Blog

The Latest in Emerald Bay Real Estate

 

giphy-downsized-large image

October 8, 2023

Good morning,

Congress passed a stopgap spending measure that allows funding for the government to continue operating until November 17. A government shutdown would have led to hundreds of thousands of government employees and contractors being furloughed and delayed getting paid. The shutdown would also include some federal housing, mortgage, and other programs of interest to the real estate industry. During the 2013 shutdown, which lasted a little over two weeks, 40% of Americans cut their spending. Goldman Sachs projected that a shutdown would reduce economic growth by around 0.15% for each week it lasted. To avoid another possible shutdown, lawmakers have a little over a month to reach an agreement on a long-term spending bill. Hopefully, there will not be another close call in November.

 

An improving inflation outlook and a still-solid labor market are some positives that should help the economy and the housing market weather the headwinds in the fourth quarter and carry them to a better 2024 once interest rates start coming down.

 

If you have any questions regarding the market, please reach out!

 

Information + Updates

DID YOU KNOW? 

"Our children today are going to live to 100 and not have cancer because of A.I. technology. And literally they’ll probably be working 3.5 days a week. Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused: there are negatives. The biggest negative in my view is A.I. being used by bad people to do bad things.”

–Jamie Dimon, JP Morgan Chase

 

DID YOU KNOW? 

Luxury retailers have leased 650,000sf of new space in the U.S. over the past 12 months, up from roughly 250,000sf the prior year.

 

DID YOU KNOW? 

Is the US entering an industrial manufacturing real estate boom? It appears so, and several small towns may be the biggest beneficiaries. The $ 7.6 billion electric vehicle and battery “Metaplant” Hyundai is building on 3,000 wooded acres in Bryan County, Georgia, a half-hour west of Savannah already has a firm grip on the imagination of nearby residents. One rumor was that Hyundai planned to buy the local golf course to turn it into housing for some of the plant’s eventual 8,500 workers. The biggest challenge to manufacturing will be where to house the workers..... affordably and without long daily commutes. (BLOOMBERG)

 

DID YOU KNOW? 

State Street Global Advisors (manages $3.6 trillion in assets) is betting against the higher-for-longer mantra sweeping across global bond markets, wagering that the Fed will cut interest rates by at least a full percentage point next year, double what markets are pricing in, as policy makers respond to further slowing in growth and inflation. BlackRock’s Larry Fink, Pershing Square’s Bill Ackman and JPMorgan Asset Management’s Bob Michele are among those seeing higher yields as here to stay. (Bloomberg)

 

DID YOU KNOW? 

Our children today are going to live to 100 and not have cancer because of A.I. technology. And literally they’ll probably be working 3,5 days a week. Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused: there are negatives. The biggest negative in my view is A.I. being used by bad people to do bad things.”- Jamie Dimon, JP Morgan Chase

 

DID YOU KNOW?

The average car’s weight has increased from 1.5 metric tons in 1974 to nearly 2 metric tons in 2023 as cars grow in size and electric batteries weigh lots too.....10 million EV's (including hybrids) were sold in 2022. Older parking garages often do not have the structural needs to carry this weight. The TOP 3 selling vehicles in the US - the FORD F-150, Chevy Silverado and Dodge Ram - all weigh upwards of 4,000 lbs. As does a Tesla Y.

 

DID YOU KNOW? 

Some $270 billion in commercial real estate loans held by banks are set to mature in 2023, according to Trepp. Over the next 4 years, commercial real estate properties must pay off debt maturities that will peak at $550 billion in 2027. (Morgan Stanley)

 

DID YOU KNOW? 

Yesterday in 1942 Chester Carlson was issued a patent on a process called electrophotography, now commonly known as photocopying. In 1946 that company pursued photocopying commercially. The Haloid Company finally licensed Carlson’s patent and created the word xerography to differentiate the process from traditional photography. Eventually, photocopying became such a large part of the company’s revenue that Haloid changed their name to Xerox.....copiers have evolved into scanners and printers too!

 

DID YOU KNOW? 

A report published in the Journal of Photovoltaics showed that emissions-free electricity generation represents about 38% of the global mix as of the end of 2022. The 38% mix is represented by solar, wind, hydroelectric, nuclear, and other non-emitting sources. Non-fossil sources represented 85% of new capacity additions worldwide, and solar accounted for about two-thirds of that total. Solar alone contributed 56% of global capacity additions. In 2022 alone, 25% of the world’s cumulative global solar capacity was installed. The technology moved from 3.6% of the total electricity generation mix to about 4.5% in 2022, (PV Magazine)

The History of Emerald Bay

(1906 - 1929)

I love this large vintage map which was given to me by the previous owner of Mr. Swanson's house. 

 

 

1906 – William Miles and Harry Callender from Los Angeles visits Laguna Beach. Discovers and buys what was then called Green Bay (148.6 Acres) for $26,000 from James Irvine.

 

1907  – Miles built the first house in the location of 81 EB and 90 EB.  He also built a cabana on the beach.  He fenced the property and developed it into farmland.

 

1925 – All of Emerald Bay sold to Bert Clogston for $253,000 with the right to develop the property into parcels.

 

1928 – Mr. Clogston sold Emerald Bay to Mr. W. T. Craig who initiated the tract developments.

 

1929 – Charles Jonas became involved and hired the best professionals in the fields of survey, geologists, engineers, architects and publicity. A Board was formed of Charles H. Jonas, M. D. Dunne, Charles W. Casey, C. C. Madison and L. Anderson.  

 

The Jonas family still gratefully lives in Emerald Bay…. for some of you that have further information about this time, I would love to hear from you!

 

THE EMERALD BAY COMMUNITY ASSOCIATION IS BORN!

 

Tract 940 Emerald Bay is the first subdivided development available for sale. 20 lots sold the first year for $4,000 and $5,000 each.  Palmer Sabin (who was on the board at the time) developed many of the homes and 2 of those homes are still standing.

For Sale

giphy image

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

Just Leased

For Lease

For Lease

For Lease

For Lease

For Lease

For Lease

There are currently 3 active homes for sale in Emerald Bay

ranging in price from $11,000,000 to $14,900,000.

 

I currently have 1 off market property currently in escrow and 1 very special property coming on the market for lease, as well as multiple properties off market available for sale.

giphy image
Facebook  Instagram  Youtube  

Work With Maura

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.
Contact
Connect With Me