Score
0Aptos, CA
276 Meadow Ct
3.1M
5 beds
5 baths
5,291 sqft
5 bd • 5 ba • 5,291 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$3,150,000
Price/Sq.Ft
$595
Year Built
2005
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This luxurious 5,291 sqft estate in Aptos offers exceptional value and features. At $595.35/sqft, it's priced 15% below the average $700/sqft for luxury homes in the area. The property boasts expansive ocean views from every room, a rarity even in coastal Aptos, significantly enhancing its value. The 2.38-acre lot size is 3x larger than the typical 0.5-1 acre lots in the area, providing unparalleled privacy and potential for expansion.
Recent renovations, including high-end Miele appliances, radiant heated floors, and a state-of-the-art surround sound system, add an estimated $250,000-$300,000 in value. The home's energy efficiency is bolstered by Tesla chargers and central air conditioning, potentially reducing energy costs by 20-30% compared to similar-sized properties.
The property's location in the exclusive Forest & Meadows community and proximity to top-rated schools (Aptos High School rated 7/10) adds a premium of approximately 10-15% to its value. The minimal flood risk (1/10) and wind risk (1/10) are significantly better than the area averages of 3/10 and 4/10 respectively, potentially saving thousands in insurance costs annually.
The home has appreciated 57.7% since its last sale in 2016, outperforming the Aptos market average of 45% for the same period. Current rental rates for luxury homes in Aptos suggest a potential monthly rent of $12,000-$15,000, indicating a gross rental yield of 4.5-5.7% annually.
The Bad
While impressive, the property does have some drawbacks. The price of $3,150,000 is 24.5x the median income of $128,833 in Aptos, making it unaffordable for most local buyers. This limits the potential buyer pool and could extend the selling time.
The property has been on the market for 113 days, significantly above the Aptos average of 45 days, suggesting potential overpricing or unique challenges in attracting buyers. The 4.5% price reduction from $3,300,000 to $3,150,000 indicates possible initial overpricing.
The air quality risk score of 7/10 is concerning, with 14 bad air days per year, which is 40% higher than the California average. This could potentially impact outdoor enjoyment and long-term health considerations.
The fire risk score of 4/10 (moderate) is higher than desirable for a luxury property, potentially leading to increased insurance costs and safety concerns. Fire insurance in high-risk California areas can cost 30-50% more than standard policies.
Despite recent renovations, the home's age (built in 2005) means some systems and appliances may need replacement in the next 5-10 years. For example, the HVAC system, if original, may need replacement soon at an estimated cost of $15,000-$20,000.
The Ugly
The property's high-end nature and price point make it vulnerable to luxury market fluctuations. Historical data shows that high-end properties in coastal California can experience value drops of 20-30% during economic downturns.
The estimated annual insurance cost of $11,340 is exceptionally high, about 2-3 times the average for similarly valued properties in less risk-prone areas. This adds significantly to the total cost of ownership.
Property taxes, while capped by Proposition 13, will be reassessed upon purchase. At current rates, annual property taxes could exceed $35,000, a substantial ongoing expense.
The home's hillside location, while providing views, may increase vulnerability to landslides, especially given Santa Cruz County's history of such events. Geological surveys and potential mitigation could cost $50,000-$100,000.
The large 2.38-acre lot, while a selling point, requires significant maintenance. Annual landscaping and maintenance costs for a property this size could range from $20,000-$30,000.
Total monthly ownership costs, including mortgage (assuming 20% down at 6.5% interest), taxes, insurance, and maintenance, could exceed $25,000, requiring an annual income of over $1,000,000 to comfortably afford.
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 ideal for high-net-worth individuals or families with an annual income exceeding $1,000,000, seeking a luxury coastal retreat. It's perfect for those prioritizing privacy, space, and panoramic ocean views, who can afford the high ongoing costs.
The home suits buyers looking for a turnkey luxury experience, with high-end finishes and recent renovations eliminating immediate upgrade needs. Its size and layout make it ideal for large families or those who frequently entertain.
Investors looking for high-end vacation rentals could benefit from Aptos's growing luxury tourism market, with potential gross rental income of $144,000-$180,000 annually. The property's unique features and location could command premium rates in the short-term rental market.
Tech executives or remote workers from Silicon Valley (about 1 hour away) seeking a luxurious coastal home office will appreciate the space and views. The home's technology integration (Tesla chargers, surround sound) aligns well with tech-savvy buyers.
The property is also suitable for privacy-conscious buyers, given its secluded location and large lot size, making it attractive to celebrities or high-profile individuals.
Not For
This property is not suitable for first-time homebuyers or those with household incomes below $500,000, due to the high purchase price and ongoing costs. It's also not ideal for investors seeking immediate high cash flow, as the luxury market typically yields lower returns compared to mid-range properties.
Buyers looking for walkable, urban environments should look elsewhere, as the property's hillside location requires car dependency for most activities. Those seeking low-maintenance properties will find the large lot and complex systems challenging.
The home is not ideal for those with mobility issues, given its hillside location and multiple levels. Buyers highly concerned about climate change impacts might be deterred by the fire risk and potential long-term coastal erosion issues.
It's not suitable for buyers looking for historic charm or period-specific architecture, as the home, while luxurious, is relatively modern (built in 2005). Those prioritizing energy efficiency might find the large square footage and multiple systems at odds with minimizing carbon footprint, despite some green features.
Demographics
Area Median Income
$128,833
Property History
Price History
Ownership Timeline
$1,997,000Financed
Jan 20, 2016Michael Kelley, Marsha KelleyRaymond N Barragan Jr
Grant Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Jan 9, 2016Lisa D BarraganRaymond N Barragan Jr
Intrafamily Transfer
Non-Arm's Length Transactions
$1,485,000Financed
Jun 15, 2015Trs Reo Trust 1-AMichael & Marsha Kelley Family Trust, Marsha Kelley
Grant Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Feb 20, 2015Pennymac CorpTrs Reo Trust 1-A
Quit Claim Deed
Non-Arm's Length Transactions
$1,456,804Cash Purchase
Oct 21, 2014Dragan Daich, Debra DaichPennymac Corp
Trustees Deed
Foreclosure
$335,000Financed
Nov 13, 1998Peterson Keith Alvin & Katherine , The Keith A & Katherine Peterson Rev TrDragan Daich, Debra Daich
Grant Deed
Standard Sale (Purchase/Resales)
Property Taxes
$25,391
2024 Tax Assessment
1.5%from previous year
Assessed Value$2,317,690
Tax Rate1.10%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Middle
5.0/10
AverageHigh
7.0/10
GoodFinancials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$3,150,000
Price/sqft
$595
Layout
5 bd•5 ba
Days on market
177 daysat time of analysis
Stats in the Area
Based on 2 comparable properties nearby
Average Price
$1,500,000
110.0%
Your price is 110.0% above average
Median Price
$2,790,000
12.9%
Based on 2 recent sales
Price per Sq.Ft
$635
6.2%
Your price is 6.2% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 3030 Pleasant Valley Road, Aptos, CA 95003 | $2,790,000 | 4,394 | 4 | 5 | $6356.7% | 7/31/2024 |
| 1865 Day Valley Road, Aptos, CA 95003 | $210,000 | N/A | N/A | N/A | N/A | 8/5/2024 |
3030 Pleasant Valley Road, Aptos, CA 95003
Price: $2,790,000
Sq.Ft: 4,394
Beds/Baths: 4/5
$/Sq.Ft:
$6356.7%
Sale Date: 7/31/2024
1865 Day Valley Road, Aptos, CA 95003
Price: $210,000
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 8/5/2024
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