Three Santa Cruz County beachfront homes sell for more than $3 million
By Jondi Gumz, Santa Cruz Sentinel, Calif. | |
McClatchy-Tribune Information Services |
The trio:
"I don't think it's an anomaly -- the ice jam is starting to break up," said longtime agent
Of 119 sales in January, sales of more than
In December and January, 37 homes sold for more than
He noted 226 homes sold for more than
Sales in
Homes went to cash buyers in 30 percent of January sales, compared to 27 percent last year.
The Rockview seller bought the property in 2008 for
Buyers for homes priced in the
"It took eight months of marketing, many weekend open houses," said Pereira, the Rockview seller's agent. "It takes a special party to look above
In this case, the special party is a surfer with a home in
Typically a slow month, January was relatively brisk, with sales up in
Pereira said he credits the sunny and dry weather, whales that passed by in December and January and a lack of snowfall at Sierra resorts.
"People couldn't go skiing," he said. "We had everything going for us."
Bailey said this month's open houses are bringing in homeowners contemplating selling.
"They want to know their competition," said Bailey, predicting more homes will go on the market this year. "We have a stronger listing month in February than a year ago, 157, up from 145. That's a 10 percent increase."
With the median sale price at
Distress sales were less than 12 percent of total sales in the fourth quarter, down from 25 percent the year before.
Listings have been dwindling for 36 months in a row, with 416 in February, the lowest for that month in 18 years, according to Gangnes.
Move-up buyers have been unwilling to put their homes on the market because the limited selection makes it hard to buy a replacement home, and those who survived the housing crash feel it's better to stay put and avoid risk.
"I don't think you'll see traditional move-up buyers, but you'll see movement," Bailey said.
Bookings at Bailey's 112 vacation properties are up 20 percent from a year ago.
Bailey attributes the interest to canceled ski vacations and drought lowering water levels in lakes and reservoirs.
The federal flood insurance rate increase is "a challenge at every price range," he said. "Could it affect pricing in the future? It could. A lot of the county sits within flood zone."
Lenders are mandating flood insurance.
"The only way to get around is to buy with cash," Pereira.
Bailey cited one seller in
"That money has to come from somewhere," he said.
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