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Home Prices Maintaining Upward Momentum

 

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January 27, 2024

Good morning,

 

The 2023 housing market endured tight supply and high costs of borrowing. Easing inflationary pressure and a soft economic outlook, however, suggest that there will be some interest rate cuts on the horizon in 2024, which bode well for a housing market recovery. With rates declining to a 7-month low late last year, Americans are feeling more positive about the market, and we could begin to see some increase in market activity at the start of the year.

 

Meanwhile, home prices should maintain their upward momentum as tight supply remains the norm and the market will likely observe a mid-single-digit year-over-year growth rate in the statewide median price in at least the early part of 2024.

 

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

Information + Updates

Did You Know?

Microsoft becomes second company ever to top $3 Trillion valuation, $3.004 Trillion to be exact and Apple slightly more valuable with a $3.03 Trillion market cap…..

 

Did You Know?

A new twist on WATERFRONT living: Developers are building huge, multi-acre lagoons - mostly in Texas and Florida - to deliver many of the joys of waterfront living without the negatives such as flooding, high insurance, rip tides, sharks, etc. Another opened in 2021 in Utah, and Disney will do one in a new community in Rancho Mirage, Calif. On average, they are 8-feet deep, with shallower edges for swimming, and some have lifeguards. Lagoons need fewer chemicals than regular pools and 2% of the energy required for pool-filtration systems. Lagoons are filled once and need more water only to offset evaporation, like regular pools. Monthly maintenance for a medium-size lagoon averages $9,600 per acre. Homes sell for a premium in this setting. (WSJ)

 

Did You Know?

Modular factory-built components pieced together onsite can reduce construction costs by about 20% and reduce construction time by up to 50%. (WSJ)

 

Did You Know?

There may be one thing worse than under-supplied real estate markets: OVER supply! Sales of newly built homes in China fell 6% in 2023, the same as 2016. Existing home prices in its 4 wealthiest cities—Beijing, Shanghai, Guangzhou and Shenzhen—declined by between 11% - 14% in December compared to 2022. Now some marketing tactics of home sellers reek of desperation, offering gold bars and.... a property company in Tianjin ran a video ad. featuring the slogan “buy a house, get a wife for free.” .....a play on words, using the same Chinese characters as the phrase “buy a house, and give it to your wife”—but presented in a sentence structure typically used to offer freebies for home buyers. The company was fined $4,184 for the ad. (WSJ)

 

Did You Know?

The most expensive real estate in Brazil isn’t on the beaches of Rio de Janeiro or in luxury apartment towers in Sao Paulo. It’s in the small town of Balneario Camboriu, dubbed the “Dubai of Brazil." The city, with some 150,000 residents, has been converted over the last half-century from a small fishing village into an experiment of what happens when private developers are given free rein. 7 of Brazil’s 10 tallest buildings have risen there, including the highest residential tower in Latin America. Buyers include Brazilian soccer star Neymar and billionaire families behind fortunes minted through industry and agriculture. (BLOOMBERG)

 

Did You Know?

While spending was strong in December and triggered a notch-up in inflation, lots of that was fueled by buy-now-pay-later consumers....and the time is approaching to pay..... or pay huge interest rate financing credit card for debt. The average credit card interest rate is over 20%!

 

Did You Know?

A new report by the Capitoline Progressive Groundwater Collective think tank claims that corporate greed is a primary driver of recent inflation, arguing that although inflation has cooled significantly since the pandemic, consumers continue to pay high prices set by corporations to pad earnings. While consumer prices have risen by 3.4% over the past year, input costs for producers have risen by just 1 percent. They argue that Corporate profits drove more than 53% of inflation in the 2nd and 3rd quarters of 2023, whilst driving 11% of price growth in the 40 years prior to the pandemic.

 

Did You Know?

EV adoption cut demand for oil by 1.8 million barrels in 2023, according to BloombergNEF, thereby avoiding 122 megatons of carbon-dioxide emissions. The biggest value I have seen is how much EV's are cutting road noise in cities....it has become truly noticeable. That is what Steve and I are banking on with respect to our home, PCH noise…. what noise?????

 

Did You Know?

Hacking, malware, and phishing attacks are just some of the ways your private accounts can become compromised. The Hasso Plattner Institute can show you where you information was exposed….. I did it… It was pretty cool! Check it out...

Emerald Bay Sea Show

Dolphins in Emerald Bay, January 15

 

Dolphins in Emerald Bay, January 15, captured by Emerald Bay resident Greg Harfst (and yes, I did help them find a home in Emerald Bay)

 

This video is epic and it even captures a few of our dive club friends (Brian Nugent and Jeff Moran), right in the middle of the action at the very end (time stamp approximately 13:42).

 

Watch Video

Memory Power

Drawing on Memory

 

Stephen Wiltshire, known for his detailed cityscapes, possesses an exceptional talent for drawing accurate representations of cities after just a brief helicopter ride. This is a relatively old story but new to me……  

 

Watch Video

Recently Sold

I have several off market listings, please contact me if you are looking!!!

For Lease

For Lease

For Lease

Just Leased in 2023

 

322 Emerald Bay

1221 Emerald Bay

806 Emerald Bay

517 Emerald Bay

1503 Emerald Bay

1402 Emerald Bay

150 Emerald Bay

812 Emerald Bay

37 Emerald Bay

523 Emerald Bay

1131 Emerald Bay

78 Emerald Bay

107 High Drive 

There are 3 new Emerald Bay listings coming on the market and I have several off market listings….. Call me for details…

 

There are currently 2 active homes for sale in

Emerald Bay listed at $11,995,000 and $12,500,000.

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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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