Aptos Real Estate Update — August 2017

MEDIAN PRICE HIGHS — A year ago my update showed the median sales price in Aptos at $935,000. Well, guess what — we just surpassed the $1 million mark in Aptos, as the past 180 days Median Sales Price was $1,005,000! The Average Sales Price over the past 180 days was $1,189,841! This was driven by several high priced sales: 618 Beach on the sand sold for $5.7M, 1 Potbelly on the sand sold for $5.0M, and I sold 631 Quail Run Road with ocean views on acreage for $3.1M. In the past six months there were 49 homes sales ranging from $1.0-$1.5M and 42 home sales from $800K-$1.0M. A total of 21 homes sold from $700-$800K and only five homes sold for less than $700K.

NEIGHBORHOOD HIGHS — In my July 2016 update I cited the “Cliff neighborhood” in Rio Del Mar as “hot” and wrote that I had just sold 525 Townsend for the highest price ever on the street at $1,150,000. Well – guess what – 637 Townsend just set another huge record and sold for $1,630,000 this month! It was a competitive, multiple offer situation and the new owner just had to have it. In the Seascape Uplands, sales so far this year include $1,925,000 for a single level at 403 Ventana, and a new pending sale (July 21) on List Price of $2,895,000 at 204 Zanzibar (we won’t know sales price until it closes). In the Aptos "country" areas outside of Rio Del Mar and Seacliff, 24 out of 56 sales this year were for over $1 million; so 95003 is a valued zip code.

ACTIVE LISTINGS — There are only two condos for sales in all of 95003 right now, both are 2 bedroom and listed at $699,000. There are only five town homes for sale and they range from $485,000 - $900,000. There are 84 single family homes for sale as of July 21 and 25 of those (30 percent) just came on the market in July. The breakdown is: 15 listed >$2.0M, 7 listed $1.5-$2.0M, 33 listed $1.0-$1.5M, and 29 listed under $1 Million. I just listed 736 Clubhouse, a very nice 3 bed, 2 bath, 1966 Sq. Ft. 1959 rancher with a converted garage for $949,000 and we shall see what the market thinks about that; I’ll report back next time. And … new mobile homes coming soon at land-owned park Aptos Pines are listing for … $595,000!

LOANS — Interest rates a year ago were 3.67 percent for a 30-year fixed. Today they are at 4.11 percent average, still a very reasonable interest rate and one that allows for more buying power. Lenders are now coming up with new and more creative ways to help you get a loan. Some recent examples that I have heard of include using two years of bank statements versus two years of income tax returns for a self-employed worker, and ways to put 15 percent down on up to $3.0M on a primary home or $1.5M loan on a rental property and not pay mortgage insurance.

WHAT’S NEXT? — Coming soon … the “new” Safeway center with a new central draw where Comerica now is (?), the Aptos Village with a New Leaf,  69 housing units, 75,000 square feet of retail/office space and a “village green,” Measure D “road-widening via merge lanes” from Bay to State Park (?), and who knows what! As always, Aptos is a very special place to live and work and I look forward to the changes.