The downturn in the housing market is towering over Willow Glen home owners. Literally?

The SJ Mercury News confirmed this week what WGx has seen as inevitable: People don’t want to buy a view of the San Jose skyline, especially one that turns its back on Willow Glen.

Upscale condo sales have slowed to a crawl, and developers in desperation are turning their for-sale homes in the downtown into rentals, in hopes of seeing some return on their multimillion-dollar investments. …

The latest project to convert to rentals is Barry Swenson’s Skyline, an 11-story, high-rise tower near Highway 87. The San Jose City Council approved the conversion Tuesday after Swenson closed his sales office and ceased marketing the 242-unit project because he couldn’t attract buyers. …

… [D]evelopers are being allowed to rent the units for up to five years. They are banking on the housing market coming back to life, allowing them to sell the units down the road.

So, mark your calendars for September 2013 … your second chance to buy a fancy view of Downtown SJ!