Near Historic Lows for Supply

Near Historic Lows for Supply



Even with the jump in rates and consequent impact on purchasing power for potential homebuyers, housing supply remains the largest obstacle to more home sales. Fortunately, the inventory shortage has begun to thaw very slightly of late. New listings have been growing on a year-to-year basis providing more options to buyers that are finally beginning to replenish closed transactions each month. However, the number of homes reaching the market are still too few to prevent rising competition as we enter the spring home buying season.

Home sales are expected to moderate in response to this more recent jump in interest rates, but the strong economic data and low levels of unemployment continue to put pressure on a housing market that is near historic lows for supply.

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While lower rates would fuel housing markets more than anything, a growing economy is equally important: US GDP Growth has outperformed expectations based on a combination of government spending, increased immigration, and resilient consumer demand. Recent estimates point towards slowing growth in 2024, but above 1%. Economists now believe inflation will dip to 2,54% by the end of this year. (WSJ)
Applications to refinance a home loan jumped 10% for the week and were 4% higher than the same week one year ago. Applications for a mortgage to purchase a home fell 5% for the week and were 23% lower than the same week one year ago. (CNBC)

The seller of a flipped home within 18 months in California is required to detail all improvements/renovations along with identifying the receipts for the work and the contractors with contact information who did the work.
The military, which often operates in the extreme intensity of life and death and in the fog and uncertainty of war, uses the term ‘OODA loop’: Observe, Orient, Decide, Act—Repeat. This strategic process employs constant review, analysis, decision-making, and action. One cannot overemphasize the importance of observation and a full the failure to do so leads to some of the greatest mistakes, not only in war but also in business and government. (Dimon assessment, The Wealth Advisor)
California may be a high tax state, but it's one of the biggest wealth-creators - via real estate - in all of the US. 64% of homes listed are $1 million and above, the highest in the nation. 12% are $5 million or higher. In 2023 the average California homeowner had over $634,000 in home equity. (CNBC/Corelogic)
20 Years ago this past week G-Mail arrived in our world and topped out at 15 MB, about the size of this one email. (NYT)


Balboa Island Ferry Gets $7.9M Grant
Assemblymember Diane Dixon (R-Newport Beach) is pleased to share that Newport Beach’s historic Balboa Island Ferry has been offered a $7.9 million grant to aid in the required electrification of their fleet. “This is a positive step forward,” said Assemblymember Dixon. “This funding will provide significant financial support to a small business struggling to keep up with state regulations.” The California Air Resource Board (CARB) passed regulations that require the Ferry to renovate all three of its vessels with electric motors by 2026. For the past year, the ferry operator has applied for multiple sources of funding offered by grant programs through CARB, including the Advanced Technology Demonstration and Pilot Project Program, to accomplish electrification goals. 
Check it out...

ARC Butcher and Baker
With summer just around the corner, it hit me....time to enjoy our local hot spots before the summer crowds converge! ARC Butcher and Baker is just one of those special places. Offering a wonderful outdoor patio, enjoy delicious food with a "focus on flame, flavor, and finesse where every item is crafted over an open fire in the kitchen where there is nowhere to hide." Classic dishes with fresh, farmed, and vibrant ingredients...and focusing on simplicity. Open 11a to 10p and located on 417th 30th St.
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Newport Beach Boat Show

Put on your sunscreen and enjoy a travel-lust day. The Newport Beach International Boat Show takes place this weekend at Lido Marina Village, with both on-water and on-land exhibitions, activations, and entertainment. The reimagined show will transform Lido Marina into a beautiful European coastal experience for all to enjoy! 4/18 thru 4/21, starting at 10a.
Check it out...

Uplifting Spring Decor Ideas
Bid adieu to those thick wool sweaters now's the perfect opportunity to shed the layers and bring in revitalizing sights and smells! Bring in the vibrant hues of florals and greenery, and embrace the inviting scents of spring...awaken your senses and uplift the ambience! Here are 30 home decor ideas that will put a spring in your step—and your home.
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Situated on an oversized 53’ lot and highlighting a very spacious backyard, 108 Via Undine epitomizes coastal living. Details...

108 Via Undine | Lido Isle

4 BD
4.5 BA
Exquisitely remodeled, this home defines modern living, providing detailed comfort and spacious outdoor entertaining areas. Details...
220 Via Koron | Lido Isle
3 BD
3 BA
Offering breathtaking city light and sunset views, this beautiful home is perfect in every way. Details...
2144 Port Durness | Port Streets
5 BD
4 BA


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