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Month: March 2019

Fewer homes planned for Scotts Valley Town Green

Posted on

Press Banner staff report

Original article: http://www.goldenstatenewspapers.com/press_banner/news/fewer-homes-planned-for-town-green/article_8dd18b4e-3182-11e9-9cdb-63c259aab380.html

FEBRUARY 15, 2019, SCOTTS VALLEY, CA >>> The developers behind the Scotts Valley Town Green project are reducing the amount of residential units they are seeking and hope to start construction early next year. Town Green LLC held the last of four planned public meetings Feb. 7 at the Community Center. They talked about why the project had evolved from a retail center to a residential one in the more than ten years since the Town Center Specific Plan was first drafted. “I think everybody realizes the retail environment’s changed so we’ve adapted our plan to what we think will stand the test of time,” Doug Ross, a principal with the developer, said referring to the rise of Amazon and other online retailers. After being questioned by a community member, Ross talked about why that change is necessary.

“There’s no question that close to half, or more based on surface area, of this project is residential because we need that economic engine to pay for all these improvements, pay for the town

The proposed space for the Scotts Valley Town Center remains vacant.
Photo by David Leland/Press Banner

green and provide a community facilities district so we can maintain this without any additional burden to the city,” he said, referring to not increasing taxes or fees to pay for the Town Green. He also added that they have reduced the number of apartments and townhomes on the 13.5-acre site in response to public outcry expressed during three other meetings, 125 survey responses and meetings with 67 local businesses.

“What we’ve done over the evolution of these community meetings and other feedback is we have reduced our housing units,” Ross said. “Our proposal originally, if we were selected by the council, we had 310 units. We’re now reducing that density down to 225, 235 range depending upon our product mix. We’ve lowered the heights — originally had a lot of four-story buildings. Now the majority of our buildings are two- and three-stories.”

Ross told people at the meeting that the Town Green would be more than residences, describing a central point for social events. “We’ve got a large focus on food, beverage and entertainment because we think that will be the catalyst to draw people to the town,” he said, describing indoor and outdoor dining, a one-acre open green space for events and walkable street. “We’ve identified a potential anchor that we can’t disclose at the moment.” Another community member asked about the amenities that are already on the land, including the dog park. Ross said they were working with the city to relocate the dog park before construction.

The developers are also working with the farmer’s market to relocate there as well as Scotts Valley festivals. The plan’s architect, Jon Wordon, called adding a town center to an already established urban environment the equivalent of a “heart transplant” with all the preparation and care that goes with it. The developers must submit their plan, economic data, environmental impact report and other documents to the city by the end of March. The planning commission will then make a recommendation to the City Council, which has the last word about the future of Town Green.
“This process is going to continue and we want to get everyone’s input,” Ross promised. He said the group hopes to have final approvals by the end of this year and break ground by next spring. The affordable housing elements he said would be funded by tax credits and come after the main construction had begun. He said they were moving fast with one goal in mind. “What we don’t want is to create this great town green and then have it under construction for the next five years, have it as a noisy dustbowl.”

Contact the Press Banner at pbeditor@pressbanner.com or (831)438-2500.

Silicon Valley workers snap up homes locally

Posted on Updated on

Tech industry employees invest in first and second homes within county

By Elaine Ingalls, Santa Cruz Sentinel

Original article: https://www.santacruzsentinel.com/2019/02/28/silicon-valley-workers-snap-up-homes-locally/

FEBRUARY 28, 2019, SANTA CRUZ, CA >>> The number of Silicon Valley employees seeking homes in Santa Cruz County is on the rise. Michael Kaufman, a realtor with Coldwell Banker in Los Gatos, was the buyer agent of one of the highest-priced houses in the county in January. The three-bedroom and four-bathroom house at 114 Central Ave. in Capitola, closed escrow Jan. 30 for $2.1 million, according to Kaufman. He said it was originally listed at nearly $2.4 million and was on the market for 100 days. Kaufman said it was a six-day close and the South Bay buyer paid for it in cash. “To the seller, that’s very appealing,” he said.

When the buyer pays all cash, the risk of the deal not happening is eliminated because there is proof of funds, he said. Kaufman said there has been a trend in the last few years of affluent buyers in the technology field buying primary or secondary residences in Santa Cruz County.

Mike O’Boy, sales manager at Sereno Group Aptos, said a majority of home buyers in the county are still coming from Silicon Valley, buying second homes or primary residences here because they are priced out of the Bay Area market. O’Boy said many in the industry were expecting to get back to normal inventory levels after last fall’s slowdown in sales, but that hasn’t happened yet this year. “We’re not seeing a lot of new, good quality inventory hit the market,” he said.

The unsold Inventory Index shows the relationship between supply of houses and demand for purchase. The normal inventory of houses is at about a five- to eight-month supply, O’Boy said. He said the market is now at a four-month supply, but has been less than a two-month supply for almost three years. However, the real estate market is facing a stronger spring than the market was in the fall because the economy is a little more stable, he said.

“Good properties that are well-priced are still getting multiple offers,” he said. The median home price, the midpoint of what sold, for single-family homes in Santa Cruz County, was $826,000 in January, according to Gary Gangnes of Real Options Realty, who tracks the numbers. Gangnes said the median price was $787,000 in January 2018.

By the numbers

How median home prices shifted:

Month Year:Price

January 2019: $826,000

December 2018: $926,000

November 2018: $911,250

October 2018: $907,500

September 2018: $920,000

August 2018: $920,000

July 2018: $885,000

June 2018: $927,500

May 2018: $900,000

April 2018: $905,000

March 2018: $935,100

February 2018: $800,000

The median price for condominiums and townhouses was $602,500 in January, according to Gangnes. It was $637,500 in January 2018.

January 2019 statistics

Single-family homes

Median price: $826,000 ($787,000 a year ago)

Listings: 305 (247 a year ago)

Sales volume: 74 (114 a year ago)

Distressed: No bank-owned or short sales

Unsold Inventory Index: 4.1 months (2.2 months a year ago)

Average price: $926,018 ($858,940 a year ago)

December’s average price was, $1,132,420, according to Gangnes.

Condos/townhouses

Median price: $602,500 ($637,500 a year ago)

Listings: 107 (58 a year ago)

Sales volume: 28 (33 a year ago)

Distressed: no bank-owned or short sales

Unsold Inventory Index: 3.8 months (1.8 a year ago)

Average price: $645,023 ($650,410 a year ago)

Source: Real Options Realty

Close to the median:

City of Santa Cruz

1222 Laurel St., $950,000

206 Glover St., $855,000

242 Jackson St., $775,000

134 Fernside St., $734,000

120 Grandview St., $714,000

County of Santa Cruz

411 Brook Lane, Boulder Creek, $830,000

415 Seventh Ave., Live Oak, $827,000

112 Siesta Court, Aptos, $825,000

4435 Bain Ave., Live Oak, $820,645

9754 Live Oak Ave., Ben Lomond, $820,000

Highest

25300 Quail Ridge Road, Los Gatos, $2,160,000

114 Central Ave., Capitola, $2,100,000

24846 Skyland Road, Los Gatos, $2,005,000

199 Shoreview Drive, Aptos, $1,697,500

828 Pelton Ave., Santa Cruz, $1,600,000

Lowest

7 Landis Ave., Amesti/Green Valley Road, Freedom, $410,000

15475 Big Basin Way, Boulder Creek, $407,000

617 Redwood Road, Felton, $397,500

467 Argos Circle, Watsonville, $302,000

160 Woodland Drive, Ben Lomond, $285,000

Source: Real Options Realty