Mixing Bowl

Tom Brezsny’s REAL ESTATE OF MIND

Provoking thought since 1990

Continuing the conversation…talking about the incredible run real estate has been on since it emerged from shelter in place (SIP) and found itself in a decidedly different post-Covid environment - one profoundly transformed by the pandemic experience. When SIP restrictions were lifted in May, the market saw a wave of new listings come on, since so many properties had been held off the MLS during the shutdown. The median sale price for single family homes in June was $905,000 - a number more or less commensurate with pre-Covid norms. It was a welcome surprise to see prices rounding back up towards normal so soon. But what we didn’t know was that the postCovid market was just getting started, and that almost overnight it would ratchet up in intensity way beyond anything resembling normal. Like a mystery switch being flipped, the median price jumped $100k in July, hitting the $1million mark for the first time ever in Santa Cruz County! And right along with it, the average price rose to an astonishing $1.2million. (Go ahead, say it:

“An average home in Santa Cruz costs

$1.2 million!”) As the acceleration continued into August, the median price jumped up to another new record of $1,050,000, while the average price climbed to a whopping $1,228,000. Judging by the number of escrows in the queue and the sheer intensity of recent multiple-offer situations, we’ll likely see another increase in prices when the September data rolls in. Bottom line? We’ve never seen prices rise like this in such a short period of time. Values usually trend up or down in relatively small increments, but lately it feels like a surge-pricing algorithm has been programmed into the market, one that raises prices instantly based on real time demand. Heading into October lots of questions remain: Where’s this going? Is it a bubble? Can it continue going up? The best place for answers lies at the heart of every market-driven phenomenon - the underlying relationship between supply and demand. And as I write this, the supply side of our equation shows there are only 176 single family homes available in Santa Cruz County. Since the rush of new listings in May, the inventory has continued to decline. There was never a second wave of new listings. For some perspective, 176 is the number of active listings we normally have around Christmas. Last year, heading into October, buyers had more than 400 active listings to choose from - a veritable smorgasbord of choice compared to today. Next week we’ll talk more about the demand side of the equation and what we can expect between now and the start of 2021.

Tom Brezsny Realtor® DRE#01063297 831-818-1431 getreal@serenogroup.com UNUSUAL TREAT A simple custard made with milk makes a surprised filling for these sweet fritters.

Fried milk custard

Tarmo Hannula

By SARAH RINGLER

This unusual sweet treat with an almost oxymoronic name evolved out of a collision of cultures, that began in 1841 with the colonization of Hong Kong by the British Empire.

It lasted until 1997 when the Sino-British Joint Declaration signed by both countries in 1984 came into effect giving China sovereignty over Hong Kong but allowed the continuation of the previous capitalist system for another 50 years.

Milk has not traditionally been part of the Chinese diet. Dairy, the domestication of animals for their milk, goes back 9,000 years and occurred in various places around the world like ancient Turkey, Mongolia and West Central Africa among the Fulani people. Cow, sheep and goat milk, to name a few, are usually indigestible by humans, but in those regions where it became part of the diet, genetic changes occurred in humans that allowed them to tolerate it, according to Dr. Ananya Mandal, from news-medical.net. A large part of the earth’s population doesn’t have the genetic mutation and often experience lactose intolerance, a condition that often results in stomach problems. Since so few people have the mutation, it calls into question the American Heart Association’s diet recommendation that includes dairy as part of a balanced diet.

When the British colonized Hong Kong, they brought their love of dairy. However, dried milk powder was the only kind of cow’s milk available in Hong Kong until 1940. As anyone who has drunk dried milk powder mixed with water knows, it generally tastes more like water than milk.

This recipe was invented in Hong Kong, according to Kian Lam Kho at redcook.net, as a way to make powdered milk more palatable. Luckily, we have fresh milk.

The custard in this recipe resembles Jello made with milk. Left to harden in the refrigerator, it is cut into squares, dipped in a batter, then deep fried like a doughnut. It is a bit unusual. The powdered sugar provides most of the sweetness. They taste best just after they are made.

FRIED MILK CUSTARD

Custard:

2 cups milk 1/2 cup cornstarch 1/4 cup sugar 1/4 teaspoon salt

Batter:

1 cup all-purpose flour 1 teaspoon baking powder 1/2 teaspoon salt 1/2 cup water 1 egg beaten 1-2 cups deep fat frying oil like peanut or avocado oil

Topping:

Confectioner’s sugar

Sweetened condensed milk for dipping – optional

Combine all 4 custard ingredients in a medium saucepan and whisk. Be sure to blend the cornstarch completely with the milk. Heat the mixture and stir constantly over medium heat with a wooden spoon. As the custard begins to thicken, stir the custard vigorously to prevent lumps from forming. Turn the heat off once all the mixture becomes a very thick custard. It will have the consistency of mashed potatoes. While the custard is still hot, spread it in a 4-inch by 8-inch loaf pan as evenly as possible. You don’t have to butter the pan. Cool the custard and refrigerate for at least four hours.

Remove the cooled custard from the loaf pan. Use a spatula around the edges to help it slip out of the pan. Cut it into strips or squares, as desired.

Whisk the flour, salt and baking powder together in a medium mixing bowl. Beat the egg and water together, then add to the flour and stir to combine.

Fill a wok or saucepan with about 1 1/2 inches of vegetable oil and put over medium to medium high heat until it just begins to shimmer at about 350 degrees. Do not leave the stove at this point.

When oil is ready, dip the strips or squares into the batter, coat, then place into the oil and deep fry for about 8 minutes, or until golden brown. Remove the fried custard from the wok and drain excess oil on layers of paper towel.

Arrange the fried custard sticks on a plate and dust with confectionary sugar. Serve immediately while still hot. Traditionally, they are also dipped in sweetened condensed milk.