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 Miami Effect: Urban Expansion, Real Estate Trends, and National Demographic Shifts
As we edge closer to a major podcast landmark, we're taking a moment to soak in the extraordinary energy of Miami's metamorphosis and the magnetic pull it has on a diverse array of talents and dreamers. With every passing day, Miami defies the skeptics, cultivating a vibrant landscape of innovation and luxury that some media outlets seem hesitant to acknowledge. We unravel this and more, including the subtleties of the latest census report that sees Florida basking in a population boom, contrasting sharply with New York's shrinking figures. Plus, we dissect the unexpected ripple effects of housing policies that are turning the Big Apple's rental market on its head.
Tune in as we swap tales from the mat and mull over the potential for a gritty new podcast spun from the sweat-soaked world of jiu-jitsu, interlaced with the casual ease of Friday's libations. Our dialogue then takes a profound turn, contemplating the shifting sands of America's demographics and the deep grooves societal polarization is etching into our collective psyche. We navigate through the maze of Miami's real estate scene, acknowledging the economic waves that have shaped a new steady state of affairs. From the ambitious skyline projects to the gateway drama at Wynwood, this discussion promises a panoramic view of the city's ever-evolving backdrop, offering a rich tapestry of insights on the Sunshine State's surge.
Hello everyone. Welcome to episode number 18, almost 20 of Ryan and Anna on Miami.
Speaker 2:Wow, almost 20.
Speaker 1:I know.
Speaker 2:We need to have like a guess or something for 20.
Speaker 1:We do. Number 20 is a big deal.
Speaker 2:And we have people who are lining up to be guests.
Speaker 1:We do actually Look at that. We've come so far step by step, one day at a time.
Speaker 2:Yeah, you know, I've always, I've always said this it's really not about how many subscribers or how many views you get, it's the quality and who's watching 100%. And that I mean I go to, we go to a place all the time. We're like, oh yeah, watch your podcast.
Speaker 1:I know it's so nice. That's great, like you found it.
Speaker 2:Because the only promotion that we do is our social media.
Speaker 1:Correct, exactly, and just word of mouth. Yep, exactly, right. No, it's come a long way. Ryan's done a great job improving everything here. The transformation has been amazing.
Speaker 2:Yeah, I had some new mics. The sound should finally be up to par.
Speaker 1:Mics lighting, all of it, Because, you know, we only officially get older once a year, but it happens every day Gets them soft, you know. You know how it is, by the way, progressing one day at a time, much like the city of Miami. So one thing I wanted to start with is that some of the recent press attention Miami has been getting there are all sorts of entities are. There's this ongoing attempt to cast dispersions on the transformation and growth that our region is witnessing, and I think this goes back to this concept of human nature that people are resistant to change and they're attached to identity politics. They don't understand why things are going so well here or why we're bucking the national narrative. Maybe they're a little bit jealous, a little bit resentful, they don't like the politics, they don't like what it implies, blah, blah, blah, whatever it is. There are tons of newspaper articles coming out saying the state of Florida is in something, something real estate, and then they'll use a picture of Miami but not actually mention Miami in the story.
Speaker 2:I've sent you so many of them because I always find them, and there's been so many recently. It's like they all got together and we're like we want to find, like the cracks in Florida, like they're doing well, so we need to find, we need to find something to prove that they're not.
Speaker 1:Yeah, correct, exactly, meanwhile, usually, where these people are located, they don't need to look hard to find the cracks. They have all sorts of problems here. They have to dig, they have to dig, they try to find something. But it's just, you know, it's normal, it's human nature. The world is shifting and there's one tweet I shared with Ryan today showing the growth in office vacancies across, I think, the top 20 sort of metros in the country and it's astounding double digit growth in office vacancy. And that's that shift to work to home that I've alluded to before, and that's people reshaping life around the capabilities of the internet. And if just 10% of people change their behaviors at scale, that's enormous. And South Florida is one of the regions that's on the receiving end of this relocation of wealth and talent. And it's just, it is how it is the world's reshaping.
Speaker 2:And you know it's. That is interesting because that is just the vacancies right now. We still have really have not gotten to the point where those COVID era leases are starting to fall off. Correct, we're getting close, yep, but a lot of leases are signed for seven, five years and you know a lot of us were signed to 2019.
Speaker 1:Correct, and so we're at 2024 now and 2025.
Speaker 2:So we're getting soon to the point where those leases are going to come up for renewal discussions, correct?
Speaker 1:Exactly right. And, again, part of a main driving force in all of this, of course is is is people, is population, and we had a 2023 census report come out, I think a week or two ago, showing that once again, Florida is among the leaders of net population gain, both domestically and then internationally. We were number one, we're the number one net recipients of international migration and a part of this whole study that I found quite interesting this is actually comical. So the state of New York lost population, as in California, that pattern has continued and they actually said whatever force, whatever political force spokesperson commenting on this from New York, they actually said that New York should be recounted and it's not fair because while they lost population, they gained migrants. Really, yes.
Speaker 1:This was in the post. It was. Everywhere they're saying we have to redo the census because the migrants were not accounted for, and of course, my next comment to that was oh, are they going to vote next? So everyone, they've lost taxpayers, but they've gained migrants Again. I grew up in New York City. I loved it. I don't wish them ill, but you don't have to be a genius to realize that that's not good math when it comes to the state budget.
Speaker 2:Speaking of math, I sent you an Instagram reel yesterday talking about the 100,000 or plus vacant apartments in New York. Oh yes, and how it was a 2018 at the law 2017. Something like that. Yeah, and just you guys know it, but New York passed this law that was for, like, housing stability and growth or something, and basically, in simple terms, it set limits on how much you could raise a rent after someone moves out Right On a place that was already rent stabilized Right, so someone's grandma moves out after 40 years and was paying $900 a month.
Speaker 1:I'm making it up. On whatever property it can't go to market rent. It can only go a certain percentage increase related to what the previous person was paying. Yes, right.
Speaker 2:And the guy was touring someplace and the place was not glamorous luxury, it needed work. It needed quite a bit of work. Probably had lead paint, I'm sure. I'm sure it's the least of the profits, but it was just really interesting, because the landlords did that calculation it was more profitable or less expensive to leave it vacant. And so now New York City has 100,000 plus empty rent stabilized units. Yep, exactly right.
Speaker 1:Talk about nonsensical laws with weird rep rep, rep questions and you know people always talked about.
Speaker 2:you know, miami needs to introduce rent control or rent stabilization and this could be a whole podcast. But my thing about that is just look at cities where they have introduced rent control or rent stabilization practices. It never goes well. It never works and you end up with 100,000 vacant units. Yeah, 100%, we know how this script goes.
Speaker 1:It's been done before, basically, and we can see how it's gone before. Yeah, and then these measures are the initiative, again, of politicians who just want to get reelected. That's what drives a lot of the stuff that we know is clearly failed or doomed to fail future economic policy. It's politicians who just want to get reelected. They have no private sector experience. They can't get fired. There's no clawbacks. They're acting with. You know they can act however they want and that's how these laws get passed. And then so they kick the can down the road and they build that momentum cycle. Yeah.
Speaker 2:And I said this before in many podcasts the only way out is to build.
Speaker 1:Yes, Applying to men. That's it.
Speaker 2:And you just showed me an interesting graph.
Speaker 1:Yes, this is actually so shout out to my friend, kyle Goodman, who's the founder of MarketProof in New York. They provide great data on all parts of the market, but also their pre-construction pipelines, and he this section of the journal. He was quoted in the Wall Street Journal and it's a chart showing the condo pipeline and how much it shrunk since 2015 and then declined more post-2020 in New York City. Okay, and that's a very, very real thing. So again, all these articles talking trying to find sort of chinks in our armor and negative stories, there we have one of the most active construction sites we'll call a number in the country, in our city. Other places have massive shrinkage of pipelines, such as New York, and that's a future indicator. And now, anecdotally speaking, ryan and I were invited to two groundbreaking on Thursday and we could at last only go to one because they were at the same time.
Speaker 2:Yeah, and they were within like five blocks of each other, which is pretty wild, and they were both. I think the when we went to the Donut's one that was short term, was that daily?
Speaker 1:Yes, the Donut's project is a one day minimum.
Speaker 2:Yeah, and then the other one.200 Brickle by ARIA is. I think it's regular, but I think I don't know. Can you rent there? I don't remember, I'm not sure. But the cool news about that one is it's in South Brickle, west of Brickle Ave, and if you know Brickle Ave very well, it's basically like three story buildings and from the 1970s and a couple of single family homes, yep, so it's quite a long project. It's almost, I think it's like two or three blocks long, but it's only like eight or so.
Speaker 1:The ARIA one, yep, yep it's a mid-rise.
Speaker 2:It's a mid-rise, but it's like ultra luxury.
Speaker 1:I think both of these are in West Brickle.
Speaker 2:Yeah, they are, yeah, yeah, don't miss the West Brickle, no South Brickle.
Speaker 1:Okay, don't miss, was that West Brickle? We were in.
Speaker 2:It's kind of it's like Southwest.
Speaker 1:Brickle.
Speaker 2:It's like it's on this side of the metro metro metro rail track. So not to be a.
Speaker 1:I have no sense of direction Every time I do a. I was there too. I just never really know where I am. I don't drive. Uber takes me places, poof, there I am.
Speaker 2:You know it is interesting. You know, even with whatever is happening with interest rates and also that's happening, the amount of new projects and construction in Miami right now is just stupendous. That's a fun word to say.
Speaker 1:Stupendous residential sort of condos, multifamily Remember, on the multifamily front we've talked about this we have the highest number of units under construction as a percentage of existing inventory than any city in the country.
Speaker 2:Yeah, my friend Kevin is Miga. Hi, kevin, he posted a picture last week or this week and he posted a picture of when he moved in to his apartment, which is in like 2022 and to now, and like the skyline is all is like different in like in the span of like no, barely any time.
Speaker 1:It's amazing.
Speaker 2:Yeah so.
Speaker 1:All these are positive, forward-looking indicators, active building, all that stuff. It's the opposite of having shrinkage of inventory, just saying.
Speaker 2:And I don't speaking of other places. This is kind of a random side note, but did I talk about the Tampa video last week? Okay, so there's this girl in Tampa who does home tours.
Speaker 1:Oh, yes, you sent it to me, but we didn't talk about it.
Speaker 2:Yeah, so we did home tours of places in Tampa, I think like downtown Tampa. Anyway, she was talking to this sort of like only fans girl and I presume she's an only fan girl.
Speaker 1:Yeah, it was only fans girl.
Speaker 2:No, not her the person, she was the apartment she was touring, okay I think. Anyways, it was in Tampa somewhere, channelside or something. Anyways, I was shook by the video because it was a mellow quality building. You know, great vinyl floors like very not super great finishes. Two bedroom it was probably like 1100 square feet, no view, first floor, she was paying $3,700.
Speaker 1:Yeah, I remember, I was so surprised. I said for Tampa, for that.
Speaker 2:And it's like listen, I live at Canvas and I think I've said this, I'm not afraid to say it. I pay $3,300 for my apartment. Canvas is a very nice building, very high quality condo building. I have infinity views in every direction.
Speaker 1:Literally he sees everything.
Speaker 2:I pay $3,300 and I was shook because I was just like Tampa. No $3,700 for a multifamily building in Tampa. If you wanted me to live in Tampa, I've been to Tampa, it's very nice, but if you wanted me to live there, you have to cut my rent in half.
Speaker 1:Yeah, at least, at least.
Speaker 2:At least. But the $3,300 had no view, no water, not waterfront.
Speaker 1:It was sad looking. It wasn't like wow, okay, my place is awesome at that price there. Not really.
Speaker 2:No.
Speaker 1:Yeah, I know.
Speaker 2:Anyways, I was just kind of shook by that. And listen, tampa and St Pete are doing quite well, they're booming, they are, but for that price point I was shook.
Speaker 1:Listen, people keep coming to Florida. Those population numbers are for all of Florida, so it's going everywhere.
Speaker 2:Coming back to Miami, we got some pretty cool news last week. The mayor, hi Francis. They announced $83 million in federal funding for the underdeck. And, just so you know, the underdeck is the new linear park that will be underneath the new Reconstructed 395. A little bit of history about that. Back in the day when they built 395, it cut downtown Miami in half and back then the portion of downtown Miami that it went through is well today still it's called Overtown, and Overtown was they called it Harlem of the South. It was the largest black community in South Florida and at this, at the time, I think that was the only place where black people could live in Miami.
Speaker 1:That's right, they couldn't live in Miami Beach. That was the whole thing. When Muhammad Ali trained down here, he had to actually sleep off the beach.
Speaker 2:In Overtown.
Speaker 1:Yep and the Heritage Hotel has all that stuff, the suites where he stayed all those things.
Speaker 2:So with that in mind, they built 395 on purpose through Overtown and they cut it in half and through the most busiest commercial part of Overtown, which is sad. I mean, a lot of Miami is not unique in that In the 70s and 60s and 70s they did urban renewal and they built highways through a lot of historically black neighborhoods all over the country. So it's shocking. Yeah, it's sad, but in Miami we're trying to somehow fix it Not fix it but make up for it and what they're doing is they're Reconstructed 395. They're raising it about 30 to 40 feet, so it's very airy underneath, and they're building a linear park that will go all the way from where the interchange is now. The 95 and 395 interchange will go all the way to Biscayne Bay, so you'll have a walking connection from Overtown directly to the bay. That's fantastic it is.
Speaker 2:And the thing is is that the floor department of transportation is paying for the bridge. It's like $800 million probably a billion dollars by now but there was no funding for the underdeck part of it, because Florida doesn't care about that.
Speaker 1:At least FDOT doesn't.
Speaker 2:So we got the largest federal grant in Miami's history to fund the park underneath.
Speaker 1:That's amazing, fantastic.
Speaker 2:Yeah, and it's nice because 395 has sort of it's always functioned as like a wall, both psychologically, developmentally and just physically too. So we're in Overtown Edgewater Omni, where we are today. It's always blocked sort of the movement of people. So now, with it reconstructed and there being a park underneath, the movement of people and cars as well should be much better.
Speaker 1:So that's a real progress.
Speaker 2:That's history lesson for today.
Speaker 1:That's fantastic neighborhood progress. Yeah, I love that. And again as an example of how quickly things changed that wasn't that long ago when we had that segregation.
Speaker 2:Yeah, it really it was. I mean what? 50 years yeah?
Speaker 1:Plenty of people alive who remember it.
Speaker 2:Yeah, so you know, we can't undo it, but we can try and learn from the past.
Speaker 1:Yep, yep. And it's a great example of how today's reality does not have to equal tomorrow's reality.
Speaker 2:Yeah.
Speaker 1:And this applies to so much because people back then would have been resistant to whatever change they had too.
Speaker 2:Yeah, so what is next? What else we want to talk about?
Speaker 1:So we had Miami World Center updates.
Speaker 2:Yep, we have some. We do have Miami World Center updates. There are quite a few of them actually. We have first of all Adam Newman. He is building his little empire over there. He built, he bought the first Tower of Kaoba and he also bought the land for the second one. He's building a second Tower of Kaoba and it's going to be apparently like a wee work, but for apartments. So that's great. And then also at Kaoba, you have the plaza. There he's going to build a co-working space, a gym and retail on the other side of my World Towers. So you have Kaoba here with the two towers, and then on the other side you're going to have a three-story retail entertainment gym area on the Knights Pedestrian walkway. So that is that. And then we also have Gem, which is exciting Gem with a J, that's a brand new project just announced.
Speaker 2:Yeah, and that is going to be Kondo's.
Speaker 1:Yep 30-day minimum.
Speaker 2:Oh, 30-day minimums, Mm-hmm. Okay, and that's by Natalff.
Speaker 1:Natalff Talley.
Speaker 2:Natalff Talley.
Speaker 1:New York developer.
Speaker 2:Okay, cool, so that's great. And then we also have Block C, which is directly north of Paramount. They were going to build an office tower there originally but after COVID it kind of fell apart. So now they're going to do a Kondo hotel and something else retail, but it's going to fill. That's one of the last block there, like in the main area, that's unfilled, which will be very nice. It got approved by the Urban Development Board last week. So lots of good things happening in my World Center. Also, I saw that they have started clearing the. They've started clearing the. How do you pronounce it? Wiccough, wiccough.
Speaker 1:Wiccough.
Speaker 2:Wiccough. They've started clearing that area, okay, and that's going to be three towers. That particular area is really important because it's the connection between my World Center and Brightline.
Speaker 1:Okay.
Speaker 2:Because right now there's like a big chunk of land in between Brightline and my World Center. There's going to be three towers there, about 2100 units retail, some office space. There's also going to be a grocery store there.
Speaker 1:Exciting.
Speaker 2:So yeah, that will be really big. Just there's all kinds of things. Oh, you guys probably know this, but they paused legacy construction because they changed legacies design a little bit, because they added some additional land, but they forgot to update the plans. So they got to the 13th floor and then stuff wasn't lined up.
Speaker 1:Oh no.
Speaker 2:So they had to stop and redesign some things. They said it's good they caught it now, because they wouldn't have caught it now and the tower would have been closer to completion. They would have been very bad.
Speaker 1:Wow See.
Speaker 2:Yes, yeah.
Speaker 1:Glad they caught it.
Speaker 2:They had to change. Yeah, okay.
Speaker 1:What else? What else do we have? We do have that office. It's in the news with that foreclosure suit. This happens everywhere. So chinks in our armor or whatever it is. There is a property that is under foreclosure. It was in Windwood Gateway, what was it called?
Speaker 2:Yeah, the Gateway at Windwood. It's interesting that that just came out today. Listen, I don't know much about financing or those sort of things, but something is goofy there.
Speaker 1:It's almost leased right.
Speaker 2:Yeah, it's like they were selling leasing. So it's like they weren't getting tenants. I think somebody messed something up.
Speaker 1:Yeah, that's what it sounds like.
Speaker 2:It sounds like someone messed up the leasing terms not leasing terms, they were financing terms, or they didn't make the right calculation because they're almost fully leased.
Speaker 1:Something. There is Some things going on that I'm not aware of.
Speaker 2:Yeah, and it's also very rare to take a trophy building. I read that it's only like a $90 million 110,. I think, 110 loan, which the building is worth far more than that. Correct, and the land is so. It's not like in San Francisco or New York, where they're selling stuff for underneath value. There's something goofy on the back end.
Speaker 1:Yeah, there's something with the financing that who knows what won't arrive, but I think it'll sort itself out. It's a prime product, that's almost fully leased.
Speaker 2:Yeah, mindspace just moved in, and then what else do we have going on?
Speaker 1:I'm surprised it wasn't a Wall Street Journal headline, yeah.
Speaker 2:Miami.
Speaker 1:Office Building and Foreclosure. That'll be Monday's headline. Yeah, we've called it everyone. They're writing it now I mean probably I wouldn't be surprised Okay. And then we have Koto Brickle.
Speaker 2:Yes, so Koto Brickle is by the same people who did Aston Martin, and they do very interesting designs this one's like a triangle.
Speaker 1:It's like the same architect, do you mean? Or the developer? Oh okay.
Speaker 2:Yeah, koto, I think they're from Argentina.
Speaker 1:Yes, yeah, they have like a Like the Walmart or something of Argentina, right, is that what they do?
Speaker 2:Yeah, yeah. So they built the Aston Martin, which is almost complete Finally. They took them seven years, seven years.
Speaker 1:It's not an exaggeration.
Speaker 2:Yeah, it's like, come on. I drove by there yesterday and the river walk was almost complete. Oh nice, okay.
Speaker 1:Progress.
Speaker 2:That's great, because that's like the last chink chunk of the river walk.
Speaker 1:The frontage there yeah.
Speaker 2:That was crazy. That was the most expensive lot per size in all Florida.
Speaker 1:It's something like 1.25 acres, something like this right.
Speaker 2:Super tiny, it was over $100 million yeah. It was wild, but the views are permanently preserved.
Speaker 1:It's waterfront.
Speaker 2:And that's great because it's like oh, the brickel one is interesting because it's not in a super luxurious or hot area, it's kind of out there by itself and this is going to be a very nice property. Where in Brickle is it? It is on 8th. It is west of the Metro Rail tracks.
Speaker 1:Okay, so this is again a West Brickle story.
Speaker 2:Yeah, and it's kind of I think it's replacing the gas station there on the corner of West, northwest or Southwest.
Speaker 1:Second, All these gas stations disappearing.
Speaker 2:No, but you know, listen, I don't like. Look, I like trans much as next person, but like we do need some gas stations and there's only two Left in the urban core. There's one at Brahmin and one on the same street. They're right, both of that's it. Otherwise you have to go like way far to get gas. So that shall be interesting. Speaking of gas stations, there are two things happening. One is replacing that gas station. It's an office tower, the 36th tower, mm-hmm. They're got stations closed. They're clearing it. I know it'll probably take a while because there's probably a lot of environmental remit Remediation that they have to do. That's gonna be pretty crazy. And then across the street, the Denny's. They are tearing that out and they're going to make a multifamily with it with a Grocery store and renews.
Speaker 1:Ah yes, people are saying on Twitter they would have their one last Denny's stop.
Speaker 2:Yeah yes. You know it's funny, my best tweets are always like to random stuff like that like people. Like people love it, like Denny's okay, like a thousand replies. I know everybody loves Denny's yeah.
Speaker 1:I mean it going away party, get some pancakes, I don't know.
Speaker 2:Yeah, they're so. Yeah, that that there's a lot happening there also. So what you have happening there is you have behind sorry west of blue, the curve on the last tower, sort of on the row. There there's gonna be a condo directly behind, directly to the west. It's gonna be kind of small. Then you have tower 36 and then across street you have the Denny's and Then directly to the south of that you have I think it's called Vita edgewater. It looks sort of like the 2200 Brickle one. It's sort of the same design. But there's a lot happening right there, a lot.
Speaker 1:Exciting times it is. I saw an article to the Brightline had record traffic to record traffic requests, or something like this yeah, the Brightline, they're saying they are Capacity constrained.
Speaker 2:Yes, that was the phrase in in a couple of their tracks. Yes, they've had to limit the short term, peep, not short term, short distance, like from Miami to Aventura, because there's not enough people, there's not enough space for people who want to go to Orlando.
Speaker 1:Hey, people are using transit. Yeah, build it build it and they will come and they will come. It's a good thing.
Speaker 2:Yeah, it is good thing. And then, lastly, the update is PMG has rebranded central central Brickle to 120 Brickle and it's going to be a condo. But the interesting thing is it's going to come with a deeded office co-working space, so you've got like a mini office with each, each building. I mean each unit.
Speaker 1:That's very cool. Yeah, talk about house member. We spoke a few weeks ago about how Miami is building for a new demand, versus having to retrofit or destroy or not able to destroy and rebuild. Yeah so this is a great example. It's a building built in accordance to new demand. Yep, new post, covid demand yeah, fantastic.
Speaker 2:Yeah, and I think you know, going back to the stories of people who are sort of your favorite word, casting aspersions.
Speaker 1:That's your new. That's a casting aspersions yeah, casting aspersions.
Speaker 2:It's like you can always find drama and bad things if you look for it. Mm-hmm, always mm-hmm, and Miami is not immune. No look at this foreclosure thing we have going on. Or you know, one says one brookles in center is having trouble finding an anchor tenant. There's always going to be those stories, but you have to look at it into the whole picture, the 360 of it. Yep, and that's I Mean. That's how I look at it correct and remember the.
Speaker 1:The adage that I find is very much true is that those criticizing you are almost always doing less than you.
Speaker 2:And you know I'm gonna I'm gonna throw in a plug here. I recently got a new job. You may have seen that on all my socials, but with a very good friend of mine.
Speaker 1:It's so exciting. The two people I what's up talk with the most are now working together.
Speaker 2:Hi Nicola, hello, so yeah. So the company I work for now is called deep news, and deep news is an AI news curation platform and what it does is it scans Twitter and takes all the tweets, the sources, journalists, news, publications, and it takes all that and then it builds summaries of these stories that are unbiased and very like, almost like NPR. Mm-hmm, very just like AI writes it, not NPR, sorry. Associated press.
Speaker 2:Yeah so see a press like very associated, it's like it's perfect, it's, it's the, it's an AI associated press kind of yeah, okay, correct.
Speaker 1:And then it lists all the sources as well in the articles. To read the article, you have all the sources under it so you could follow. You can dig deeper and follow the story.
Speaker 2:Yeah, that's what I like is that it gives you. It gives you both the AI sort of AP AI Text portion and it gives you all the sources yep and it also gives you a graph about the story, if it's a positive or negative Yep, which I think is really cool.
Speaker 1:Yep, it's super cool. I'm a huge fan. I read it every day.
Speaker 2:Yeah. So, guys, please check out deep news. It's deep news with a zcom.
Speaker 1:And then Nicola and I also we do jujitsu together. We have all these overlaps. So I met him before jujitsu. I met him actually at the boxing gym in history boxing gym a while ago before ever, like maybe five, I don't know and it was that through a friend on Twitter, some crazy guy barbarian capital, I didn't mean called crazy guy. He's out there on Twitter, I think he's a Bulgarian guy he's. He says oh, you two know each other, you should meet. And then he connected us on Twitter. No, he said you both forgot the same gym. You should, but you should meet. And then I was at fist, your gym one day and I said hi, and then he was at Columbia. Briefly I went to Columbia but we didn't meet there to be overlapped there, I'm not sure. And then we met here and now we both do jujitsu. And then he has his company and now you're working for his company. This is wonderful. In fact I'm seeing him tonight at open met.
Speaker 2:Yeah, it's great.
Speaker 1:I I really have enjoyed working with it All we need now is for Ryan to do jujitsu also, and we'll have the whole complete circle.
Speaker 2:Oh no, honey, like does it? Does it look like I do sport?
Speaker 1:No, Not everyone is fit in jujitsu. There's regular people who come to open bad and do and that is a lie. That is not a lie.
Speaker 2:Everyone is like I.
Speaker 1:Just the boys I train with hi boys. Okay, my jujitsu open mat joke. So I'm often either the only girl at open matter, one of the few, and so I have this fantastic idea I'm gonna make a rash guard those are those little tight shirts that you wear for no gay jujitsu and I'll keep it in my bag and wear it on the occasions where I am the only girl at open mat and it's going to say I make this less gay.
Speaker 1:Oh, and you are always causing trouble and I'll just put it on and walk out and be like what, like I'm not saying anything. It'll be fantastic, thank you.
Speaker 2:Wow, okay, well, I think that you know I was telling Anna yesterday I was like screw this real estate podcast. You just need to go on and make a podcast about, like all these guys that you wrestle sweatily with the wrestle sweat.
Speaker 1:That's fantastic for a second.
Speaker 2:I'm sure we could get Hector on there.
Speaker 1:I have no idea what he's talking about.
Speaker 2:Okay, Well. I'll edit that one out.
Speaker 1:I think Ryan, you know he's day drinking today.
Speaker 2:It's Friday.
Speaker 1:Exactly. Who is it?
Speaker 2:Wow, okay, anything else. So I think I want to go back just to sort of wrap this up. It's like going back to like the stories to rebut. It's just very interesting and it's like they I remember all the press recently got to it's exactly the same effect as COVID, sort of. Okay, it's like that COVID, like back when we had COVID and Miami sorry, florida was doing better than expected. We're not saying it was great, they were better than expected, they were mad. They were mad and they couldn't figure out why. I'm not saying it was down to any one particular thing, but they were just upset, they couldn't figure out why. And so now it's sort of it's like the housing market and the prices are that it's like it's doing better than the rest of the country and they cannot for the life of them figure out why.
Speaker 1:So part of it when I talk about the identity politics is that when you look at the maps of where the population, of how the population shift, is occurring and again, I'm a registered independent, I dislike both political parties.
Speaker 1:This is not a qualitative statement, I'm just observing Population flow is very solidly going from blue states with higher taxes that were high lockdown to states that were the opposite, and that's just how it's going and that is triggering all sorts of identity politics and like weird morality stuff in people's heads. Where they disagree with the politics or identities of the states that are on the receiving end, they think they're evil, they think they're bad, they're mad that they're winning all of those things, and so I think that that's that's what's true, and America has extremely polarized belief systems where people think the other side is evil, like on both ends they it's like the enemy is evil and crazy, and in this case, the sort of beneficiaries of the population shift we're talking about taxpayers are states that were not locked down, that are not blue states and that typically don't have an income tax.
Speaker 1:And that's a very clear pattern and I think it's really triggering people.
Speaker 2:Yeah, I don't know. I just you know it's nothing. My whole thing is nothing is ever as good or as bad as it appears and I? That's a famous quote from someone I don't know who it is.
Speaker 1:Yeah, it is, it is correct.
Speaker 2:I think it's like Walt Disney or something. No, not Walt Disney, it's one of the like Mark Twain, walt. Disney people, mark Twain, I think, okay, nothing is ever as good or as bad as it seems. And we try on the podcast to like show both sides. That's the whole point of it, right? We're not. We're not just being like Mime is the best, like everything is rosy and perfect. It's not true. Every city has, every region has drama. It has good things and bad things.
Speaker 1:It's just people. People are people everywhere. Yeah, people are people everywhere, and it's also a function of what you choose to focus on and fill your life with.
Speaker 2:Yeah and like, listen, like today we reported on this foreclosure and you know we wouldn't do that if we were just like straight up money boosters 100%.
Speaker 1:Look before before COVID altered sort of our landscape here. Our luxury market was not in good shape. It was an oversupply, and I was one of the only people saying that to the press.
Speaker 2:So it is what it is yeah, and you know it's. It's the same thing like before COVID. You know they were basically giving away rent. I mean these like apartments in Brickle or you know, when I moved here, other than almost like a penthouse, my portion of it was $1,400. It was like $3,000 for a penthouse. Yeah, that today is closer to the total, is closer to $7,000, $8,000.
Speaker 1:Yep Exactly.
Speaker 2:So we, we weren't, it wasn't always this great, and the market is always what's that word? So not, not, not cylindrical, cyclical, and there's good times and bad times, but what really happened is that Miami's market used to go like this. It used to go whoosh, like that as far as I know, that's from what I've seen, but now it's just. It's just a little less rollercoastery.
Speaker 1:Well, the floor has risen.
Speaker 2:Yes.
Speaker 1:The floor has risen a lot yeah, so like we. The role of whatever the cycle is, it's at a higher tier.
Speaker 2:Yeah, yeah. So it's just, it's like smoothed out the curve, because by this point in 2024, we should have had at least two cycles happen, right At least, and as far as I can tell, we're still in the cycle that started in 2020.
Speaker 1:Yep, 100%. So the the rapid portion of it is well it's. There's been a sort of an abatement in the velocity of the growth right, but we're, we're, we're. The floor has risen. That's just what I keep saying. Lower price points have essentially disappeared on the floor. Here's a funny little stat for you. In Pomin Hibiscus Islands and Miami Beach, which are, of course, single family markets they're between Pomin Hibiscus Island there are four homes listed under $10 million. Wow, that's it. And all except for one are 1940s and 1950s houses, so tear downs.
Speaker 1:Yep Land value, and that used to not be the case. There used to be many listings below $10 million. Yeah, so it's just an example. Same thing I could every year. I do these articles with the Herald showing that the median price points across the zip codes in Miami, dan, broward County's and the minimum, like the ones with anything below $300,000. Just it keeps going away. The floor of the market just keeps rising. It's a pattern throughout.
Speaker 2:Yeah, and you know it's, it's. It's like the same thing with offices Before COVID in Miami. You were hard pressed to give away offices that weren't for financial companies banks and whatever.
Speaker 2:Now we have people, we're running out of those class A offices that tech companies want and we're having to build it because people want it now. They didn't want it before changing things in COVID Right, resetting things Exactly, and you know it's interesting that is, I've seen this before. But one of the interesting things about Miami is that before COVID, miami had what I call a reverse downtown. Okay, and reverse downtown is when you have more people living in downtown than working.
Speaker 1:Right Just unusual.
Speaker 2:Yeah, most cities like San Francisco, new York City, la, more people go in, go in there to work than they do to live, and then you have people commuting out to the suburbs to live. In Miami we had the other way around. We had people living in downtown Miami and then going out to like Doral or like coconut grove for work, but now we're starting to get people who are live, work and playing in the downtown core Exactly, and that is entirely new. Yep, miami, downtown Miami. Even Brickle used to be dead after 6 pm.
Speaker 1:Oh yeah, now it's hopping, hopping Tons of people.
Speaker 2:Yep. So you know, it's just, it's all about the shifts and there will. There will always be shifts, there will always be change. But One of the things I really adore about Miami is that we aren't afraid to fully take advantage of those shifts and those cycles.
Speaker 1:I think it's because we're such a new city. We're such a new city, we're room for it and we have this good energy of the people that are coming.
Speaker 2:Yeah, and we're not afraid of the past.
Speaker 1:Because we don't have much of one. Yeah, it's actually 100 years. What's 100 years? Yeah?
Speaker 2:It's like you know, we aren't afraid to tear that thing down and build something new.
Speaker 1:Which is a good thing.
Speaker 2:Oh, speaking of tearing down drama, I totally forgot about this the addition drama in Edgewater, the thing about the HOA they oh, yes, yes, yes, two roads. So, if you guys may have seen so, in Edgewater there's a project that is going to be by two roads. I think that's who it is. Two roads development, yeah, and they bought out Biscayne 21, which is an ancient, more or less built in the 60s condo building, and back then the HOA docs were written so that you would get 100% of.
Speaker 1:This is for the condo sellout, yeah.
Speaker 2:Yeah, so that has changed in modern buildings To 80?. It's 80. But apparently there was some shenanigans. I don't know. I don't know the details, but apparently it got changed from 100 to 80. And it's been in the courts for a long time and a lower court just ruled that they were Someone was the developers were wrong for changing it from 100 to 80.
Speaker 1:Right, right, right, meaning two people can kill the vote. Yes, which wow?
Speaker 2:But the thing is, it's crazy is because if this ruling stands, you will basically not be able to terminate older buildings.
Speaker 1:Which is not good for the buildings. Old buildings can be like boats. You're just throwing money. Good money after bad, good money after bad, whatever the expression is yeah. And then many older people in fixed income. They can't afford it, they can't afford the repairs, they can't afford the assessments and these things are not going to last forever. Yeah.
Speaker 2:And so now I don't really even understand what's happening, because they offered the people above market value, they got paid more money, and I just don't know what these people are trying to get at.
Speaker 1:I have no idea what their upside is.
Speaker 2:I don't get it. But apparently the damages, if it stands, are in the hundreds of millions of dollars. That's how I read it. But there's no way. That's crazy. I don't see this standing in a higher court, so I think it might go to the Florida Supreme Court, but I don't think it just it leaving it as is would be just bad.
Speaker 1:Guys, take your money and run like take your money a bad ship, it's for the best.
Speaker 2:Yeah, anyways, it's just. But the whole thing is now it's frozen, they can't do anything. Here's the thing the building's gutted, it's just not demolished. Oh really, yeah, so it's not like they can move in, like it's not going to move back in so bizarre. So it's literally just some sort of like black Not blackmail. It's almost like an extortion on the developers. That's crazy.
Speaker 2:Yeah, it's gutted, it's not funny, it already left, yeah, oh god, yeah, the FPL turned off the power, the building's gutted, wow. So yeah, it's. Anyways, it's drama to add to the mommy drama. You know I was talking. It was funny. I was talking to this at the groundbreaking for Domus. I was talking to this older real-world lady. She was very wonderful and she was asking what I did. She asked if I was a real-worlder and I was like, oh, no, honey, I'm not a real-worlder, I don't want to be one. That's why I have her over here. And she's like oh, why are you buying real estate? I'm like, I just like the drama. And she was like, oh, oh, whatever do you mean?
Speaker 2:It was great. She was like very, you know, sort of like classic real-worlder, like.
Speaker 1:Miami groundbreaking's are fascinating.
Speaker 2:Oh, or, this groundbreaking was fabulous. It was like across a summer picnic in the Hamptons and. I don't know.
Speaker 1:It's very interesting.
Speaker 2:It was like you know, all the girls were in linens and like bodycon dresses, the guys were in like three-piece suits, I know, and there's mimosas, there's coffee and no food. There's mimosas. There was coffee and no food. I literally had like a mimosas and a coffee.
Speaker 1:You were double-fisting.
Speaker 2:Yeah, it was quite something and we took a lot of photos on the construction equipment.
Speaker 1:That's right, and Ryan's secret Ray-Ban spy glasses.
Speaker 2:They were fun, those are fun. You need to get some.
Speaker 1:I'm going to go to the store and try on the frames.
Speaker 2:Yeah, you would have fun with that it's in Winwood. Winwood and my World Center. Okay, you would have fun in Jiu-Jitsu too.
Speaker 1:He just wants training footage. Yes, but again, he could just do Jiu-Jitsu also.
Speaker 2:I'll just sit on the sidelines and just like eat popcorn.
Speaker 1:We're going to try. I resisted for a year and a half. I didn't want to do Jiu-Jitsu. Coach Dino spent a year and a half convincing me and now I'm like the neighborhood drug dealer. I'm like here, little boy, try the first one for free. You want to do it?
Speaker 2:I love it. So, yeah, well, this has been great, super good. I like this new setup.
Speaker 1:I know we have our board here with the lights. It's great.
Speaker 2:We can't see it, but we added a board here with the stories on them because we both had ADD and we're both just would ramble.
Speaker 1:Yeah, there's so much. Exactly, it's super smart.
Speaker 2:And there's so much going on in Miami that we would be hard pressed to remember at all.
Speaker 1:And then, when Q1 finishes which it will soon I'll have a great report that will be actual data and not this anecdotal. Miami is sinking nonsense.
Speaker 2:You need to make your next report really sassy. Okay, like, so we can like staple it on these people's doors.
Speaker 1:We'll do something fun.
Speaker 2:And we, I know we've been saying for a while we do have a project launching soon, right it's?
Speaker 1:coming, it's coming. Yes, he's like right.
Speaker 2:I'll believe it when I see it.
Speaker 1:Yes, it's coming, it's coming everyone.
Speaker 2:Yeah, it'll be exciting. We have a new venture starting, so it's very exciting. So all right, guys. Well, thank you, thank you for watching and we'll talk to you guys soon. Bye-bye.
