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August 8, 2022
Good afternoon,
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The average 30-year fixed rate mortgage dipped to the lowest level since mid-April, according to Mortgage News Daily.
The slightly more favorable lending environment, coupled with a higher level of housing supply, may have provided a window of opportunity for homebuyers who have been standing on the sideline for the past few months.
I hope your summer is spectacular and you're enjoying every second of it. If you're thinking of buying or selling, contact me and let's talk strategy.
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Did you know? With in the two last years, 14 year old Maya Merhige has become the youngest female to complete the Lake Tahoe swimming triple crown. That means swimming 12 mile width, 10.6 mile Vikings-Holm course and finally 21.5 mile length of Lake Tahoe….. Without a wet suit….. Lake Tahoe is the deepest lake in America and it is NOT warm! Lake Tahoe Triple Crown
Did you know? This week, researchers from Israel published a study on the first-ever synthetic embryos. They took mice stem cells, plopped them into an artificial womb, and grew them for eight days into actual embryo-like structures — including an intestinal tract, the early parts of a brain, and an actual beating heart. Wait What????? Has science gone too far? 🤨 Synthetic Embryos
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Did you know? The unemployment rate has dropped to a half-century low: The U.S. economy has now recouped the 22 million jobs lost early in the pandemic, adding 528,000 positions in July as employers clamored for workers despite a slowdown in economic growth that has produced 2 quarters of negative GDP, the traditional definition of a recession. The jobs recovery took nearly 2½ years and included a stretch in the first half of 2022 during which payrolls grew faster than any other post-World War II period when the economy began contracting. (WSJ)
Did you know? In March 2009, UBER was founded. 13 years later in 2022 they posted their first positive cash flow in company history. UBER is now in over 72 countries, 10,500 cities, and does about 14-15 million rides per day….
Did you know? The construction industry needs about 650,000 more workers on top of the normal pace of hiring to meet demand this year, according to analysis by Associated Builders and Contractors. Hence we could not find someone to re-build our deck in Tahoe so look who did it…...(Marketwatch)
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Did you know? Lumber pricing dipped to below $500 for the first time in a year, down from $1,481 in May 2021! That is down 66% off crazy highs! Currently tariffs on Canadian lumber are 17.99%....just in case anyone is looking for a quick fix to bring down building costs? Yet the other day I checked on hardwood floor pricing and one supplier was raising prices.....hmmmmm.....
Did you know? Is the US driving less or driving more carefully? Or are fewer people commuting to work? The 4-week average of U.S. gasoline consumption, the best gauge for the US’s demand, is now more than 1 million barrels a day below pre-Covid seasonal norms. By the 25th week of 2020, gas consumption had rebounded to about 10% below norms. U.S. gas prices have fallen about 20% for 7 straight weeks and are approaching an average price of $4 a gallon, still sharply higher (close to double January 2021), than gas prices in 2021 and about 53% higher than the 2019 average. PS: My contractors are still charging the same 'fuel surcharge', even though prices are down about 20%.....)
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Emerald Bay Updates
Well, we HAD inventory but it was relatively quick to go. Year to date, we have 7 sales (2 pockets) with 6, yes I said 6 homes currently under contract (I have 2 of these in escrow, one of these is an off market property ). That leaves only 2 homes on the market ranging from $6.9 - $37.8M. Many of these buyers are looking for a secure investment to “place their money while living in the best place on earth.”
Whether we like it or not, I am hearing that people feel like Emerald Bay is still under valued. I said this in my newsletter 2+ years ago. While some might think that is crazy, when you look at what some of the properties In Newport Beach are selling for and the lack of amenities, community and beach access of these properties, there are homes that are under valued. Since the pandemic, I find the buyers are focusing specifically on ACCESS to such amenities. If you want to hear more of my thoughts, I would love to chat with you!
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I have pocket listings available. Contact me for details!
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There are currently 2 active homes for sale in Emerald Bay
ranging in price from $6,950,0000 to $37,800,000.
66 Emerald Bay is asking $49M and is currently under contract. It will likely be the highest sale in Emerald Bay.
What does this do for the price of your Emerald Bay home….. Call me.
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