Ryan & Ana On MIA
Ryan and Ana cover all things Miami development and real estate, the good, the bad the drama.
Ryan & Ana On MIA
The New Miami Playbook: Real Estate Awards, Transit Challenges, and Skyline Transformations
Discover how the real estate market is adapting post-pandemic as we provide an exclusive analysis on current trends and future predictions that will transform the industry. The residential market is leveling out, but the luxury real estate sector continues to soar, with all-cash purchases and international buyers making a noticeable impact. We're dissecting market behaviors across various pricing tiers, examining the exciting role of the Red Real Estate Awards, and discussing the potential shifts in South Florida's housing landscape due to the Live Local Act that could change the game for workforce housing.
Get ready to navigate the complexities of California's builder's remedy and Miami's public transportation dilemmas. We're bringing you a deep dive into urban development, focusing on controversial high-rise projects that could redefine city skylines. The expansion of Miami's metro mover and the hurdles of connecting Miami Beach to the mainland via public transit are hot topics. With every intricate detail of infrastructural debates, you'll feel like a true insider on the front lines of urban planning.
Join us as we celebrate the transformative projects shaping Miami's urban core, from the demolition for the 1428 Brickle project to the construction of new hotels and residential complexes. We shine a light on the synergy between urban development and transit-oriented growth, which offers a silver lining for affordable housing amidst the bustling cityscape. Tune in and witness the evolution of a city reborn in the post-COVID era, where the sky's the limit for development and innovation.
Hello everyone, welcome to episode 13,. Lucky number 13 of Ryan and Anna on MIA, and this is, in fact, the first one, I believe, of the new year. Absolutely, how exciting is that.
Speaker 2:Yeah, we were starting off the new year with a bang.
Speaker 1:Correct and with a sponsor.
Speaker 2:Yes, we have our first sponsor. They are a new tenant here at Hobbit Office Logic and they are Ola Kaffee. I love their packaging.
Speaker 1:It's from Ecuador.
Speaker 2:Yeah, Ecuador.
Speaker 1:This one is called Nocturnal. We have a cup here in this lovely glass that says Make Connect Energy which I'm definitely by the year 2024. And the coffee is really good.
Speaker 2:Yeah, that is definitely Anna's energy, so maybe a character energy.
Speaker 1:I love coffee everyone and I just drink it black. I drink coffee without sugar, without milk, without anything, and so you can really taste it. If I put stuff in coffee, usually it's because I don't like it very much and then I have to dilute it. But this stuff is really good. I wouldn't. It's fantastic. I've been sipping away at this At the sponsor. It's really yummy.
Speaker 2:Yeah, we're very different in that regard. I cannot do black coffee oh, I love black coffee. Mine has been watered down and sugar, milk and all this stuff.
Speaker 1:Oh, this stuff is good, really nice flavor.
Speaker 2:Yeah, cool. So, yeah, they are a new. They're a new tenant at the Hub, at Office Logic, where we record every week, and, yeah, they're going to be actually making the coffee, like they're going to be making it for us here at the Hub. That's amazing.
Speaker 1:So anyways, check it out, guys, alma.
Speaker 2:Caffee. Alma-kafecom yeah pretty cool, awesome, thank you.
Speaker 1:I swore to wait, but I'm keeping the coffee.
Speaker 2:I don't know if I can oh my. Yeah, you can add just coffee in there, so yeah, OK, so you want to start with your trends and updates for the year.
Speaker 1:So around this time is when I usually do interviews and press reports on what I think is going to happen, and again I've seen social media memories and things coming back from stuff I said a few years ago and I was right once again in what I've been saying. So pat myself on the back there, but I've been right because it's not random, it's because I've identified the main driving forces of what's happening here and those forces don't just disappear, they're going to keep going. So what's happened in our residential markets is that pricing is plateauing, which is to be expected Because we had tremendously fast searches and median price for condos in single-family homes. So both of them finished off the year hovering close to all-time highs Not quite that, but hovering around. If you look at the charts they're kind of plateauing and that is a very, very healthy thing. It's stabilized.
Speaker 1:The market is sort of the dust is settling around new realities and the other big trend that continues that we're seeing is that the further up you go in price and especially price per square foot, which isolates for a new product at prime location the more we are outperforming pre-COVID realities. The overall market, without filtering down, has dropped in transaction volume substantially and is below pre-COVID levels Because the majority, the plurality of transactions happen at lower price points. Once we isolate, even simplistically at a million plus, we are further than we are past pre-COVID transaction volume. And once we look at, for example, $1,000 per square foot and higher single-family homes, we are 405% higher than pre-COVID, which is 5x.
Speaker 2:Wow, can you, for the benefit of the audience, could you sort of give the tiers of how that works?
Speaker 1:Like how the market starts to perform differently.
Speaker 2:Know what I mean is like, so people understand how, what the market is priced, like, what the tiers of the pricing are.
Speaker 1:Oh, when I kind of dissect it.
Speaker 2:Yes.
Speaker 1:OK, yeah, sure, so I do a few things. One I take a very, very simplistic supply and demand analysis, just million plus million and below Million is hardly luxury now, but I dissect further from there. But it's a good starting off point Because even from there you see that million plus is transacting higher than it was pre-COVID, whereas below million is not. And that's due to many factors. One of them is disappearance of inventory and higher interest rates. People at lower price points are relying upon traditional financing, more likely than higher price points. So inventory has disappeared. Below the median price point for single family condos were down almost 70% versus pre-COVID. It's kind of nuts, wow. But the higher you go, up in price again at 2,000 square foot for condos we're 90% all-cash, which is kind of loony to us. So I take that one simple one and then actually I dig deeper. I'm finishing up the end of the report now. I typically look at it from like 0 to 500, 500 to a million, 1 to 2.5, 2.5 to 5, 10, 10 plus.
Speaker 2:OK, I have a question Are those people who are buying all-cash is it? Has it shifted to more US-based or is it still mostly foreign investment?
Speaker 1:OK, so this surge of the higher price per square foot shopping happened during COVID and has sustained itself, and we know from the fact that the airport traffic has been down for international buyers international, just people during that time period that it's largely attributed to domestic buying that search.
Speaker 1:Because, whenever you see it. We have a data set and you see a spike in data, a surge in data. You have to ask yourself what change to account for that spike. Something changed to alter the underlying conditions, and what changed is this domestic wealth and talent migration. The international buyers are coming back. They're always there. They're always countries in Latin America that will have unrest and people wanting to take money out, but that sort of rapid spike we had was due to this domestic migration of wealth and talent.
Speaker 2:Got it OK, and it's not going away.
Speaker 1:It's off of highs, which is normal because we had a surge, post-categorical event surge. It's leveling off. But we really have to market seers, the market segments that are benefiting from the wealth and talent migration, and then when the older stock which is having problems, and then also I just stated it's going to be in the Herald probably next week Every year I do this analysis of every ZIP code in Miami-Dade and Broward and the median price point and the changes year over year for condo and single family and the floor of the market keeps rising, meaning ZIP codes with median price points below even $500,000 are disappearing, which is, of course, not a great thing because we need price attainable housing, but that's a pattern that I don't see going away, even though we have interest rates cuts priced into the market. I don't see that going away.
Speaker 2:Yeah, and that's the thing we're going to talk about later with the Live Local Act. There's a bunch of new stuff happening along those lines to at least try and help with that.
Speaker 1:Yep, which is a great thing. South Florida's not afraid to build. We're not doing what San Francisco did.
Speaker 2:And declaring random parking lots like historic.
Speaker 1:Yeah, exactly Exactly Supply and demand and supply. And, as we've been saying before, we have the highest percentage of multi-family units under construction as a percentage of existing inventory than any city in America. So, while those aren't single family homes, it will be very, very hard to deliver a single family at lower price points because the land cost all that stuff. But, we can build vertical to account for that shortfall. Hopefully.
Speaker 2:And I think, except for having a cataclysmic event, single family homes basically always go up Basically.
Speaker 1:Right, unless there's population exodus from the region. All of a sudden you have vacancies like Detroit.
Speaker 2:Yes exactly, it's a cataclysmic event. Yeah, correct, exactly, but other than that you basically are on. The trend line on single family homes is always going to go up.
Speaker 1:Yep, just the land value alone as the region starts to grow, because you can't build more of that land.
Speaker 2:Yeah.
Speaker 1:Exactly agree. So all of this is continuing. So I see the markets kind of stabilizing, tapering off their highs. Stabilizing. I see residential rents coming off, will continue to come up high, which is a great thing and nothing dramatic this year, but I see that that very high end continuing to hold strong because I don't see the talent and wealth migration subsiding OK that's good.
Speaker 2:Any other news or trends that you want to talk about?
Speaker 1:No, it's just, that's it. Ok, that's my recap. And I was saying it's the beginning of the year. So I gave a talk to about this yesterday to some real estate professionals and I was telling people that we only to think of ourselves as being very lucky for being in South Florida, because there is this surge coming here and that it's on all of us to align with it and just decide that we're going to have a good year. So that's all on the mind, ok.
Speaker 2:I like it. I'm feeling good about this year in general, for myself and for the region. I feel you know I talked about this in previous podcasts, but I think there was we had to clear a lot of the junk from COVID out Yep, in all ways in the market and startups and real estate. I think there was so much fluff and foam or what do they call that word for it? I'm missing it Froth Froth. So I think we're getting to that point and I think, with interest rates starting to cool, potentially I think we're going to see things finally start to click off.
Speaker 1:Yep, I agree, I agree. I think that the interest rates coming down in a little bit will free up some stock in the lower portions of the market, which is a good thing, yeah, and so I see this year as being more interesting, the last year.
Speaker 1:So there's something called the Red Real Estate Awards. It's a New York-based organization. I believe that they've had six years of these awards in New York. Let me not miss this up. Their Instagram is red awards and I believe it's six, six they've had in New York and they kind of had these amazing events that are like the Oscar is a real estate, it's red carpet, it's fancy, you wear gowns, men wear tuxedos and it recognizes icons of the industry. They give awards to developers. I believe this is a separate event where they give awards to architects, things like this. So they've been very successful in New York and very interesting.
Speaker 1:And now the first one is happening in South Florida, coming up in January. Is it January 29th? Hold on a second. Let me find this year January 27th. I believe it is happening, yes, in design districts. So January 27th is the first one. It's red and again it's red awards on Instagram and it's going to be a bunch of interesting local developers or developers develop locally, rather getting awards. We have Edgar De Fortuna, we have Gil Deezer, we have a whole bunch of people getting awards and it's basically the people that are building our skyline, moving forward, and then Ryan and I have been invited. That's super exciting. So we're going to be interviewing people and bringing you all some interesting coverage from that event.
Speaker 2:It's going to be a little bit like the Oscars of the Miami real estate.
Speaker 1:That's right, and we'll have to think of some embarrassing questions to ask everybody.
Speaker 2:Are we going to be like Joan Rivers and her daughter? I know, but I feel like we can be. It's not actually like.
Speaker 1:Think of the fun we can have. What are you wearing? What are you?
Speaker 2:talking about. It's not real estate, not clothes, that's the thing.
Speaker 1:Yeah, exactly, I think it's the way it is. I haven't done anything like that.
Speaker 2:I haven't done anything like that. I haven't done anything like that. I haven't done anything like that. I haven't done anything like that.
Speaker 1:I haven't picked an outfit yet either, but it's a very good lineup. Hold on, there's like Deser, there's Conce, who's building Miami World Center, and that knuckle from New York is the head of ceremonies. So it's going to be a great lineup. We're going to have some very interesting people to speak to. I love it. We're looking forward to it. I'm going to pick a dress and think dramatic.
Speaker 2:We'll do something. I know I'm not sure what I should wear. But I guess we'll figure that out.
Speaker 1:We'll figure it out. It's going to be so fun.
Speaker 2:So any news projects that you've seen over the past couple of days or weeks that you want to touch on.
Speaker 1:No, just circling back to the things that we're seeing in the news that are sort of empowered by the Live Local Act workforce housing Remember I said the floor of the market keeps rising and it really does and to address that we need new things built.
Speaker 2:Yeah, and the crazy thing about Live Local is that it's really empowering developers to just kind of be insane, like that is. It's kind of wild because, like the Live Local Act, you guys look it up, it's kind of detailed but basically it overrides a lot of the county and city jurisdiction.
Speaker 1:Yep, yeah, I think it allows a property. I'm not going to get it entirely right, but basically you give a subject property and you can build up to the height or density of anything within a mile of the radius of that property.
Speaker 2:Regardless of what the zoning in the local says Correct. So that is a big deal because you have places like South Beach and places that are very kind of nimby lands. Correct, that has historic zoning, historic zoning and whatever, and it's sort of like kept those neighborhoods from doing anything at all because they're limited to two or three stories. Also, this will be a shing for the upper memo Because that is one of the most nimby land places in all of Miami.
Speaker 2:That's like by Morningside Park and you have sort of like all the old hotels from like the 1960s and 50s there and you have Morningside on the other side, on the east side, which is like very wealthy and single family homes. But they have like fought to the nail to keep anything from happening on the Skaen Boulevard there and that area of the Skaen is quite nice. It's a beautiful area but there's not much happening because there's been no development there for 25, 30 years. So the local and I think, if I'm not mistaken, live local works that it has to be. 40% of the units have to be workforce housing, that's right.
Speaker 2:And that's the magic number. And once they get that they can do whatever the hell they want Correct, correct. And then they can have it within a mile, they can have it within whatever height they want. So that is some great and it's just, it's like kind of breaking the matrix of South Florida, because there I would say that rules and regulations are sort of suggestions for the most part, but we do have zoning here and so it is restrictive. But now these developers are going to take these prime locations that are in restrictive areas and do whatever the hell they want to do Provide something within a mile.
Speaker 2:You had talked earlier but you want to recap sort of what the Cleveland is happening.
Speaker 1:Oh, the Clevelander right, yeah, so the Clevelander is a hotel and ocean drive in South Beach and like 14th Street, something like this. And then the owners of the Clevelander had to put a new structure that I think was like 30 or 40 floors.
Speaker 2:Yes.
Speaker 1:In the Deco District, yeah, when you know neighboring buildings are far smaller.
Speaker 2:Yeah, two, three, four, sorry.
Speaker 2:Right, exactly, but I feel like they propose that as kind of a oh and that's a fun part is they're what this is allowing? Is it's the developers are allowed to do whatever they want, but they aren't. They don't really want to do whatever they want. If you want to build something normal, right, what they're, what they're doing, this is my. This is what I'm thinking in my head is that they are proposing these wild structures there are 40 stories, like it's, like a shop value, initial value so that they go to these cities and the NIMBYs and they're like we can do this, but you like it or not, so we'll just do 15 though, because we're nice yes.
Speaker 2:And that is exactly it. It's like they're like we could, we could build this tomorrow, but we're not going to because we're nice, we're only going to do 15 stories. So you guys better like it. Like that is. I think that I think, I agree.
Speaker 1:I agree, I think that was a shop value announcement from the Clevelander.
Speaker 2:Yeah, it did. It did its job.
Speaker 1:Great I liked it.
Speaker 2:I thought it was fantastic. And speaking of more recent shop value, so I'm reading my thing here. This is Mox Miami and it is the Bell Harbor Shops. Yes, wants to build a huge amount of stuff. Including workforce housing 600 residential units and a luxury hotel. Yep, and I don't know if you guys know if, if you're from here, you know all hard Hardware is like the Beverly Hills Mall of Florida every fantasy story you've heard of is there and some of you have no idea what they are.
Speaker 2:They're very expensive yeah that's how I always look at it. I don't know a store's name or, like I've never heard of it, it's too expensive for me.
Speaker 1:That's that's that's like asking for price. If you're asking for the price, yeah, exactly I'm not.
Speaker 2:we're not quite there yet, we will be someday.
Speaker 1:We're correct checking this time next year. Yes, we'll be a fall Harbour, okay, but all Harbour is.
Speaker 2:You go there to be seen People were their restaurants, people hang out. Yes, it's great, thank you. Or it's great. It's like so very pretty, jungly and yeah, whatever. I don't like malls, but I like that one.
Speaker 2:It doesn't look nice, it's nice, it's open. So, anyways, they're going to build just a huge amount of stuff and they're gonna rise 225 feet tall, which is a same height as the St Readers across the street, which is correct, and the photos are just he's kind of hard for you to see them, but like it's, it's insane, and the fact that they could build this tomorrow without any local approval, I just, I love it's fascinating. Fascinating.
Speaker 1:I really disliked him be, so part of me is very abused by this. Yeah, not that I love that. You know not saying that I necessarily love everything proposed, but it's just. You know we all have opinions, but I just love that it's taking power away from these little zealots who tried to Steamy any at all life in their regions, they're like, must stay the way it was when I moved here 40 years ago. Well, why?
Speaker 2:exactly yeah, why?
Speaker 1:you didn't say the same.
Speaker 2:Well, in Miami they might have, you know Got a full body lift and most of the nimbies I've seen have not stayed the same.
Speaker 1:I think clarify just putting that out there. So why I'd expect the city to stay the same or do the same as you were 40 years ago. I'll think so.
Speaker 2:Absolutely not so, and I also I Think, I think, I think there's so many layers to NIMBY ism, like there is obviously the character neighborhood, but a lot of it and this is gonna sound whatever you can cancel me for it or not a lot, of, a lot of NIMBY ism. It's based on classism and racism a hundred percent.
Speaker 1:It's disguised, it's disguised.
Speaker 2:Yeah.
Speaker 1:Yes, it's. It's their way of virtue signaling, in a way that appears to be not that, but it is that. A Hundred percent is that?
Speaker 2:it's, it's like yes, I agree. And for me it's like and that really gets my goat. It's like when people rich people in a league neighborhood are basically saying we don't want those other people have the opportunity to live in our neighborhood correct. Absolutely that's what it is, and they frame in a way like it's going to be a project yes, and they never say it out loud right, that's the way it's framed Absolutely.
Speaker 1:And they also frame in the context of preserving our history. That's what they say in South Beach. We're talking about crumbling ugly buildings, both in the 50s and 60s. This is not Versailles. Like calm down. And they tell you that all people come to look at our deco district. Who are these people? I need tons of people. I've never met anyone who's gotten on a plane and crossed an ocean to look at our deco district. No, it doesn't exist.
Speaker 2:Yeah, hey, I mean they. They come for ocean drive and the full experience.
Speaker 1:Yes, but not to walk around, and they're not like looking at it deco looking at the people walk. Yes, yes, exactly so.
Speaker 2:But you can always tell because we said earlier about the character of the neighborhood. That is literally a dog whistle for racism a hundred percent. And yeah, like they say it, because they can say anything, get away with it. Well, whatever someone said, we're trying to preserve the character of the neighborhood I just say you're racist preserving our way of life.
Speaker 1:Oh, what is that? What about the people you displaced when you moved?
Speaker 2:exactly yes that is really I don't know much stuff. But that helps me.
Speaker 1:It hurts me so much, and especially in a place like Miami Beach, which is nothing but change. It's a brand new place. A hundred years ago, there was barely anything there, and if you look at the Demographics of the people living in Miami Beach every 10, 20 years, there was a drastic change. Yeah, so why? Why? Who decided that? Now it's like it has to stay this way? Yeah, it's cute. What if it comes? Came out of the Batista? Then you had, you know, jewish, older Jewish people who live there. There's a constant flows of people that live there. Why? And they all all sort of displaced, if you want to use that word, people who are there before them. Yeah, so who says, like, what is our way of life? Who is we like? I don't get it. It's, it's changing all the time.
Speaker 2:Yeah, it's terrible. So, and you know it's, it's, you know, I I am very obviously pro-development and pro-developer. So Obviously I might be a little biased on this, but I think, I think you need it, you, I think NIMBY is, in the sense, cities and neighborhoods backwards.
Speaker 1:Well, and also it gives platform and power to people who add nothing, people who don't create anything. There's that adage that whoever is criticizing you is doing less than you are. Okay, and that is very, very much true. So, if you look at the people who it's like, it's like many of the people who comprise wards and buildings, co-op boards and condo boards. There are people who tend to have a lot of time on their hands because they're not actually doing anything, and then these, like a lot of NIMBY's, I think, are like that. They're not actually creating, so they're criticizing those who are, and that's how they, like, justify their existence. It gives them something to talk about and I love that Florida did this.
Speaker 2:Florida is kind of if most people think it was backwards you know, politically and otherwise.
Speaker 2:So the fact that they did this and that it was actually that the current governor actually championed who is a diehard Republican Yep, so that is something amazing. I think it's a great day and, to be perfectly fair, california did do something recently. They did something that was called the builders remedy. I believe what's called a long same lines and basically what it means. If they, if a belt, wants to build something, a development, and the Jurisdiction unduly blocks it and they can sue and like basically win very easily to build it Right, I could stick a very clear path like. So I saw one. There's a one of my friends writes YMD Florida. You've ever seen?
Speaker 2:that website, so like the next one, okay, they do one for California to in San Francisco and oh, I have seen it.
Speaker 2:Yes, yes, yeah and there was a developer that proposed something a couple months ago in San Francisco's outer Sunset District and if you know, san Francisco is awesome that's like two-story buildings, all the beach, it's like 30 stories, 30 stories, 30, 30 blocks of like two-story buildings. And this developer proposed like a 40-story building, like in the middle of it. It's just the middle of it and and the thing is is like that. The thing is like a good Right, because if the people tried to block them, they could use the builder's remedy to be like we whatever I know, I was great.
Speaker 2:I'll see you the running time. It was hilarious. They're like two-story. Those are my story stories, like right in the middle.
Speaker 1:I mean, look when people can't be reasonable sometimes, yeah, yeah.
Speaker 2:I know crazy situations, so some other fun new stories tomorrow. Officially, tri-wheel rolls into Miami Central.
Speaker 2:That's super exciting yeah so a couple of cow-gows on that. It will still be a transfer train from the high of the other station at Tri-Wheel Train for the Metro station to Miami Central, and the reason for that is they're contractually obligated to keep the same service To Miami Airport, so they can't like divert trains from Miami Airport to Miami Central. So what they're doing is they bought some new trains and they're gonna use it as a shuttle train for now. Eventually it'll be a one-seat ride. Many where points north to Miami Central. Oh, but for now is a shuttle. The difference is right now you you have to transfer that station, but you're transferring to metro and you to pay for it. Got it, so you didn't pay twice. Now it's a it's a one ticket ride from from West Palm Beach to Miami Central.
Speaker 1:I got it. You know, I still get comments that people telling me that Miami doesn't have public transportation Sort of sort of it doesn't.
Speaker 2:I always say this it might be public transit, the rail anyway goes where you want it to go or by your house. Right, fantastic right.
Speaker 2:It doesn't it doesn't, then your screw. That's a pain the butt. It's a pain the butt. But when what we do have, as long as it's running, it works pretty well, right? I mean, I use a metro, rail to the airport all the time for two dollars. I take it down to dayland to go to the mall and visit friends. I use matching over almost every single day. So If it fits into your life and by your house, it's, it's correct. Full yeah. Otherwise it can be a mess. I do agree that.
Speaker 1:I'm other friends with something that you do. They live down in downtown, they take almost every day and they love it my, my mom was.
Speaker 2:We were so bright small is visiting. Yeah, we were in when I went to the beach today Because she wanted. It was the first good day in like two weeks what? I know son is back, so almost like see how he's to come claim its weather and take it back. Please, like I'm down, there's a polar vortex happening.
Speaker 1:You know that the rest of the country I was reading news there's some Arctic weather coming, so Well, not a problem.
Speaker 2:So anyway, I took to the beach. We took I took my car. I usually take my bike or scooter to the beach. I'm ready to take my car, but I'm a mother and we were on traffic on the MacArthur for 30 to 40 minutes Yep. It's like three miles Yep From my. For so long it's a day to yep.
Speaker 1:Exactly, it was over 40 minutes. I was like geez, I had a counter for like 25 or something. You know, normally it's like 12, with no traffic.
Speaker 2:So the reason I bring it up is my mother listened down to Kota and does not have any public transportation Right. She was like, well, one thing is still public transit the beach.
Speaker 1:And I was like, yeah, except going back to the NIMBY ism, they don't want that. People have actually said in Miami Beach we don't want those people coming here.
Speaker 2:Exactly, exactly and oh, that they say with like conviction.
Speaker 1:They think those people and I'm like this is not me talking making things up. This is on the record.
Speaker 2:Yes, and government officials too. Yes, yes, and I'm like why don't you just say the actual word that you're thinking of, correct?
Speaker 1:I know they're like we don't want a train station or a transit hub connecting the mainland to South Beach because we don't want those people coming here.
Speaker 2:Yeah, I know and I told my mom that sort of, and she was like oh, oh, okay but I also told her one of the other fun facts about that is that.
Speaker 2:So the MacArthur Cosway, where they are gonna Eventually build transit, is a state road. It's managed by the state, by Tallahassee, and they, the state, can do whatever the hell they want there, right with a reason. So one of the things that they are Eventually hopefully going to expand, the metro mover from downtown South Beach. That is a great. That's a plan at this moment and they try to do it. Last year to get off the ground, but everyone in the south of it was like oh, I know that's what they're saying this we don't want these people.
Speaker 1:Yeah and some of the fifth that I want is the five, it's the southern tips. When you're crossing the MacArthur, going east from Miami to your right hand side, is this other tip of South Beach? Refer to a South of it? Because fifth Street is good cut across and that is a very Affluent area, so the most expensive buildings in South Florida are located there.
Speaker 2:Yeah and that's no. That's where the really high income, the 1% and above correct, below, so those people who are blocking it, yep those like explicitly yeah, I even didn't so but going back, what I was saying is the the state can build mention mover, basically, if it wants to.
Speaker 2:It's a south and wants to not because the state road. So what the county is doing, from my understanding, is they're sort of doing standing it with the state to like override any Complaints that my beach would have about it oh good, there it's kind of quiet right now because they have to Figure it out, but I think it's gonna be the state just saying you're going to do this.
Speaker 1:Good, and my it's said and my beach will not be able to stop it, stop it and needs to be said it's completely eligible, that there is not a connection.
Speaker 2:Yeah, I mean that they've been trying to build it forever. It's Reagan. Yes some other interesting news. Oh, here's one for you Miami's unemployment rate. Miami, this is the area Okay, yes, area, it's 1.4 percent.
Speaker 1:Yep, we're doing super good at that regard, I know.
Speaker 2:I know 38 of 38. Miami was the lowest.
Speaker 1:Yep, how amazing is that.
Speaker 2:Yep.
Speaker 1:That's the economic growth. That's real. Yeah, that's not just that stream high and wealth, that, that, that that's a reflection of actual jobs for actual people. Yeah that's wonderful.
Speaker 2:I always love that Miami's like area is my, my beach, kendall. That's like MSA who made that up like what is that it's like candles, just like they're like hi, like my, my vision, kendall, like what the hell?
Speaker 1:we also have data of a license plate changes.
Speaker 2:Oh yeah, license plate changes are still up high. That was I don't know where this. That was here somewhere.
Speaker 1:Yeah, it's still so. It was 30 or whatever percent above.
Speaker 2:Yeah, it was. It was 30% above your every year.
Speaker 1:Yep, yep and a lot of that is New York everyone. Oh, here it is it is.
Speaker 2:It is 15% Above 2022 okay, and then pre-covid pre-covid in 2019. Yeah, it's, oh, it's 21% above last year. I don't know if. Look at these things. Oh interesting, migration from New York is up 41% look at that 23 over 2019. California is 56% above 2019 and New Jersey is 29%.
Speaker 1:I hadn't remember. Everyone the top 1% taxpayers and these high tax jurisdictions account for over 45% of their tax revenue. In California recently was like wow, we have an unexpected budget shortfall of $68 billion, whatever it was, and now some legislatures there are are floating a wealth tax. Isn't that amazing? They're going to keep pouring gasoline on the exit fires. This is why I think this flow is not going to stop, because they're they're, they're they're they're not appreciating the fact that the departure of Taxpayers is going to accelerate their budget shortfalls. They're going to panic and they're gonna. You know, populist politicians will propose more and more wealth taxes and we're gonna keep getting the actual productive citizens.
Speaker 2:It's like a slow-moving car accident.
Speaker 1:Everyone they can't help themselves.
Speaker 2:Yeah, you know, I keep meeting people Every week that just moved here or recently. Yeah, exactly. And even me, one of Miami's biggest boosters. I thought it would slow down. I did, even though I'm always optimistic about I mean, I thought it would slow down, but every time I keep meeting people who are just moving here over here recently, I'm just like, oh wow, like I, I didn't think the flow would continue this much.
Speaker 1:Yep, the conditions are going to continue to worsen in our feeder jurisdictions because they're losing taxpayers and their policies are kind of not constructive to attracting productive people. So it's just, it's just going to keep getting worse and worse.
Speaker 2:It's you know.
Speaker 1:Look at the migrant situation in New York now.
Speaker 2:Yeah.
Speaker 1:That's a mess. They closed the school to house migrants. It's not great. Like what is that? I mean? It goes back to like.
Speaker 2:You know, I think it's not. It's not that, it's not that we're against my immigration or whatever. It's more for me, it's more pointing out point. We said this before. That it was. It was never a problem until the people ended up in New York.
Speaker 1:It was, it just wasn't acknowledged. Exactly that's.
Speaker 2:Yeah, it was a problem and it was in New York. It wasn't in their backyard. Yes, exactly Right. Yeah, you put. You put that same exact flow in New York and then it's national currency. Exactly right, that that is the problem. It's not not. It's not the it's, it's not the people, it's the reaction to it and the non reaction to it.
Speaker 1:Well, this harkens back to the hypocrisy of nimbyism. I feel it's very much the same thing, because it's very lucky to stole all these magnanimous virtues when it's not in your backyard. Always how it is and that's exactly what happened there. And now they're like oh my god, this is a national disaster. And then people who live along the border are like we've been saying that but nobody cared. I know, it's amazing.
Speaker 2:My sorry, my mother is sending me sunset, sunset pictures.
Speaker 1:Oh, how pretty Nice.
Speaker 2:I have a rooftop and she's very much enjoying it oh that's wonderful. She's living her best life, for sure.
Speaker 2:Yes, you should also some other interesting news pure five open to the yesterday at bayside. Oh wow. So pure five is by the same people as the wharf Okay, same the wharf in New York, yeah, yeah. And so you guys who are here know that bayside has basically been the tourist dumpster for the past 20 years. Like it's kind of funny, because bayside sits in a very interesting location. It's a super prime location in the middle of everything, beautiful views, but it's really just been sort of For 20 years. Then, like you know, chachki stores and bars that sell 20 margaritas.
Speaker 2:Yeah it's not as small you go to, unless you're a tourist, right, but it's a super prime location it is, and so I'm excited about this because the wharf is very successful. It was very successful here, mind me, and they do a really good job with theming and Quality, so I think you're going to get some more locals into bayside because of it.
Speaker 1:I agree.
Speaker 2:Yeah, so I'm excited about that. Also, speaking of the wharf, the wharf itself, the old land, is now very much in Construction for them, building up the hotels and event space there. It's gonna be a dream hotel, okay, and then a new permanent wharf.
Speaker 1:Fantastic. Yeah, it is a great location.
Speaker 2:Yeah, and also, this is not from the next Miami, but live local again. There's a new product that was proposed either today or yesterday and it's by Clara Holmes I think it's a weird name for developer, but okay. Anyways, do you know where? 545, when? What is the new office, the new office power? Behind that there's like a couple like warehouse the old things. They're going to put a 30 or 40 story apartment building there with 40% of workforce housing. Fantastic, yeah, yeah, right, it's really right. It's the last row before it gets 95. That's great, yeah, so I am excited about that. Other news things that are finally starting demolition and 1428 Brickle oh, finally, finally, it's that. I was excited. That's a really beautiful project. And the back of that project, it's gonna be the first photovoltaic Howard building. The back of the solar panels, that's amazing.
Speaker 2:Yeah. So it's great, really cool, and the street, the streets gaping on that looks really fantastic. I'm looking forward to that project. Also, in Brickle, they finally got construction for the gateway which is next to Solitaire. Solitaire and like right by the underline, there that's gonna be a 61 story tower and, on keeping with our theme of sort of Live locally style things, that one is a benefit of the rapid transit zoning. Yes, so there's two things that work here there's live local, which is the state right, and there's rapid transit zoning which is the city correct and our trans zoning Overrides the city's zoning.
Speaker 2:Yes, so if you are by the Metro mover or the Metro rail or trial or bright line, you basically get carplong to do whatever the hell you want.
Speaker 1:It reduces your parking requirement potentially to zero. Yes, allows for smaller unit sizes to. There's a whole lot of stuff that was actually. I contributed to the report for this. Oh, like I forgot about this. Wow, that's like ages ago. It's three years ago. There's a Miami 21 zoning update and I had created an overlay map of this that I had contributed went to the mayor's office and everything. Okay, that's awesome. I completely forgot about it until now I thought about it for years. How funny.
Speaker 2:Yeah, so yeah, correct yeah right, the rapid transit is pretty cool because Miami unfortunately still this day has parking minimums. Yes, which is really stupid. Yes, basically it means, even if you're even the Metro mover is like directly next to you, you have to build one one or whatever. Percentage and just is done because you've building it that close to Metro mover.
Speaker 1:You're gonna build people who take transit and it increases the cost of the units, per you know, unit Increase the overall cost of the unit, which again, we don't. We need more affordable units, so it taking away parking allows for that, the creation of cheaper units but yeah, and so it's.
Speaker 2:you know, we're working on the, we're working on the affordability and the building on multiple fronts, I agree. And nothing happens overnight. No, this is early days. Yeah, you know, rome wasn't built in a day, nope. And so there's a lot of stuff Happening behind the scenes I think is going to come to fruit over the next three to four years.
Speaker 1:I agree, I agree. Yeah this is just the beginning of the dust settling. I think it's really three, four or five years. All this is gonna take shape.
Speaker 2:Yeah, I was speaking of my mother, I was explaining to her, I was showing her all the lots around my building in this area that were either either pro, in progress or proposed, and she was like, wow, like that's intense. And I think sometimes we forget about it because we live here, we've normalized it, we've normalized and we see these lot that are in construction or whatever and we just want to forget it. But then you know it still comes from South Dakota or whatever. They're like that. It really is intense, but in a good way correct.
Speaker 1:It's a very positive vibe. The city's being built. That's one of those things where our timing was good. That's so much of our city was unbuilt before COVID, yeah, and so now we can build. You know cordons to this shift in the world.
Speaker 2:Yeah, we have the blank slate largely and that's you know, that's the I've been saying for Seven years now is that Miami is, was is so uniquely positioned because we have blank space in the urban core, exactly, and that just doesn't happen.
Speaker 1:We already had international airport, all those things. It's not like having space in the urban core. We're not correct anything. You're not the map, we're already in the map with this great airport, all these things, and we had all this empty space in the urban core. Yeah, it's kind of perfect.
Speaker 2:I think the only other one that would be similar would probably be something like Atlanta maybe. But you know, we, you know, it's not like Miami is not like New York. They say all time with like their puts really not, so, not at all. Like New York has every physical inch, yes, yes. And then something there's no blank lots, yeah. Or if there is a blank glass getting built tomorrow, yes, we have actual blank lot. They're just dirt in the in the prime, prime, yes, yes, and that just is unheard of correct, it is really days in the city still.
Speaker 1:Yeah, and it's exciting.
Speaker 2:Yeah, so Lots of good stuff happening. I am excited we're gonna have a lot to do this. Next week I'm gonna have these awards. Yes.
Speaker 1:We have our new thing coming out. We haven't announced yet which is coming.
Speaker 2:Do you, do you want to give some people?
Speaker 1:announced it when it's um okay, we'll just.
Speaker 2:Keep the people waiting and it's like sure, see me over here. So yeah, so it's, it's gonna be a good year. I'm excited. There's. There's just so much. This podcast will be two hours longer. We gave, we went over everything that actually happened and I forget. There's so much that happens here that I forget, I forget what's even happening.
Speaker 1:So the memory gets jarred like I forgot. I actually took that report four, five years ago and I was like wait a second, I'm talking about this thing. If you find the money 21 report, there's a bad idea with my name there. I forgot about it.
Speaker 2:So much happens here and and there. And there are so many projects. The Waldorf, astoria, the Ocon Tower yeah one. Bayfront Plaza yeah. Swires one. Brickell City Center, there. Manor oriental replacement, the Dolce and Cabana Building in in Brickell tons. Aston Martin is opening soon. The Miami Hyatt is getting replaced with three supertalls, yep and a new and new convention space. The Miami River City District is gonna have four towers. The first one's almost done and they break the microphone. So there's just so much, and I think our project next week is going to be very Interesting in that time together.
Speaker 2:Also, I'm gonna. I want to hear from you guys. I'm thinking about doing something. I have the great every band glasses by meta and I'm oh, I think you just heard me somewhere so I am thinking of doing like neighborhood tours with those, because they can live stream, mm-hmm, so I can walk around the neighbors around my scooter and show people what's happening. What's happening, yeah, cool live stream. So how many of you guys think it's a good idea? I will be interested to hear about that. But, yeah, this will be a good week. I'm others here for another week or two, so wish me luck, hello.
Speaker 2:Yeah thank you guys for listening. We really appreciate it. If you ever have any tea or any comments, please put me some them in and we look forward to hearing about you. And also, as always, please come and check out this podcast around this logic. It's pretty cool and if you make content, it's a really good spot to come in and make that content. So we will talk to you guys soon.
Speaker 1:Chacha Bye guys.
