I live in Santa Cruz, and it is amazing....for wakeboarding however, it is a bit of a drive for decent water.
There is Kelly Lake in Watsonville, but it is literally a pond and you have to be or know a homeowner to get on.
There is Andeson, Coyote, and Calero lakes just over the hill about 30 min from Santa Cruz, but they are all small county recreational lakes that consistently get blown out mid day, or chopped up with more than a few boats on the water....forget about weekends unless you are taking the kids out to tube!
Well worth the drive is the CA Delta with some of the best conditions in the country. About 90 min from Santa Cruz...and unless I am headed out with someone locally for a quick pull, I make the treck to the Delta without hesitation. I store my boat up there so we can just bolt up. It is a world upon itself up there! (except the sharks...watch out for the Delta Sharks)
Well worth the drive for the luxury of living in Santa Cruz!