and potentially improve traffic flow to and from the campus in the future,” Sanderson said.

The district paid below market value for the property, Sanderson said.

The funds for this purchase are from the district's Special Reserve for Capital Outlay Projects Fund which must be used for facility purchases or improvements, meaning it will not impact on the district’s general fund, Sanderson said.

“The purchase of the property allows the district to begin to address historical issues with traffic, student drop-off, and the health and safety of students,” Sanderson said.

“This purchase will also allow us to begin to think about our greater plan to address the impact of our carbon footprint, which includes but is not limited to solar and electric vehicle charging stations for staff on site.”

Board of Trustees President Katherine Tseng said purchase figures to be “part of the solution” to traffic problems associated with the high school

“We are aware of the traffic issue in the Town of Los Gatos,” Tseng said.

“The high school is not the only factor, but we are a factor. This purchase is one part of the solution and, as part of the communities we serve, we will continue to strive to be part of partnerships and endeavors such as this purchase that support the needs of everyone involved.”