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 Great Migration: Tax Exodus, Miami Real Estate Trends, and High-Income Housing Solutions
Could the decision to move be a game-changer for your financial future? This episode unpacks how high tax states like California and New York are losing residents to more tax-friendly regions. We analyze the impact on state budgets and the new real estate projects sprouting up to cater to these migrating populations. Learn how COVID-19 has influenced these shifts and what developers are doing to attract high-income individuals, with a spotlight on an exciting boutique project in Miami Beach.
Condo owners, feeling the pinch of maintaining aging properties and looming assessments, face unique challenges. We explore innovative financial solutions designed to help those struggling to secure traditional loans and discuss proactive strategies such as organizing finances or opting to sell. With examples like Biscayne 21, we highlight the human element in real estate negotiations and the intricacies of property redevelopment.
The Miami skyline is changing rapidly, with new developments in North Edgewater and Brickell catching our attention. Discover the latest on projects like Hamilton House, Casa Forma, and the Waldorf Astoria that are redefining the cityscape. We also touch on personal notes, from culinary adventures at Bloom to the highs and lows of competitive sports, and express our enthusiasm for an upcoming collaboration with OnX. Join us for a lively discussion filled with professional insights and lighthearted moments.
Good stuff. So we're on episode 25?.
Speaker 2:Yes, we are on episode 25. Let me get back to the cameras correctly. There we go. You're still coming off of your exciting thing in Rock the Market. I saw the clips that you did.
Speaker 1:Oh, I got the full video from the association, the full 17, 18 minutes. However, it is long that I spoke for and it's really good. Sometimes it's so funny because when you're talking it's like you forget everything that you've done. You don't look at it from the outside and everyone applauds, everyone is wow, it was great. And I'm like, oh cool. And all I saw was little low res, like poorly taken clips from people's cell phones, and it's hard to get a feel for the whole presentation.
Speaker 2:Yeah.
Speaker 1:And then I got the whole thing. I put it in Opus, this great tool. I got clips.
Speaker 2:And you looked great too. You had the black sort of suit on the ponytail, like it was he was fun yeah, it was.
Speaker 1:I had the black leather pants, the jacket, discussing charts. It was great. But I'm going to post the whole thing on my website because everyone asked me where can I find the whole presentation. So I'm going to post the whole thing. It's 18 minutes. Watch it. But I posted a clip today on a topic that really went viral off of Twitter this last week. It's the topic of migration patterns across the country. The map was very helpful. Yes, and that is something that I've been using now for a few years and I update it as every year or however often we get new census data or IRS data. But it was something that I started introducing back at this, right in the immediate aftermath of COVID. And it's on the point of identifying primary drivers of momentum. That's really the key, because if you can identify what's pushing the market that you see in front of you, then you can identify sort of directionality.
Speaker 1:But you have to identify the prime forces, because they build over time, they don't just reverse, and so one main thing that I recognized early on was that we have a tremendous migration of actual taxpayers underway. And that's very important because taxpayers they can move, they can develop. Usually they have jobs that allow themselves to work on the Internet and so forth, and a tiny percentage of people account for the vast majority of tax revenue in a given location.
Speaker 2:Yeah, and I've talked to this before in many podcasts that the COVID thing and the pandemic thing. It just let people who could move wherever they want. Correct, I would say the middle, mainstream, middle class, whatever they weren't as affected by what you're talking about as the people in the upper tax brackets.
Speaker 1:Correct, exactly right, exactly right. And so we have all these charts showing just arrows In the top. I juxtapose two charts. I have one chart that has just simple arrows showing the directionality of the migrations out of California into these places, out of New York into these places, and it's very clear and I juxtapose it right. Next to it, I put a picture of the marginal tax rates across states. Okay, and the pattern could not be more clear. And I made a tweet earlier this week with something that shows net increases in income by net as a result of domestic migration. Yes, meaning which states gained income, which states lost income of people moving.
Speaker 1:And it's the same pattern. It's exactly the same pattern, and so what I said was that it was blue states that were high lockdown. And I say this as a registered independent. I'm not a Democrat, I'm not a Republican, but the pattern is just so obvious that you just have to just look at it. It is what it is, and this got retweeted like crazy that simple chart. And then I had a segment because I discussed this at Rock the Market too. It's a theme that I've been discussing over and over because it powerful. As actual tax payers migrate out of certain states, they're going to accelerate the gaps in those states' budgets and that will lead to further, in my opinion, socialist policies as they increase their hostilities towards capital. That's what we're seeing. This is just early days of the country's transformation.
Speaker 2:Yeah, I think it also goes with like that. It relates to the development and the products that are happening here. Yes, 100%, because you're still seeing projects launch and the products that are happening here?
Speaker 1:Yes, 100%.
Speaker 2:Because you're still seeing projects launch and take off that are built for those tax brackets, correct? And I think if there was any sort of slowdown, developers would not be launching those type of projects. Correct, like they would be shifting to something else, to more local. But they're not. They're still focusing on the incoming from both the United States and around the world.
Speaker 1:Correct. And then there was something in the news yesterday. It was this developer. He built the Bellagio. They're doing a small boutique project, 25 units on the water in Miami Beach starting at 5 million and he actually said that it's not even for the Latin American audience, it's explicitly for the New York migration.
Speaker 2:Oh, wow, yeah, oh, is that the Raleigh guy? No, no, I'm blanking on his name, right now.
Speaker 1:He built the Bellagio. He built the Bellagio. Whoa Is?
Speaker 2:that, steve Wynn. No, oh, the Bellagio the condo. Oh, the Bellagio At 15th Street and Ocean Drive. Yeah, sounds like the Bellagio 14th and Ocean Drive. That's right.
Speaker 1:I don't know Condominium and it's a boutique project. They just announced it there in the paper today or yesterday. So they're launching sales just now and it's super boutique, starting at four or five million and the developer said that it's past the price point at which he targets Latin American buyers and it's explicitly made for the New York migration.
Speaker 2:Okay, interesting. Wow, yeah, we were talking about it last time, but 830 Brickle is setting records, or set records for lease, and these are people who are coming from out of state or out of the country.
Speaker 1:Right.
Speaker 2:And when you have those people, you bring along people, executives and owners, whatever that have the money to spend on those super boutique Ocean Drive condos. Correct, they're not interested in Casa Bella over here, they want the super exclusive luxury.
Speaker 1:Correct. Over here they want the super exclusive luxury. Correct Because you know what, even though it's super exclusive and luxury and uber luxury on a historic basis for Miami, on a global level, it is not expensive on a price per square foot. So we're drawing in the highest earners on a global ranking but offering luxury products that are priced at a price per square foot that is below the same product they would get in other global cities. It's a deal. Still is what I'm trying to say.
Speaker 2:I get entertained by that and I have to remind myself of that all the time, because Miami, for all its upward trends, we're still so far below the rest of superstar cities and other places. It's very expensive, but it's not even close to some of the other places, and that's wild.
Speaker 1:If we're looking at somebody who wants the best of the best wherever they live, and that is a certain buyer who wants. I can afford it. I want to live in the most exclusive, the nicest place, wherever I happen to be. The nicest things that we're building here, even though they're, again, historically expensive for Miami are still two, three times less on a per square foot basis than in other established global cities.
Speaker 2:Yeah, and I think at all times, because I live across the street here and I live in a luxury building per se, not like ultra luxury, but luxury.
Speaker 1:Nice yeah.
Speaker 2:Nice and I pay around $3,300 for a thousand square feet. If that was in New York or San Francisco or anywhere else San Francisco's dropping down it's dropping but in its heyday that would be close to, probably close to $10,000. Yeah, for the neighborhood and the view and the amenities, and probably not the same amenities.
Speaker 1:But like no, because it would probably be older. Yeah, be older yeah.
Speaker 2:But it's just that, as always, I have to remind myself of that that yes, it's a lot of money, but it's not anywhere near.
Speaker 1:No, and neither is that top tier Whoever's coming down who thinks that I need to live in the best possible product offered in this city? The best possible product here is still far less than a per square foot basis in the best possible product in another global city.
Speaker 2:I think that gives us room for growth, because we still haven't hit the top of it?
Speaker 1:No, we haven't.
Speaker 2:Yeah.
Speaker 1:So one again on this topic, one chart that I publish all the time that I feel that people still haven't quite appreciated the nuance of it. I'm so glad this thing was retweeted. About the maps I've been talking about this thing for years. Another thing I've been emphasizing is the disproportionate growth in sales past high prices per square foot, okay so past $2 thousand and one thousand dollars a square foot, because that isolates for a new prime product.
Speaker 1:And that's where the differentiation is in the pre and post COVID realities. Past one thousand, past two thousand square foot, we are five to ten times higher transaction volume wise than pre COVID.
Speaker 2:And that's that new product Interesting, yep. Yeah, you know it's funny. I feel like we've been on this vendetta against this Newsweek article for two months.
Speaker 1:Oh, the Daily Mail has one now too. You're saying Daily.
Speaker 2:Mail. No, it's like a crisis, it's like a whack-a-mole.
Speaker 1:It's all this broken telephone. The Daily Mail had an article that I'm sure it's a product of the broken telephone. That started with Newsweek saying condo oh, biggest disaster since the crash, or something. That was the headline of the Daily Mail and I'm like, what are they talking about? Like, how is this even remotely true? Condo pricing for the month of July was an all-time high for the month of July, up year over year. So flat one, one and a half percent, whatever it was. But okay, that's not a disaster. Inventory is still over 30% below where it was pre-COVID, even though it is up year over year. We have heavy cash involved in the market. Where is the disaster? So older inventory, of course, is in trouble. We've discussed this because they have to now have reserves. That law is coming into effect. But this is not a disaster. The biggest disaster is what are they talking about? It's just not true.
Speaker 2:Yeah, I know, I keep seeing it over and over again. I'm just like I just it's like they see an idea, like a glimmer of an idea, and they like expand on that idea, even though it's almost like how AI works, it's like a hallucination. They're like, okay, here's an idea of it. We're not quite sure of all the facts and data, but we'll just hallucinate the generalized part of it Right, and they have no data.
Speaker 1:They use anecdotal pieces. Oh, this particular listing has been decreased. In any market you're going to find problematic properties and big decrease. Okay, great, you found one. Yeah, but they never showed general market statistics ever. The whole article didn't have one general market data point, not one, yeah.
Speaker 2:It's great Wow.
Speaker 1:I know Makes you wonder what else Pressmas reports on, but I won't go there, yeah.
Speaker 2:I was speaking of the older condos. I sent you the story yesterday about how the legislation is not going to call a special session. Yeah, because everyone thought they were going to call a session and save them, and save them and I maybe I'm just I don't know I knew that wasn't going to happen.
Speaker 2:florida is, from my eight years of experience here. They don't do that. They're not the type of state that's going to. They don't go out of their way to do that sort of special session thing, right as far as I can tell, and it seemed like all of the people were waiting for them to do that and save them with a thing.
Speaker 1:And I'm like it's not going to happen. It's not going to happen.
Speaker 2:And so now people are really panicking, correct, because? And so now people are really panicking because now they have until December 31st to have their ducks in a row, and I think I've been saying this. So I think January we are going to see a massive crush of older inventory on the market Just massive. People are going to have to sell, correct? You know what I would I was thinking of this yesterday If I was a financial banking person. I would be right now thinking about a new financial product for these condos. I don't know what it would be, I have no experience in that, but I would be thinking because there's going to be so many of them that it's not going to be. They're not all going to be able to get to the traditional bank loan for it.
Speaker 1:So if I was a bank, you mean for the individuals who have to pay? Or something, or it's like a non-traditional way of doing it, because it's, I don't think they're going to be able to sustain no, and honestly I don't really see what their salvation is, because it's going to be a band-aid these buildings are going to require. It's like it's going to be throwing good money after bad for decades.
Speaker 2:Yeah, there's just I don't know. I'm not sure what the answer is, but the lady, whoever was the legislation lady, whoever was doing it, she had a good point. It's not our job to fix these buildings, it is not it's our job to make sure that they get fixed. It's not our job to fix them Correct.
Speaker 1:That was like her sort of. It's their job to prevent another disaster.
Speaker 2:Yes, Like that's what she was saying Prevent disaster but we can actually do it for you. Yeah, and it's if and I feel from these people. But some of these people got put over off maintenance for 20 years or more. That's right that they willingly either turned a blind eye to.
Speaker 1:Right.
Speaker 2:Or just were like we'll do it later, Right?
Speaker 1:Exactly.
Speaker 2:So now it's like you can only kick the can down the road so far, correct and then you hit a wall Correct and the problem is, all these cans are getting kicked on the road, are getting are hitting a wall at the same time. So I'm not sure the reporting is going to be very interesting in January. If I had an older condo right now I don't, but if I did I'd be doing two things. I'd either be figuring out the finances to get whatever assessment coming up that I had to do I'd be getting my ducks in a row for that. I'd be figuring out how to sell at losing the least amount of money, like I would be selling now or I would be being proactive and working with the board and other owners to figure out if there's a redevelopment in play. Those are the three things you can do right now. That's it. There's not a really a fourth option.
Speaker 1:Nope.
Speaker 2:Unfortunately, nope, I don't know. Oh, speaking of old condo buildings, I was scootering around edgewater and as I do, and there's a lot of new equipment at at at biscayne 21 I saw you posted and I was like, I was like two roads must be, must have some there's some progress there with that lawsuit.
Speaker 2:Yeah I think. I think they might have heard, like through the grapevine, that they're going to get a favorable ruling because there's a lot. They brought in all of the. When they do the demolition on the water, they have to do like the cofferdam around it to keep the stuff out, and so they brought in all the metal cofferdam pieces.
Speaker 1:They got some news. They wouldn't do that for nothing.
Speaker 2:Yeah, and, honestly, two Roads is still selling at their sales gallery right there, so I just I don't. I'll say this I'm always a person who picks battles Always have been. If I was an owner at Biscayne 21, my battle would be how much money I'm going to get out of it, not trying to hold off the whole project.
Speaker 1:No.
Speaker 2:It's done. It's done, but how much money am I going to get out of it? You know how they end on the movies they write it on a piece of paper and slide it across the table. That's what I'd be doing. I'd be like here $10 million. Whatever, I'll go away, we'll withdraw the suit.
Speaker 1:Hopefully there's no lunatic involved. There's always a lunatic.
Speaker 2:There was that lady who said she was moving back in she wants to move back in.
Speaker 1:Move back in Into what?
Speaker 2:Into a shell into a shell.
Speaker 1:The last lady who sold at the Monad Terrace site in South Beach. She held out. Monad Terrace was built on was it 13th and West Avenue and before it was built that's a JDS project that was developed before COVID. Anyway, before that building was built at that site there were two rows of houses that were built in the 1950s and it was maybe like was it 12 houses total Six, six, two rows, something like that, and they all had to sell because they wanted to develop that site. There was one lady who was a holdout and she had not even the waterfront too. She was like in the middle of the piece of land and I think that the cheapest sales were like 900,000 to like something. This lady got millions for her house because she was in the middle of the lot. She was like whatever, michaelael stern, I'm not selling I think she got like seven to nine billion. I forgot. It was a lot like 10 times more than the first person who sold grandma's a grandma good for him take his money.
Speaker 2:But but it's, it's exactly that, it's okay. It's the same exact thing with that guy in coral gable with the plaza.
Speaker 1:Yes, same thing they built around him they did, but it's it's.
Speaker 2:I get the human nature of it. I understand that it's mine. My parents get whatever I lived in my entire life, but at some point you have to move on from I don't know, I'm not sure what causes people to be that stuck in the sand. There's always a price, there's always a thing that will make people go. Okay, I'm going to move one would think one would think. And then when you die, whoever's left is going to sell it anyways anyway, nobody wants it.
Speaker 2:Yeah, I know so human nature is a funny thing yeah, it was interesting speaking of the scooters around, I did it's. It's interesting, even with this post-covid high interest rates, tough development, there are still things popping off in miami, at least in the greater downtown area, and it's interesting to watch because I think I wasn't in, I was into real estate for the last recession but or even whatever we had in, like the many ones we've had in between, the things are still like moving here. If you watch construction sites, you can almost see it. You can see like when they run into issues. At least I can. I mean it's because I'm like partly autistic, I don't know, but on the spectrum, but I can tell the moment.
Speaker 1:You must see what's happening there.
Speaker 2:I can always tell them the moment they run into troubles. And every construction site that I monitor around Miami is full bore, yep, full bore, yep, even from big to small. I took a picture yesterday of Hamilton House by Amco up in North Edgewater. They have their construction stuff there. They're doing it. They did chop it in half, though. They're only going 38 stories. They made it a short king. They took it from six foot to five. Seven Wouldn't work for Anna.
Speaker 1:But Aladdin tall and I wear heels. Sorry, I'm an extravaganza.
Speaker 2:But anyways, yeah, but they're building it and there's so many projects. Casa, whatever it's called, now Forma is about to open and they're starting work on the whole foods that goes with it, and I know that Forma is, I think, like a two or three tower project eventually. So there's going to be more there. Yeah, I'm not, I was just. I was running around Edgware this week and Brickle and everything is just it's going, it is.
Speaker 1:It doesn't feel I don't feel the slowdown?
Speaker 2:I don't feel any slowdown. You feel like the energy is moving, yeah, yeah, it feels like it's moving, everything from the dolce and cabana building that's coming up to what had gone vertical.
Speaker 1:You posted something that was oh, waldo for story that's right, that's right waldo for story that is wow.
Speaker 2:this is crazy. We have the waldo, fororia and Ocon going vertical at the same time. That's right. And also Mercedes-Benz places Correct. All three of those are out of the ground and vertical. Amazing, that is something.
Speaker 1:It really is. That was like from the window when I took that video and I was like Ryan, how many units are in the snapshot?
Speaker 2:Yeah.
Speaker 1:It was like thousands, yeah, close to 3,000.
Speaker 2:Yeah, yeah, it was like thousands. Yeah, close to 3,000. Yeah, yeah, in a very small area. But listen, miami, we launch and build projects every day. It's what we do, but we have two or three supertalls coming out of the ground at the same time. It's pretty awesome, that's impressive. That is impressive. And they're all in their various areas, they're all going to be skyline-defining things.
Speaker 1:Correct.
Speaker 2:Transformative projects, to be skyline, defining things correct. Transformative projects yeah, they're not like a mellow project, it's just a box. They're all like transformative. Yeah, they're all something I. I don't part of the evolution of the yeah, I will say, though, the, the waldorf astoria is gonna look funny for a couple years. It's a thousand four nine feet tall, and the closest thing around that it's like 700, so it's gonna be like it's like a middle finger, like just on the.
Speaker 1:It's kind of awesome, it's just it's going to be like it's like a middle finger, like just on the.
Speaker 2:it's kind of awesome. It's just it's going to be cool, it's just going to be like by itself for for a minute.
Speaker 1:Some sick views.
Speaker 2:Yeah, with some. Really you know what that listen. I like tall. I'm perfectly fine at my 30 floors.
Speaker 1:Yeah, Like I would be at my 30 floors.
Speaker 2:I'm on the 30th. Yeah, Like I would be.
Speaker 1:I like being super high.
Speaker 2:I do. I'm not trying to want to live up there all the time I could.
Speaker 1:Really, the higher the better. I still, I get a kick out of it.
Speaker 2:For me. I want to be a little bit connected to the street view a little bit. I just want to have a little. I want you to. If I was on the 60th floor, yes, sure, fine, but I think there's a diminishing law, diminishing whatever.
Speaker 1:Yeah sure, Once you're super high, you're super high. You can't fill the street anyway and you're this high.
Speaker 2:Yeah, and also when you're that high, if you're that high in Miami, you basically are, just you're seeing the horizon Correct, because there's not many buildings that are.
Speaker 1:Correct, you can watch the other ones pop up around you, yeah yeah, the you were at.
Speaker 2:You were at gale. That's where you took that photo of that's right.
Speaker 1:That was from the 37th floor of the gale residence is facing. Where was I facing? I'm just west west direction and I was like, oh, look at the crosby, it's okay. The arga groups, the mellow groups, twin tower project, and then what else was in that picture?
Speaker 2:it was a lot there, was it? What's there is Ocon there at downtown six. It's going to be playing out, that's right. Crosby, miami World Center, 600. 600, correct. And then just off to the left would be 501, first Correct, and then Walter Fitz, down Nice. Also, in that generalized area you have the hub residences across the street from where Publix is there. I was by there and so there's two projects right now that I'm really wow, because where the Hupp residence is going, that was a project they started, I think, in 2006.
Speaker 1:Really. The wreckage that was there.
Speaker 2:It started like 2006, I think, and it was going to be like an office tower called the Crystal Tower or something, and it died, I think, right during the recession recession and it really sat there from 2008 to to now. But it's demolished, the land is clear and I was like it gave me a little bit of like tingly as well. Okay, whoa, this is like actually, because there's certain plots of land in miami that I just I've seen empty or blighted for so long. They just want to register. My head is always that, and when something happens, I'm like whoa, it's happening.
Speaker 2:It's happening Also with Mast and Cipriani that I made a joke. That land has been excavated three times for no, this is the third time it'll be excavated for potential projects They've excavated it. Oh, that's right, they've excavated it and filled it in twice.
Speaker 1:Third, build it in twice. Third time's a charm. It's like an Indian burial ground. They might find artifacts.
Speaker 2:No, like in Poltergeist, because at one point you could go over there and there was like three failed signs of projects from that lot. I just, and then I was there and they dug it out and they're doing the pilings for Cipriani and it was just like, wow, this is actually happening, it's awesome. And then also right over there by on brickle, is that land is clear now also down the road where the saint regis is going, that tower is halfway demolished. I think the whole point of it is there's velocity and momentum in a way that I don't think is happening anywhere else no, I can't think of where else yeah.
Speaker 2:I mean that map from a couple of years ago and a couple of years ago, a couple of episodes ago, where it was like there's 90 high-rises under construction in Miami and like 30 on the entire West Coast. That's correct, ouch, yeah. But like I said, there's stuff happening here. I'm excited about it. And even beyond high rises and luxury products, there are dozens of projects in Wynwood alone rental projects that are coming online in the next six months to a year, like just so many of them.
Speaker 2:So I don't know. I'm excited about it. I think as long as the country doesn't completely fall apart, which might actually help us, we'll just Not to be totally morbid about it, but to find totally falling apart.
Speaker 1:Honestly, this is why I'm not even so attached to presidential elections, because they're a manifestation of where we are in the cycle. They're just a reflection of internal disorder at this point and a little bit agnostic. It's going how it's going and so the country is just going to keep polarized, regardless of who's elected, and that polarization is going to keep feeding our market.
Speaker 2:I think I'm a. I love sci-fi and dystopian movies. I love it, sorry. And I think if we ended up in a dystopia and the United States collapsed, just whatever. I think Miami would not secede because the country's already gone, but, like whatever it would like be its own thing, it would, just, it would become the actual capital of Latin America. Sure, I think.
Speaker 1:Yeah, that makes sense.
Speaker 2:I think it's so ingrained, it's so close to the Caribbean and Latin America. I think it would just become sort of its own, like a Florida. It was like.
Speaker 1:Singapore. Yeah, like a standalone banking center.
Speaker 2:Yeah, exactly For Latin America. Yeah, speaking of the maps, I saw a meme on Facebook yesterday about, you know, the movie the Hunger Games. It divided the United States into Hunger Games districts and we were district four, I think, and it included the whole South and then Florida and Texas and I was like the rest of the country's screwed. Can you imagine putting Florida and Texas together in the Hunger Games sort of style and also you get New Orleans with the Cajuns and all that? Oh, speaking of Cajuns, totally random ADD moment I was watching, watching whatever I put on the background, princess and the Frog from Disney at the base of New Orleans, and it totally triggered me because I was like I love New Orleans food, cajun and Creole Like it doesn't exist. Popeyes, does not count.
Speaker 1:Here you mean.
Speaker 2:Anywhere. I didn't find it on the West Coast, that's true. You're right, I didn't really find it in the Northeast when I lived there I've never lived in New Orleans or the Deep South I was like I love the food, but you just can't find it anywhere correct and no one has you have. If you want American Northeast food, you have Boston Market, you have the. California has their coastal grills and never, like New Orleans, has not successfully exported their style of food to the rest of the country.
Speaker 2:I think people would like it yeah, and you can find Creole food, but it tends to be in like really high end French fusion places that cost $300.
Speaker 1:Right.
Speaker 2:For two people.
Speaker 1:Right, it's not.
Speaker 2:There's nothing like a I don't know.
Speaker 1:That's a good point.
Speaker 2:Anyways, if someone wants to do a franchise for that could be a good idea. Oh, that new place that I posted about yesterday that's called Bloom.
Speaker 1:Oh yes.
Speaker 2:Yeah, new place that I posted about yesterday that's called bloom. Oh yes, yeah, I saw it and it seems like a little like smaller version of julian henry's. It's right on biscayne. It's in what is that building? I don't even know. 100 biscayne, I think, but it looks like there's three or four different concepts inside it and you can go.
Speaker 1:There's sushi I saw that.
Speaker 2:That looks cool yeah, we'll have to go sometime yeah have some calories before I have to go sometime We'll have to go. Yeah, have some calories before I have to go eat again.
Speaker 1:Anna and calories, what I have to get weight okay, really, yes, we have to make weight for competitions.
Speaker 2:When's your next competition?
Speaker 1:Pan American Championships beginning of November.
Speaker 2:Where is that?
Speaker 1:I don't know, I forgot Not here, vegas or California.
Speaker 2:Okay, nice.
Speaker 1:And never want to weigh more.
Speaker 2:You want to weigh? Less you always want to weigh less, almost always.
Speaker 1:Unless you're heavyweight.
Speaker 2:Is that why everyone's always weighing in naked almost yes For.
Speaker 1:MMA, they cut a lot of weight. Jiu-jitsu not so much. You don't cut a lot of weight, but still you want to make sure you're at the top of your weight class, not at the bottom of your weight class. You want to just make it rather than just miss it, and you can just qualify if you miss it, but also just you want to be like at the top of the weight class.
Speaker 2:It feels like the biggest loser a little bit Kind of?
Speaker 1:yeah, and the one in November is IBJJF, so it's same day weigh-in, so you can't weigh in the day before and then rehydrate. So you have to wake up and be that weight.
Speaker 2:I wouldn't do well with that.
Speaker 1:You have to get weighed in the half hour before your first match. You can't cut weight or you'll be starving. You just cut a little bit of weight. So you have to be on weight is my point.
Speaker 2:So don't worry. Calories for me. Oh, some exciting.
Speaker 1:One of my friends just had a nice win. Shout out to my friend, jorginho Rosenstreich. He just fought in Australia. Okay, and he won. Okay, he's a UFC heavyweight, so he doesn't have to make weight. Heavyweights are the only people who don't suffer in combat sports. They can just weigh in and that's it 220 and above. That's it, I think, for a title fight in the UFC. It's a 265 max, but he asked for another 265, I believe. So he won his fight there. He's back in the top 10 heavyweight rankings. Exciting stuff. Congratulations. Shout out.
Speaker 2:Nice. Some random but exciting news. I am going to work with a company here in Miami that's called OnX. We're going there oh that's right On the 28th. They are a company that does very high-end single-family homes, but they are prefabricated in a factory, and what I've learned because I have to research a little bit is they never build the same home twice. Right, so they're all unique, and so they're Lennar or DHR Horton, but they build them prefabricated.
Speaker 1:Where do they build these homes?
Speaker 2:They build them in Homestead.
Speaker 1:Okay yeah, Homestead is popping.
Speaker 2:Yeah, and so when we go there, we're actually going to go to the factory and then we're going to go tour some of the homes.
Speaker 1:Oh, so exciting.
Speaker 2:Yeah, it's exciting. What's for the homes? The ones that I've seen are $500,000 and up and I think they're able to do it because it's prefabricated, so it's like a much easier process. Yeah, and they all. You don't have to hire like a subcontractor to do X, y and Z, it's all just with it. So, yeah, it's exciting. It's one of my first sponsorships, so super cool.
Speaker 1:I'm excited Check it out.
Speaker 2:Yeah, and it's good you a new realtor app for it so you'll get to see that Awesome. Any projects that you are keeping your eye on recently.
Speaker 1:No, just there's so much it's hard to even see what.
Speaker 2:Question I've never asked you. If you were, if you knowing the products that are available in Miami today and if you were shopping for one for Anna, what would you buy? Where would you buy? It's not advice for people.
Speaker 1:I'm just saying where would they end up? So a lot of our pre-construction pipeline is a short-term rental product. So I would be tempted to buy not short-term rental products because the not short-term rental product is functioning as house replacement and we can't build more single family.
Speaker 1:We can't build more inventory. Rather, you can tear down old stuff and build new and expensive, but there's a finite supply. So, if we believe the thesis that people will keep coming in with to work for companies, people are bringing their families. We're going to need more inventory that replaces single family, and people don't want to live in condo hotels with their kids, and so any product that is within again, proximity of the urban core, that delivers larger floor plans, that is not a condo hotel, that's where I would be looking, okay.
Speaker 2:For me, I have two things. If money was just no object and just I would probably buy at the Waldorf Astoria, just because It'd be amazing. If I had a little bit more realistic expectations, I would probably. I really like Mellow's Aria Reserve. It's going to be a really nice project. The amenities are going to be fabulous and it's still close enough to the downtown core that you can still get to transit if you wanted to. But yeah, it's going to be beautiful. The first tower is topped off and they're doing the finishings and then the second tower is out of the ground now. I'm excited about that. I think it would be waldorf my name is no object and then aria, if I had slightly more reasonable project also makes a lot of sense for me.
Speaker 1:Again, on this topic of not condo hotel and primarily situated take advantage of the business sector, is that the st regis brickle oh yes yep, so the st regis brickle is that waterfront parcel there. It's seven or ten minutes away from 830 brickle and all those office buildings coming there with citadel and everybody else. It's like four units per floor, larger floor plates yeah it's like that product and it's primarily situated to house executives and their families that will be working in all those office buildings.
Speaker 2:I wonder how sales are going there. I haven't heard anything.
Speaker 1:They're breaking ground. So they had that beautiful sales center. It was like a multimillion dollar building. I saw it a few weeks before they tore it down. It was really nice. It was sad you guys are going to tear all this down. That's so sad. To tear it down to build. I think they're at almost 60%, wow.
Speaker 2:I know that with that project they were they originally. They had two towers and they did went down to one but made the units much bigger.
Speaker 1:Correct. Yeah, so it's that thesis. It's larger floor plans, it's standard, it's not a condo hotel and they're explicitly targeting the families of executives and so forth that are coming in and it's like, right there, you can look on the map, it's right there next to all the office buildings that are coming. The comparable perhaps is at Una, which is further south, but Una's further away. It's not as amenitized. We'll call it. This has the full St Regis amenity package without being a hotel. It has a marina in the front which is very scarce by right. They haven't figured out how many slips they're going to build, but there's going to be one there. It's super private, it's like a single in the heart of Brickell.
Speaker 2:Yeah, and the lot is huge. Yep, I was scootering there and it's. They're only building one tower. The whole rest of the lot is going to be can be gardens or whatever they want. It's going to be really beautiful, yeah.
Speaker 1:And they're going to have a Michelin starred chef I always blank on his name Operating a restaurant in the property just for Really nice, Highly amenitized full service, but not condo hotel.
Speaker 2:Yeah, speaking of theses, that's where it goes, my thesis, with South Brickell, that whole area there's. I'm working on the content for it, I'm lazy, I need to get on it. But that whole strip. There's so many old buildings that, from the ghost of Surfside, are not going to make it another 20 years, yep. And they're these huge deep lots with protected water views forever. And they're 10 minutes from downtown Brickell.
Speaker 1:Correct.
Speaker 2:It's just. The math means that they're not, though the buildings that are there are not going to be there for much longer.
Speaker 1:No, agree.
Speaker 2:And I'm going to try and make a. I'm going to do a sort of an Anna style report, but I don't know. I'm very visual, so I'm going to figure out how to make some content. But anyways, there's just so many old buildings that are prime targets, huge lots. I think developers are going to be licking their chomps. Agree Four Agree.
Speaker 2:Yep, and oh, also interesting. I think it's in November. There's going to be some interesting things on the ballot. I think we talked about this before, but there's going to be two items on the ballot for Watson Island, one by the my World Center developers and the other by I don't know whoever owns Jungle Island now. I think it's someone in Aventura, but they're going to put it to the city voters to say we're going to build some small condos there smallish and then the rest will be like a park or public space, which I think is great. I've never actually been to Jungle Island.
Speaker 1:Oh no, I have twice.
Speaker 2:Okay, conference Okay, but never actually been to the park Me neither Not to the park.
Speaker 1:Yeah.
Speaker 2:I've been to the little restaurant thing they have there, Joya Beach, whatever.
Speaker 1:Yes, I've been there.
Speaker 2:Yeah, but it's not. Waffle Island is something you just go through through like it's not. So I would be loved if they had some open space, some program space. I think it'd be highly worth it. So if I would suggest totally yes, and that because the city has had, the city itself has had 80 years using with it. And what did we get? We got the Children's Museum and Julia Beach. The Children's Museum is great. That would stay there. That's fine, but that's it.
Speaker 1:Agree, agree, do something with it, do something with it. Yeah, not just expensive brunch.
Speaker 2:That's why I've had peeves in Miami a lot of times is I understand as much as I can how developers work and land banking and I understand the complications, like where I live. There's a plot of land directly to my north that's massive. It's on what's over there, 17th street, right before the graveyard, and it's a giant piece of land. It has to be 20 acres and just totally empty. It's owned by the same family that owns or owned the doaville the morellos, yes, and problematic, you know.
Speaker 1:Yeah, yes, they're problematic.
Speaker 2:They let the Doverville be demolished by neglect.
Speaker 1:They've done that before with properties, really yes.
Speaker 2:Yeah, but anyway. So that's a good example. But I see this land and I'm just like put something on it. I don't care if you're going to develop it now, but a farmer's market or some sort of covered land play. It's like I don't understand that part of it. Like I understand financing and lining everything up and all that, but there's always something you can do in the meantime. Agree, that's how I feel about it. Look at, in Wynwood they do the smorgasbord every weekend.
Speaker 1:Oh yeah.
Speaker 2:It's great. I've been there, people love it. It activates it, like when you have empty lots like that, you kill engagement and pedestrianism around it because people don't want to walk city blocks it becomes blighted yes. So anyways, I could rant a lot. There's a lot of plots like that in miami, but I'm not sure that. I'm not sure if that's a good or a bad thing, because it means we have room to grow, but also it means that we just have lands.
Speaker 1:Just do something with it, agree?
Speaker 2:oh, we'll see we'll see, but yeah, overall I'm excited. I'm excited to go on our little field trip on the 28th, for the company is called on x, like on x, and they're working with some creators, influencers, and I was like you want to work with me? Oh that's. I was like thank you, but yeah, we'll make some content with that and we'll see how it goes. But yeah, cool, awesome Guys.
Speaker 1:thank you All right, everyone, thank you. Look at the new setup. I'm digging it.
Speaker 2:Yes, I'm always changing this. We can still do the tables.
Speaker 1:I like this.
Speaker 2:Yeah, it's easier for like eye contacts.
Speaker 1:It's cozier, yeah, and the heels oops. Sorry, I just kicked and she stabbed and she stabbed. I just stabbed, I just stabbed Ryan with my heels, sorry you know, there's Anna, there's people who might actually like that people who might pay for that. A whole separate topic, and on that note on that note.
Speaker 2:Thank you, guys. I'll talk to you soon. Bye.
