Hello Neighbors, I have a question. What is driving up home prices in Santa Cruz? What is driving prices up 30%-50% over the past two to three years? Who is buying these homes? ... I keep a close eye on houses and have a great real estate agent, but now that I am in a position to buy a house the prices keep going up with multiple offers over the asking price and I wonder how anyone from Santa Cruz County can keep up. A standard raise at work is between 5%-and 8% each year - nowhere near the increase in home prices. Several houses on Zillow on the market now are priced above 50% of what they sold for a few years ago. Congratulations to all the people who bought homes and are making a 50% profit in such a short period of time, that is great for you. And I don't blame anyone for taking the advantage of increased demand and making such a handsome profit on their investment. My rent is more than many mortgages (over $5K a month) and I am grateful I can afford this but am losing hope that I'll be able to buy a house in my hometown. My young adult daughters were born and raised here and I always thought Santa Cruz would be our home, that I would have a home base for them to return to. I would like to know though, where sellers are going and who is able to afford to pay $1,500,000 for a modest home? Thank you for your answers and insights.
- Wealthy workers from Silicon Valley (and elsewhere) are buying second homes in Santa Cruz and outbidding local people.
- Wealthy workers from Silicon Valley, who can outbid local residents for housing, are moving over here because they can now work remotely and who wouldn't rather live in Santa Cruz?
- Wealthy workers from Silicon Valley, who can outbid local working families for housing, are choosing to buy in Santa Cruz because the prices here are less than in the Silicon Valley, and who wouldn't rather live in Santa Cruz?
- Wealthy workers from Silicon Valley are cashing out stock, and think Santa Cruz real estate is a good investment. It's a great place to park their money. With all those dollars, they can easily outbid local residents.