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Happy St. Patrick's Day!

 

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March 17, 2023

Happy St. Patrick's Day!

 Even though buyer demand has softened in the face of rising rates, the market is still seeing enough homes close or enter escrow each week that the net effect relative is that available inventory is shrinking. Although this will prevent a rapid recovery in sales activity, it will also help prevent more significant price declines.

 

If you have any questions regarding our local housing market, please reach out.

Information + Updates

DID YOU KNOW? Anyone who believes emotion and herd-mentality-panic are not important in business, look no further than the demise of Silicon Valley Bank. Customers of SVB were withdrawing their deposits beyond what it could pay using its cash reserves, and so to help meet its obligations the bank decided to sell $21 billion of its securities portfolio at a loss of $1.8 billion. (SVB had about 55% invested in fixed-income securities, such as U.S. government bonds). The drain on equity capital led the lender to try to raise over $2 billion in new capital. The call to raise equity sent shockwaves to SVB’s customers, who were losing confidence in the bank and rushed to withdraw cash. A bank run like this can cause even a healthy bank to go bankrupt in a matter of days, especially now in the digital age. Expect any reduced regulation to be reinstated soon.....as well as new 'insurance fees'....? If you can insure a $2 million home, surely you should be able to insure a $2 million deposit...for a fee?

 

DID YOU KNOW? JPMorgan Chase, Bank of America, Citigroup and Wells Fargo will each deposit $5bn into First Republic, a California-based lender. Goldman Sachs and Morgan Stanley will put in $2.5bn apiece while BNY Mellon, PNC Bank, State Street, Truist and US Bank are depositing $1bn each. (FT)

 

DID YOU KNOW? More than 170 trillion plastic particles weighing roughly 2 million metric tons are afloat in the world’s oceans, according to new research. Aside from polluting our beaches, seabirds, whales, fish and turtles mistake plastic waste for prey; most then die of starvation as their stomachs become filled with plastic. Fish and other seafood products provide vital nutrients for more than 3 billion people around the globe and we hear microplastics may not be good for humans to digest either.....

 

DID YOU KNOW? As predicted, the current banking issues will trigger a realization that the Fed has gone too far too fast: in just a day, the average rate on the popular 30-year fixed mortgage dropped to 6.57% yesterday.... (CNBC)

 

DID YOU KNOW? If flight costs are 20% higher than they were in 2019, that equates to price inflation of around 5% per year….

Tahoe's Emerald Bay Freeze

Lake Tahoe’s Emerald Bay Freezes

Over for the First Time in Decades

 

Check out the entry to our house in Squaw now know as Palisades Tahoe…….The roof was cleared 2 weeks ago…… Oh Lordy!!!!!

Let's Eat

Look Who Got on the Michelin List!

 

Selanne Steak Tavern

1464 S. Coast Hwy., Laguna Beach

 

Once a home, this historic setting on Pacific Coast Highway now houses a winning steakhouse. Inside, a variety of settings welcome guests, ranging from the upstairs Loft, the bistro-style Wine Library, the handsome Tavern, or outside on the Veranda or Sunset Terrace. The buzzy bar is also a favorite perch for a crowd that's both relaxed and regulars. 

 

Check out all the Local Michelin Rated Restaurants...

Real Estate News

Rome was the First City to Reach 1 million Inhabitants

 

Today, Tokyo is the world’s largest city by population, with more than 37 million residents, but long before the Japanese metropolis took that honor, there was another record-holder: Rome. The ancient city was the world’s largest back in 133 BCE, when it became the first city to reach 1 million inhabitants. 

 

Read More...

Real Estate News

A Top Real Estate Economist Explains why a Housing Rebound is Coming as Rising Sales and Lack of Supply Look Poised to Lift Home Prices

 

It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market.

 

Read More...

Emerald Bay Market

For Sale

Just Leased

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12 Month Lease

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There are currently 4 active homes for sale in Emerald Bay

ranging in price from $7,395,000 to $11,000,000.

 

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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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