NEIL: ALL RIGHT.
WELL, FLORIDA IS THE PLACE TO
BE, AND TEXAS, BUT FLORIDA OF
COURSE GIVES YOU THAT OCEAN VIEW
AND ALL OF THAT AND PRICEY REAL
ESTATE THAT COMES WITH IT.
TEXAS, KIND OF MORE AFFORDABLE
DEPENDING ON WHERE YOU GO, OF
COURSE.
AND KATRINA FOLLOWS THE FLORIDA
MARKET CLOSELY, ONE OF THE BEST
AT THAT.
CAMPUS GROUP VERY VERY POPULAR,
ESPECIALLY WITH THE WELL-TO-DO.
I WOULD ASSUME TOM BRADY AND
GISELLE FILL THAT DEFINITION.
THEY ARE AMONG THE LATEST WHO
ARE PLUNKING DOWN BIG DOUGH FOR
A FLORIDA HOME, RIGHT?
GOOD TO SEE YOU.
>> ABSOLUTELY, NEIL.
I HAVE BEEN DOING THIS FOR TWO
DECADES NOW.
I DON’T WANT TO AGE MY SEVERAL.
BUT FOR TWO DECADES.
I HAVE NEVER SEEN SUCH A CRAZY
REAL ESTATE MARKET.
PEOPLE ARE FLOCKING HERE,
CELEBRITIES, BUSINESS
PROFESSIONALS, EVERYONE ALIKE,
THEY ARE ESCAPING PLACES LIKE
NEW YORK, CALIFORNIA AND THEY
ARE SPENDING A LOT OF MONEY.
WHENEN THE PANDEMIC FIRST STARTE
I REALLY PREDICTED REAL ESTATE
PRICES WOULD GO UP AND MANY
PEOPLE DIDN’T AGREE WITH ME.
THE REASON FOR THAT IS PEOPLE
HAVE MORE HOME EQUITY IN THEIR
HOMES, INTEREST RATES ARE VERY
LOW AND PEOPLE HAVE RE-EVALUATED
THE IMPORTANCE OF HOME.
WHICH IS WHY WE ARE SEEING
ACROSS THE BOARD PEOPLE WHO ARE
INVESTING IN HOMES.
WE DON’T HAVE ENOUGH SUPPLY
WHICH IS WHY PRICES IN MIAMI,
FOR INSTANCE, MANY TIMES HAVE
SKYROCKETED 30% IN THE PAST SIX
MONTHS.
YOU ARE SEEING IT MORE IN THE
SINGLE FAMILY SECTOR BUT YOU ARE
ALSO SEEING IT WITH CONNEDDOS AN
YOU HAVE SEEN BIG TRANSACTIONS
TAKE PLACE WITH VERY WELL-KNOWN
FIGURES IN THE BILLIONAIRE
BUNKER, IF YOU WILL, OF THE
UNITED STATES AND THEY ARE
SPENDING 20, 30, $40 MILLION ON
PROPERTIES AND THEY ARE PAYING
CASH.
NEIL: WOW.
I KNOW IVANKA TRUMP AND HER
HUSBAND JARED ARE THE LATEST TO
SEEK OUT A BUNKER THERE.
YOU KNOW, OBVIOUSLY THE SKY’S
THE LIMIT ON HOW MUCH, BUT HOW
DOES THAT SPILL OVER TO THE REST
OF REAL ESTATE?
IF YOU SEE THAT TYPE OF ACTIVITY
ON THE TOP, DOES IT JUST FOLLOW
THROUGH THAT THE REST GOES UP?
I KNOW WHAT YOU’RE SAYING ABOUT
HOME EQUITY AND THE LIKE AND
THAT’S ONE OF THE THINGS THAT
HAS BEEN RISING, I THINK THE
HIGHEST WE HAVE SEEN IN MORE THAN HALF A DECADE, BUT IT SEEMS
THAN HALF A DECADE, BUT IT SEEMS
PARTICULARLY PRONOUNCED ARE ACTU
APPRECIATING THE FASTEST.
SO WE ACTUALLY SAW [ INAUDIBLE ]
ACROSS THE BOARD BUT IT’S
TRICKLING DOWN.
OBVIOUSLY NOT EVERYBODY CAN
AFFORD A 20, 30, $40 MILLION
PROPERTY BUT YOU ARE SEEING
PEOPLE SPENDING $1 MILLION, $2
MILLION, $3 MILLION IN SOUTH
FLORIDA AND THEY ARE SPENDING A
LOT OF THEIR CASH ON HOME BASES
AND THIS CAN’T GET ENOUGH SUPPLY
ON THE MARKET.
IT’S REALLY AMAZING.
YOU PUT A PROPERTY ON THE MARKET
HERE IN FLORIDA AND YOU HAVE
FOUR OR FIVE BIDS WITHIN HOURS
AND MANY TIMES, YOU ARE GETTING
WHAT YOU ARE ASKING FOR, OR OVER
ASKING.
THAT’S JUST INDICATIVE OF ALL
THE PEOPLE RELOCATING HERE.
WE DISCUSSED THIS IN THE PAST,
NEIL.
I’M JUST A LITTLE AFRAID OF
WHAT’S GOING TO HAPPEN WITH OUR
TRAFFIC BECAUSE NOT EVERYBODY IS
OUT TO WORK YET SO I’M ALREADY
BEGINNING TO SEE THAT BE A
LITTLE BIT OF A HINDRANCE BUT
ACROSS THE BOARD IN REAL ESTATE,
YOU ARE SEEING THE NUMBERS GO UP
IN ALL OF FLORIDA.
NOT ONLY SOUTH FLORIDA.
I ALSO SELL A LOT IN THE TAMPA
AND NAPLES AREA.
YOU ARE SEEING BOTH COASTS
SKYROCKET ACROSS THE BOARD.
WE JUST NEED MORE SUPPLY ON THE
MARKET WHICH IS WHY HOME
BUILDERS AGAIN NOW ARE BECOMING
A LITTLE MORE BULLISH AND WE ARE
ALSO SEEING PRICES PER SQUARE
FOOT GET TO NUMBERS THAT YOU
ONLY SAW IN NEW YORK, $3,100 A
SQUARE FOOT WHICH WASSEN ONE OF
LAST HOME SALES ON MIAMI BEACH.
NEIL: ISN’T THAT OVERDOING IT?
DO YOU THINK THERE’S ANYTHING,
THE LAST HOUSING BOOM WENT BUST.
REMEMBER WHEN PEOPLE WERE BUYING
CONDOS AND UNITS, YOU KNOW,
LITERALLY WITHOUT EVEN SEEING
THEM, AND THEY WERE SWITCHING
THEM LIKE, YOU KNOW, CHIPS ON A
GAMBLING TABLE.
HAS THAT RETURNED?
DO YOU WORRY THAT IT CAN GET TOO
GIDDY?
>> WELL, YOU KNOW WHAT’S
DIFFERENT THIS TIME AROUND,
PEOPLE ARE ACTUALLY LIVING IN
THESE SPACES.
THEY ARE NOT SPECULATORS, NOT
INVESTORS.
PEOPLE ARE ACTUALLY RELOCATING,
FINANCIAL FIRMS ARE RELOCATING
HERE.
I’M ACTUALLY RIGHT NOW AT A
LISTING OF MINE OWNED BY CARLOS
BOOZER.
I DO A LOT OF SPORTS AND
ENTERTAINMENT REAL ESTATE.
WE GOT THREE BIDS WHEN WE CAME
ON THE MARKET.
SO YOU ARE BEGINNING TO SEE JUST
A NEED FOR HOME SPACE AND THEY
ARE USERS, NOT SPECULATORS.
THAT
I’M NOT AS BULLISH ON THE CONDO
MARKET AS THE SINGLE FAMILY
BECAUSE IF WE HAVE ANOTHER
SHUTDOWN WHICH I DON’T THINK WE
WILL IN FLORIDA, BUT PEOPLE ARE
PLANNING AHEAD, AMENITIES AND
POOL SPACES WILL BE SDHOUNTHUT D
AND PEOPLE ARE GOING STIR-CRAZY.
NEIL: GOOD POINT, GOOD POINT.
>> WHEN ARE YOU COMING TO
FLORIDA, NEIL?
NEIL: I DON’T KNOW.
IT’S A BEAUTIFUL PLACE BUT YOU
KNOW, I LIKE THE SNOWBIRD
STRATEGY.
GO THERE IN THE WINTER, ALL
THAT.
MAYBE HEAD NORTH IN THE SUMMER.
WE’LL TALK.
I WILL LOOK FOR THINGS A TAD
LOWER IN PRICE RANGE THAN YOU’RE