Thanks for your question.
A lot depends on location, school, lot size, walk score, and size of the home.
If one was to take an on old Victorian on, say 5 th Street near downtown San Jose
Or City Hall on a 8000 Sf lot and compare it to another on a nearby street that was
either remodeled Or rebuilt, then of course the New Home.
Now of course you were to compare an older home in Santa Teresa or Blossom Valley,
To a newer home then,
We are seeing that the newer homes are selling for near $700k plus with smaller
Lots, compared to 50-60 year old homes with larger lots which are then selling for
About $550k to $650k.
Some newer homes sell, being "Green", and new materials, creating and generating value for the buyers. Also, new developments sell, a community, and amenities like a common, Pool, Club house,
Park, picnic area, or shopping, or a Lifestyle.
So in the South Bay, a lot depends on the the MLS Area, in the same Area we are seeing
Newer homes with same schools doing better, even though newer homes have smaller
Lots. hence, if comparing $ / square feet, then yes.
But in time, the land value of a lot is worth much as land appreciates but a home
Ages and depreciates.
It all comes down to Location, Location, Location.
Those are the only criteria a majority of my buyers are concerned with.
Hope that helps.
At your service,
Certified Distressed Property Expert
I really don't know who told you the older homes are more valuable than newer homes in South San Jose. However, I can tell you 3 words and be sure to use it for your future buy/sell real property. It is: "LOCATION, LOCATION and LOCATION".
That's your rule of thumb and I'm sure it's going to help you with your purchase in the future.