Thankful + Grateful

November 17, 2023

Good morning,

Traditionally, in the national housing market, one-third of all homes take price cuts before they sell. When mortgage rates rise and demand decreases, the percentage of homes with price cuts can grow. This is the crazy stat for 2023: even with higher home prices and rates recently, we haven’t been able to catch up to price cuts in 2022 when home prices were falling month to month.

Even as mortgage rates got to 8%, we have consistently been 4% below last year’s levels of price cuts. This explains why home prices fell last year, with crashing sales and a higher percentage of price cuts. This year’s home sales have been falling more slowly, and we have fewer price cuts, so prices have stayed firmer compared to 2022 levels.

2023: 39%
2022: 43%
2021: 28%

(Logan Mohtashami, Housingwire)

Emerald Bay’s market still remains strong, we just need more homes to sell……But as I say, if sellers price their homes “with their bait in the water” then someone will bite. If your bait is out of the water, then a price reduction will be needed…...

I’m thankful for the beauty of where we live. Walking on the beach and enjoying these magical sunsets make me appreciate and realize how lucky we are to live in such a beautiful place.

I’m thankful for my friends and community, without their advice, encouragement and support, my life would not be the same…for sure!

I’m thankful for each day of good health, and my friends who share their healthy bits of wisdom

I’m thankful that I love what I do and I can’t wait to wake up every morning and see what life has in store for me.

I’m thankful I get to learn with and from all of you. I love receiving suggestions and feedback from you regarding this newsletter. I have enjoyed engaging in further discussions with those of you who expand on the short “Did you knows"

I am thankful for deciding to attend my 40 year high school reunion and reconnecting with the friends I grew up with over 40+ years ago… What took me so long?

I’m thankful that our 15 year old Dog, Tanner, is still our lives.

I’m thankful that My mom and Steve’s mom is still with us.

I’m thankful for my family who are always my biggest cheerleaders. I am sooo proud of Steve for all that he does for our family and I am so proud of the beautiful confident and kind human beings our girls are.

I’m thankful for all that God has given us and knowing that He is watching over us during this crazy time.

Information + Updates

DID YOU KNOW

The craziest housing data stat for 2023 isn't inventory being negative year over year or new listings data trending at the lowest levels ever. The price cut % data has stayed 4% below the 2022 trend while rates headed up to 8% with higher home prices too. (Logan Mohtashami)

DID YOU KNOW

Wellness is a big, global business with $5.6 trillion in revenue in 2022 (Global Wellness Institute). The industry has grown from $3.4 trillion in 2013; by 2027, it is expected to grow an additional 57%, to $8.5 trillion, about twice as large as Germany’s gross domestic product. Wellness is being built into many homes now with infra-red saunas, ice plunges and more. (Bloomberg)

DID YOU KNOW

Too Big to fail? The four biggest US lenders - JPMorgan Chase, Bank of America, Wells Fargo and Citigroup - with more than $1 trillion in assets each grabbed almost half of all banking profits in the third quarter, highlighting their growing advantage in the new era of higher-for-longer interest rates. Earnings were up 23%. All four paid less than 2% interest on accounts..... Regional banks pay 3%-plus! (PS: Ally pays 4.25%) As of June 30, 2023, there were 4,071 commercial banks and 574 savings and loan associations in the U.S. insured by the FDIC with $23.5 trillion in assets. (FT)

DID YOU KNOW

According to Bill Gates we will all have an A.I. personal assistant within 5 years

DID YOU KNOW

A recent study looking at sleep and longevity found that sleep “regularity”—going to bed and waking up at consistent times with few mid-slumber interruptions—matters more than how long you sleep. Sleeping six hours every night on a consistent schedule was associated with a lower risk of early death than sleeping eight hours with very irregular habits. (WSJ)

DID YOU KNOW

In just a few weeks the oil price has dropped around 20%. That could help tame inflation…..

DID YOU KNOW

Which US state residents have the highest and lowest credit scores….

HIGHEST

Minnesota 726

New Hampshire 724

California 680

Vermont 721

Washington 719

Massachusetts 719

Wisconsin 718

N. Dakota 718

S. Dakota 718

Hawaii 716

Montana 716

LOWEST

Mississippi 673

Louisiana 677

Arkansas 681

Texas 681

Oklahoma 682

Georgia 683

Kentucky 688

Nevada 688

Virginia 688

In Loving Memory

John Sutter Short

(Also know as POPS or The Commander)

1932 - 2023

He served our country and he served our family, we are blessed he was in our lives and is sorely missed…...

Emerald Bay 1932-1963

1932 – Boston Shipping magnate, Harry I Harriman bought most of Emerald Bay for $300,000. Because of the depression, sales of the lots were transacting very slowly and put a lot of stress on him.

1937 – The board approved Shuffleboard and paddle tennis and started to create the bay’s infrastructure.

1941 – Lots were selling for $18,000, payable $3500 per year with a 4% interest rate.

1947 – The cabanas on the beach transacted for $300.

1948 – The annual BBQ party included 22 children, 333 Adults. The admittance was $1.60 per child and $2 per adult.

1954 – The HOA board had its first woman president and July 4 was celebrated in a way not seen nor heard since…

1961 – The EBCA service district board was created.

1963 – A swimming pool committee was created and EBCA members donated $26,850 to contribute to the development.

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

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