housing market

Upgrading Home to Pro, Perfect for Happy Aging

Once upon a time your house was filled with the laughter and happy chaos of children but now they have all grown up and moved away from the family home. Should you be looking for other Pacific Grove homes for sale? Why not consider instead remaining in your familiar home and neighborhood and upgrade and redesign the spaces to better meet your needs as you grow older.

Many older adults choose to downsize to smaller homes once their children move out on their own but many more choose the option of upgrading their current family to make it more “user friendly”. The facts are that with aging the body sometimes just can’t do what it once did, as well as it did. That does not mean however that you need to move away from the treasured family home and all the memories made and stored there. Upgrading the family home to meet your current and future needs is a viable and acceptable option.

Upgrading and Redesigning for Better Functionality

Your family home likely had more than one storey to it, with numerous bedrooms and likely more than one bathroom. Even though your kids have moved out you know they will be back, filling the house once again during holiday gatherings, or simply for surprise visits. And if they should have children of their own in the future you will definitely need those rooms and extra bathrooms. 

For now, for you and your partner, the house can be redesigned to make your everyday life easier. Simple additions and adjustments can make for less strain and chance of injury, ease of movement, and better accessibility.

Ideas and Tips to Help You with Your Redesign Plans:

As you may already be aware aging does not always...

Fire: Defensible Space: Creation of Ember-Resistant Zone within Five Feet of a Structure

Establishes, upon appropriation, an ember-resistant zone within five feet of a structure as part of the defensible space requirements for structures located in specified high fire hazard areas.  Requires removal of material from the ember-resistant zone based on the probability that vegetation and fuel will lead to ignition of the structure by ember.  

However, CAL Fire will NOT changer defensible space inspection practices and forms or enforcement to to implement the requirement for an ember-resistant zone until the director makes a written finding that the legislature has approrpriated sufficient resources to do so, which the director will post on CAL Fire's website, that the Legislature has appropriated sufficient resources to do so.  Moreover, this law is to be "based on regulations" by CAL Fire, and the promulgation of these regulations is "contingent upon an appropriation by the Legislature in the annual Budget Act of another stature for this purpose."

Current law requires a person who owns, leases, controls, operates, or maintains an occupied dwelling or structure to maintain a defensible space of 100 feet from each side of the structure.  This bill would require more instense fuel reductions between 5 and 30 feet around the structure and create an ember-resistant zone within 5 feet of the structure to help reduce ember ignitions.

1)  An ember-resistant zone shall include any attached deck.

2)  Required the Department of Forestry and Fire Protection (CAL FIRE) to not change defensible...

Simplified California Proposition 19: Break Down of Some Key Aspects

Proposition 19, Simplified:

proposition_19_voting_resultCalifornia Proposition 19 saw victory at the ballot box last November, and the new property tax breaks for some — and increases for others — will start affecting Californians in the coming months. Follow along as we break down some of the key aspects of this complex proposition. And for more in-depth information, check out the full Legal Q&A at on.car.org/prop19qa.

First off, who can take advantage of the tax portability benefits from Prop. 19?

All Californians who:

• Are over 55 years of age;

• Are severely disabled; or

• Own a home that has been substantially damaged due to wildfire or natural disaster.

For people in these groups, Prop. 19 made three significant changes to the way property taxes are calculated when they sell a principal residence and move into a new primary residence. What are those changes?

Sellers in these groups can now transfer the tax basis of their primary residence to a replacement property anywhere in the State of California. Previously, inter-county transfers were done on a limited basis.

Sellers in these groups can now transfer the tax basis of their sold property to their replacement property regardless of value. Previously, transfers had to be only to properties of equal or lesser value. (Some adjustments will be made if the property is of greater value.) Sellers and these groups may take advantage of this benefit up to three times — and victims of wildfires and other natural disasters have no limitations. Previously, sellers could only make...

Consumer Protection: Right of Senior Citizens to Cancel Contracts Expanded

Extends, from three to five business days, the right to cancel certain consumer contracts for persons 65 years of age or older, including the right to cancel a PACE lien contract.

The major provisions of this law include:

1) Defines a senior citizen as an individual who is 65 years of age or older.

2) Extends the buyer's right to cancel a home improvement contract to five business days if the buyer is a senior citizen. Prescribes the form and content of a notice of this right to cancel.

senior_citizens_553) Extends the buyer's right to cancel a service and repair contract to five business days if the buyer is a senior citizen, unless specied emergency conditions exist. Prescribes the form and content of a notice of this right to cancel.

4) Extends the buyer's right to cancel a home solicitation contract to midnight of the fifth business day after the contract or oer is signed if the buyer is a senior citizen. Prescribes the form and content of a notice of this right to cancel.

5) Extends the buyer's right to cancel a seminar sales solicitation contract or offer to midnight of the fifth business day after the contract or oer is signed if the buyer is a senior citizen. Prescribes...

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.

...

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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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 recovery,...

Current Homes for Sale
Santa Cruz County
City # Price Range
Aptos Homes 66 $405k - $6.8m
Capitola Homes 37 $75k - $11.9m
Rio Del Mar / Seascape Homes 34 $405k - $6.8m
Santa Cruz Events 168 $76k - $10.0m
Santa Cruz Homes 168 $76k - $10.0m
Santa Cruz Real Estate 168 $76k - $10.0m
Monterey County
City # Price Range
$0-$300000 272 $75k - $5.5m
Alta Mesa-Monterey 272 $75k - $5.5m
Big Sur Homes 6 $1.8m - $30.0m
Carmel Homes 156 $15k - $24.0m
Fishermans Flats 272 $75k - $5.5m
Glenwood Circle Monterey 272 $75k - $5.5m
Monterey Homes For Sale 272 $75k - $5.5m
Oak Grove Monterey 272 $75k - $5.5m
Old Town Monterey 272 $75k - $5.5m
Pebble Beach Homes 41 $799k - $29.9m
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