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Emerald Bay Summer '23 Real Estate Market Update

 

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July 1, 2023

Good morning,

Tight supply continues to put a drag on the market, resulting in fewer sales and high home prices. Assuming a softer sales level in June, the unsold inventory index could see a minor improvement in the upcoming month, but the upward adjustment would be entirely due to a change in demand rather than a change in the supply side.

 

If you have any questions regarding our local

housing market, please reach out!

 

Information + Updates

DID YOU KNOW? 

All 23 of the U.S. banks included in the Federal Reserve’s annual stress test weathered a severe recession scenario while continuing to lend to consumers and corporations. The rate of total loan losses varied considerably across the banks, from a low of 1.3% at Charles Schwab to 14.7% at Capital One; credit cards were easily the most problematic loan product. (CNBC)

 

DID YOU KNOW? 

From 1940 to 2019, Americans’ life expectancy rose by almost 16 years, while the share of the U.S. population 65 and older grew from 9.8% to 16.7%. The elderly have progressively more healthy years to work. Most important, increased life spans have meant that older Americans’ wealth portfolios have been able to compound for longer. eg: Warren Buffet was worth around $30 billion two decades ago at the age of 72.....today at age 92 he's worth $111 billion....even after giving away over $50 billion!

 

DID YOU KNOW?

Only 28% of millennials (ages 27 to 42) and members of Gen Z (ages 18 to 26) answered “not at all” when asked if they still relied on their parents for financial support. 70% of millennials felt ashamed doing so. About 57% of millennials and Gen Z in the study said that they have a hard time saying no to impulse purchases. And more than 60% said they would prefer to spend money on life experiences now than save for retirement. (Experian) ……Oh boy!!!!

 

DID YOU KNOW?

What happens in Manhattan STAYS in Manhattan? Possibly......three major players are bidding to build a massive casino in the middle of New York City to drive tourism.....and tax dollars!

 

DID YOU KNOW?

DEVELOPERS AND CODING TOOLS- According to a survey of 500 engineers, software developers are embracing AI coding tools with open arms. 92% of U.S.-based developers are putting these tools to use. More than 4 out of 5 developers credit AI tools with boosting team collaboration. Moreover, 70% of developers note improvements in code quality, completion time, and problem-solving capabilities. (AI DAILY BRIEF, Rich Hoppen)

 

DID YOU KNOW? 

Might Chile be the next Saudi Arabia? Chile is the world's leading producer of copper, and GDP growth has been driven by exports of minerals, wood, fruit, seafood, and wine....but it also has amongst the world's highest quantity of commercially viable lithium.....a key ingredient for EV batteries. Home prices in Chile were up almost 139% in the past two decades..... Chile is one of the most earthquake prone regions in the world: Chile's building codes require that all new buildings must be able to survive a 9.0-magnitude earthquake.

 

DID YOU KNOW? 

While technology has been an outstanding investment over the past two decades, let's not forget just how much (commercial)real estate is required to drive technology: data centers, cell towers, etc..... then for all those online retail sales - the 'eliminate; the need for malls, shopping centers, etc - are distribution centers: Amazon alone has about 150 million square feet of (cheaper-than-retail) warehouse space! The U.S. will need to add over 300 million square feet of warehouse space dedicated to online fulfillment by 2025 in order to keep pace with the expected uptick in e-commerce sales over the same time period. (CBRE) E-commerce sales in the U.S. could increase to 26% of retail sales by 2025. Globally, there may need to be an increase of 1.5 billion square feet to keep up with a $1.5 trillion uptick in e-commerce sales by 2025. (Retail Dive)

Arts + Entertainment

Photo Courtesy of Hulton Archive/Getty Images 

The Beatles will Release a Final Record, Using John Lennon's Voice via an AI Assist

 

Have you heard about the new Beatles song….. Yep, AI has created a new song using separating John Lennon’s voice from a demo recording…. it is coming out this year…. Can’t wait!

>>> Details

Happy 247th Birthday America!

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We LOVE watching the fireworks with our toes in the sand or the water……

 

 Fun facts about the Fourth of July

 

  • L.A. residents consume about 30 million pounds of hot dogs on the Fourth.
  • The 50th Star (for Hawaii) was added to the flag on July 4, 1960.
  • July 4, 2023 marks the 247th birthday of the United States.
  • Massachusetts was the first state to declare the Fourth a holiday in 1781.
  • The Liberty Bell is tapped 13 times on the Fourth (for the 13 colonies).
  • John Hancock was the first to sign the Declaration of Independence.
  • Three US Presidents have died on the Fourth (Jefferson, Adams & Monroe).
  • Americans spend over $1 billion dollars a year on fireworks.
  • There were only about 2.5 million people living in the US on July 4, 1776.
  • This Fourth of July there are about 331.9 million people living in the US.
  • A traditional Fourth of July food in New England is salmon.
  • The US was colonized for 169 years before becoming a country.
  • Denmark, England, Norway, Portugal, and Sweden celebrate the Fourth as a way to honor U.S. tourism.
  • Thomas Jefferson and Sam Adams were both instrumental in writing the Declaration of Independence, both went on to become Presidents of the United States, and both died on July 4, 1826.

 

From Stacy Clayton (Fidelity National)

Emerald Bay Market

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 - Still have properties

available for July…..Call for details.

For Lease

For Lease

For Lease

For Lease

For Lease

For Lease

There are currently 4 active homes for sale in Emerald Bay

ranging in price from $7,149,000 to $14,900,000.

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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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