2603 Monterey Avenue, Soquel, California 95073, Soquel, - bed, bath

home-pic
ACTIVE$3,500,000
2603 Monterey Avenue, Soquel, California 95073
3Beds
2Baths
2,040Sqft
152,634Lot
Year Built
1947
Close
-
List price
$3.5M
Original List price
$3.9M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML81990308
Home ConditionTear down
Features
Good View: Park/Greenbelt
ViewPark/Greenbelt

About this home

3.5-acre parcel in the heart of Soquel, recently re-zoned (RF-Min) for high-density residential and mixed-use development. Zoning designation offers an expedited, ministerial approval process no public hearings required and is exempt from CEQA, placing your project on the fast track. Potential for approximately 140± units, this property presents a significant opportunity to create a transformative residential or mixed-use community in one of Santa Cruz County's most desirable areas. The location is unbeatable: just minutes from New Brighton State Beach, Cabrillo College, Capitola Village, and major transportation lines. . Top-rated schools and coastal amenities enhance long-term appeal. As a designated Housing Element site, this parcel is aligned with mandates to increase housing supply. The County Planning Department supports streamlined development, imposing no additional County standards or discretionary reviews. This is more than land it's a ready-made opportunity for developers looking to deliver housing with fewer barriers and faster timelines in a sought-after coastal market. The property includes two existing homes served by natural gas, public sewer, and a private well. Public water is at street with available allocations through Soquel Creek Water District.

Price History

Date
Event
Price
08/08/25
Price Change
$3,500,000
01/13/25
Listing
$3,900,000
Neighborhood Comparison

 SubjectAverage HomeNeighbourhood Ranking (30 Listings)
Beds33
50%
Baths22
50%
Square foot2,0401,892
65%
Lot Size152,63419,036
81%
Price$3.5M$1.58M
97%
Price per square foot$1,716$809
97%
Built year19471973
10%
HOA
Days on market296145
97%
Condition Rating
Tear down

The property was built in 1947, making the existing structures over 75 years old. The MLS description explicitly states that the property's value is based on its 3.5-acre parcel and its potential for high-density residential and mixed-use development, not the existing 'two homes.' There is no mention of any significant renovations, and the exterior images show very dated structures with signs of age and neglect. Without interior photos, it's impossible to assess the kitchen and bathroom conditions, but given the age and context, they are almost certainly original or very old and would require complete replacement. The property fits the 'tear-down' criteria, as its value is solely based on the land and its redevelopment potential, with the existing structures likely considered beyond repair or functionally obsolete for modern living.
Pros & Cons

Pros

Exceptional Development Potential: The 3.5-acre parcel is re-zoned (RF-Min) for high-density residential and mixed-use development, offering potential for approximately 140 units, aligning with housing mandates.
Streamlined Approval Process: Features an expedited, ministerial approval process, exempt from CEQA, with no public hearings or additional County standards, significantly reducing development risk and timelines.
Prime Coastal Location: Unbeatable location just minutes from New Brighton State Beach, Cabrillo College, Capitola Village, and major transportation lines, enhancing future resident appeal.
Robust Infrastructure & Utilities: Served by natural gas, public sewer, a private well, and public water at the street with available allocations, simplifying utility connections for large-scale development.
Favorable Regulatory Environment: Designated as a Housing Element site with County Planning Department support for streamlined development, indicating strong governmental backing for the project.

Cons

Demolition & Site Preparation Costs: The property includes two existing homes (built 1947) that will likely require demolition and site clearing, adding to initial development expenses and project timeline.
Significant Capital Investment: Developing approximately 140 units represents a substantial financial undertaking, requiring considerable capital for land acquisition, construction, and associated soft costs.
Market Absorption Risk: While the location is desirable, successfully marketing and absorbing 140 new units in the Soquel market requires careful analysis and carries inherent sales/leasing risk.

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