Santa Cruz Real Estate Update June 2014

Seb FreyLocal, Santa Cruz Real Estate

Here we are, half way through June, and the spring home buying and selling season is pretty much over. We’ve had an incredible run of amazing weather for what seems like forever, but ever since June hit, we’ve had this June gloom…but has that cast a pall on the Santa Cruz real estate market? Read all about it in the Santa Cruz Real Estate Update June 2014. The median price of single family homes in Santa Cruz county in May 2014 was $674,000 – that’s an increase of 8.7% compared to a year ago (when the median price was $620K), and an increase of 8.27% compared to the previous month, April, when the median price was $622,500. And that’s the good news. And it’s pretty much the end of the good news. Sales volume was higher in May compared to April – up 8.2% to 184 homes sold county-wide. However, sales volume was down 27.8% compared to May 2013: a year ago, 255 homes closed escrow in May. Even more telling, the number of homes under contract dropped precipitously. We closed out May with just 196 homes under contract – that’s a decrease of 29.2% compared to the previous month, and down a jaw dropping 41.14% compared to May 2013, a year ago. These are big, big drops – you might even call them alarming. It’s especially strange because the number of pending sales almost always increases from April to May, but this year, there was a big drop. Inventory continues to grow – we closed … Read More

Multiple Offers on Santa Cruz Real Estate

Seb FreySanta Cruz Real Estate

I guess a lot of people think it doesn’t happen very often, what with the fact that we’re in a terrible housing crisis and property values are falling down all around us, kind of like federal tax dollars raining down in Alaska . … If you are interested in putting in an offer on a house, and you find that the seller of that house has attracted several offers in a short number of days, what should your offer strategy be? … Choice C is definitely the way to go when making an offer on a house that has received multiple offers in a short period of time. The reason for this is that, if there are more than, say, 2-3 offers on the property, it is likely that it will go for over asking price .

Grateful Dead archives now call Santa Cruz home

Seb FreySanta Cruz Real Estate

Maybe they know our fine university , made famous for having no grades , pot-smoking hippies , and now, the final resting place for the Grateful Dead archives . haight_ashbury.jpg Doubtless, there has been much gritting-of-teeth in some parts of the community about this one. … On the other hand, for every resident that is appalled by linking Santa Cruz any further with the patchouli set (my colleague Mike Crain comes readily to mind), there is, I am sure, at least one other person who is totally stoked that the Dead archives have come to town. … I don’t really know about the scholarship aspects of cataloging Grateful Dead fan letters, or what’s to be gleaned by studying the first contract the Dead signed to record an album or two for Warner Brothers. … I don’t know that the Grateful Dead ever played there (but apparently they did put on a pretty good show in Watsonville ), but I’ve seen many amazing musicians at the Catalyst – Los Lobos, Flogging Molly, Leo Kotke, Burning Spear, to name but a few.

Property Tax Rates for Santa Cruz Real Estate

Seb FreySanta Cruz Real Estate

Real Estate Taxes Due on Sale

So, for example, if you purchase a $500,000 property, the assessed value will be $500,000 and the property tax will be 1% of that, or $5,000 per year.

…Sometimes you may see the third set of numbers with a leading “0” – for example, the MLS always lists Santa Cruz parcels with this leading 0 in the third set of numbers.

…When you do, you can see that the “General Tax Rate” is that 1% I was talking about, and then there is a long list of additional taxes, mostly school bonds.

… Using this web site, it is very easy to know how much property tax you will be charged each year for a property that you purchase here in Santa Cruz county.