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Emerald Bay Market Update

 

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November 4, 2023

Good morning,

 

This was a relatively quiet week for economic and market news as we look ahead to new inflation data and an upcoming Federal Reserve meeting during the first half of November. 

 

Mortgage applications, pending sales, and closed transactions all point to a relatively tepid winter for transactions, but home prices continue to rise and illustrate that the pullback in demand has been matched stride for stride by reduced inventory as existing homeowners face large financial costs from moving in the form of low rates on their existing loans, potential capital gains, and a dearth of options for other homes given the tight inventory across the state.

 

Emerald Bay continues to be highly desirable and sought after…. See below about my recent sale at 145 Emerald Bay

 

If you have any questions regarding our local housing market, please reach out. Please also always consider me as your real estate resource. Have a great weekend!

 

Information + Updates

DID YOU KNOW? 

TARGET is seeing a pullback in consumer spending on many classifications now.... including food. Shipping volume rates are down too after the massive surge between 2020-2022. The cost of labor unexpectedly declined in the third quarter too...overall sales for APPLE fell for the fourth quarter in a row......Shipping giant MAERSK is cutting 10,000 jobs as 'greedflation' shipping pricing hit a wall and has dropped dramatically (down 58% in a year!)....and today we will see labor stats that are also indicating some cooling. Mortgage rates dipped too:  The 30-year fixed-rate mortgage fell to an average of 7.76% in the week ending November 2, down from 7.79% the week before. (CNBC)

 

DID YOU KNOW? 

Gas prices - that impact all transportation costs, and thereby inflation - are coming down, even with wars raging in oil-producing areas. Why? It appears gas prices spiked for reasons barely mentioned in the media: Seasonally, demand is falling at the same time that refiners are returning from maintenance and boosting.... supply. Gas prices in Texas dipped below $3/gallon. (YAHOO FINANCE)

 

DID YOU KNOW? 

What happens after inflation....DEflation? Cathie Wood, head of ARK Investment Management reiterated her view that she expects an era of falling prices, backed by new technologies including A.I, electric vehicles, robotics, genomic sequencing and blockchain. (Bloomberg)

 

DID YOU KNOW? 

Bond King DoubleLine Capital CEO Jeffrey Gundlach believes that interest rates are about to trend lower as the economy deteriorates further and tips into a recession in the first part of 2024. (CNBC)

 

DID YOU KNOW? 

Walking just 12 minutes in the morning and 12 minutes at night could reduce your chances of disease like cancer, heart disease, Alzheimer's, diabetes, etc by 40%! Walking outdoors in nature can reduce your blood pressure by 5%. Walking with a friend or colleague and including some social interaction could be even better. Yes, Leo, you are an inspiration!!!!!

 

DID YOU KNOW?

Although mortgage rates are expected to remain elevated through 2024, Goldman Sachs said that it expected them to fall just below 7% by the end of 2024. Shares in homebuilder stocks DR Horton, Lennar and NVR have dropped more than 16% since their peak in July as rates continued to rise. Higher rates are not helping housing shortages and won't fuel more building for sure.....which could mean even higher homeflation down the road? (FT)

 

DID YOU KNOW?

About 93% of your well being is determined by your lifestyle choices. 7% is genes. Calorie restriction seems to have the biggest impact on extending longevity. (Buck Institute)

 

DID YOU KNOW?

A new study finds that Alphabet’s Google, Microsoft, and Meta Platforms together withdrew more than 2 billion cubic meters of freshwater for server cooling and electricity usage in 2022, more than twice Denmark’s total water withdrawal in a year. Maybe we should expect high tech to locate closest to high water supply areas? Besides time, water may be the world's biggest luxury? (BARRONS) Who would have thunk?????

 

-–Ramit Sethi. Yup, most wealth is created over extended periods of time, with consistency and patience. Most older people today with accumulated wealth did not start out with anything. Time is the last luxury ....and the primary wealth creator!

 

Thought of the day:

The species that survive aren’t the strongest or fastest but the most adaptable.

 

Emerald Bay Market Update

I think it's interesting that of my last 7 sales, 5 have been off market…It matters WHO you work with!

Just Sold

145 Emerald Bay

 

Maura Short Representing Buyer

 

145 Emerald Bay

$25,000,000 off Market

5 Bedrooms | 7 Bathrooms | 7,500 Sq.Ft.

 

In this market where inventory is at all time lows and people are not selling, it takes grit, perseverance, market knowledge, networking and trust to find the right house for my client….This was a win/win transaction for both sides and I feel blessed to be a part of it.

 

 

 

For Sale

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322 Emerald Bay

$14,900,000

6 Bedrooms | 7 Bathrooms | 5,493 Sq.Ft.

 

A highly desirable and rare luxury 6 bedroom Emerald Bay residence has come to market. Flawless custom construction seamlessly incorporates a clean contemporary style with affluent coastal living.

 

This home was designed with ultimate privacy in mind and to enjoy the ocean and Catalina views. Nearly 5500 square feet of spacious living surround an exquisite outdoor courtyard complete with a spa, covered dining loggia, outdoor fireplace, grilling station and lush landscaping. Nearly every room welcomes ocean breezes and ample natural sunlight through over-scaled windows and doors. Several balconies wrap the front exterior of the home extending the living area.

 

The chef's kitchen boasts high-end appliances, a large island and a dumb waiter to transport food items from the garage level. The three-car garage includes a space for a golf cart that will easily whisk you down to Emerald Bay’s pristine white sand beach. 

 

DETAILS

For Lease

For Lease

For Lease

For Lease

For Lease

Just Leased

Just Leased

Just Leased

There are currently 3 active homes for sale in Emerald Bay

ranging in price from $11,000,000 to $14,900,000.

 

I currently have several special properties coming on the market for lease and sale… please call me for details.

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Work With Maura

Maura Short is known for her strong work ethic, broad industry know-how, and passion for architecture, in addition to her extensive network, confidentiality, and moral code. Combined with her wide-ranging local expertise, all of these assets result in favorable outcomes for both buyers and sellers under her care.
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