Real Estate Updates and the Best States to do Business.

July 15, 2023

Good morning,

The biggest economic news last week was that the labor markets continue to shrug off various headwinds and record solid gains. Fears of recession have faded somewhat, although the tight labor market may also keep inflation stubbornly high and prevent the Fed from taking their foot off the gas on interest rates. In addition, the Treasury Market suggests that there will be little relief for interest rates over the short-run as 2- and 10-year yields continue their upward trend. Mortgage rates have topped 7% again after a modest reprieve during April and May.

If you have any questions regarding our local

housing market, please reach out!

Information + Updates

DID YOU KNOW?

What does it mean to be part of the 1%? On average, one needs to make $650,000 a year to be among the top 1% of wealthiest households in the US.....

States with the highest income in order to be in the 1% club:

Connecticut $953K

Massachusetts $900k

California $844K

New York $777K

States with the lowest income in order to be in the 1% club:

West Virginia $350K

Mississippi $361K

New Mexico $384K

DID YOU KNOW?

CNBC rated TOP STATES FOR BUSINESS in the US and here are their criteria based on 86 metrics in 10 categories of competitiveness: workforce, infrastructure, the local economy, quality of life, health and inclusion, cost of doing business, technology and innovation, business friendliness, education, access to capital and cost of living. .....and the winner is (AGAIN!)......

North Carolina (#1 for workforce, #3 for economy, #6 for access to capital)
Virginia (great universities, top education system and access to capital)
Tennessee (outstanding infrastructure with 107 million people within 1 day's drive, #3 for education, especially community colleges)
Georgia. (Best infrastructure, solid economy and healthy housing market)
Minnesota (solid infrastructure, growing semiconductor/tech!)
....and.... the Most Improved State in 2023 is .....New Jersey to #19, up from #42!
California was #25 over all but #1 for access to capital and Innovation and Tech. We were also 49 (yes, out of 50) for cost of living (CNBC)

DID YOU KNOW?

Water temperatures in Florida reached staggering levels of heat Monday not seen in modern measurements when a National Oceanic and Atmospheric Administration buoy measured temperatures as high as 97 degrees in some areas. Doesn’t this look appetizing…. Boy are we lucky!!!!!

The earth recorded its hottest day ever 4 days in a row reaching an average temperature peaking around 62.9 degrees Fahrenheit between July 3-6.

DID YOU KNOW?

The Cup is Half Full…. "Despite going through terror attacks and inflation and wars and pandemics, the stock market is up around 34 times since 1970. The U.S. gross domestic product (GDP) has also grown tremendously during this period, up 33 times," - Ron Baron, legendary investor with a global perspective that sees things over the longterm, not the daily headlines and chatter.

DID YOU KNOW?

TOURflation? While some corporations have been accused of GREEDflation - adding extra mark-up on their pricing while blaming inflation and rising costs - many mega-stars may be adding to inflation by marking up concert ticket prices....because they can. Several concert prices this year are eye-popping at best, and that's before you buy a soda...... (CNBC)

DID YOU KNOW?

Want to look at live data of US inflation levels by category? It is REALLY interesting….Check out this website and Nerd-out…. https://truflation.com/

DID YOU KNOW?

OMG, please don’t look if you have a sensitive stomach. Check out Burger Kings new “Burger” in Thailand…. Gulp.

For Sale

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