July 2023

Shadow Inventory

July 31, 2023Does anyone else remember when “Shadow Inventory”was a thing? It was a common leitmotif during the Great Recession and for those not quite old enough to remember, that was when real estate was mired in a long, torturous death spiral. Between 2008 and 2011, close to 40% of all listings qualified as “Distress Properties.” By default (pun intended) “distress property” was the name that stuck for all of those failed subprime loans, toxic assets, short sales, REOs. foreclosures, zombie subdivisions etc. For me, the phrase...

The Catch 22 of 2023 Continued

July 24, 2023A friend of a friend called the other day to talk about the market, sensing an opportunity to exchange a property he’s owned for a long time into something better, closer to the ocean. Not surprisingly, he assumed that prices on the Coast have taken a big hit since interest rates more than doubled in the last year and that it might be the perfect time to get a steal! He was partly right…a rapid rise in rates affects affordability which in turn often shrinks...

- Marika Strauss

It is More than Wave Size

July 21, 2023Ever wake up wondering how you are going to fit everything in? Work, family, community and life commitments? If you're a dedicated surfer, you also ask yourself; “when will I have time to ride the waves?” Unlike many passions, surfing depends on numerous factors such as the wind, tides, swell direction, weather, groundswell, size et cetera. The beauty of living in Santa Cruz is you can typically find waves 365 days a year. Many surf towns only have a narrow constellation of attributes, but our...

The Catch 22 of 2023

July 17, 2023Continuing the conversation… analyzing data, gathering perspective on the trends and trying to project how the market will play out between now and the end of the year. Through the end of June, the total number of sales was at an all-time low in odd contrast to the fact that prices remained surprisingly high, in large part because the number of new listings coming on the market was also at an all-time low level. Translation: Market forces are at a stand-off. Both supply and demand...

Where is the Market heading

July 10, 2023Continuing the conversation… We’re analyzing the data, trying to gather a little more perspective on the twists and turns we’ve noticed in the market during the first half of 2023. The market hit its all-time high last year (March 2022) when the median price for a home in SC County soared to $1,600,000! It was a brief, cathartic moment in time that couldn’t/didn’t last and hence there are plenty of sellers out there today kicking themselves for not jumping on the opportunity. It’ll be quite...

- Marika Strauss

Ideal Neighborhoods for Biking to the Surf

July 7, 2023There might be no better sound than waxing your surfboard in your yard as you prepare to put it on your bike to head to the surf. One of the many attractive elements of living in Santa Cruz is being able to pedal to the waves. Not only do you get to warm up your legs but not having to find parking, change in and out of your wetsuit, and then getting to soak in the post surf calm are just some of the many...

Cheat Sheet for the Market

July 5, 2023Where did we leave off? We’re halfway through 2023, reviewing the real estate data for Santa Cruz County, trying to figure out what’s been going on in the market and where it’s headed for the 2nd half of the year. Here’s a cheat sheet: Prices: Median & average prices for single family homes (sfr) are much higher than expected. Median in May was $1,351,000 / Average was $1,550,000 Sales: The # of transactions is trending at an all-time low down approximately 35% from last year...