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
Ryan & Ana on MIA #15 Miami's Real Estate Surge: Luxury Markets, Towering Developments, and the City's Future Vision
Ever wondered how a city's heartbeat quickens with every real estate transaction? Our latest podcast episode is a treasure trove, unpacking the vibrant pulse of Miami's real estate market, where January's sales data revealed nearly a 50% year-over-year increase for million-plus single-family homes. As we navigate these luxe waters, we'll probe the evolving definitions of luxury and ultra-luxury markets, alongside the strategic investment gold mines within Miami's urban core. The insightful Moishe Mana, a titan in landownership, joined us to share his conviction in Miami's bright future as a city of tomorrow.
Miami's skyline is a canvas of ambition, and we're painting you a picture of its most audacious strokes – from the cursed Brickell lot's rebirth with the Cipriani-branded towers to the colossal Waldorf Astoria hotel and residences scaling the heavens. In this episode, we're not just sharing updates; we're offering a backstage pass to the city's transformative developments. The conversation travels from the intricacies of the St. Regis project to the trailblazing virtual HQ platform, Roam, melding the digital and physical in ways that are reshaping the city's contours.
Strap in for a riveting discussion on Miami's ascent as a business powerhouse, where Bausch and Lomb CEO Brent lauds its strategic importance, a testament to the city's blossoming aspirations. But it's not just all high-rises and power moves; we expose the underbelly of the city with a Miami commissioner scandal, stirring a fiery debate over downtown green spaces. Bringing it home, we share a chuckle over a quirky gaffe at the awards ceremony where Ana's market acumen was honored, cementing our role as your guides through the mosaic that is Miami – a city where culture, commerce, and construction collide in the most spectacular ways.
Hello everyone, welcome to episode number 15 of Ryan and Anna on Miami 2024 is underway. We're in February, exciting times now, exciting times ahead, and I'm going to start off with a little bit of a market update, because January closed out. And one thing I've been saying for quite some time actually I was quoted in the Herald in January saying this is that single family is probably, as an individual investor, is a great way of locking in land value. Single family within approximately the urban core is a great way of locking in land value as our region begins to grow. So if you believe Long Miami, if you believe the thesis, that's the play. And now we have resale data for the month of January.
Speaker 1:And what is the best performing in terms of year over year transaction volume growth? The million plus single family. January was almost 50% versus last year. Last year it was about 100%, this year about 150 transactions and the all time high actually was single family. 5 million plus had the highest on record in terms of sales volume. The rest of the market no, the condo market no, the condo market is continuing to slide off of those post-COVID highs. The luxury is still past pre-COVID, but the ascent has stopped. Single family past a million, not so much.
Speaker 2:What counts as like luxury and then ultra luxury. I've always wondered that.
Speaker 1:Okay, so good question. So when I've been asked by the press to give some stats on the luxury market, usually they define it as the top 10% of transactions, and so that in and of itself is a shifting metric because the top 10% varies so you can track it Like what is the entry of luxury is the top 10%? But it's, you know, we certainly that bar has certainly risen in Miami the last four or five years, but it is a. It's fascinating to watch this play out. That single family is outperforming everything Million plus Million below. There's no inventory, so transaction volume is down drastically.
Speaker 2:I don't really even know if there is like below a million in Miami gets you like a shack.
Speaker 1:Pretty much Like for like a land value equivalent house built in the 40s on a small lot at this point. Yeah, correct, yeah.
Speaker 2:There's nothing under a million left.
Speaker 1:Very little, very little. I think in the you know, coconut grove and coral gables there's nothing under two million now, very, very little. But anyway we did. Despite overall drops in transaction volume, we're at all time high for single family, past five million and a huge jump year over year just million plus. And this kind of ties into this thing.
Speaker 1:I've been talking about that we have this, this incoming wealth and talent migration. So we are. So our good friend Omar Morales shout out to Omar here. He had a great tweet the other day, so he raised two points that I've talked about is that we are neck and neck with Texas for net migration, just the number of people coming. But we are getting higher value taxpayers. We have the highest number of filers, over 200 grand. And Omar raised a third point which I think is great is that when we compare the land value available, texas versus Florida remember we're equivalent to net population we're getting the same number, similar number of people coming in. We're getting, you know, within that number, we're getting the higher value earners. But Texas has 268,000 square miles whereas the state of Florida has 65.
Speaker 2:And something interesting that number for Florida, I think, is vastly inflated because it includes the whole state, right? Right, most of South Florida is like this much, correct. It's only like 20, 25 miles between the sea and the Everglades, correct, yes, so it's basically like a very tiny peninsula down the.
Speaker 1:So this is we can't. We can't build more single family lots. That's why I told the Herald last month is that we can't build vertical to add more single family like we can with condos. So I'm going to repeat again. I think single family approximate to urban core is the greatest investment an individual person can make in South Florida now.
Speaker 2:You know where I would buy if I had money right now. I would buy in whatever they call it, like the South Brickle or the roads. Oh, yes, the location is so good Because it's like you have these beautiful, sometimes historic homes within like walking distance of Brickle, correct?
Speaker 1:Yep and coconut groves right there. Everything it's a great spot.
Speaker 2:Yeah, that's where we'd buy if I was very wealthy.
Speaker 1:Yep, so this all ties us back to a future sitting, miami, as we've all been saying. So Ryan and I attended the Red Real Estate Awards here in Miami. Was it last speaker? I've lost track of time.
Speaker 2:I know, I think it was two.
Speaker 1:it was like almost two weeks ago, recently, exact timing is irrelevant here and we ended up having I ended up having a great conversation with Amosha Mana, which was really exciting because he's someone that has fascinated me for years, yeah, and when we saw him there, it's like I must go speak to him.
Speaker 2:He's very much an enigma in the Miami area and I know he's very polarizing. There's people that like him and people that don't like him.
Speaker 1:As is the case with all interesting people, yeah, and so he owns so much. I think he's the largest individual landowner in the city of Miami.
Speaker 2:Yeah, he owns like 70 or 80 properties in downtown Miami which he just bought, like another one like two days ago Correct, some retail property, yep. And he owns so much of it and he owns a huge amount of windwood as well.
Speaker 1:Yes, acres and acres and acres. So what I've been hearing, I noticed years ago Amosha's saying that Miami he said Miami had all the ingredients in place to be the city of the future. And he said this years ago. He said this before COVID and he was right. And that's important to recognize in so many levels that history never goes backwards. It's something I've said over and over again Nothing is forever, nothing is the capital forever, and there's human ingenuity, creation, all this stuff, the human spirit, flows someplace, new always.
Speaker 2:I think you need a t-shirt for that as well. Like history never goes backwards, yeah, we do. It's one of your favorite things.
Speaker 1:Yeah, you're right, because people think the present is a sacred thing. They get stuck in that. But it is anything but and he saw this that the geography, the political climate, all those things that we had all these ingredients to be in place. And then COVID came and it kind of supercharged that transition. And he mentions in the interview how all these office buildings in Newark are obsolete. And he's right because, as we've been saying, they're 20th century, pre-internet constructs. That's how we made all our ways of life, how we go to work, our work schedule, our work hours. These were all made before the internet. We mentioned in the interview how they had typist floors. Not that long ago, I mean, it just didn't exist. You had floors of growth, typing, you had all those things. And now it's shifting. It's shifting and we're in New City and we can build for that future. Going back to what he was saying, so he saw it all. It's really fascinating.
Speaker 2:Yeah, and I think also it is interesting. I said this before, but we, I think I forget, I think the whole world forgets how young a city Miami is. We're 127 years old, correct, and the modern iteration of Miami is only like 30 years old, 30, 40 years old, maybe, maybe. And the even newer one, like I mean, like recent, is only like 15 years old.
Speaker 1:Yes.
Speaker 2:I mean nothing, that's nothing. I said this before. But go to Google Maps and look at Brickle and like some of the intersections in 2007, 2005. There's nothing there.
Speaker 1:Correct, and that was not long ago at all. Yeah, we had the internet. Then we had some. That was modern times.
Speaker 2:So I think that's what really, what Moishmana is sort of talking about is. Miami was a blank slate that had the political climate, the willingness and the willingness to build.
Speaker 1:And the geography he always mentioned, often about how it's the sort of connector for Latin America also.
Speaker 2:Yeah.
Speaker 1:And why do we spend all this money overseas when Latin America is right there? And actually to that point? I saw an article last week that, for right as of nothing last year, America buys more goods from Mexico than China. For the first time ever, that's good, I guess. Yeah, keeping it in the hemisphere.
Speaker 2:I've read a lot about that recently that nearshoring is like a big thing. Yeah, who knows how long China will supply us with Walmart stuff, so it's like we need to be prepared for them not to Yep. And nearshoring is exactly that.
Speaker 1:Yep, exactly so. Yeah, he was saying this for years and you know what? He was really instrumental in developing the Meapacken district in New York, all these things. It's just. I'm so fascinated by people who created the realities by themselves, from nothing. The guy moved to New York I think it was 1983. Yeah, he is Jewish from Iraq, I don't know where he moves from 1983, but he came to New York in 1983 with nothing and he started a company with a moving van. It's fascinating. I love it, and stories like that also show you how quickly things can change on an individual level too. That in 20, 30 years he became who he is, yeah, I think that's pretty remarkable, yeah.
Speaker 2:And it is. It's it much man is a very interesting person. I I do wish sometimes his plans were a little more transparent. I think that I think that would be one of my only wishes when it comes to him is like he owns all this land. I wish he would tell us what he's, what he's gonna do with it, or give us, or give us a plan, or some sort like that. That would be it I. I respect the hustle and I respect like yes, let's go do it, but I'd love to see some place.
Speaker 1:It'll be our second interview.
Speaker 2:Oh, anna, if anyone get out of it, it's definitely you.
Speaker 1:We're gonna say, now that the spotlight is on Miami, what exactly is happening? Let's go, come on and he did comment that I work out.
Speaker 2:So yes, yes, you seem to be pleased by that.
Speaker 1:You work out. I said a little bit.
Speaker 2:Also, it was funny I sent my mom pictures of our event and she was like. She was like, oh, she's like and looks like a celebrity. Oh, so sweet, your mom's amazing. Yeah, and I mean you did, you did look like a celebrity like you like I mean you had the whole like.
Speaker 1:Long black dress. Yeah five inch heels. My heels were five inches everybody. You couldn't see it under the dress, but yeah, I don't know how she walked around. I'm 510 to start.
Speaker 2:I Told her. For the next one. We just need like one of those like sort of like evil stepmother, like I don't know what they're called, like one of those Capelets yeah, that's what it's called yeah like that goes up behind there must be a name for this.
Speaker 1:Yeah, I'm changing that five inch heels again.
Speaker 2:I'm gonna be walking the door, there's like lightning bolts. This is totally right, but do you ever watch enchanted Susan Sarandon like?
Speaker 1:yeah, a long time ago.
Speaker 2:Part of it, yeah like that sort of outfit. I think for the next one we should.
Speaker 1:We'll do that We'll do that have a whole theme.
Speaker 2:Yeah, oh boy, any other trends or data you want to talk about?
Speaker 1:no, I just. The story is is writing itself and Miami is Is emerging as this future city. I think that he was right. I think that we're right and it's early stages and that people are not so good at perceiving these momentum shifts, but it's happening, boys and girls.
Speaker 2:Yeah, so let's move on to some news. One that's interesting here is the 80 story to pre-honor tower and Rickle right biggest construction loan in south Florida.
Speaker 2:Yeah, and this is interesting, that lot I've called the curse brick a lot for many years, right, because there have been like five attempts to do something there and None of them have gone fruition and luckily we got mass capital to come in and actually do something. And they are building free towers there, they're building the chiprani, they pronounce it, I think so, chiprani, that's how I say it, sorry guys.
Speaker 2:Yeah, and then they're building two multifamily buildings right there. So it's gonna be there's gonna be a huge amount of stuff there and it's also gonna be the restaurant chiprani restaurant and all that. But it's gonna be a big area and that lot is huge and I think it's really gonna tie off sort of the south end of brickel right, because that, like the south end of Miami Ave is kind of it's nothing really happens down there because it in the roads is right there and South Brickles right there. So it's kind of quiet I think with this. And then the St Regis across the street, which also the St Regis, which is, by related, my favorite, but whatever they were doing, total demolition of the structure that's currently there. So you're gonna have chiprani going off there, you're going to have St Regis, you're also gonna have 1428 Brickle, you're also gonna have aura aura by Casa Tua, mm-hmm and there was something else over there that was happening. But there's like four or five. There's like four or five towers like south of Coral Way.
Speaker 1:Wow.
Speaker 2:Yeah, so South Brickles kind of heating up, because it had some of the only blank land left left.
Speaker 1:Yeah, correct, yeah, that was a six hundred million dollar loan, I believe yeah, and I was just.
Speaker 2:We talked about before the podcast. That seems like a very large amount. Yeah, maybe it's for like the whole whole thing. I was just thinking assemblage, yeah, because I mean, I don't even know if the like Waldorf Astoria in downtown is six hundred million dollars like that's, because I this is kind of no like in Vegas. You know, aria Like this is the whole city center thing. I think that whole complex with like all the towers was built for like 1.2 billion. Wow, and I know that's like 2008 money right.
Speaker 2:But 600 million, six six hundred million is a lot probably for all three, for the multi-family also, I'm guessing just convenient for PR biggest one is the biggest long.
Speaker 1:It's for three Maybe, although would they bundled alone for three.
Speaker 2:Yeah, well, I actually do hope that. I hope they build all three sort of somewhat Simultaneously. I really don't like when developers do like a, an integrated project, and then just take forever to build the like, yeah, all the piece.
Speaker 1:I like when they the whole thing stays in, kind of the whole thing come together.
Speaker 2:Yeah, yeah, yeah yeah, but yeah, I'm excited that that's gonna be and the renderings are it. It's gonna be quite a that the south end of brickel, because right now it's. You basically had just the four seasons there, which is sort of the. The renderings look awesome and by saying, when you get Chip, yanni, aura, 1428, brickel, all there is gonna be quite the agree, it's gonna be quite the thing, I agree, and you know it's also for sale. So Santander, santander, I'm that's how I say it. Again, I sorry, I think it's Santander, but anyways, they're really ugly headquarters. It's for sale. You're really ugly headquests. It's true, have you seen that building? It's like right next to the four seasons. Okay, like terracotta stucco. It's really ugly, it's for sale. Oh, and they're moving their people to, I think, at Coral Gables. That lot is also huge and it backs almost up to the, to the water. I mean, it's like a couple hundred see what happens there.
Speaker 2:Yeah, so that's gonna be big, and then what else is happening over there? But yeah, that whole area is gonna be under construction for for quite a while.
Speaker 1:Ten years from now, it's gonna be totally different speaking of ten years from now.
Speaker 2:I was at a event on Wednesday for a Miami startup, or my base startup, called Rome, and Rome is pretty cool because Rome at they're not sponsoring this. I'm just telling those, just telling what they are Rome is a virtual HQ for distributed companies. So basically, the other whole thesis is, like Meetings are annoying, like scheduling meetings are annoying. So when you have Rome, you get to, you get to Build out like a virtual headquarters, like actually like a floor plan with people's offices and conference rooms, all that things. Anyways, you do that and then, if I'm in my office, in my office, you can like knock virtually and then come in Without having to schedule a meeting. Oh, like I, like I'm in the same office.
Speaker 1:Yeah.
Speaker 2:Yeah, and then we can. Oh, we're gonna meet, so we're gonna go over to the conference room and then other people can join us, and you're always as long as you're like clocked in, right, you're there got it, which I think nothing your door.
Speaker 2:Essentially, I think it was pretty cool, but anyways, well, I was there and they were. They were. They brought in some people to speak and one of the guys who who spoke was Brent think his name is Brent. He's the CEO of Bosch and loam they do like the I stuff and all that. He lives here in Miami and he had some very interesting words to say about Miami, and so one of one of the things he was saying you can watch the clip on my Twitter but one thing is he was saying is that he's done billions of dollars of launches in All around the country, and one thing they said is he said when I'm launching new products now, new York is important and always will be. Miami is newly important. La is no longer important.
Speaker 1:Interesting, interesting.
Speaker 2:For just from his perspective, and like when he launches products, yeah, the writing's on the wall, yeah I was like that is very interesting. And then he followed that up by saying that he said, like when new things happen, when things go viral, when stuff out, where does it happen? It happens in Miami.
Speaker 1:This 15 years ago. This would have been unheard of. Miami, would not have even been in that list. Yeah At all.
Speaker 2:Yeah, I know.
Speaker 1:At all. It was just the vacation spot or the retirement spot At all of places where the new exciting stuff is happening in America.
Speaker 2:And I think that also comes back to the fact that companies are just now realizing how important Miami is as a gateway to Latin America. I think Latin America as a market was ignored for so long. It was like a one-way thing. People would come here to the United States to try and. But now they're like, oh wow, we can access the Latin market through Miami and that's what makes it, that's what making the sky say it's important, because it's not just Miami, it's the entire Southern Hemisphere.
Speaker 1:And this is part of what Moshe has been saying for years too, about the Miami Latin America connection.
Speaker 2:Yeah, and he also is trying to do Miami, latin America and China, yep, yep, that's his thesis.
Speaker 1:The tech hub, cultural hub, that's right, yeah, yeah.
Speaker 2:But it was just. It was very interesting and he was just like he was genuine about. He wasn't just like talking fluff, like he lives here and he was. You know, he's the guy who controls billions of dollars in budgets.
Speaker 1:And they have lots of data to make decisions. It's a big organization. They have tons of data, so he's not making it up. Yeah, he's speaking from an effective, from like a, from the perspective what's most effective for his company. Yeah, yeah, so I'm sure he has the data.
Speaker 2:Yeah, yeah. And so for me, I was just, I was very happy, and you can watch the clip. I recorded it on my cell phone. Sorry, the quality isn't that fabulous, but Better than nothing.
Speaker 2:Yeah, but you can watch it, and it was really. It was really cool to hear that, because it's something that I have been working on for the past as little, basically as long as I've been here, you know, seven years or so and it was cool to sort of see that repeated by someone who has the billions of dollars in the data.
Speaker 1:Right, yeah, it's an interesting thing because New York was, was, is still the financial capital. We have the ship to Doga's Quake and there's always going to be finance in New York. Yeah, it's interesting. Why, yeah, so why? Why does New York retain some position and LA does not? It's interesting and LA is. What do we think of LA? I'm sure there are other things, but we think Hollywood, yeah, and maybe it's like Hollywood. People are consuming it less. We know this from the Oscars ratings, from from from movie, whatever viewership stuff.
Speaker 2:Well, I don't know. I mean I might get people can cancel it or not, but LA really isn't that great.
Speaker 1:I never liked LA, but I'm a New Yorker and New York was 10, not two. It's the whole driving culture and the, the highways and whatever I mean I lived in LA.
Speaker 2:Oh, that's right, you did. I lived in LA. I lived in Orange County, lived in San Diego. La is not that great, I mean, if you're a very wealthy movie star, sure.
Speaker 1:Right, you have your castle in Houston, you have your stay. Your friends come over. You all do drugs and party together.
Speaker 2:It's great, but but honey, talk about just a really not great city and the sprawl. That's what I mean. The sprawl is the sprawl, the sprawl, and, and so people remember there's, there's a city of LA and then there's the county of LA. Like San Francisco, there's two and the sprawl in the kind of like is. It's ridiculous, it's insane. It's like in Florida.
Speaker 1:Yes, In LA. I was never sure where the city is. I'm like where's Los Angeles? I was always looking for it. I never found it. Yeah, it's odd to me. It didn't feel like a place.
Speaker 2:No, it's not. It's like you go to someone's house. Yeah.
Speaker 1:Or you go to some like restaurant, but where's? Where's the city?
Speaker 2:No, I never understood. And and downtown LA is smaller building wise than Miami.
Speaker 1:Yeah, it's nothing.
Speaker 2:By far, yeah, and they don't really even have that tall. They started to get a few more, but they don't really even have that tall buildings. Right, yeah, and, interesting fact, until very recently, there was a code in the LA. I don't know why I know this, but there was a code in LA, a building code, that the buildings had to be flat to take helicopters. Really, yeah, so that's why, like LA's, la's skyline is like yeah, yeah, yeah.
Speaker 2:Because they couldn't even have a crown or anything, because it was just it was they had to have a helicopter. Oh how funny. But yeah, I don't know. It's LA never. Never did anything for me. And I mean it's fun to go look at and see Hollywood and stuff, but the city of LA I don't think is a real place. It never Same.
Speaker 1:But they came to Arizona and say the president won. They won the hat. I never got it. I was like where's the city? I never felt the vibe, I didn't get it. Also, I don't like Hollywood culture. Yeah it's not my thing, yeah, and and there's this whole vibe there of weird aspiration that was, I don't know. I grew up in New York. It's different. I just well.
Speaker 2:You know this is. This is funny because I think both of Miami and LA are aspirational, but slightly different. Like, like in LA, you the aspiration, you just to be famous, right, you to be famous, like that's literally it right. In Miami, at least from my point of view, the aspiration is to accomplish something. Yes whatever that may be right not to be famous, but to accomplish something right. Yes, people like here going viral and we're always news for crazy stuff, but it's a different sort of aspiration.
Speaker 1:Yes, people are doing stuff here.
Speaker 2:Yeah.
Speaker 1:Yeah, there's an expectation of that LA. I just I never got it. No, it makes it. I didn't feel it.
Speaker 2:I didn't buy a bed in you know this is awful, I'm talking it. I can spot LA people like from outer space both, both physically and how they act one of your other superpowers.
Speaker 1:Let's not go into the other one, whoops.
Speaker 2:We'll really get cancelled out. That's a. That's an all-related podcast. We're slowly going to go down that path that we want and just just watch out by up with those 15, they're gonna pay the thing but it's like first off Okay, I'm just gonna say it like people in LA have a look, they have this sort of Botoxy Pillow lips like a done look right done and listen.
Speaker 2:I know people might get work done too. That is not a debate, but it's like, yes, you can look at myself, that girl got a BBL Okay. But it's like it's less about the face work or there, or we're better at it here or something. I'm not entirely sure what it is right. But you can tell less. I don't know like, but in LA I'm like that person's from LA because they got like this frozen face, the pillow lips, like the the face lips. I'm gonna cancel, I'm gonna go all the way.
Speaker 1:Maybe it's more about the face and Miami's more about the body. Yeah, maybe that's it.
Speaker 2:But what's I'm saying is in Miami, we have to do less on the face right right right more in the body, because people here already Right, they already have decent faces right. I don't know how to say it Like people and this is this guy to Miami that people here are sort of more default beautiful or attractive it is an attractive place people get work here to get done, sure, sure, sure, but it's like more like right in LA. They have to redo the entire face Reconstructed themselves.
Speaker 2:Yeah, and, like I said, I know people get work here down my culture probably, I don't know. So, yeah, and that's what you know. That's what I never liked. Everyone in Hollywood is like a Barbie or a Ken. Yes, they all look the same there different coffee shops, watching people there.
Speaker 2:I know it's bizarre to me and I Don't know like, like I can't people, except people here in Miami. There is a look to it, but it's like people. There's enough variation on right right in LA you have to look like this right, especially especially the women right women in LA. They all have the pillow lips, the Botox, the Just do they have a skinny thing there?
Speaker 1:Are they skinny? Yeah, extremely is the Hollywood culture is the skinny thing.
Speaker 2:Yeah.
Speaker 1:Miami not so much. No, miami people like a little bit of woman on their woman, I think, and it's like.
Speaker 2:It's like. It's like. In LA you have to have a six pack. Yeah, it's your body fat. You have to to be hot right. In Miami you can be a little thick right and still be hot Right. That's the difference.
Speaker 1:What's healthier? Here we have a healthier body perception.
Speaker 2:Then my mind has its own problems when it comes to body images, but I, for me personally, I prefer the status of beauty in Miami over LA, any day of the week, yeah.
Speaker 1:I do too, yes.
Speaker 2:I do too. I don't really care if you get whatever done like on your body, it doesn't. It doesn't show as much when you get your face done, it shows right, I agree, we have a sexier vibe here. Yeah, and also and also much more diverse.
Speaker 1:Yes, yes.
Speaker 2:I prefer the diversity. I do too. I'm from Pennsylvania, for people town of 400 people with no diversity. That's what I grew up with and I'm saying is, as the waspiest guy probably in this whole entire office space, I prefer Miami's levels of diversity by far.
Speaker 1:Yeah, it's fun, it's a good vibe here.
Speaker 2:Yeah, we have a good mix. So anyways, I'm not hating enough.
Speaker 1:They're losing their taxpayers anyway.
Speaker 2:They also had like a giant crazy rainstorm over the past.
Speaker 1:Oh goodness, yeah, they had like mud, rivers of mud and Beverly Hills and whatever it was. I was reading about it and you know something up on this video.
Speaker 2:Final thing, as far as Miami and LA and natural things, weather Disasters, that's something that I always sort of was fine to layer. Six people would come, they would come from LA to Miami and they'd like oh, we're scared of hurricanes. I'd be like bitch. I was like I think you're gonna wake up dead one day because maybe because Sandra is fault just like growls going to open. Like we can leave yes, and we can.
Speaker 1:We can improve our windows and do all these things. We need like a major category five to destroy our buildings. Yeah, where's your ground? Can open it? What can you do about it?
Speaker 2:that, that to me. Whenever I would talk to people from LA, I just my brain would like tell me this to oh, the hurricane, the hurricane.
Speaker 1:Meanwhile the 11 years I live in Miami, new York had the hurricane, not us, and all of downtown was flooded in the past, I learned this in the past decade, new York has had more storm damage than Miami. Oh, look at that.
Speaker 2:By like a lot dollar wise look at that hmm, like I said, if If you're gonna live in a crazy place, live somewhere that's built for it.
Speaker 1:Yes.
Speaker 2:We're built for it.
Speaker 1:We are very much built for it. It will take a huge category five, yeah destroy.
Speaker 2:New York is not built for them? Oh, not at all like when they, when they have a rainstorm, the Subways turn into submarines.
Speaker 1:Yes, oh, miami floods. Who does? New York? You know we get. We get so much flak for the same stuff that New York has been guilty of for decades.
Speaker 2:That that I'm sorry I'm a little bit of a rant today, that that that gets my goat a lot when, when people throw shade on Miami, when they they put flak on it and and I'm just like, okay, like, where are people are from? They're from New York or San Francisco or LA, and I'm just like you guys have the same problems, of course, or way worse.
Speaker 1:Yes, it's just cool to talk about Miami's some school problems. New York, new York, the New York's New York City school situation is horrible. The public schools are questionable at best. Private schools are very expensive and that's been the reality forever. And they're talking about Miami schools. Come on, or like public transit guys, or like no, the pushing out the middle class. For housing in New York, if you want to rent an apartment you have to pay first-last broker's fee. Make like 70 times rent, like have a guarantor if you're under 27, whatever it is, they don't want you there.
Speaker 2:Yeah, speaking of schools, there has been some interesting drama around schools in Miami in the past Couple weeks. Do you know the Center Academy? You've heard of them.
Speaker 1:I don't know, but I've heard of it.
Speaker 2:Yeah, so there we said the stage. So I live in the Arts and Entertainment District which is over here on 16th. North of that you have Miami Cemetery, the very old cemetery where Julia Tuttle is buried, and then north of that there is a patch of grass and some rundown buildings. That is called Biscayne Park. Biscayne Park is directly west of northeast second half. It's right there. It's right by the Brahmin Deorship and you could drive by it and I even know it's there. It's just little grass and some old buildings. So the centers they run a private school. The private school is on the conservative side, I guess, from what I've read. Anyways, their school was there too, their schools that right behind Brahmin.
Speaker 2:Apparently and allegedly, one of Miami's commissioners took some funds because he was the. He was in charge of the Omni Sierra and the Omni Sierra is the same same entity that manages this area that we are in and also that area for blighted areas. They want Biscayne Park to build a indoor sports facility. That is their goal because their their schools across the park. They apparently and allegedly gave, gave a commissioner some money for. Yes, that is why one of Miami's commissioners was recently arrested and is now being charged. But anyways, all all of that is, there is a war now between the center academy people and the public school people because that it's one of the very last Open spaces that's County, county land or City land in the downtown core. So there's now a fight between center and public to try and get oh, and they got, because of the money that they allegedly sent the commissioner. They got a licensing agreement to use it to build their thing. So that was already done and then he got arrested. So, yes, very, very Miami, very Miami. But now they are trying to revoke it because they want to build a public park there. It already is a public park, but it's just, it's just grass, yeah, nothing there. So it's a big drama.
Speaker 2:I got served last week on Instagram a sponsored Instagram story from them, the centers, asking him to sign a changecom petition saying that they they should be able to do this. And then the Miami Herald last week wrotea Large expose about the finding it. It's all very Miami and very dramatic. I just thought it was. I, I thought, I thought, I thought it was very interesting, complete with an arrest, of course, of course, of course. Yeah, it's, it's, it's all, it's all very Miami. But what else? Oh, my world center. This may not be new news, but it's new, in the public side at least. My world center 600, which is on 6th Street and first Ave, is sold out and they got a construction loan of $95 million that was an aria project, right.
Speaker 2:Yes, yeah, and I like this project because it doesn't have a parking garage.
Speaker 1:That's right. That's right. I think units started at 500 square feet or so. Yeah, it's small.
Speaker 2:Yeah, it's small and you're able to put your unit into a pool right to, and there are no rental restrictions. It was a one-day rental, that's right, yeah, yeah and then I like it also because the you have that one 600 mile world center and then you have the Crosby. I'm also sold out.
Speaker 1:Yeah, yeah, and the Crosby also. The Crosby started somewhere at around 450 square feet, I believe.
Speaker 2:Yeah they're both like the same sort of very similar product actually. Yeah Well, I we've covered this before but I like. So you have nativo there, crescent Heights, you have second of my world center, you have the Crosby and you have the O'Conn Tower, which is gonna be a combination right, and that I think all those are needed Products and very good yes, and there's gonna be in that same general vicinity there's going to be regular multi-family condos and whatever. So you have a very good mix of Of people that will be there all year round and also people who will be there for holidays and for short-term rentals, yep exactly Agree so I think, I think 6th Street and 5th Street are going to be a good, a good combination of a product there, yep.
Speaker 2:So okay, what else do we have here? Oh, over town, there are, the gentrification continues. Yeah, there, there, there's actually, I think, three. There's. There's at least three projects going off and over town right now that are Filliant, empty lots, once again empty lots, yep, and they're. They're not displacing anybody, they're not knocking down any historic buildings, they are going in and literally blank lots. And these are not. They're not building affordable, not affordable housing. They're not building section 8 housing either. They're building Offices. They're building retail. They're building market rate housing right, it's great.
Speaker 2:It is and yeah, so there's a bunch happening there. Yeah, I mean like, pretty cool, I can look at that, oh yeah.
Speaker 1:Yeah, I saw that stick. Yeah your hole. That's pretty awesome.
Speaker 2:Yeah, so that is, I think, really all of the news. Anything else that you want to talk about?
Speaker 1:Nope, just that market keeps, keeps, it keeps chugging along. As I mentioned before, single, single family also hit an all-time high for Media prices. And what's it called January? Wow, this did not oh, this little divergence.
Speaker 2:But well, we were talking about this, but you should talk about your. Our day last Friday at your realtor's scowl.
Speaker 1:Oh, oh, my god, I forgot again. I lost track of time. I've had 20 days in one recently and I was like wait. Last Friday I couldn't even think that far back. Yes, ryan and I attended an award ceremony at the Hard Rock Hotel. It was an award ceremony plus an inauguration for the governor's song to be a governor of the Association of Realtors again next year, fourth year, and also I received an award. I was for market insight and leadership. Yay, so thank you everyone, thank you, association.
Speaker 2:I was and guys, that award, that award is like this tall and crystal and we dropped it, like instantaneously, I dropped it.
Speaker 1:We were taking a picture by the fountain at the hard rock and I dropped it, but it didn't break, just at the basic, I think all right now always remember the crazy story. It's up, it's a weapon. Hey, I think, it's a solid piece of glass. I'll be like. I'm gonna hit you with my market insight and leadership.
Speaker 2:Yeah, if you ever need to commit murder, it's a good.
Speaker 1:It's a good, it's a good be kind of poetic I mean, but no, I think, I think we'll chip on it.
Speaker 2:Gives it, gives it some care.
Speaker 1:I liked it. It was good. The chip is good. This is where Anna dropped it for her photo, up by the fountain at the hard rock.
Speaker 2:Yeah, it was fun, guys. I I went there is for, like her, her media boy. It was fun, but there was, wow, that was. That was quite an event.
Speaker 1:It was. It's a yeah. The inauguration ceremony is a big deal, Yep and it was for so many realtors.
Speaker 1:I was like uh-huh, that's in the ballroom. Yep, so the Miami Association were the largest association in the country, with over 60,000 members. The second is Houston with 40,000 or so. So we're number one by quite a margin. And there were a lot of people in that, in that room for rock the market. They actually were even bigger. That's when I spoke there last year, I think there were 1500 people in the room. Oh, and I'm now 500 people. Feels like nothing. I can talk in front of 500 people like before coffee. Well, not really, but almost oh boy.
Speaker 2:Oh, also, speaking of LA, I did want to bring up one thing. We're going back to LA, so on us one down towards Douglas Road, right right where the home depot is. There is a couple old buildings there that are multi-family and they're kind of decrepit. I just saw yesterday in from the real deal or South South Florida Business Journal that an LA based Investor bought one of these places and they're going to redo it and reposition the asset.
Speaker 1:Oh, wow.
Speaker 2:So and, honestly, there's been a lot of Transactions in the past couple weeks a lot. I'm not sure whether that that signals that people are really expecting rates to drop or things to start cooking again, but there's been a lot of transactions or they're deploying capital away from markets they deem less fit.
Speaker 1:Yeah, or all of the above.
Speaker 2:So I mean I am interesting and as the the trans person here, but I'm just saying just from the news like there has been a lot of movement in transactions. Maybe it's cash purchase or something I don't know, but there's been a lot.
Speaker 1:I mean people, it's, it's. I think over the next few years it's going to become even more obvious the the the the disparities across the country will be even more extreme. I think that we're in the early phase of that. So it's gonna become abundantly clear over the next three to five years that we're gonna have different trajectories and realities emerging in our country. So yeah, I think more of those LA guys are gonna start trying to build here.
Speaker 2:Hey, I'll take it, you know, if you want to. If you want to invest in Miami, you should come talk to Anna over here, and Also me for inch about neighborhoods. Oh don't, are we filming our announcements sometime soon?
Speaker 1:Yes, this weekend this weekend.
Speaker 2:Yes, yes, yes nice to everyone.
Speaker 1:We have stuff coming.
Speaker 2:Yeah, it's, it's gone, delayed a little bit a couple times, but I lost half of January.
Speaker 1:Don't ask, january almost killed me.
Speaker 2:I mean, january felt like a year to me. January almost killed me and I had my mother here. I had all the stuff happening it, it. It was a lot. I'm still recovering, like, I think, this weekend sometime too, I started to.
Speaker 1:finally I caught up like Like two days ago, yeah, and now I'm back to normal.
Speaker 2:Yeah, this weekend, at one of the days, I want to just go out and drive like to the keys and just like and just zone out like I just want to go.
Speaker 1:Gonna be beautiful this weekend.
Speaker 2:I hope so. Yeah, so yeah. Keep an eye out guys. We are. We are going to have an announcement at some point this gonna be very exciting. It's coming, we promised and if you haven't watched yet, go watch Anna's video interviewing Moish. Is that not his?
Speaker 1:name Moshe, I think it's on my Instagram. It's an art Ryan's Twitter, so both are Instagrams. We're collaborators on it, so go check it out. It's on Twitter. I tweeted it, ryan retweeted it. It's super cool. Yeah, it's gonna be on this new website that we're launching to, so stay tuned for that. Yeah, so all good stuff. And he was right. We're all right. It's it's. It's. It's about perceiving it. Should you know why I get excited about motion, seeing stuff like this? Because he clearly has a track record of Perceiving directionality, of how stuff is developing and where it's flowing. He's done this before and so he's right. Like well, once you open yourself to that in a up to that inevitability of change and the flow of innovation and people, you start to Perceive the ingredients and the patterns.
Speaker 1:Yeah and he was saying this 10 years ago now. Covid supercharged it and we are the city of the future.
Speaker 2:Whoa, we have someone. That was great. Thanks for watching and we will see you in two weeks with, hopefully, some new announcements and a new venture.
Speaker 1:Exactly. Stay tuned, hold on to your heads everyone and I'll talk to you guys soon.
Speaker 2:I.
