13 Jun 2018

Prop 13 Extension on November Ballot

Before Prop 13, there were no limits on increases for the property-tax rate. Some properties were reassessed 50% to 100% in just one year and their owners’ property tax bills increased accordingly.   Under Proposition 13 tax reform, property tax value was rolled back and frozen at the 1976 assessed value level. Property tax increases on any given property were limited to no more than 2% per year as long as the property was not

15 May 2018

Repealing Costa Hawkins Act?

The Costa Hawkins Act (Costa-Hawkins) allows cities to implement local rent control laws, but within specific parameters: housing constructed after 1995, single-family homes, condominiums, and townhouses are exempt from local rent control regulations. Additionally, Costa-Hawkins allows rental property owners to establish their own rates at the time of a change in tenancy.   A proposed ballot initiative entitled the “Affordable Housing Act for the California November 2018 Ballot” was submitted to the California Attorney General’s

8 May 2018

Creative Affordable Housing Solutions

We've written about the downsides of rent-control in recent articles, and how the more sustainable solution to our present-day housing crisis would be an increase in the supply of affordable housing. However, creating affordable housing in the second-smallest (by land area) county in the state is not an easy task.   One proposed solution in Santa Cruz City involves rezoning the main corridors to allow for higher-density housing in Santa Cruz city. Unfortunately, affordable housing

24 Jan 2018

Changes to Look out For in the 2018 Real Estate Market

We recently wrote about predictions for the 2018 housing market. This article is an extension of our previous post, and covers two important legislative battles that are gaining momentum.   Rent Control: Rent control legislation proposals are popping up on a state and local level. According to this article, Assemblyman Richard Bloom (D-Santa Monica) will be proposing legislation on January 11th to repeal Costa-Hawkins, which would allow local governments to implement new rent control policies. Additionally,

5 Jan 2018

What’s Coming: the 2018 Santa Cruz Real Estate Market

At the beginning 2018, there are some important changes on the horizon for Santa Cruz Real Estate. The Tax Cuts and Jobs act, which is making its way through the House and Senate, will be a major determinant of 2018 housing market health. We've written about its potential impact on the California real estate market in a separate blog post, and will provide regular updates on this topic. Here, we summarize some other major factors

30 Nov 2017

Cannabis Cultivation and Santa Cruz Real Estate

  The passage of Prop 64 allows for the sale and taxation of commercial cannabis in the state of California. This development may have both negative and positive consequences for local Real Estate Markets. Commercial real estate owners in areas where cannabis cultivation and the sale of marijuana are legal may see a significant increase in real estate values and lease-rates. For example, in Denver, cannabis cultivation is only allowed in certain industrial zoned areas.

21 Jun 2017

When Will Prices Go Down?

As we talk to clients, we are hearing a similar question time and time again: When Will Prices Go Down? Measures of housing affordability in Santa Cruz suggest that rising income levels in neighboring communities are pushing up housing prices. Santa Cruz residents are finding it challenging to afford homes and younger generations are leaving in search for lower-priced housing. To maintain a healthy, diverse, and vibrant community it's vital that local economic growth keeps

28 Feb 2017

Changing ADU Laws in Santa Cruz

In response to our state's housing shortage, Governor Brown has signed Senate Bill (SB) 1069, which will make it easier, and for some, less expensive to develop Additional Dwelling Unit's (ADU's). SB 1069 will require local governing bodies to loosen ADU regulation. Both Santa Cruz County and City have amended their ADU related ordinances. We report on major ordinance changes that the city has publicized. We also summarize County ordinance changes, which are still contingent on Coastal Commission

14 Dec 2016

2017 Santa Cruz Real Estate Market Predictions

It’s amazing that we are at the end of another year. Here at Schneider Estates we have much to be grateful for. Most of all, we are so grateful for you. You allow us to do what we love everyday. From helping younger couples find their first homes to ensuring seasoned investors find good deals and everything inbetween, we are honored to get to work with you and help you to make wise, informed real estate

9 Sep 2016

Rising Sea Levels – Local Consequences

With man-made climate change being widely accepted by the scientific community, the question is no longer "if" but "when" our communities will be affected by these large-scale changes in the environment. The Pacific Institute has recently released an interactive map that projects to 2100 and identifies at-risk areas in the event of a major flood or from erosion, with both scenarios dependent on a ~4.6 ft sea-level rise. Read more about the study conducted here and see the actual

27 Jun 2016

What is going on in the California Real Estate Market?

Interest Rates Fed rate hikes can increase borrowing costs. The FED has been waiting for the job market to improve to increase rates. Lower-than expected job growth led to a delay in a rate increase in June, however once job growth improves, it is likely that rate increases will follow. Mortgage rates are largely influenced by global capital flows. With large inflows of foreign capital, mortgage rates have been low because there is an inverse