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319 Seascape Resort Dr
Aptos, CA

319 Seascape Resort Dr

$560,000
1 bd • 1 ba • 480 sf

This analysis was generated by artificial intelligence on 1/16/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$560,000

Price/Sq.Ft

$1167

Year Built

1993

AI Property Analysis

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

The Good

This top-floor studio condominium at 319 Seascape Resort Dr, Aptos, CA offers several attractive features: 1. Prime Location: Situated in the desirable Seascape Resort, the property provides direct access to amenities like 3 pools/spas, a restaurant, and a wide-open beach, enhancing its appeal for both personal use and rental potential. 2. Rental History: The listing mentions a "proven rental history," suggesting strong income potential. Based on local market data, studio rentals in the area average $2,530/month, indicating a potential gross annual income of $30,360. 3. Recent Updates: The property has been updated, which can reduce immediate maintenance costs and increase appeal to renters or buyers. 4. Vaulted Ceilings: This feature adds a sense of spaciousness to the compact 480 sq ft layout, potentially increasing perceived value. 5. Low Climate Risks: The property has minimal flood risk (1/10) and wind risk (1/10), which is advantageous for insurance costs and long-term stability. 6. Appreciation Potential: The property has shown significant long-term appreciation, increasing from $165,000 in 1993 to the current list price of $560,000, a 239% increase over 31 years. 7. HOA Inclusions: The HOA fees cover electricity, gas, and insurance, which can simplify budgeting for owners and potentially increase rental appeal. 8. School Proximity: The property is within 2 miles of schools rated 5/10 to 7/10, which can be attractive for families or impact future resale value.

The Bad

1. High Price per Square Foot: At $1,166.67/sq ft, this property is priced significantly higher than the typical range for Aptos, which averages around $700-$800/sq ft for condos. 2. Limited Space: At 480 sq ft, the studio layout may be too small for some buyers or renters, potentially limiting the market. 3. Extended Time on Market: The property has been listed for 154 days, suggesting potential overpricing or limited buyer interest. 4. Price Reductions: Multiple price reductions since the initial listing (from $669,950 to $560,000) indicate possible initial overpricing and may raise concerns about the property's value. 5. HOA Fees: While the HOA includes some utilities, the exact fee amount is not provided. Given the amenities, it's likely to be substantial and should be factored into the overall cost of ownership. 6. Moderate Fire Risk: With a fire risk rating of 3/10, additional insurance considerations may be necessary. 7. Major Air Quality Risk: The 6/10 air quality risk with 11 bad air days per year could be a concern for some buyers or renters, potentially impacting long-term desirability. 8. Limited Appreciation: Despite the long-term appreciation since 1993, recent history shows a decline from the peak price of $669,950 in July 2023 to the current $560,000, a 16.4% decrease in about 18 months.

The Ugly

1. Potential Overvaluation: The current price of $560,000 represents a 24.4% increase from its last sale price of $450,000 in November 2021, just over 3 years ago. This rapid appreciation, followed by multiple price reductions, suggests the property may still be overvalued in the current market. 2. High Total Cost of Ownership: - Estimated monthly mortgage (assuming 20% down, 30-year fixed at 6.5% interest): $2,830 - Estimated annual property taxes (1.1% of purchase price): $6,160 or $513/month - Estimated insurance: $2,016/year or $168/month - Estimated HOA fees (assuming $500/month based on amenities): $500/month Total estimated monthly costs: $4,011 This high monthly cost may be challenging to cover with rental income, especially considering vacancies and management fees. 3. Seasonal Demand Fluctuations: As a beach resort area, rental demand and property values can be highly seasonal, potentially leading to inconsistent income and occupancy rates. 4. Age-Related Issues: Built in 1993, the property is 31 years old. Despite mentioned updates, major systems (HVAC, plumbing, etc.) may be nearing the end of their lifespan, potentially leading to significant repair or replacement costs in the near future. 5. Limited Control: Being part of a resort community means less control over the property and potential future special assessments for major repairs or upgrades to common areas. 6. Market Volatility: The property's price history shows significant volatility, with a 172.7% increase from 1993 to 2021, followed by a series of price reductions. This instability could make it a risky investment. 7. Rental Restrictions: There may be restrictions on short-term rentals or the number of days the property can be rented annually, which could limit income potential. These details are crucial but not provided in the listing. 8. Economic Sensitivity: As a second home/vacation property, its value and rental potential are more susceptible to economic downturns when luxury spending typically decreases.

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: 1. Second Home Buyers: As marketed, this studio is ideal for those seeking a vacation property in a resort setting with beach access and amenities. 2. High-Income Individuals: Given the total monthly costs of around $4,011, this property is best suited for buyers with an annual income of at least $160,000 (based on a 30% housing expense ratio). 3. Cash Buyers or Those with Significant Down Payments: The high price per square foot may make financing challenging, making it more suitable for buyers who can make large down payments or purchase outright. 4. Short-Term Rental Investors: Investors looking to capitalize on the vacation rental market in Aptos could benefit from the property's location and amenities, assuming favorable rental regulations. 5. Empty Nesters or Retirees: The compact size and resort amenities could appeal to older adults looking for a low-maintenance second home or future retirement spot. 6. Tech Workers or Remote Professionals: Given Aptos's proximity to Silicon Valley, this could serve as a weekend retreat for tech professionals seeking an escape from urban life. 7. Buyers Prioritizing Location Over Space: For those who value beach access and resort amenities more than living space, this property offers a prime location. 8. Risk-Tolerant Investors: Given the property's price volatility, it may suit investors comfortable with market fluctuations and potential for appreciation in a desirable area.

Not For

This property is not suitable for: 1. First-Time Home Buyers: The high price point, potential for additional costs, and complex nature of resort property ownership make this challenging for novice buyers. 2. Families or Those Needing More Space: At 480 sq ft, this studio is too small for families or individuals requiring multiple rooms or more living space. 3. Budget-Conscious Buyers: With high monthly costs and a price per square foot well above the local average, this property is not for those on a tight budget. 4. Long-Term Rental Investors: The high purchase price and potential HOA restrictions may make it difficult to achieve positive cash flow from long-term rentals. 5. Those Sensitive to Air Quality Issues: With a major air quality risk rating of 6/10 and 11 bad air days per year, this property isn't suitable for individuals with respiratory concerns. 6. Year-Round Residents: As a studio in a resort setting, this property is not ideal for those seeking a primary residence with more space and privacy. 7. DIY Enthusiasts: Resort properties often have strict rules about modifications and improvements, limiting opportunities for personalization or DIY projects. 8. Risk-Averse Investors: The property's price history shows significant volatility, making it unsuitable for conservative investors seeking stable, predictable returns. 9. Buyers Without Additional Resources: Given the property's age and potential for major system failures, it's not suitable for buyers without a significant reserve fund for potential repairs and replacements.
Demographics
Area Median Income

$128,833

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Risk Assessment

Climate Risks

airMAJOR

11 bad air quality days per year

fireMODERATE

Insurance: Recommended

heatMINOR

5 extreme heat days per year

98th percentile: 85°F

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

1. Market Volatility: The property's price history shows significant fluctuations. There's a risk of further depreciation, especially given the current downward trend from the peak price of $669,950 in July 2023. 2. Rental Income Uncertainty: While there's a "proven rental history," specific figures aren't provided. Short-term rental regulations could change, potentially impacting income potential. 3. Age-Related Maintenance: At 31 years old, major systems and components may need replacement soon. Estimated costs could include: - HVAC system replacement: $5,000 - $10,000 - Water heater replacement: $1,000 - $1,500 - Appliance upgrades: $3,000 - $5,000 4. Special Assessments: Resort properties often face special assessments for major repairs or upgrades. These can be substantial and unpredictable. 5. HOA Fee Increases: While current fees aren't specified, resort HOA fees often increase annually. A 3-5% annual increase is common, potentially significantly impacting overall costs over time. 6. Natural Disaster Risks: Despite low flood and wind risks, the moderate fire risk (3/10) could lead to higher insurance premiums or coverage difficulties in the future. 7. Air Quality Concerns: The major air quality risk (6/10) could impact the property's desirability and potentially affect long-term property values. 8. Seasonal Demand Fluctuations: As a vacation property, rental income and property value may be subject to seasonal variations and economic factors affecting tourism. 9. Financing Challenges: The high price per square foot may make it difficult to secure favorable financing terms, potentially limiting the buyer pool for future resale. 10. Regulatory Changes: Changes in local regulations regarding short-term rentals could significantly impact the property's income potential and overall value.
Insurance
Annual Cost

$2,016

$168 per month

Financials

Monthly Costs
Market Rent (1 bed)

$2,860

Get a detailed rental estimate on Zillow®
HOA Fee

$1,288

Price History

Property Taxes

$6,358
2024 Tax Assessment
2.4%from previous year
Assessed Value$464,539
Tax Rate1.37%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

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