How did a 328 square foot bungalow in Santa Cruz, California sell for $ 1 million?

The seaside town of Santa Cruz, California is known for its beautiful beaches, boardwalk, and wooden roller coasters.

Now he has another notable landmark: a tiny house with a huge sale price.

A cozy bungalow measuring only 328 square feet sold for a hefty price of $ 1,025,000. That’s a selling price of $ 3,125 per square foot.

According to the local Multiple Listing Service, this is the highest selling price per square foot in Santa Cruz County for a single-family home that is not beachfront or over a large area.

Last marketed in 1999, the house sold that year for $ 250,000.

Does size matter?

The small residence was listed for $ 988,000 at the end of September. The owner had already left the state and needed the house to sell quickly.

Hoping to speed up the process, the seller decided to go for a price below $ 1 million. An initial property estimate made by the listing agent determined that the house could have been offered for even more.

Incredibly, the asking price didn’t take into account the small size of the house, the agent notes, Walter stauss, with Coldwell Banker Realty.

He explains, “I didn’t think about the square footage. I thought of the charm of the house, the land, the location and the street. He had all of these advantages. Location is the golden rule. That’s what made the case work.

Stauss noted that in Santa Cruz, the oceanfront lands “are much smaller,” if not generally as small.

___

Look: Can you believe this house got 76 cash deals? !

___

A detached house, 5 offers

Before it could be put on the market, the place had to be refreshed. This involved cleaning up the pitch and applying a fresh coat of white paint to the interior, which added to its appeal.

Finally, when the coastal cottage landed on the market, it caused a stir. The price tag simply didn’t scare off interested buyers.

In fact, five offers were received on the same day, just days after the house was put up for sale.

At first, an all-cash deal was on the table, at an even higher number. But when that supply fell through, the back-up supply, which has always exceeded demand, won the house.

The vintage one-bedroom, one-bath home actually sits a bit below the region’s median price, which is currently $ 1,182,000. And there just aren’t too many options for a price tag under $ 1 million.

Currently on Realtor.com®, only 160 homes are on the market in Santa Cruz. Ads are retrieved in 42 days on average.

“The market is super hot. The demand is far beyond the supply, ”Stauss says.

Surprisingly pleasant

The Tiny House actually has a few surprises in store.

Built in 1948, the shingle structure has a lot of charm. The light-flooded living room and dining room open onto a wooden terrace through sliding glass doors.

And the master bedroom also opens onto the deck through glass doors. The white bathroom has a single sink and a bathtub with a shower head.

A spacious kitchen includes wooden cupboards and tiled floors.

Bungalow Santa Cruz

(Aerial canvas)

Food

(Aerial canvas)

And here’s the first surprise: the garage has been converted into a bonus room with an en-suite bathroom, making it the perfect office or guest bedroom. Because the conversion of the bonus room was not allowed, its square footage could not be officially counted in the total.

Converted bonus room

(Aerial canvas)

The terrace leads to a spacious and inviting backyard. Among the greenery, the lot also includes a handy storage shed, a huge plus considering the house is the size of a pint. This is surprise n ° 2.

Surprise # 3: the pad has even more storage under the house, as well as connections for laundry.

The retreat is also located in the heart of the Seabright neighborhood, a few blocks from Castle Beach, as well as restaurants, downtown and the boardwalk.

“The new buyer was buying a lifestyle, a site, a nice house, a nice piece of land. Good stuff, ”Stauss says.

He adds that it was a simple case of supply and demand wrapped in a very small package.

“It just turned into a very desirable property,” he says. “There is demand. When there are multiple offers, it means people want the same thing.

Paula woods with Indigo Beach Properties represented the buyer.

Leave a Comment