Morning Lookout: Housing market shift, Cabrillo-UCSC housing project uncertainty & baby bats

What’s good, Lookout fam? It is Wednesday, July 12, and a typical summer day lies ahead weatherwise for Santa Cruz County, with highs ranging from the 70s to 90ish as the marine layer pulls back.

There’s much to explore around Lookout, and while I’d love to highlight what’s what, you can explore solo if that’s your thing.
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It’s to the local real estate market we go off the bat, with Max Chun hearing from local professionals that with mortgage rates expected to fall later in the year, now might be the time for prospective buyers to make their move. “We always tell people if you find this house of your dreams, buy it now and then refinance,” one says.

The prospects for a joint Cabrillo College-UC Santa Cruz student housing project are murkier after some late changes in the state budget, Hillary Ojeda reports. With the state seemingly pulling the plug on a $111 million grant in favor of helping Cabrillo issue bonds, “it blows up the entire revenue model,” the school’s president says.

And with migration pumping up Santa Cruz County’s bat population, Roxanne Hoorn talked to UCSC professor Winifred Frick on when and how to see them and how crucial the flying mammals are to our local ecosystem (with a pretty amazing tidbit about what bats can do to their ears).

The Wednesday headlines also include the latest in local food and drink news from Lily Belli — onward!

Home sales are still low and interest rates are still high, but it might be a good time to buy after all

(Via Zillow)

What has been a fairly cool housing market for the better part of 2023 might be heating up again soon as mortgage interest rates are expected to fall by the end of the year. Santa Cruz County realtors are advising prospective buyers to act sooner rather than later. Max Chun crunches the numbers.

➤ RENTER’S VIEW: ‘Mentally, physically, financially exhausting’: Santa Cruz County now the most expensive rental market in the U.S.

Joint Cabrillo College-UCSC student housing project in limbo after changes to state budget

(Kevin Painchaud / Lookout Santa Cruz)

What had been expected to be a $111 million state grant to cover Cabrillo College’s portion of a $181.7 million joint 624-bed development at the Aptos campus became bonds issued by the school with state support. That, the school’s president says, has left Cabrillo leaders in a “very uncomfortable space to move forward [with the project] right now.” Details here from Hillary Ojeda.

➤ MORE FROM SACRAMENTO: What you need to know on the California budget deal

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Upcoming events in Santa Cruz County

THURSDAY 9/28
“Ten” exhibition @Radius Gallery
Poetry Series @Boulder Creek Branch Library
Dylan Rose: Father & Son @Bargetto Winery
The Latin Dead @Felton Music Hall
Sofia Talvik @Ugly Mug Coffeehouse

FRIDAY 9/29
Midtown Fridays @1111 Soquel Ave.
Food Truck Friday @Skypark
Mountain Film on Tour Santa Cruz @Rio Theatre
Roosevelt @The Catalyst

SATURDAY 9/30
Out of The Darkness Santa Cruz County Walk @Skypark
Community Crafters-Basic Earring Making Workshop @Boulder Creek Branch Library
Farm Dinner @1481 San Miguel Canyon Rd.
Big Mountain @Moe’s Alley
MaMuse, WildChoir & The Feelings Parade @Rio Theatre

SUNDAY 10/1
Halloween Pop-up Event @Little Trends
Rail & Trail Festival @Santa Cruz Beach Boardwalk
David Luning @Kuumbwa Jazz Center
Marc E. Bassy @The Catalyst

We’re going to keep the Santa Cruz County news and views coming, so follow Lookout on Facebook, Twitter and Instagram to be sure you don’t miss anything. Another great way to keep up with it all is our breaking news alerts via text and email, not to mention all of Lookout’s other newsletters (coming Thursday: Wallace Baine’s Weekender) — click here to get signed up.

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Now get out there and conquer hump day — I’ve got your back!

Will McCahill
Lookout Santa Cruz