“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Santa Cruz, CA

Santa Cruz Luxury Market 2 of 2: What gives?

Andy Salamone, Santa Cruz Buyers' Brokerage: Real Estate Brokerage in Santa Cruz, CA

Typically, I have looked to the activity in the high-end to get a feeling for where the entire market is headed, but in this case, I think we're in such a fundamentally different situation that the typical seems to no longer apply, at least not for the moment.

Just today the National Association of Realtors announced a 5% increase in existing home sales for last month, and such a jump has not been seen for 6 years. Also, the day-to-day activity on the street has ramped up considerably. In the less lofty section of the market, we're still seeing multiple-offer situations constantly, open houses seem packed, and buyers are definitely coming out of the wood-work...but not in the high-end, at least not yet.

Does the lull in the high-end mean that the rush at the low-end is temporary or isolated activity?

How long will this luxury vacation last? I am watching very closely.

What do you think is going on out there? I'd love to hear it.

Andy Salamone

Broker/Owner

Santa Cruz Buyers' Brokerage

http://www.santacruzbuyers.com

abodes@me.com

(831) 295-1093

Santa Cruz Luxury Market 1 of 2: Coolness in the High-End.

Andy Salamone, Santa Cruz Buyers' Brokerage: Real Estate Brokerage in Santa Cruz, CA

The Luxury Home market in Santa Cruz is highly chilled right now. Although there are 62 of them on the market at the moment, so far this year, not one single-family home in the county priced above $2,000,000 has gone into escrow. In the 9 months previous, we sold about 2 per month, for a total of 18, but 2009 has found the luxury market largely on vacation.

As is to be expected in such a situation there are some high-end properties out there with amazingly reduced prices, and there are a few incredible gems very patiently awaiting the right buyers, but don't rush out and buy them without talking to me, no matter how intensely that cash is burning a hole in your pocket. If you're interested, call me first.




Andy Salamone
Broker/Owner
Santa Cruz Buyers' Brokerage
http://www.santacruzbuyers.com
(831) 295-1093

Santa Cruz Innovation, NextSpace, and the Santa Cruz Summit

Andy Salamone, Santa Cruz Buyers' Brokerage: Real Estate Brokerage in Santa Cruz, CA

My company, the Santa Cruz Buyers' Brokerage, is headquartered in NextSpace, the innovative co-working space in the heart of downtown Santa Cruz at the corner of Pacific and Cooper Streets. NextSpace is full of amazing geniuses of all kinds, and, to me, it exemplifies the blend of resourcefulness, intelligence, and true innovation that is such a huge part of our community's excellence and promise.

While the economic news at large is a swirling drivel of doom and gloom, NextSpace is a self-luminous nexus of inspiration, a happening place where things are really happening, clients coming in and out, people collaborating on all kinds of projects, new ideas being born and nurtured. NextSpace itself is a great idea at the perfect time, and it harbors many more of the same.

Each day I'm at my office I'm surrounded by people who are finding new solutions, inventing, designing, coding, creating, and all with a spirit of making things better for everyone. There is a remarkable vibrancy in NextSpace, and it's a pleasure to be a part of.

A few days ago, our local Evangelist of Transformational Technologies, Sean Tario, posted the following on Santa Cruz Geeks. I thought it was a great expression of the spirit of our incredible community, and a must-read for those thinking about investing themselves in Santa Cruz in any way. I'm re-posting it with his permission.

Enjoy,

Andy

---

Having dove head first into this very conversation for the past few years
with many folks here in town, my 2 cents is that Santa Cruz is unlike almost
all other city's trying to "recreate" the Silicon Valley experience and
trying to build a friendly ecosystem for startups because:

-We're a 30 minute drive from Silicon Valley and 45 minute drive from Sand
Hill / Page Mill Road where most startups end up for Series A Funding. which
is exactly how long it would take someone to get there from the East Bay,
Oakland or San Francisco.

-We're ALREADY known around the world for being a hub of innovation and big
ideas.

-We've got a University that is not perfect (which one is?) but finally
starting to make some strides toward helping bright and motivated students
and professors with big ideas and game changing technologies to actually
start doing something with those ideas and technologies.

-We've got a City/County that is not perfect (again, which one is?) but
finally starting to make some strides toward helping bright and motivated
CITIZENS with big ideas and game changing technologies to actually start
doing something with those ideas and technologies.

-We already live in one of the wealthiest regions in the country.

-People go out of their way and take huge risks already to try and earn a
living here.

-Our entrepreneurial minded citizens have learned that waiting around for
government to do anything in terms of economic development locally is a
total waste of time due to policies and politics over the past few decades,
and thus they've stopped waiting for hand outs and started creating the
infrastructure on their own.

-Spend all of 30 minutes walking around the likes of NextSpace or a Geek
Dinner and you'll realize the entrepreneurs and intellectual capital is
already here, alive, and thriving.

-Spend all of 30 minutes walking around the likes of NextSpace or a Geek
Dinner and you'll realize the INFRASTRUCTURE and COMMUNITY needed to help
support and nurture those thinking about and actually building companies are
already here, alive and thriving.

Thus, I don't feel Santa Cruz needs to "recreate" jack squat. "Recreate"
simply isn't the terminology or conversation that needs to be had. The
conversation is around how we best leverage the ALREADY EXISTING RESOURCES
in a far more effective and productive way than we have been in years past.

IMHO, these past few years have been focused on tilling the soul, making
sure it has all the nutrients it needs for the short and long term and
planting the seeds. We each play a different role in this process and,
again, IMHO, have been doing a phenomenal job taking care of our garden/farm
to this extent. As we have the sun in abundance here in Santa Cruz, the one
piece now missing is the capital to help water the fertile soul and planted
seeds. and mark my words, by summer, we'll see some rain coming. possibly a
monsoon ;)

Sean

PS - If you want to experience firsthand why I believe now is the time for
Santa Cruz, please check out
www.santacruzsummit.com and attend this event. We have some great speakers
coming, but it will be so very much more than your typical keynote/panel
event. In fact, I GUARANTEE it will be an evening that will go down in the
history books for this City/County and an ongoing EXPERIENCE unlike any
other you've had.

Wordless Wednesday

02-25-09
Peg Silloway
Peg Silloway: Real Estate - Other in Columbia, MD

Sea Lion Sunbath

Signature

Santa Cruz Median Home Surprise

Steve Johnson: Real Estate Agent in Capitola, CA

Santa Cruz Median Home Price Surprise?

Pick up the newspaper or watch the news on TV and you can't help but see how bad the news in the real estate market. However there are some areas in the country where property values have not been hit as hard as the central valley area of California. Certainly the Watsonville area of south Santa Cruz County has seen a major decline in home values comparable to central valley property values. However in comparison, many home owners in the prime areas of Santa Cruz areas like Aptos, Rio Del Mar, Capitola and Santa Cruz feel they have not taken the same decline in their property values. These prime areas have in the past have held their property values in even the toughest market downturns.

However based on median home values, over the last ten months the mid county areas of Santa Cruz County have seen their property values go down at the same rate as the Watsonville area. Certainly most people would never believe that homes in Aptos, Rio Del Mar and Santa Cruz were declining in value at the same pace as Watsonville. But they have. There is a historical seasonal pattern with Median Home Prices and usually we see a decline in the median price in the winter months and a high in the summer months.

Given this once in a lifetime bear real estate market, there are still many questions. Have we hit bottom? Will we see the usual seasonal higher median prices this spring and summer or will the median price just continue on a downward spiral? My guess is that we will see the usual seasonal pattern of higher median prices this summer in the mid county areas and this is due to the sale of higher priced beach properties during the spring and summer months. With regards to hitting the bottom of the market, when we have reversed the number of distressed properties on the market, we will have hit the bottom.

Santa Cruz Median Home Chart

Steve Johnson

Monterey Bay Properties

(831) 588 0254

steve.johnson@baymoon.com

www.rejohnson.bz