MARIA: WELCOME BACK.
LOCKDOWNS GETTING LIFTED, THE
ADOPTION OF REMOTE WORK HAVING A
HUGE IMPACT ON THE POST PANDEMIC
REAL ESTATE MARKET.
JOINING ME NOW IS THE CEO OF
DOUGLAS ELLEMAN REAL ESTATE,
DOTTIE HERMAN.
GREAT TO SEE YOU THIS MORNING.
THANKS SO MUCH FOR BEING WITH
US.
TELL ME WHAT THE PANDEMIC DID
FOR REAL ESTATE IN TERMS OF --
I’M SORRY, WHAT, DOTTIE?
>> I SAID I’M GLAD TO BE HERE.
I LOVE YOU.
I LOVE YOUR SHOW.
I WATCH IT.
MY FATHER WATCHED IT.
EVERYONE I KNOW WATCHES IT.
I’M GLAD TO BE HERE.
MARIA: I LOVE HEARING THAT.
WE ARE HUGE FANS OF YOURS.
TELL ME WHAT YOU’RE SEEING IN
REAL ESTATE AS A RESULT OF THIS
PANDEMIC.
HOW HAVE THINGS CHANGED, DOTTIE.
>> ACTUALLY, I THINK LAST
WEDNESDAY WHEN THEY LIFTED THE
BAN ON A LOT OF THINGS, WE WERE
SO HAPPY.
I MEAN, EVERYBODY IN THE CITY
SEEMED HELP.
I WAS AT ONE -- SEEMED HAPPY.
I WAS ONE OF THE RESTAURANTS IN
THE CITY AND EVERYBODY WAS LIKE
SO HAPPY BECAUSE I HAVE BEEN IN
FLORIDA TOO AND FRANKLY THAT WAS
A DIFFERENT COUNTRY.
EVERYTHING WAS ALWAYS OPEN.
SO I THINK NEW YORK HAS HAD IT
TOUGHER THAN ANYBODY AND I THINK
THAT WE HAVE FREEDOM FINALLY.
THAT WAS ALL GOOD.
I THINK THE --
MARIA: WE’RE GOING TO TRY TO
GET BACK AND NORMALIZE OUR
LIVES.
WHAT I’M INTERESTED IN IS
VALUATIONS, IN TERMS OF NEW
YORK, WHAT ARE YOU SEEING IN
TERMS OF VALUATIONS, IN TERMS OF
REAL ESTATE OUT THERE?
WHERE ARE THE BARGAINS, IF THERE
ARE ANY.
WHAT ARE YOU SEEING IN TERMS OF
SUPPLY/DEMAND SITUATION WITH
REGARD TO REAL ESTATE?
>> OKAY.
ACTUALLY, THE BEST PLACE TO BUY
NOW IS NOT THE SUBURBS, YOU CAN
GET REALLY GOOD DEALS STILL IN
THE CITY.
AND THE CITY IS BOOMING.
ALL THE BIG FIRMS.
WE ARE SO BUSY YOU CAN’T KEEP UP
WITH IT.
AND THE GOOD NEWS IS, YOU KNOW,
BACK WHEN I WAS A KID AND I USED
TO GO TO THE VILLAGE OR
WASHINGTON SQUARE, THERE WERE
LITTLE STORES AND LITTLE PLACES
YOU WOULD NEVER FIND ANYPLACE
ELSE.
A LOT OF YOUNG PEOPLE THAT COULD
NOT AFFORD THE CITY ARE LEASING
IN THE CITY.
AND A LOT OF STORES THAT --
RETAIL STORES THAT ONLY WOULD BE
ABLE TO BE AFFORDED BY BIG MAJOR
COMPANIES, NOW LITTLE OWNERS AND
LITTLE BOUTIQUEY KIND OF STORES
CAN START TO COME IN AND I THINK
THAT’S REALLY GOING TO MAKE IT A
LITTLE BIT EDGY AGAIN.
IN A WAY, I THINK IT’S KIND OF A
REBIRTH.
MARIA: WHAT ABOUT THE TAXES
COMING AT US?
WE’VE GOT THE BIDEN AGENDA WHICH
INCLUDES PROPOSALS TO TAKE THE
CAPITAL GAINS TAX UP TO 43.4%.
YOU’VE BEEN DEALING WITH A TAX.
TELL ME ABOUT THE TAXES AND HOW
THAT’S GOING TO CHANGE REAL
ESTATE IN NEW YORK.
>> YEAH, THAT’S THE BIG ISSUE.
I MEAN, LOOK, WE ARE ABOUT -- WE
ARE THE HIGHEST TAXED NOW.
AND IF YOU GO BACK BEFORE THE
PANDEMIC, PEOPLE THAT WERE --
YOU KNOW, MAYBE GETTING READY TO
RETIRE THE NEXT FIVE OR SIX
YEARS OR PEOPLE THEY SAID LET’S
LEAVE BECAUSE WE CAN’T AFFORD
THESE TAXES.
IF THEY -- A VERY SMALL GROUP OF
PEOPLE, WEALTHY PEOPLE PAY MOST
OF THE TAXES.
IF THEY TOOK THE -- IF THEY PUT
THE TAX ON, THAT WILL KILL US,
THAT WILL KILL NEW YORK CITY.
BUT I BELIEVE THEY’RE NOT GOING
TO DO THAT.
BUT THEY’RE GOING TO RAISE THE
TAXES FOR THE RICH AND THEY’RE
GOING TO RAISE -- I THINK
THEY’RE TRYING TO GET -- GET RID
OF LIFETIME EXCHANGES.
IF THEY DO THAT, THEY MIGHT AS
WELL KISS NEW YORK CITY
GOOD-BYE.
MARIA: DOTTIE, GREAT TO CATCH
UP WITH YOU.