Santa Cruz County Median Home Price – January 2012

Santa Cruz County Real Estate Residential Inventory Snapshot

To give you an idea of what the housing market looks like, so that you can cash in on an amazing deal if the time is right for you, we’ve listed out average and median home prices as well as how long homes are staying on the market.

As of January 28, 2012, aggregated values based on MLS data for the end of January were as follows:

  • Single Family Homes under $1M stay on the market an average of 90 days with an average list price of $526,094 and a median list price of $519,000.
  • Single family homes over $1M represent an average list price of $2,152,883, a median list price of $1,625,000 and stayed on the market approx. 118 days.
  • Condominiums and town homes under $600K stayed on the market for approx. 106 days and came in with an average list price of $314,979 and a median list price of $290,000.
  • Condominiums and town homes over $600K are listing at an average of $862,771 with a median list price of $799,000 and spending an average of 144 days on the market.

Although its an optimal time to buy a home, we are seeing less and less inventory on the market.

Over the next week or so, come back and see us on our blog as we’ll be posting the homes that we have in our inventory so that you’ll have an opportunity to get in on one of the best times to buy.

If you have something specific in mind, let us know so that we can keep an eye out when an ideal home for your price range and desired geographic location comes onto the market.

As always, thank you for trusting me with your real estate needs.

David Morrell

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Santa Cruz County Housing Market Update

Santa Cruz County is seeing a transitional shift in the market as we’ve reached a point in time where both sellers and buyers can win. At the end of 2011 – namely October, November and December – we saw the beginning of this trend where there was a 23 percent increase closed home sales in Santa Cruz County over 2010. If for some reason buyers are waiting for the “bottom” before purchasing a home, they may have just missed the mark.

Additionally, the low inventory in Santa Cruz County (600 homes currently on the market) is driving buyers into somewhat of a frenzy – seen in multiple offers on homes. Buyers are out in full force as we enter into an election year, and rates are still at an all-time low. These near-perfect buying conditions are also opening the doors for sellers; homes that were not previously selling are selling now.

And with less housing inventory during these near-ideal conditions, it’s a great time for sellers to make their move during one of the best housing market conditions in years.

Contact me anytime to discuss your particular situation to see if this is the right time for you to buy or sell a home.

David Morrell – (831) 239-1255

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Optimistic Prediction from Economists: 2012 Shows Gradual Improvement for Economy and Housing Market

Some of the top housing economists in the U.S. are predicting that we’ll see gradual improvement in home sales and prices in 2012. This presents good news both for sellers – as well as for potential buyers.

Chief economist of the National Association of Realtors (NAR), Lawrence Yun, said that the “pent-up demand” is due to population growth, employment levels and other factors that can’t possibly continue indefinitely. This demand is likely to stimulate the real estate market when conditions improve.

Additionally, the demand will be driven by the health of the U.S. economy and the job market. Yun anticipates a job growth of 1.7 to 2.2 million in 2012, and the unemployment rates to fall to 8.7 percent.

The current home affordability rates represent the best we have seen in decades; these conditions are expected to continue throughout the year. The low rates combined with affordable home prices can make a big difference for first-time home buyers – presenting a window of opportunity for many to make a jump into the market.

NAR economists believe that favorable market conditions will equate to a four- to five- percent increase in home sales this year, compared with just a one-percent increase in 2011.

Among those weighing in is Realogy CEO Richard Smith, who appeared on Fox Business with Lou Dobbs to discuss encouraging trends for the market.

Click here for the full video.

He addresses NAR’s predictions and reminds us not to worry about the month over month trend, but about the year over year gain. Both NAR and Fannie Mae forecast 3-5 percent year over gains for 2012. Smith states that prices will be under pressure for about a year and that he’s “encouraged” by the trend line in 2012 — and the prospects of 2014.

If you’d like to discuss these trends, or if you’re a first time homebuyer, investor or thinking of selling your home while these near-ideal conditions last, please feel free to call me – (831) 239-1255.

Thank you for your time,

David Morrell

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Santa Cruz Beachfront Homes – A Healthy Way to Live Year-Round

As we enter into 2012, many of us consider our health and improve upon our routines with a goal of feeling better and becoming healthier overall. A factor that’s oftentimes overlooked is our environment — where we live and work — and sometimes this can prove to make the biggest difference in our lives.

The coastline brings several things to mind – bright sun, a cool breeze, waves hitting the shore and the warm sand under your toes. Almost everyone enjoys spending time closer to the coastlines, and studies show that our bodies may actually thank us when do.

Mental and Physical Benefits of  a Life Lived Near the Ocean

Listening to the sounds of the waves has the ability to alter the wave patterns in the brain, causing a relaxing and calm mind-state experience that counteracts the negative effects of stress.  Spending nights in earshot of the sound of crashing waves causes an overall calm state of mind. And these benefits do not stop when we sleep, as even when we are sleeping, we are listening.

Taking a walk on the beach brings with it the benefit of sea air, which is charged with healthy negative ions that increase one’s ability to absorb more oxygen and to balance the levels of serotonin, the “happy” chemical in the brain.

Salt water’s healing affects include the reduction of infection and the provision of pain relief. Containing high amounts of magnesium and potassium, salt water has a calming effect on the nerves and a cleansing effect on the skin as it opens pores and removes toxins from the body.

While making changes for overall health in early 2012, consider the benefits of living close to the water. Sometimes adjustments can be made in order to take advantage of these benefits to enjoy a life that’s more peaceful, relaxing and enjoyable. Current home prices are excellent for first-time home-buyers, investors or those looking to purchase a second home near the coastline of California.

I am happy to help you search for a beachfront home — or a property that’s in close proximity to the ocean in your current price range. Please contact David Morrell at (831) 239-1255 for further information.

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Santa Cruz County Real Estate Median Home Price Hovers Just Below $500k in December

According to a recent article in the Santa Cruz Sentinel, median home prices in Santa Cruz County hovered just below $500,000 at $475,000 in December 2011 – up 24 percent from December of 2010.

Distressed property comprised 40 percent of December’s sales, a little less than November when the median was $65,000 lower at $410,000. The higher number in bank-owned sales (vs. short sales) attributed to the median price increase.

The median for condominiums was $249,000, 64 percent of which were distress sales. It is predicted that condo prices will be the last to increase.

Who is buying?

With higher-than-usual rent prices, investors are purchasing; 35 percent of which are paying cash and expecting a five to six percent return. Buyer patterns reflect home prices in the less-than-$500,000 range

More “traditional” home buyers are waiting to purchase and holding off on selling until the market improves.

Value Ambiguity

Homes priced on the higher end of the market ($1M and above) are “…coming down faster than anyone realized”. The article also reports that there’s a large group of owners who believe their property is worth more than it actually is. Out of 299 homes that are listed for more than $1M, only six to seven sell at that price range in a month.

If you’re an investor looking for property in Santa Cruz County, a traditional buyer or a current homeowner looking to sell, I can provide you with sound expertise regarding the timing of your sale or purchase in light of the current real estate market. I’ve had many years of experience and would be happy to help you to make an informed choice. Please feel free to call me to discuss your particular situation, (831) 239-1255. Thank you.

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Live Oak Santa Cruz

On the East side of Santa Cruz, just on the edge of Capitola lies yet another charming Santa Cruz neighborhood – Live Oak. Known by surfers for its 26th Ave. waves, the Live Oak neighborhood is home to Pleasure Point.

Extending from 26th Ave. to 41st Ave., the Live Oak neighborhood stretches along the coastline from the Yacht Harbor to beach homes that overlook Capitola Village — referred to as Opal Cliffs.

Real estate here varies, with a mix of million-dollar homes to smaller surf bungalows. Although a younger generation of people tend to live in Pleasure Point, this area is well-suited and desirous for the location, views, parks, community centers and nearby shop.

26th Ave. Surf Video

Jack O’Neill, the well-known inventor of the wetsuit, moved to Santa Cruz in 1959 and lived in Pleasure Point. Although he is retired now, Jack’s former residence became a surf-access spot as well as one for gatherings.

Today, surfing contests abound in this area and the locals frequent its shops along Portola Drive. With access to nearby Capitola Village, many beautiful walks along the shoreline cliffs and a neighborhood rooted in the history of surfing, many people find the Live Oak area to be one that is perfect for raising a family, retiring or simply for surfing and enjoying life away from the hustle and bustle of Silicon Valley!

For more information on the Live Oak neighborhood of Santa Cruz, contact David Morrell, (831) 239-1255.

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Seascape Real Estate – Aptos, California

One of the most-loved areas in all of Santa Cruz County is the little local gem known as Seascape resort in Aptos, California. This oceanfront community is perfect for families, retirees and working professionals that want to live away from fast-paced Silicon Valley.

Seascape real estate includes condominiums (starting around $400,000 up to $1M+ at the resort) as well as homes (starting in the mid-high $500,000′s) that have been built in the Mediterranean and Contemporary styles. The resort makes for a gorgeous oceanfront community for those that love golf, spacious greenbelts, redwood groves, great restaurants, hiking trails and beautiful California weather.

Private beach access is commonplace for the upscale townhomes in the resort area of Seascape, and cottages and bungalows are seated further away from the shoreline near the redwood and cypress trees and sometimes overlooking the greenbelts of the Seascape Golf Clubs.

Seascape

Take a look at the beautiful panoramic views that this Swedish videographer caught during sunset at Seascape Resort in Aptos.

If you’re interested in investment property that’s close to a popular resort in the region of Santa Cruz County, the Seascape real estate market is ripe with investment opportunities for vacationers. Whether you’re looking to retire in this coastal oasis, or you’re in the market for a Seascape vacation home for you and your family, the Seascape real estate market has a wonderful selection of homes, townhomes, and condos to choose from. Seascape beach condominiums are a great choice for the second home buyer or the first time buyer who wants the ambience of Seascape and the nice beaches nearby.

If you’re interested in investment property, or full time living in the Seascape area of Aptos, please call David Morrell to discuss options (831) 239-1255.

 

 

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Santa Cruz Yacht Harbor Beach Homes

Created in the early 1960′s, the Santa Cruz Yacht Harbor offers a great diversity of homes to soak up waterside living — as well a wide array of enjoyable activities. If you like fishing or sailing, the yacht harbor area is its own little community and the perfect place to be.

Kayaking and outrigger clubs exist close-by, for those who want to get out and have a great day on the water, and Twin Lakes beach is the stomping ground for residents of this area.

A Brief History of Santa Cruz Yacht Harbor

After World War II, a strong local advocate group was formed in order to garner the attention and support of the state and federal governments. At that time, Santa Cruz was re-surveyed by U.S. military engineers who recommended that there be a formation of a “local, special district” to lead and facilitate harbor development and to manage the harbor after it was completed. This gave birth to what is now known as “The Port District”, which was formed under the guidelines of the State of California Harbors and Navigation Code. The district’s purpose was to provide and manage small craft harbor facilities in Santa Cruz County.

Santa Cruz Harbor is Brought to Life

Between the years of 1958 and 1960, the State Department of Parks and Rec began acquiring land for the harbor itself and in 1962 $1.6 million was appropriated for its jetty construction and dredging of the original basin.

Loans totaling $3 million were obtained to pay for the surrounding docks, restrooms and parking facilities and the remaining costs were covered by the Port District from property tax funds accumulated starting in 1951.

Santa Cruz Small Craft Harbor Today

Nowadays, Santa Cruz harbor has space for over 1200 vessels, 40 percent of which are used for pleasure and 15 percent for commercial use. The official name now is “Santa Cruz Small Craft Harbor” as the average boat size is approximately 30 feet. Santa Cruz residents comprise the majority of boat owners – and the waiting list for slips is about as long as the occupancy with 1,100 people on the list!

Although it’s tough to get in on a slip vacancy, many people enjoy the harbor area year-round at restaurants such as The Crow’s Nest, Chardonnay II sailing charters and kayak rentals.

If you’re interested in finding a home in or near the Santa Cruz harbor neighborhood, please contact David Morrell, (831) 239-1255.

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Santa Cruz Mountain Vineyards

The Santa Cruz area is a magnificent place to live. It’s rich in art, music and beauty. Although it’s known for its world-famous beaches and surf scene, Santa Cruz owes about half of its beauty to the majestic mountain range surrounding the area — known as the Santa Cruz mountains.

With one of the largest concentration of evergreen trees in the country, the Santa Cruz Mountains form a ridge along the San Francisco Peninsula end in the Salinas Valley.

There are more than 200 small vineyards with over 1,500 acres of grapes that produce Merlot, Pinot Noir, Chardonnay, Zinfandel, Cabernet Sauvignon and Port-style wine.

Following the sustainable culture of the Santa Cruz area, several of these vineyards grow organically and support sustainable practices such as erosion control, canopy management, biodiesel, solar and cover crops.

Here is a wonderful short documentary on Santa Cruz mountain vineyards:

The Santa Cruz Mountains American Viticultural Area (AVA) largely follows the fog line along the coast — creating myriad microclimates — but is centered around the mountain region and includes three Northern California counties: San Mateo, Santa Cruz and Santa Clara.

From Los Gatos to Bonny Doon to Ben Lomond and Felton, the Santa Cruz mountains are also a beautiful place to live to escape the hustle and bustle of Silicon Valley.

If you are thinking of moving to the area or if you have more questions about this gorgeous area of California, please contact David Morrell, (831) 239-1255.

 

 

 

 

 

Santa Cruz Mountains

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Homes In Capitola California

Neighborhoods and homes in Capitola, California reach further and wider than one might discover during a first visit; each locale is peppered with a rich history of its own.

Upon further acquaintance with the city, beautiful and quiet neighborhoods sit just above the roar of summer tourism and crowds where rugged nature meets the ocean and many call home.

To the east of Soquel Point in Capitola lies one of the most popular surf spots — a neighborhood called Pleasure Point. Local legend says that its name was acquired from a once-existing house of prostitution that existed there during the 1930s. The story, embellished over time, is a favorite explanation among Santa Cruz County locals. In actuality, the name of the locale came from a salt water pool turned health spa, which was built in the basement of a mansion that burned down in 1914. Once the basement was turned into a health spa, it was named the “Pleasure Point Plunge” — a local attraction until it went bankrupt in the mid-1950′s.

Just east of the beautiful European-style village sit two other sub-divisions – Jewel Box and Opal Cliffs. In the early 20th century, the Loma Prieta logging camps in the coastal mountains above Aptos and Soquel took their lumber to Opal so that it could be shipped on the So. Pacific Railroad to San Francisco. After Capitola’s owner and developer Frederick Hihn died, the property was subdivided by his widow’s new husband, J.T. McGeoghegan, and became Opal Subdivision 1 after the train stop. The name “Opal” then inspired the naming of adjoining streets that were once only known by numbers. They are now joined by “Garnet”, “Diamond”, “Topaz”, “Crystal” and other streets named after gems — and it was affectionately coined “The Jewel Box” neighborhood.

The name of Capitola’s State Park, New Brighton, was taken from an old hotel that existed on a settlement not far from where the state park sits now. Brighton Hotel sat on a settlement that was once called Camp San Jose, which is located on the area that is now known as Pot Belly Beach — just to the West of Capitola Village. Before it was known as New Brighton, the stretch of coastline was named China Beach after a Chinese fishing community that existed there for a number of years during the 1870s.

Last but not least is a neighborhood that overlooks the quaint Capitola Village and Monterey Bay from an ocean side bluff called Depot Hill. Depot Hill — a close-knit and historic residential community — became known as Depot Hill after Capitola’s train depot was relocated to the bluff in the late 1800s. The hill quickly became a desirable residential community due to its proximity to the railway; many beautiful Victorian homes from this turn-of-the-century period can still be found on Depot Hill today.

Stay tuned, as we will feature more information on Capitola homes and neighborhoods in upcoming posts.

If you have any questions about Capitola, or to look at property in any of these fine neighborhoods, please contact David Morrell, David@DavidMorrellSC.com or (831) 239-1255.

 

 

 

 

 

 

 

Homes in Capitola, California

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