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Mortgage rates have stabilized and even come down slightly after spiking again in April and May. The treasury market is also supportive of less rate volatility in coming weeks, and both trends should help to bolster housing demand. Rising inventory has helped to relieve some competitive pressure on transactions, which should come as welcome news for would-be homebuyers—particularly as it comes paired with an improvement in rates.
As always, please reach out if you have any questions or comments with your local market.
DID YOU KNOW?
Learning from the past is wise! Economists who are evaluating what caused the recent inflation spike put the blame on multiple factors, including - lots of government stimulus, pent up demand and FOMO spending, price-gouging, etc.. All agree that it was the combination of the Covid-19 pandemic, Russia’s war in Ukraine and Federal Reserve policy mishaps that fueled most of it. (CNBC)
DID YOU KNOW?
High interest rates have had an unexpected impact on U.S. housing. Instead of triggering a fall in home prices, as happened with commercial real estate, costlier mortgages have pushed residential values higher. The value of the median existing home rose to a record $419,300 in May. Before the pandemic, it was $270,000, a 55% jump in 5 years. (WSJ)
DID YOU KNOW?
Italy a tax-haven? Yup! Italy offers one of the most attractive tax incentives in the world with a fixed €100,000 tax on any foreign income for anyone who moves to the country. It also offers a tax-free allowance of up to 50% on income capped at $650k for anyone, Italians or foreigners, who move to Italy from abroad. The wealthy population in Italy is soaring. The owners of Sant Ambroeus are now opening a club - The Wilde - in Milan to compete with Soho House. (FT)
DID YOU KNOW?
Where are all the buyers? Traveling! The TSA screened a staggering 2.99 million passengers at airports across the country on Sunday, June 23, the highest number in a single day!
DID YOU KNOW?
The U.S.’s hottest job market in 2023 was Utah’s tech sector, nicknamed Silicon Slopes for its proximity to the Wasatch Mountain Range. Heavily concentrated in the state’s north region, startup and established tech companies run about 80 miles from Ogden to Provo, with Salt Lake City in the middle. Roughly halfway between Salt Lake City and Provo is Draper, a city that 30 years ago had a population around 8,500, according to census data. Today, with a population closer to 50,000. (WSJ)
DID YOU KNOW?
The maximum amount that can be gifted each year tax-free is $18,000 for an individual or $36,000 for a couple. Wealthy people are transferring money to kids much sooner while they are younger and probably need more aid than when they are older...due in part because the current estate tax exemption put in place by the Tax Cuts and Jobs Act of 2017 is set to expire at the end of 2025. Reducing the size of an estate now could avoid estate taxes later. (Smart Asset)
PROJECTIONS AND PREDICTIONS
Predicting the future or market outcomes is not an exact science and often entails educated guesswork. These days we are subject to hundreds, if not thousands, of opinions which blur the lines between reality and fantasy, often agenda-fueled fantasies...
All markets are impacted by mood whether we like it or not. This is reality. Mood is largely impacted by the media and the narratives it repeats and broadcasts. Many of us are a lot more aligned with sheep than the independent thinkers we'd like to believe we are...the opinions, words and actions of others seem to matter much more these days than independent, rational, balanced, data-driven, fact-based evaluation and perspective.
Those who are indeed capable of placing the opinions and predictions of others into context while doing their own calm, intelligent research and analysis will always have an advantage.
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 Newport Beach Market InsightThe California Association of Realtors provides monthly market snapshots of cities throughout the state...reports are run every third week depicting previous month's data, and the median price and sales data represent statistics of existing single-family detached homes only. Keep in mind, the sales data is not adjusted to account for seasonal factors which can influence home sales...and median price data can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. Here are the latest year-to-date stats for Newport Beach:
May Market Report
Median Price: $4,400,000, + 6.7% YTD
Home Sales: 66, + 13.8% YTD
Active Listings: 247, + 51.5% YTD
Active listings with reduced prices: 26.9%
While these numbers have cooled from the previous month of April, they trend higher from a Year-to-Date perspective.
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Lemon & ThymeWhen life gives you lemons, head to Lemon & Thyme! The French toast is made with thick-cut pan dulce infused with marbled strawberries—the perfect morning pick-me-up. Tucked away on 19th and Harbor, this new neighborhood restaurant is open for brunch on the weekends and dinner service Wednesday through Sunday. Taste your way around the world with prime beef tartare to start, truffle tagliatelle as a second and grilled octopus as an entree. It’s truly an experience you can’t get anywhere else on Costa Mesa’s Westside. Their baklava cheesecake is a stand out—so popular that you can order a whole cheesecake to go. Pre-order is recommended.Check it out...
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OC Fair Concert Series
The OC Fair has officially announced its full concert schedule for the Pacific Amphitheatre. This year’s lineup features returning favorites like Chris Young and Ziggy Marley, along with tribute bands celebrating Depeche Mode, the Talking Heads, and U2. New acts will also be making their debut.
Located on the fairgrounds, the Pacific Amphitheatre and The Hangar at the OC Fair & Event Center in Costa Mesa will host nightly entertainment from July 19 to August 18. Tickets include same-day admission to the OC Fair.
Details...
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Create A Calm Retreat...Studies show that filling your space with pieces inspired from nature can have a calming effect to your body and soul. To bring the outside in, choose furniture and decor that incorporate materials like natural stone, reclaimed wood, and rattan...and enhance your space with art that depicts nature. Your home should be a retreat. Let these pieces set the mood.
Details...
 Celebrating 7 years with Compass! A founding member of the Newport Beach Compass office, this was one of the best career decisions I've made.
My mission is providing concierge client service and exceptional results.
With the backing of my incredible team and luxury Compass resources,
I'm proud to be partnered with the #1 Orange County Brokerage.
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113 Via Yella, Lido Isle4 Bed | 3 Bath | 1866 Sqft | $3,950,000Recently renovated and remodeled, this Spanish-inspired home highlights timeless architectural details and embraces modern coastal flair.
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 108 Via Undine, Lido Isle4 Bed | 4.5 Bath | 3508 Sqft | $5,800,000Situated on an oversized 53’ lot, this home embraces indoor-outdoor living and features a spacious backyard unlike any other on Lido Isle.
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510 Via Lido Soud, Lido Isle
3 Bed | 3 Bath | 2104 SqFt | $15,000/month
Offered fully furnished, this beautiful home offers resort-style amenities and is located on an oversized corner lot.
Call for details
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