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102 Shelter Lagoon Dr
Santa Cruz, CA

102 Shelter Lagoon Dr

$929,000
2 bd • 2 ba • 1,286 sf

This analysis was generated by artificial intelligence on 1/23/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$929,000

Price/Sq.Ft

$722

Year Built

1974

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This townhome at 102 Shelter Lagoon Dr offers a prime location near the Neary Lagoon Wildlife Refuge, just minutes from downtown Santa Cruz and popular attractions. The property has been extensively remodeled, featuring a chef's kitchen with new stainless steel appliances, vaulted ceilings with skylights, and hardwood flooring throughout. Recent upgrades include a brand new primary bathroom, washer/dryer, and HVAC unit, adding significant value. At 1,286 sq ft, it's spacious for a 2-bedroom townhome in the area. The complex offers desirable amenities like tennis courts, a swimming pool, and proximity to the lagoon with floating docks. The property's appreciation history is strong, with a 147.4% increase from 2013 to 2023 ($365,000 to $903,000).

The Bad

The current listing price of $929,000 ($722.40/sq ft) is high compared to the median price in Santa Cruz, potentially limiting the buyer pool. The property's age (built in 1974) may require ongoing maintenance despite recent upgrades. The severe flood risk (8/10) and location in FEMA Zone A99 could lead to high flood insurance premiums and potential future damage. The severe air quality risk (7/10) with 13 bad air days per year may impact outdoor enjoyment and health. The property has been on the market for 69 days, suggesting it may be overpriced for current market conditions.

The Ugly

The flood risk is a major concern, with a severe 8/10 rating and critical insurance needs. This could lead to extremely high insurance costs and potential for significant damage. The air quality risk (7/10) is also concerning, potentially causing health issues and reduced quality of life. The estimated insurance cost of $3,344.40/year is high, likely due to these environmental risks. The property's price history shows volatility, with a recent price decrease of 2.1%, suggesting potential market softening. The HOA fees (amount not specified) could be substantial, given the amenities, and may increase over time.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for buyers with a household income of $200,000+ who can comfortably afford the high purchase price and ongoing costs. It's ideal for professionals or retirees seeking a low-maintenance lifestyle with amenities, close to downtown Santa Cruz and natural attractions. The property would appeal to those who value recent upgrades and don't require more than 2 bedrooms. It could also attract UCSC faculty or staff due to the easy commute. Investors might consider it for short-term rentals, given its tourist-friendly location, though they should carefully weigh the high purchase price against potential returns.

Not For

This property is not suitable for first-time homebuyers or those with limited budgets due to its high price point and potential for expensive insurance and maintenance costs. Families needing more than 2 bedrooms or desiring a single-family home with a yard should look elsewhere. It's not ideal for those with respiratory issues or sensitivities due to the high air quality risk. Risk-averse buyers concerned about natural disasters, particularly flooding, should avoid this property. Long-term investors seeking steady appreciation might find the high entry price and environmental risks unappealing.
Demographics
Area Median Income

$93,839

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Risk Assessment

Climate Risks

floodSEVERE

FEMA Zone: A99

Insurance: Required

airSEVERE

13 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 81°F

fireMINIMAL

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

The severe flood risk (8/10) is the most significant concern, potentially leading to property damage, high insurance costs, and future resale difficulties. The air quality risk (7/10) could worsen over time due to climate change, impacting health and quality of life. The property's age may lead to unexpected maintenance issues despite recent upgrades. Market volatility is evident from the price history, with a recent decrease suggesting potential overvaluation. The high purchase price relative to local median income could limit future buyer pools. Potential HOA fee increases could impact affordability over time. The property's location near a wildlife refuge may lead to pest control issues.
Insurance
Annual Cost

$3,344

$279 per month

Financials

Monthly Costs
Market Rent (2 bed)

$3,860

HOA Fee

$698

Price History

Property Taxes

$10,536
2024 Tax Assessment
103.7%from previous year
Assessed Value$921,060
Tax Rate1.14%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,527,250

64.4% above list price

Median Price

$1,550,000

Based on 6 recent sales

Price per Sq.Ft

$1,286

Comparable Properties

915 Delaware Avenue, Santa Cruz, CA 95060
Price: $1,462,500
Sq.Ft: 1,211
Beds/Baths: 3/2
$/Sq.Ft:
$1,20867.2%
Sale Date: 10/28/2024
226 Merced Avenue, Santa Cruz, CA 95060
Price: $1,550,000
Sq.Ft: 1,260
Beds/Baths: 3/2
$/Sq.Ft:
$1,23070.3%
Sale Date: 9/9/2024
225 Heath Street, Santa Cruz, CA 95060
Price: $1,550,000
Sq.Ft: 1,080
Beds/Baths: 3/2
$/Sq.Ft:
$1,43598.7%
Sale Date: 10/21/2024
318 Walk Circle, Santa Cruz, CA 95060
Price: $1,251,000
Sq.Ft: 1,083
Beds/Baths: 2/2
$/Sq.Ft:
$1,15559.9%
Sale Date: 10/8/2024
214 Nevada Street, Santa Cruz, CA 95060
Price: $1,750,000
Sq.Ft: 1,248
Beds/Baths: 3/2
$/Sq.Ft:
$1,40294.1%
Sale Date: 8/21/2024
880 Cliff Drive #7, Santa Cruz, CA 95060
Price: $1,600,000
Sq.Ft: 1,242
Beds/Baths: 3/2
$/Sq.Ft:
$1,28878.3%
Sale Date: 8/21/2024

Frequently Asked Questions

Property Discussion

1 comment
You
GC
Giulio C.1/24/2025

I can't believe Jamie has been in the industry for over 2 decades!

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