Santa Cruz recognized for hot real estate

“Santa Cruz is red hot, sales here are unbelievable,” said Coldwell Banker in Aptos associate realtor Bill Cuccia. “This last season was the best season I’ve ever seen.”

High demand landed Santa Cruz on the number 17 spot on realtor.com’s top 20 hottest U.S. housing markets.

“The demand is being driven by Silicon Valley from people who come over here looking for second homes,” said Candie Noel, 2016 president of the Santa Cruz County Association of REALTORS. “It is more affordable and people think it’s a bargain and it is.”

Agents say buyers are especially interested in Santa Cruz through Rio del Mar thanks to great weather and close proximity to the beach.

“Being able to walk to restaurants, to walk down to the resort, to be able to walk down to the beach, those things were important to us,” said Richard Thomas whose looking to buy. “That’s why we choose this area specifically.”

Realtors say homes in the $5-750,000 range are the hot buys.

“It’s probably what people can afford,” said Noel.

“A lot of condominiums up to $600,000 sale the minute they get put on the market,” said Cuccia.

“Realtors say while the demand for housing is strong the supply is weak.

“There’s not really much to look at, inventory’s very low,” said Thomas.

Agents say compared to last year there are 125 fewer homes on the market this year because people are holding onto their properties.

“People are just now getting equity in their homes,” said Noel. “People have been under water in their homes, some still are. So they really don’t have the equity in their home for the move up sale.”

Home prices are projected to increase next year.