
Santa Cruz, California 95062
This oceanfront parcel represents a High-Potential Investment Opportunity with a List Price of $5,200,000—positioned well below the $5,362,728 Fair Market Value by 3%. This valuation gap offers $162,728 in Instant Equity. Featuring a Condition Rating of 5, the property serves as a prime development site with seawall approvals and coastal permits in place. The 200-degree ocean views and 8,886 sqft lot provide a rare foundation for luxury development, making this an ideal acquisition for Luxury Developers or High-Net-Worth Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3020 Pleasure Point Drive Subject | $5,200,000* List Price | 3 | 4 | 3,156 | $1,699 | - |
A 4175 Court Drive Active | $4,150,000 List Price | 3 | 3 | 2,823 | $1,470 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1980 (44 years old), the home features original 1980s finishes including extensive wood paneling, dated stone fireplaces, and older sliding glass doors. The listing's heavy emphasis on conceptual renderings for a new modern residence and existing seawall/coastal permits suggests the current structure is a candidate for a total rehab or replacement.
Positioned at the literal point of Pleasure Point, this rare parcel is surrounded by the Pacific on three sides, offering 200-degree panoramic views of Monterey Bay and direct proximity to world-class surf breaks.
The property is uniquely positioned for immediate value-add, featuring coastal permits, architectural renderings by Fuse Architecture, and essential seawall approvals already in place.
At 8,886 square feet, the lot provides a substantial and private oceanfront footprint that is significantly larger than many neighboring parcels in this high-demand coastal enclave.
Beyond the $5.2M acquisition cost, the property requires a substantial secondary investment to execute the envisioned modern luxury build or a comprehensive high-end renovation.
Built in 1980, the current residence likely requires extensive modernization to meet the standards of today's luxury buyers and to fully capitalize on the site's extraordinary potential.
A once in a generation oceanfront opportunity at the literal point of Pleasure Point. This property has the potential to become one of the most extraordinary homes in the county. Positioned on 8,886 square feet of oceanfront land, this remarkable parcel is surrounded by the Pacific on three sides, with sweeping 200-degree views across Monterey Bay. Dolphins move through the lineup below, whales pass in the distance, and the surfers at Sewer Peak are close enough to recognize from the deck. The setting feels dramatic, private, and completely immersed in the rhythm of the coastline. What makes this offering so rare is the flexibility of what can be created here. Conceptual renderings by Fuse Architecture showcase the vision of a striking modern surf house designed specifically for the site, with expansive glass, rooftop living, and spaces oriented entirely toward the ocean. The existing residence also presents the opportunity for a thoughtful renovation or refinement, allowing the next owner to shape the property around their own vision and lifestyle. With coastal permits, architecture, and seawall approvals already in place, the path is open to create something truly special at Californias most celebrated point break, where the ocean is not simply the view, but the backyard.
No exterior & parking available.
Grades 6-8 • 2.8 mi
Grades 6-8 • 3.8 mi
Grades 9-12 • 2.5 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.0 |
| Baths | 4.0 | 2.0 |
| Square foot | 3,156 | 1,641 |
| Lot Size | 8,886 | 6,229 |
| Price | $5.20M | $1.57M |
| Price per sq ft | $1.6K | $939 |
| Built year | 1980 | 1978 |
| HOA | $0 | $288 |
| Days on market | 62 | 37 |
May 22, 2026
$5,200,000
Initial Listing
Apr 18, 2017
$4,800,000
Public Record
Dec 31, 1996
$885,000
Public Record