Silicon Valley Tech Wealth Driving Santa Cruz Real Estate Boom

Tech riches and venture capital are driving up prices in sleepy beach town.

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    NEWSLETTERS

    Santa Cruz Sentinel
    Santa Cruz Beach Boardwalk is now surrounded by expensive homes.

    Santa Cruz is now the home of the million-dollar property. Between 20 and 33 percent of home sales in Santa Cruz over the last three months have been for homes worth $1 million or more, according to the Santa Cruz Sentinel, which is taking note of the changing fortunes of the popular tourist and surf destination.

    The money -- and the buyers -- all appear to be coming from one direction: Silicon Valley. One agent said that tech wealth is driving as much as 80 percent of his business, the newspaper reported.

    Homes are at their highest value since 2007, the newspaper reported, with most demand on Pleasure Point, Opal Cliff Drive, and on West Cliff Drive.

    Oceanfront homes are by far the priciest, with one Opal Cliff home asking $7 million. It last changed hands in the 1980s, for significantly less. Another home is being sold for the first time since the 1930s, the newspaper reported.