Capitola, California, ( Pressabout ) 01/28/2008 – Santa Cruz is a uniquely beautiful part of California and is renown for its breathtaking coastline, world-class surfing, soaring redwood forests, and for the highly acclaimed University of California at Santa Cruz. Many people from across the United States and beyond have, for these and other reasons, owned or sought to buy property here.
ately, the number of foreclosures in this region has been seeing a rise like never before. This is a nation-wide phenomenon, with many areas across the country experiencing skyrocketing mortgage default and foreclosures. The cause is widely blamed on ARMs (Adjustable Rate Mortgages) whose rates have increased, but there are other factors as well.
Many people bought real estate that they could scarcely afford to pay for, and had speculated that prices would continue to appreciate and that they could sell their property in a short period of time for a significant profit. With the cooling of the real estate market, these price rises failed to materialize and many owners have been forced into foreclosure because they cannot make their payments and cannot sell their properties, which in many cases have declined slightly or substantially in value since they were purchased.
The sharp rise in foreclosures is a hot opportunity for both real estate investors and first time buyers alike. Some local Realtors have seized the opportunity to make the best of a bad situation, by working to facilitate the transfer of real estate from weak ownership to strong ownership.
A few key Realtors in the Santa Cruz area have been working with banks to sell foreclosed property at rock bottom pricing. Seb Frey, a Broker Associate with Thunderbird Real Estate in Capitola, is one of the top Foreclosure Realtors in Santa Cruz County. Mr. Frey runs Santa Cruz County’s most useful and feature-packed web site: SantaCruzHomeBroker (http:/santacruzhomebroker.com).
According to Mr. Frey, “SantaCruzHomeBroker.com is a fantastic site for investors looking for bargain properties in Santa Cruz County. There are many opportunities for so-called Short Sales, and also REO property – that’s property which the bank already has foreclosed on and sells very cheaply to dispose of quickly.â€
The SantaCruzHomeBroker.com web site provides a page of Foreclosure Resources at http://santacruzhomebroker.com/foreclosures/ . Many people from across Santa Cruz county and beyond are visiting this page and signing up to receive free e-mailings of Short Sale and Bank-Owned REO real estate, which Seb prepares and sends out to subscribers on a weekly basis. Additionally, people can sign up to receive Seb’s exclusive, free, ten-page report entitled “The Santa Cruz Foreclosure Report.†This easy-to-read, fact-filled report answers many questions and dispels many myths surrounding the Foreclosure side of the Santa Cruz real estate market.
This is shaping up to be a banner year for Real Estate investors in Santa Cruz County – particularly in Watsonville, which has seen the sharpest declines in home prices as well as the largest rise in mortgage defaults and foreclosures. Many savvy real estate investors and other would-be buyers have been on the sidelines of the Santa Cruz County market for years. For these buyers who have been waiting, their ship has come in. There is a limited time to get aboard before this cycle makes its inevitable swing upward again. Potential buyers would be wise to take advantage of this unusual market and the opportunities for gain it presents.
Contact Information:
Seb Frey
Thunderbird Real Estate
3555 Clares Street, Suite WW – Capitola, CA 95010
(831) 239-6727
http://santacruzhomebroker.com
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