The homes at Boulevard are in a desirable location (near Santa Clara University) and are priced accordingly. Prices are going up due to increased demand from buyers and a severe shortage of new construction inventory around the Bay Area. The property value offered by that unit for the price is very compelling. For that price, I can't find a bigger new unit.
As for your question about long-term appreciation, it'll take a crystal ball to answer accurately. But, you can take comfort in knowing that new construction units tend to perform as well or better than the general housing market. Being a long time resident of Santa Clara County, I don't see any significant deviations from the long-term growth trend. We had a hiccup in 2008-2010, but we seemed to be back on track again. So, if you're looking at 10-15 years, you'll very likely get many folds in return on your initial investment.
As for long term appreciation, Tina said it well. We don't have a crystal ball but in looking at what appears to be a recovery in the market we are hopeful that the values will be stable and appreciate realistically.
The rule of thumb in real estate is to purchase the lowest price home in the highest neighborhood. This means that you get into an appreciating community, surrounded by higher priced units but pay less and therefore, you should gain appreciation because of it.
Have an amazing day!