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416 Stanford Ave
Santa Cruz, CA

416 Stanford Ave

$1,250,000
3 bd • 2 ba • 1,062 sf

This analysis was generated by artificial intelligence on 1/30/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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List Price

$1,250,000

Price/Sq.Ft

$1177

Year Built

1931

AI Property Analysis

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

The Good

• Prime Location: The property is located in a desirable and walkable 'banana belt' location in Santa Cruz, known for its mild climate, proximity to beaches, restaurants, and shops. This location is highly sought after and offers convenience and a vibrant lifestyle. • Proximity to Amenities: The property is within walking distance of great schools, top-notch grocery stores with locally grown produce, and parks. It is also a short bike ride to beaches, the harbor, and swimming holes. This accessibility to amenities enhances its appeal. • Unique Features: The property includes a 352 sqft artist studio, providing additional space and versatility. This is a unique feature that could appeal to artists, remote workers, or those who need extra space. • Community and Lifestyle: The property is located in a flat, bike-friendly neighborhood with tree-lined streets, where 'pride of ownership and community spirit thrives.' This offers a peaceful and welcoming environment, ideal for those seeking a strong sense of community. • Access to Nature and Recreation: The property is near hiking, biking, archery, and disc golf. It is also close to ocean overlooks and the Redwoods in San Lorenzo Valley. This makes it attractive for outdoor enthusiasts who value nature and recreational opportunities.

The Bad

• High Price per Square Foot: At $1,177.02 per square foot, the property is significantly more expensive than many other homes in the Santa Cruz area, making it less affordable for some buyers. The median income of $91,801 in the area suggests that this property is out of reach for the typical buyer. • Small Living Space: With only 1,062 square feet, the house is relatively small for a three-bedroom, two-bathroom home. This may not be ideal for buyers who prefer large living spaces or have a large family. The 352 sqft studio is not included in the stated living space. • Property Requires Significant Renovation: The description states that the property 'needs TLC' and is an 'unpolished gem,' indicating that it requires considerable renovations and upgrades. This could deter buyers looking for a move-in ready home and add significant costs above the purchase price. • Lack of Detailed Information: The listing lacks specific details regarding the property's utilities, systems, and room dimensions. This absence of information makes it difficult for buyers to assess the property's true condition and potential issues, requiring additional due diligence. • Limited Showing Availability: The property is only being shown during open houses, which may limit access for potential buyers who have scheduling conflicts. This may also indicate the seller's unwillingness to negotiate or allow for due diligence investigations.

The Ugly

• Age and Potential for Hidden Issues: Built in 1931, this house is nearly a century old. The age of the property increases the likelihood of significant issues that may not be immediately apparent, such as foundation problems, outdated plumbing and electrical systems, and the presence of hazardous materials (e.g., asbestos, lead paint). These issues can be expensive and time-consuming to address. • High Renovation Costs: The listing explicitly states that the property 'needs TLC' and is an 'unpolished gem.' This suggests that major renovations will be required, potentially including structural repairs, system upgrades, and cosmetic enhancements. These renovations could cost tens or hundreds of thousands of dollars, significantly increasing the total investment. • Potential for Cost Overruns: Renovations often exceed initial budgets due to unforeseen issues, material cost increases, and labor expenses. Buyers should be prepared for the possibility of significant cost overruns, which could strain their finances. • Lack of Transparency on Utilities and Systems: The absence of specific information about the property's utilities and systems is a red flag. Buyers should be prepared for potential issues with the plumbing, electrical, and HVAC systems, which may require costly upgrades or replacements. This lack of transparency could result in unexpected expenses. • High Carrying Costs: Given the high purchase price, property taxes and insurance will be substantial. In the event of an economic downturn, the property could decrease in value and create a financial burden for some buyers. This is a risk factor that should be seriously considered.

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

• Buyers Seeking a Charming Cottage in a Prime Location: The property's desirable 'banana belt' location, walkable to shops, restaurants, and beaches, is ideal for those prioritizing convenience and a vibrant lifestyle. The 5-minute drive to downtown and access to Highway 17 also make it attractive for commuters and those seeking easy access to the Redwoods. • Investors Looking for a Fixer-Upper with Rental Potential: The property’s location and the 352 sqft artist studio offer the potential for generating rental income. Given the median three-bedroom rent in Santa Cruz is $4,230/month, a well-maintained unit could command a high rent. The additional studio space further increases rental options. • Homeowners Who Value a Strong Sense of Community: The description emphasizes a 'pride of ownership and community spirit' in a flat, bike-friendly neighborhood, making it appealing to buyers looking for a close-knit environment. The mention of tree-lined streets and a peaceful atmosphere also resonates with those seeking tranquility. • Gardeners and Nature Enthusiasts: The property description highlights year-round gardening potential and the presence of birds, appealing to those who enjoy outdoor activities and a connection with nature. The proximity to beaches, hiking, and biking further enhances its attractiveness for outdoor enthusiasts.

Not For

• Buyers Seeking a Move-In Ready Home: The property description explicitly states that it 'needs TLC' and is an 'unpolished gem,' indicating that it is not in pristine condition and will require significant renovations and upgrades. • Buyers with Limited Budgets: With a price of $1,250,000 and a price per square foot of $1177.02, this property is among the most expensive in Santa Cruz. Given the required renovations, total investment will exceed the initial purchase price. The property is not suitable for buyers who cannot afford the high initial cost and potential cost overruns. • Buyers Prioritizing Large Living Spaces: The house is only 1,062 square feet, which is small compared to many houses in the area. This is not ideal for buyers who require multiple large rooms or a lot of square footage. • Buyers Seeking Minimal Maintenance: Given that it is an older home, and needs 'TLC', the property will require significant maintenance and renovations. This is not suitable for buyers who prefer low-maintenance or newer homes. • Buyers with Limited Time: Given the amount of work needed, this is not suitable for buyers who want a quick purchase process or are not prepared to spend time and effort managing renovations.
Demographics
Area Median Income

$91,801

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Risk Assessment

Risk Analysis

• High Cost of Ownership: The property is priced at $1,250,000, with a price per square foot of $1,177.02. This is significantly higher than the average price per square foot in many other areas. This high initial cost, coupled with potential renovation costs, could create a financial burden for some buyers. • Age and Condition of the Property: Built in 1931, the property is almost a century old. The listing mentions that it 'needs TLC,' indicating that it may require significant renovations and upgrades. This could include costly repairs to the foundation, plumbing, electrical, and roofing systems. Hidden issues may also be present that are not visible in a standard inspection. • Uncertainty Regarding Utilities and Systems: The listing does not provide any information about the property's utilities and systems. This lack of transparency poses a risk to buyers, as they may need to spend additional money on inspections and potential repairs or upgrades to these essential systems. • Potential for High Property Taxes and Insurance Costs: The high purchase price could lead to high property taxes. Additionally, due to wildfire risks and proximity to the coast, homeowner's insurance could be expensive and difficult to obtain. These factors should be factored into the budget. • Limited Information on the Artist Studio: The listing mentions a 352 sqft artist studio but provides no further details. This lack of information makes it difficult to assess the studio's condition and potential use. A full inspection is required to ensure it is up to code and safe for use. • Competition and Market Conditions: Santa Cruz has a highly competitive housing market. The high demand and limited inventory may lead to bidding wars, making it difficult for some buyers to secure this property. The property has already been on the market for 9 days, which is an indicator of a potential over-pricing or some other factor.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,319,600

5.6% above list price

Median Price

$1,268,000

Based on 5 recent sales

Price per Sq.Ft

$1,167

Comparable Properties

105 Allerton Street, Santa Cruz, CA 95065
Price: $1,850,000
Sq.Ft: 1,237
Beds/Baths: 3/2
$/Sq.Ft:
$1,49627.1%
Sale Date: 10/11/2024
235 May Avenue, Santa Cruz, CA 95060
Price: $1,150,000
Sq.Ft: 1,038
Beds/Baths: 3/2
$/Sq.Ft:
$1,1085.9%
Sale Date: 8/6/2024
420 Parnell Street, Santa Cruz, CA 95062
Price: $1,600,000
Sq.Ft: 1,196
Beds/Baths: 3/2
$/Sq.Ft:
$1,33813.7%
Sale Date: 8/20/2024
960 7th Avenue, Santa Cruz, CA 95062
Price: $1,268,000
Sq.Ft: 1,168
Beds/Baths: 3/1
$/Sq.Ft:
$1,0867.8%
Sale Date: 11/9/2024
2030 Pacific Avenue #325, Santa Cruz, CA 95060
Price: $730,000
Sq.Ft: 901
Beds/Baths: 2/1
$/Sq.Ft:
$81031.2%
Sale Date: 9/19/2024

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