Santa Cruz Real Estate Blog

Consumer Protection: PACE Liens C.A.R. sponsored law mandating a paper copy of the PACE disclosure, prohibits prepayment penalties, and prohibits PACE assessments when a reverse mortgage is in place.

PACE disclosure Assembly Bill 1551This law mandates a paper copy of the PACE disclosure be given to potential customers. Also, prohibits prepayment penalties for those who wish to pay off their assessment (commonly done at the time of the transaction) and prohibits PACE assessments when a reverse mortgage is in place.

BACKGROUND:
PACE programs enable home owners to finance energy and water efficient home upgrades such as solar panels, landscaping, new windows, new HVAC systems, new roofs and energy efficient appliances. It also allows for home mprovements that "harden" a home against wildfire danger.

The financing requires no money up front and is repaid through an additional assessment on the property owner's property tax bill. The loan is secured to the property through a super-priority lien that takes rest in line status over all other claims to the property. Despite the low risk for the lender of such financing, PACE financing typically carries rates of 6.5 to 8.5 percent, higher than the average for a home equity loan.

Some PACE administrator companies also have prepayment penalties associated with their products. Although PACE financing must be sanctioned through a local government entity, the financing is conducted entirely through private enterprise. "Homeowners are sometimes told they are not responsible for the assessment if they sell the property and that it will carry over to the new homeowner. While technically accurate, Fannie Mae and Freddie Mac will not purchase a mortgage with a lien that has higher priority than theirs. Thus,...

Law that Authorizes Common Interest Developments (CID) to Impose Rental Restrictions

Common Interest Developments:
Law on Common Interest Development (CID)Requires common interest developments (CIDs) to allow at least 25% of owners to rent or lease out their units starting January 1, 2021, regardless of whether the HOA has formally amended their governing documents.

This law:

1) Authorizes a CID to impose reasonable rental restrictions that have the effect of limiting the total number of rentals to 25% or higher of the individual dwelling units in the CID. Provides that ADUs and junior accessory dwelling units (JADUs) must not be counted toward this cap. Provides that such a cap must not change the right of an individual owner who was renting their unit out prior to the effective date of this law, to continue renting out their unit.

2) Requires CIDs to follow the requirements of this law on January 1, 2021 and requires amendments of governing documents to be completed by CIDs by December 31, 2021. Requires CIDs to comply with this law regardless of whether the governing documents have been amended.

3) Provides that a CID that violates the provisions of this law must be liable for a civil penalty of up to $1,000.

Assembly Bill 3182 is codified as Civil Code Sections 4740 and 4741, and Government Code Sections 65852.2.

Effective January 1, 2021.

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November 2020 vs November 2019 Real Estate Market Data for Single Family Homes

High demand with low inventory plus low interest rates, the real estate market stays hot amidst the pandemic.

In Santa Cruz county, the median Single Family home costing $1,050,000 was sold in just 8 days. (mlslistings.com)

single_family_homes_year_over_year_november_2020_vs_november_2019

More Market Data:

October 2020 vs September 2020

Market Data October 2020 vs October 2019

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Single Family Homes Market Data Current Month vs Prior Month October 2020 vs September 2020

In Santa Cruz County, the median single family home cost $1,055,500 and sold in 10 days for 102% of the list price based on 182 sales in October 2020.

Single Family Homes Market Data Current Month vs Prior Month October 2020 vs September 2020

More market data

Market Data Santa Cruz County - Increased Median Price September, 2020

Santa Cruz County Market Median Price Update

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Homemade Masks Help Combat the Spread of Viruses like COVID-19

Homemade masks help combat the spread of viruses like COVID-19. Researchers tested the breathability and droplet-blocking ability of 11 common household fabrics, using a medical mask as a benchmark. 

Studies indicate that homemade masks help combat the spread of viruses like COVID-19 when combined with frequent hand-washing and physical distancing. Many of these studies focus on the transfer of tiny aerosol particles; however, researchers say that speaking, coughing and sneezing generates larger droplets that carry virus particles. Because of this, mechanical engineer Taher Saif said the established knowledge may not be enough to determine the effectiveness of some fabrics used in homemade masks.

Saif, a mechanical science and engineering professor at the University of Illinois, Urbana-Champaign, led a study that examined the effectiveness of common household fabrics in blocking droplets. The findings are published in the journal Extreme Mechanics Letters.

Aerosol particles are typically classified as less than 5 micrometers, and lie in the range of hundreds of nanometers. However, larger droplets -- up to about 1 millimeter in diameter -- can also be expelled when an individual speaks, coughs or sneezes. These larger droplets pose a problem because, with sufficient momentum, they can squeeze through the pores of some fabrics, break into smaller droplets and become airborne.

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Homemade masks help combat the spread of viruses like COVID-19....

Market Data for Single Family Homes Year-over-Year - July 2020 vs. July 2019

High Demand for Housing Continues Despite COVID. In Santa Cruz county, inventory was down -7% from June, and down -35% from July 2019 with 390 homes available, compared to 603 homes last year. Number of new listings for the month of July increased 5% over June, and decreased -11% from July of last year.

In Monterey county, inventory was down -7% from June, and down -24% from July 2019 with 668 homes available, compared to 880 homes last year.

- MLSlistings

Market Data for Single Family Homes Year-over-Year - July 2020 vs. July 2019

More market data reports below:

Market Data Single Family Homes July 2020 vs. June 2020

Market Info Q2 2020 National Economic Overview

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Market Data Single Family Homes July 2020 vs. June 2020

Despite the coronavirus pandemic, the real estate market continued to exhibit strength during July. Median prices again rose across all five MLSListings counties compared to July 2019; the lowest gain was 7% in Santa Clara County, and the highest increase in median price was 19% in San Benito County. 

In Santa Cruz County, the median Single Family home cost $1,000,000 and sold in 15 days for 100% of the list price based on 223 sales in July 2020.

 MLSListingsMarket data single family homes July 2020 vs. June 2020

More Market Data here

May 2020 vs May 2019 Real Estate Market Data for Single Family Homes

Market Data Condo, Townhomes May 2020 vs April 2020

June 2020 vs. June 2019 Market Data for Single Family Homes

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Market Info Q2 2020 National Economic Overview

Q@ economy market data covidQ2 2020 National Economic Overview After a strong start to the year, the US economy was put into a coma in mid-March to prevent the novel coronavirus from potentially killing millions. Were it not for the massively stimulative policies emanating from Washington, DC, another Great Depression would have been a distinct possibility. Fortunately, the worst was avoided and the shortest recession in US history probably ended in April, if not May. As for the recovery, it is likely to be check mark shaped, meaning a steep decline followed by a slow steady recovery, such by late 2022, GDP has recovered to where it was before the onset of the pandemic. That said, there is the possibility of a dreaded W-shape recovery if the virus forcefully returns in fall 2020. As for unemployment, it will probably end the year above 10%, but well down from its peak of almost 20% in April. Regarding the November elections, markets are beginning to realize that presumptive Democratic nominee Joe Biden’s chances of unseating President Trump are currently well above 50%.

In the housing market, through mid-March sales were very strong but then began to quickly weaken and bottomed out in early April, with Y-o-Y sales activity down about 30%. Since the end of nationwide lockdowns, sales have staged a furious recovery, with first time mortgage applications having not only made up all lost ground but up Y-o-Y over 20%. There are several reasons for the strong...

Market Data Condo, Townhomes May 2020 vs April 2020

In Santa Cruz County, the median Residential Common Interest home cost $616,500 and sold in 19 days for 98% of the list price based on 26 sales in May 2020.

• Inventory was up 14% from April and up 20% from May 2019 with 130 homes available, compared to 108 homes last year.

• Average days on market (DOM) increased by 22 days from 26 to 48 days or 85%; median DOM went up by 8 days from the month before.

• Number of new listings for the month of May increased 61% over April and is up by 8% from May of last year.

• Closed sales increased 8% from April from 24 to 26, but was down -35% from May 2019.

In Monterey County, the median Residential Common Interest home cost $476,000 and sold in 37 days for 98% of the list price based on 12 sales in May 2020. Read More

market data condo_townhomes May 2020 vs April 2020

More Market Data Analysis Reports

May 2020 vs May 2019 Real Estate Market Data for Single Family Homes

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May 2020 vs April 2020 Real Estate Market Data for Single Family Homes

Real Estate Market Data Pricing for Single Family Homes from April 2020 to May 2020.

In Monterey County, the median Single Family home cost $650,000 and sold in 18 days for 98% of the list price based on 90 sales in May 2020.

• Inventory rose 12% from April, but down -18% from May 2019 with 697 homes available, compared to 845 homes last year.

• The market slowed down - Average days on market (DOM) rose 12 days from 42 to 54 or 29%; median DOM increased by 7 days from the month before.

• Number of new listings for the month of May increased 64% over April and down -18% from May of last year.

• Closed sales dropped -32% from April from 132 to 90 and down -63% from May 2019.

real estate market data May 2020 - April 2020

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Compare:

Feb.-March 2020 Market Data

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Current Homes for Sale
Santa Cruz County
City # Price Range
Aptos Homes 48 $329k - $6.7m
Capitola Homes 32 $75k - $11.9m
Rio Del Mar / Seascape Homes 31 $405k - $6.7m
Santa Cruz Events 146 $30k - $10.0m
Santa Cruz Homes 146 $30k - $10.0m
Santa Cruz Real Estate 146 $30k - $10.0m
Monterey County
City # Price Range
$0-$300000 295 $100k - $5.5m
Alta Mesa-Monterey 295 $100k - $5.5m
Big Sur Homes 7 $1.3m - $30.0m
Carmel Homes 167 $15k - $24.0m
Fishermans Flats 295 $100k - $5.5m
Glenwood Circle Monterey 295 $100k - $5.5m
Monterey Homes For Sale 295 $100k - $5.5m
Oak Grove Monterey 295 $100k - $5.5m
Old Town Monterey 295 $100k - $5.5m
Pebble Beach Homes 52 $795k - $29.9m
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