An Update On The Real Estate Market

Episode Transcript

Speaker 1 (00:00):
For thirty five years, Cindy Stumpo has been a female
homebuilder with a passion for design, a mastery of detail,
and a commitment to her crack. With daughter Samantha Stumpo
by her side.

Speaker 2 (00:10):
I don't need my whole family on a date with me.

Speaker 3 (00:12):
That's a good note.

Speaker 2 (00:13):
It's goddemn weird.

Speaker 3 (00:14):
See.

Speaker 1 (00:14):
Stumpo Development is the only second generation female construction company
in the country.

Speaker 4 (00:19):
You're crazy, You're a wacko, You're insane. I mean, it
just doesn't end together. Cindy and Samantha welcome guests to
explore the world of construction, real estate, development, design and
more here.

Speaker 5 (00:31):
I'm predictable.

Speaker 6 (00:32):
Every time I think I know what you want, you'd
switch it out.

Speaker 7 (00:34):
But that's what makes your houses.

Speaker 5 (00:36):
All your day.

Speaker 1 (00:36):
Discuss anything that happens between the roof and the foundation.
Nothing is off limits. You truly do care about everybody.
She can yell at, you can scream, but when you
get her alone, she's the best person on the planet.
Cindy Stumpo is tough as nails.

Speaker 3 (00:51):
Man, Kay, Welcome to Cindy Stampo Tough as Nails on WBZ.
I'm here with Sammy and I'm also here with who.

Speaker 5 (00:58):
Larry Ryder from Gibson Southeast.

Speaker 8 (01:00):
Okay, and Michael Carucci gives all right.

Speaker 3 (01:03):
So what I heard is we're winging it tonight.

Speaker 5 (01:05):
Yes we are.

Speaker 3 (01:06):
We're not going on any questions, nothing, We're just gonna
wing this show.

Speaker 8 (01:10):
This is not your first rodeo.

Speaker 3 (01:12):
Okay, Carucci, you want to just wing it, we'll wing it.

Speaker 8 (01:15):
I like winging it was Larry's idea.

Speaker 3 (01:17):
Okay, Larry, what the heck is going on out here?

Speaker 5 (01:19):
It's insane? All right, let's go it's insane, but it's actually,
you know what happens with change. When change happens, everybody
kind of goes a little bit crazy, and uh, where
we have to make it.

Speaker 3 (01:30):
We'll talk about the real estate market.

Speaker 5 (01:31):
Yes, we're talking about actually the buyer agency issue and
all of that.

Speaker 3 (01:35):
So let's talk about the buyer Let's start with one
thing at a time, right, since we're gonna wing it,
Cauci love you. So we're going to talk about the
buyers and sellers agents, right, Yes, okay, go ahead, take it.

Speaker 5 (01:47):
It's just about what they're trying, what they were trying
to accomplish. If I can put a little color in.

Speaker 3 (01:52):
You know, I have a guy named Jonathan bing Anything's
he knows so much more than everybody else on this
law than passed. He probably does, Okay, not more than yours.
He should listen.

Speaker 5 (02:03):
I'm a little ashamed of how No represented us. Put
it that way.

Speaker 3 (02:07):
We didn't have very good replica closer to the microphone.

Speaker 5 (02:09):
No kind of let us down in terms of their representation.
They didn't give the buyer agent enough credit and U
and the consumer was led down the road by the
attorney that was trying to defend that particular cause. So
they lost. So when they lose, we lost. The good
news is it's just simply transparency. And what we've done

(02:32):
with our agents is just continually talk about how to
do a presentation.

Speaker 3 (02:36):
We kind of got to go back with a little bit.
This is why sometimes we don't wing stuff. Okay, okay,
we're talking about brokers, right. Brokers get a listing yep,
and they bring your client. So let's say we have
Sammy is listing a house right or commercial piece of property,
whatever it is, commerciall, residential, doesn't matter. She's the listing agent.
Caruci's the buyer. He works for me. Okay, Carucci make

(03:00):
an offer on that piece of real estate through Samantha,
because obviously she's got a listing. If Sam does not
want to pay him a commission, I have to pay
him the commission. Correct.

Speaker 5 (03:10):
No, if the cell Sam the seller, I just want
to make.

Speaker 3 (03:13):
Sure no, no, no, Sam's representing the seller.

Speaker 5 (03:17):
Right, So the seller is in control of who who
gets paid how much?

Speaker 3 (03:20):
Correct?

Speaker 5 (03:21):
But it's always been that way, but now it's but.

Speaker 3 (03:23):
They split the action.

Speaker 8 (03:24):
Now the seller has to listing age.

Speaker 5 (03:28):
Everything comes from the seller now, not from the brokerage
or the brokera agent.

Speaker 3 (03:32):
Okay, let's go backwards. Let's dumb this down.

Speaker 5 (03:36):
I'm the seller, you're the seller.

Speaker 3 (03:38):
I'll go back. Let's go backwards. I own a million
dollar home. I want to sell it. I hire Samantha
Snuwboat to sell it. I'm going to give her a
five percent commission to sell it. She's got two and
a half percent to give to a code broke, which
Kuch is the code broke because he brought you to
my house? Does Sam have to give up the two
and a half percent to Karucci? A lot of a

(03:59):
lot of a lot of vowels and this yeah, right now.

Speaker 5 (04:01):
It's up to the seller. If there's a five percent
commission that you've signed as a listing agreement with Cindy,
then that's Cindy's.

Speaker 3 (04:11):
I'm giving up five percent of Samanthaanda have to give
two and a half percent.

Speaker 8 (04:16):
Here's the difference. Before August seventeenth, under your scenario, you
would list with Sammy and say, Sammy, I'm paying five percent.
Sammy in turn would offer two and a half percent
of that in our mls to a buyer agency. Correct, Okay,
before August seventeen. After August seventeen, Now Cindy is still

(04:37):
going to list with Sammy. Okay, it's still going to
be for the sake of this conversation five percent, But
now Cindy has to agree to pay the buyer's agent directly.
Sam can no longer do that. Okay, So correct unless.

Speaker 3 (04:55):
See why it's so confusing. It's very confusing, still confusing.

Speaker 5 (04:58):
It was right after August seven teeth. The way it
used to work was that you would return the brokerage.

Speaker 3 (05:03):
And the lawyis would take care of that here in Massachusetts.

Speaker 5 (05:05):
But now what happened is the seller makes a decision
what they're going to pay for compensation. So the buyer.
I forget who's the buyer now, but the buyer agent
brings an offer in that offer.

Speaker 3 (05:14):
They have you're a buyer, you forgot the story ready, well,
who she's representing you? So Michael, Samantha's representing me.

Speaker 5 (05:21):
Michael brings the offer in that offer here is Samantha.
He has to write the terms of the compensation for
him because Cindy already has an agreement, which is such.

Speaker 2 (05:31):
Also strange because we were taught in real estate school
who were never allowed to write the actual number that
we were getting paid, only the percentage. Now it gets
written to the offer that says, I Smith the stumple
will get paid from the seller this exact amount, like
twenty seven five hundred on the one one we just
made an offer on last week.

Speaker 5 (05:49):
And now you say, as a seller, yes, I'll accept
that because it's a great offer. Terms and conditions are perfect.
I will do that. Or you know what, I don't
want to do that. I want to pay you twenty
fives as a buyer agent, or I can pay you nothing.
Seller can do that too. I'm not paying anything the buyer.

Speaker 3 (06:08):
Here's the problem is that buyers agents are not going
to bring sellers agent clients.

Speaker 8 (06:15):
So what's happening. My last four deals in the last
month development direct. So what's happening in reality is the
buyers are going directly to the listing agents and it
completely This was all supposed to be about the consumer.
The only one getting screwed here is the consumer.

Speaker 3 (06:35):
Explain why, Mike.

Speaker 8 (06:37):
You're a policeman, you're a fireman. You say for years
for that down payment. Now you're being told that there's
a probability that you're going to if you want your
own representation, you want a buyers agent, you will have
to pay them whatever it might be to potentially potentially.
But the buyers, that's all the hearing because that has

(06:58):
been the narrative, and they're like, I'm not doing that.
I love this house, I'm going to go to the
listing agent and I'm going to make an offer to
the listing agent.

Speaker 3 (07:07):
So people just cutting out having buyers brokers.

Speaker 5 (07:10):
Now, well that's conceptually, but now in reality we've been
in this now for a month. Buyers are hiring buyer
agents and buyer age. Buyers are hiring buyers agents, and
buyers are negotiating their compensation and it's working, you know,
we were when it happened. We were like everybody saying,
what's gonna What the hell is going to happen here?

(07:30):
They're putting the compensation in the office working the seller
is see the listing? All right?

Speaker 3 (07:34):
Let me ask a question. I made an offer on
that small house in Quincy, right, yeap? Was he going
to pay you?

Speaker 2 (07:40):
So? In the in the write up it said that
this was willing to pay a buyer's compensation. It didn't
say how much. So I automatically assumed two and a
half percent because I was going to give it back to.

Speaker 8 (07:49):
You, and you wrote it in the offer. Why are
you giving it back to her?

Speaker 3 (07:52):
I don't take her commissions back?

Speaker 2 (07:54):
Well, because I thought my mom was too much funny
for gift a month.

Speaker 3 (07:57):
It's not going to make it, she wrote.

Speaker 5 (07:58):
She wrote it into the offer. Sellar accepted. It sounds
like we didn't.

Speaker 2 (08:01):
We didn't know.

Speaker 3 (08:03):
That's the point is, was he going to pay you?

Speaker 8 (08:05):
Yes?

Speaker 2 (08:06):
Every he told me, every single broker wrote the exact
same commission into the offer.

Speaker 8 (08:10):
In most cases, it's the business hasn't.

Speaker 2 (08:12):
The part that's confusing to me is say I sign
a buyer's agency with you, and you agree to pay
me two percent. But then say I go to like
a building like whin they're percent reads and they're offering
three or four, I still only get the two percent
that you and I agree to.

Speaker 5 (08:26):
Whatever you agreed to with the buyers, the buyer.

Speaker 3 (08:29):
You just totally both confused me.

Speaker 2 (08:31):
So if you and I signed a m for two percent,
but the building is offering me more and doesn't mean
you're paying at that point the building's paying me, I
still can only take the two percent, not the three
or four of the building's paying me. Unless I had
written that exactly into our buyer agency.

Speaker 8 (08:45):
Agreements, right, a minimum of two percent.

Speaker 3 (08:48):
Right, So it's how she writes it. Yes, but the building,
so she goes over to the four season.

Speaker 2 (08:54):
I just wrote one last night that I literally said,
if the building if when we buy something with my clients,
they're paying me two percent, unless I get the other
way around, I had Abby give me the language in
like lawyer speed.

Speaker 8 (09:07):
Yeah, you just said minimum minimum.

Speaker 3 (09:10):
Okay, hold on hold that I thought we got to
go to break. I'm sidy stumbling. You will sen a
toughest nails on w BZ.

Speaker 8 (09:14):
We'll be right back.

Speaker 6 (09:15):
Sponsored by Floor and Decor National Lumber and Village Bank.

Speaker 3 (09:51):
Welcome back to Toughest Nails on WBZ News Radio ten
thirty and I'm here with Sammy, I'm here with who
Michael Corci?

Speaker 5 (09:58):
Are you right out?

Speaker 3 (09:59):
Remember song?

Speaker 7 (10:00):
Guys?

Speaker 3 (10:01):
Where were you when that song was playing? How many
time you?

Speaker 2 (10:04):
Like?

Speaker 8 (10:04):
Studio fifty four.

Speaker 3 (10:08):
He had some broad I don't know.

Speaker 8 (10:10):
He was doing the freak.

Speaker 3 (10:13):
Freak out. Yeah, the good old days. Can we go
back there just just for forty those that's it and
then take all our kids with us. It showed them
what really fun was.

Speaker 8 (10:22):
Okay, back when drugs were drugs.

Speaker 3 (10:25):
Yeah, they didn't kill you, okay, and everybody's had a
good time. Okay, we're not we're not pushing drugs here,
by the way, anyways, go ahead, that's what you're saying.

Speaker 8 (10:34):
I forgot, I'm old.

Speaker 2 (10:35):
We were talking about if you sign a buyer agency
agreement than for a certain percentage, but if a building
or an other listing ages offering more, you have to
make sure you write it correctly into your agreement, so.

Speaker 8 (10:48):
Right to your contract.

Speaker 5 (10:49):
It's it's like watching pink dry, But the reality is
the listing broker makes his deal with the seller, the
buying agent makes their deal with the buyer and then
they all come together in negotiations.

Speaker 6 (10:59):
Everything's a going you know what.

Speaker 3 (11:00):
It sounds ridiculous. It should have never passed. And when
I talk on chatter to the brokers, they're like, no,
it didn't hit up here yet. Yeah, it's it hit
up everywhere. I don't know why some of these brokers
on social audio don't know that this is going.

Speaker 5 (11:17):
On because no one was training them. There's you know,
only like our company went into intense training for three
months before this, so everybody, could you get now you
have to have a buyer's presentation, just like you have
a listening presentation, and we had to work on that.
A lot of companies just ignored it and hoped it
go away.

Speaker 8 (11:31):
But we also did four billion dollars in business last year. Yeah.

Speaker 3 (11:35):
I feel so bad for you too, Sam. We hit
those questions on it.

Speaker 2 (11:38):
I can't reach it.

Speaker 3 (11:39):
Would you like me to throw the phone across the studio?
Thank you? Annie?

Speaker 8 (11:42):
So are you wearing pages? Are you still having pages?

Speaker 3 (11:44):
Pages? Pages? Beepers, nights next tells? Remember those days? Oh yeah,
that's when life was good. Any questions on there about brokerage.

Speaker 2 (11:52):
No, they just think it's going to get ugly and
people are greedy, you know.

Speaker 5 (11:56):
But I have to say we were. We all had
that nervousness by the seventeenth Look, I'm gonna have a
big company and this is going to be like, oh
my god, and what I'm seeing you.

Speaker 3 (12:04):
You have a big company with the problem is push
the mic in funny effect or pull the cheering because
I can't hear you you're echually.

Speaker 5 (12:12):
So we were worried about it, and it's still I mean,
it's a challenge. I'm not going to pretend it isn't
a challenge, but the reality is our agents have adapted
to it. The buyers seemed to be adapting to what
the seller seemed to be understanding. And I really believe,
and this is me, the half glass pool guy. In
sixty days people will have understanding of it. And I'm
not trying to claim I love it. I don't love it.

Speaker 2 (12:33):
It was really the form is a little confusing.

Speaker 5 (12:36):
It is, and it will be.

Speaker 2 (12:37):
It almost looks like it's like you're getting paid twelve
percent or something because it's so confusing, right, But.

Speaker 5 (12:42):
After you write three deals, all of a sudden it
becomes kind of the Norse.

Speaker 2 (12:45):
It's just funny because that's what we were taught not to do.

Speaker 3 (12:48):
Yeah, okay, here's my take on my two cents after
thirty eight years of a business and not a broker,
which is kind of funny. I still laugh. Can I
say something really funny? Of course it's probably not funny, uhha,
but it's kind of funny to me. Whenever I used
to see male brokers in my twenties and my thirties
come out to show one of my homes, I would

(13:09):
just laugh and say, why am I the one in
construction boots and this dude is showing a house like
It was really weird to me, And as time went on,
I adjusted. But at the beginning of my career it
was usually kind of like housewives that did this as
a part time job. And then I then I saw
like the first guy, which was some guy in Brookline

(13:30):
if he had his name me.

Speaker 8 (13:31):
Hall Chamberlain Chamberlain, and I'm.

Speaker 3 (13:35):
Like, dude, do you see a problem? You're like, you're
selling it and I'm the one that's building it. Come on,
you gotta admit that's kind of weird.

Speaker 5 (13:42):
Literally feel you're the anomaly, but they're good anomaly.

Speaker 3 (13:45):
But it was weird.

Speaker 5 (13:46):
Yeah it was.

Speaker 3 (13:46):
But you belonged building, and I belong putting high heels
on and selling lovely vessel. So here's so even to
this day, guys, I haven't changed that brain of mind.
And the rest of the world calls it mindset to
get it, But to me, it's still weird when I'm
out there, the one that's building and you, guys, do
you have.

Speaker 8 (14:05):
A bias against male brokers? Cindy stumpo.

Speaker 3 (14:07):
I think I actually do, ha ha. I don't want
to tell you, but it was just it is kind
of weird. Come on, I go back in time with me.

Speaker 5 (14:15):
Yeah, back then, probably it was weird.

Speaker 8 (14:17):
I will tell you. I was one of the few
male brokers in the in the early eighties. Do you go,
it's true?

Speaker 3 (14:25):
All right, nineteen eighty nine I started building. So did
you ever meet a female builder before me?

Speaker 5 (14:31):
Still haven't, Still haven't.

Speaker 8 (14:32):
Yeah, that's not a good one.

Speaker 3 (14:34):
Lucky you could you handle too, Cindy stumples up there.

Speaker 8 (14:37):
You can't handle one.

Speaker 2 (14:39):
Same a.

Speaker 3 (14:41):
Nobody asked you, blondie over there? Oh so I just
thought it ha ha, not not hot. I thought it
was weird.

Speaker 5 (14:47):
Yeah it was. It was.

Speaker 3 (14:48):
It was strange time.

Speaker 8 (14:49):
It was you've done a jinda profile of we got
what five hundred and fifty agents? How many guys He's
not gonna know, probably sixty.

Speaker 3 (14:59):
Forty sixty being women, okay, and forty being men. I
think women should be building and let all the men
sell it, agree, huh okay. But men were better on
the commercial side of real estate, for sure.

Speaker 8 (15:16):
You're seeing a lot of real good female commercial brocers
now though, but.

Speaker 3 (15:19):
Back day, back in the day, the men were better
at the commercial wide for sure. Because you guys have
this thing. You go out, you play golf, you do this,
you do that, you mean it up. You know what
I mean.

Speaker 8 (15:30):
The commercial world. The commercial world is data, it's cap rates,
it's vacancy corect. The residential world is an emotional world.
It's homes, it's bedrooms. It's bad at school systems.

Speaker 5 (15:42):
Right, you know that, because you have to thank the
punch list.

Speaker 3 (15:47):
The only ultra Think about this, right, who is the
only ultra high end spec builder that you can name
that's specs in my price range in Massachusetts? None? Now
one co whach You go ahead, think about all day
long speculation.

Speaker 8 (16:02):
Well, you know, the c do folks will do.

Speaker 3 (16:04):
That speculation money on the streets, pulling all the money.
God who who knowing that's right, knowing the three million,
four million, five million. Yeah, they're doing it. There's a
lot of them. They're going down like tank. They're going
to tank right now. They're tanking even with interest rates
dropping down.

Speaker 8 (16:23):
Today half half a point.

Speaker 3 (16:24):
Okay, So what does that mean to all of us
in our business.

Speaker 8 (16:27):
It's going to be helpful, not gonna hurt.

Speaker 3 (16:29):
I'm waiting for the text my bank that just said
we just dropped your interest rate on your money, right,
that's coming. It's probably already in my phone today. But
for the mortgage rates, I don't. I'm not falling it,
you know.

Speaker 5 (16:41):
You know. The only thing that will help is the perception,
you know, because that was already baked in. We've already
seen the rates coming down the last two weeks.

Speaker 3 (16:47):
The stock market, I took it everything.

Speaker 5 (16:50):
But the perception for the public is going to be, well,
something's happening. That's what I'm hoping.

Speaker 3 (16:54):
Yeah, I know, the perception.

Speaker 8 (16:56):
Winthro Percenter just announced to buy down to like four
point two for five, which is amazing.

Speaker 2 (17:02):
They're they're smart.

Speaker 8 (17:03):
Though, they're very smart. They're very, very smart.

Speaker 2 (17:05):
They were the first to do at least to own
They were smart for years.

Speaker 3 (17:10):
You guys are having two conversations right now. I just
wanted you know, it's all good, But we're.

Speaker 2 (17:14):
Out of all the buildings in the city beside raffles,
the only one that's being smart is Winter Percenter, which
a millennium partners. Everybody else is being dead.

Speaker 3 (17:23):
What do you see? What do you see for real
estate for the country right now? What's coming at us?
Because we all, I think we can all say the
same thing, whether we like it or not, that we're
coming into some trouble here, even even with the rates dropping,
because they're not going to drop fast enough, okay.

Speaker 5 (17:37):
And the inventory is still tight.

Speaker 8 (17:39):
Yeah, we're not going to be traating seven million homes anytime.

Speaker 3 (17:42):
So correct and the present can build three million homes
in four years, and we all know that that's impossible.
We don't have the manpower to do it, Okay, So
we can cut that, cut that right out. I don't care.

Speaker 8 (17:53):
I haven't talked about construction.

Speaker 3 (17:54):
Costs and construction costs, correct, and I talk about it
all the time where I go on social audio. They
don't listen I don't care. My thirty eight years has
no meaning behind it.

Speaker 8 (18:07):
It's just time now because you're a girl.

Speaker 3 (18:10):
Because I'm a woman. Now. You know when somebody says,
now you're you're old, You're an older woman. Now, I
want to just punch your head in. Okay, So I
decided that number I'm gonna write down right now. I'm
never saying it again because this number sounds better. How's
that possible?

Speaker 2 (18:28):
What fifty nine? That's better than sixty?

Speaker 3 (18:31):
You're looking for like a bruise icket.

Speaker 2 (18:34):
She told me thirty eight years?

Speaker 3 (18:35):
You know me a year? Hold on, I'm creaking out
of a glass water bottle? Can you see this?

Speaker 5 (18:39):
It's a beautiful is beautiful?

Speaker 2 (18:41):
I feel like sten she hates water. She found this water.
She can't step drinking water, And now I feel.

Speaker 3 (18:46):
I not like water hate water, just boys me.

Speaker 2 (18:49):
I like water glass bottle too.

Speaker 3 (18:50):
But I'm drinking four these a day.

Speaker 2 (18:53):
Really, but she could barely finish like one number. They're
like sixteen point nine.

Speaker 3 (18:57):
Before yeah, Ernie brocks out the alcohol and I'm like,
you saw me second dog? Would you think I'm forging
it to kill with the studio? Like I never drink
in my life. It's really beautiful bottles.

Speaker 5 (19:06):
Okay, that's all in the president bringing it.

Speaker 3 (19:08):
Hold on, we're gonna go to break. I'm gonna be stumbling.
Listen to his nails on WBC.

Speaker 5 (19:11):
We'll be right there.

Speaker 6 (19:12):
Sponsored by Pillow Windows of Boston, Next Day Molding and
Kennedy Carpet.

Speaker 7 (19:16):
He says, you candle this, Walter please and common one
of the hell.

Speaker 3 (19:24):
Boy So.

Speaker 6 (19:30):
The cake who who says the candle fat around the world.

Speaker 7 (19:36):
And it's a manner of fat this water shingle thinks.

Speaker 3 (20:01):
And welcome back to tuns nails on WBZ. And I'm
here with Samantha, and I'm here with Carucci, and I'm
here with Larry. I can't call you Michael. I called
you Crouci my whole life. It's like you. I call
you Crouci, you call me stump. Oh you call me
then you call oh no, my name night, I'm s
queen Bee. Yes, Mike, how do we come up? How'd
you come up with that named queen Bee for me?

Speaker 8 (20:20):
We were you probably don't remember this. We were at
one of your homes in Brookline and you had all
of these male subs buzzing around you. Okay, and I'm
like Queen Bee.

Speaker 3 (20:33):
So that was it because I was surrounded by all men,
and that's where Queen Bee comes from.

Speaker 5 (20:37):
Never knew that thank you sounds appropriate.

Speaker 3 (20:39):
I guess I'm lucky. I get hang op men. Look
at every time I put somebody on my social media
because I'm always with guys. All the women come in.
Do you only know good looking guys? Can you fix
me up? Can you fix me up? I'm in the
middle of doing it. They had to tell one woman
stop shouting. Stop filtering your face like that. We can't
even see a face as it was blur. Just give

(21:01):
me a real picture. I'll show me a real picture. Woman.
You gotta stop doing that because then the guy comes
up and says, you don't look like that. So I'm
leaving the state right now. You gotta stop doing that. Gucci,
get off the phone and stay focused.

Speaker 2 (21:13):
Man, No, we need to make money.

Speaker 8 (21:15):
Okay, I'm making a done reservation.

Speaker 2 (21:18):
Let's trying to help you there.

Speaker 3 (21:20):
Okay, in a minute, let's go back to the economy. Okay,
mass Is always will always be protected up here. Yes, Okay,
we're in a shelter, little shelter, little economic diversity.

Speaker 5 (21:32):
Yeah, we're a little spoiled we are, and you know what,
they're not making any more land in Massachusetts. That's your challenge.

Speaker 3 (21:38):
But the challenge is that it's making it harder for
US developers to build here. Yeah, okay, historical delays. Historical
delay meant something famous. Live in the house. The architect
was famous. Even the landscape architect could have been famous.
Right now, they're just they're just breaking everybody's balls. They will,
they really are. Well, we put a two your delay
for what? For what? There's been an addition here, an

(22:01):
addition here. So it's just let's stop development. I don't
know the game. I don't understand it. Go build, build, build,
but we're gonna make your life a living hell as
you do that. And then you can spend one hundred
thousand of dollars on trio and send great changes and
special permits and ZBA before you put a shovel on
the ground, you spend one hundred and fifty thousand civil

(22:21):
attorneys boards.

Speaker 8 (22:23):
It's crazy, not in my neighborhood.

Speaker 3 (22:26):
That I get it. But you know what, it's just
I'm not the affordable housing woman here. I'm just doing
what I've been doing since nineteen eighty nine. Knock them down,
put them back up. We don't have land here. We
never did. They have all my built outside down. Over
the thirty eight years, maybe twenty have been off land
the rest of my teardowns. That's why they started with

(22:47):
They call me the teardown Queen in nineteen ninety because
no one was doing it back then. But if we
leave Massachusetts and we go into the rest of the country,
in areas where there's still plenty of land, I think
you're going to see again Masks will hold its own.
New York will hold its own, even though I'm not
really happy with anything's going on there either, or is

(23:09):
very happy here either. But I think the rest of
the country. Take the West Coast, I don't know what's
going to happen there.

Speaker 5 (23:17):
Well anything that on the on the coasts, there are
so many zoning and regulation things going on that it's
very hard to do anything. I think that's why you
see a lot of population moving towards the Midwest, towards Texas,
to Florida like place.

Speaker 3 (23:30):
What's the push to Nevada Because I was just brought
a deal to me right on the strip. They they're
probably looking for a billion dollars. It's not the Mirage
de Mirage already sold to another casino, but the Hot
Rock guys.

Speaker 2 (23:46):
It's like, but that's like, that's like the Florida of
the West coast land. So anybody that wants to leave
California because they're getting schmeckeled in Texas, they're going to Nevada.

Speaker 3 (23:56):
And what's a tax? Right abat that there's a statue
no state tax and Nevah okay, so why go to Arizona?

Speaker 2 (24:04):
Well, it used to be. I don't think it is anymore.

Speaker 5 (24:06):
Yeah, Arizona's it was a really plate a place to
goo of Nevada is like I said, anywhere that the
tax issues are less painful.

Speaker 3 (24:15):
Yeah, we're pretty painful. Up on the northeast. We are
getting more and more painful.

Speaker 5 (24:18):
Regulations and ordinance. And like you said, you're a builder,
how much you have to how many hoops you have
to jump through to do something?

Speaker 2 (24:24):
I mean, also too many Novada California. It's an hour
flight for them. It's no, it's no big deal.

Speaker 3 (24:29):
You've got a lot of people from there moving to Nevada.
So right now, but if you had Larry, if you
had a crystal ball in front of you. What's our
next twelve months look like out here? Should people buy?
Should people hold on? I always say, look at if
you can handle the mortgage payment, then buy, because ten
years from now you're going to look like a hero.

Speaker 5 (24:47):
It's always about buying. You just have to have the wherewithal.

Speaker 3 (24:51):
But you got you got these people going, oh, real
estate's gonna come down thirty forty fifty percent. You're listening
to these idiots out there.

Speaker 5 (24:57):
Happened?

Speaker 3 (24:58):
Absolutely not.

Speaker 8 (25:00):
It's like trying to stop time. The stock market that
could do that?

Speaker 3 (25:03):
Who knows the market? Come on, we've seen the market
do some crazy.

Speaker 2 (25:07):
No.

Speaker 8 (25:07):
I always ask when somebody's going on, how long are
you going to be fit? With last beans?

Speaker 3 (25:12):
Where when Las Vegas sands went down to a dollar?
I guess see that's the problem with people. People have
short memories. They'll remember the good times and remember the
bad times.

Speaker 5 (25:21):
What's up?

Speaker 3 (25:22):
You don't remember both. You have to live in both
so you don't make the same mistake when the good
times come around again and you can weather out the
bad times.

Speaker 8 (25:29):
What's the definition of insanity doing.

Speaker 3 (25:31):
The same thing over and expecting a different result?

Speaker 5 (25:33):
Right there? You go oh, same time, it's always time
to buy in my mind.

Speaker 3 (25:38):
You know, I agree with that if you can afford it,
if you wherewith But here's my biggest argument is that
this you can afford the mortgage payment, that's great and wonderful,
but you have to have a reserve. You're buying a
house for twenty twenty five million. I mean, you're buying
a house it's twenty twenty five, thirty forty fifty years old.
You need a reserve just in case you have to

(26:00):
we do the roof like we're doing for Coruchi right now.
We're redoing everything over at his house, right because things happen.

Speaker 6 (26:07):
I'm not.

Speaker 3 (26:09):
Crazy name with the you with that be he's got
some cuckoo neighbors over there.

Speaker 8 (26:14):
But you have to have a reserve, Yeah, you do.

Speaker 3 (26:17):
Something goes so as broke as do you tell your buyers,
like do you have a little bit bit broke?

Speaker 8 (26:23):
Because it's not your business, not financial planners.

Speaker 3 (26:25):
Yeah.

Speaker 5 (26:26):
The thing is, though, is that there is a lot
of money out there.

Speaker 3 (26:30):
There's still a lot of.

Speaker 5 (26:31):
Sidelines, right, yeah, right, So we're watching forty year old couples,
you know, paying three million dollars. A lot of times,
it's it's the equity of their parents. You know, there's
just so much there's so much liquidity now, and there's
so many buyers. There are a lot of buyers out there.

Speaker 8 (26:47):
I had a closing yesterday and it's the first deal
I've done in probably ten months that actually had a mortgage.

Speaker 3 (26:56):
So they've all been cash buyers, yeap.

Speaker 8 (27:00):
First one in about ten months that actually go to mortgage.

Speaker 3 (27:04):
Well, guys, come on, we went from free money to
expensive money, right, And.

Speaker 8 (27:07):
I'll give her this mortgage broker closed it in three weeks.

Speaker 3 (27:11):
Well you might want to use his name and passed
his name along three weeks mortgage brokers. They're moving paper
now again, is what you're saying.

Speaker 8 (27:21):
Well, I think you'll probably have I think refs will pick.

Speaker 2 (27:24):
Up now that we have the they happened. So I
can tell you Danielle works for legers and literally she's
been doing She was dead for a while, easily five six,
seven a day.

Speaker 5 (27:35):
Why you're the six to one today?

Speaker 2 (27:39):
Six one started before.

Speaker 3 (27:42):
They dropped, all right, So I'm going to ask again,
where do you think the economy is going? Across the
country in real estate? No one wants to No one
wants to.

Speaker 8 (27:50):
Well, well, we've got an election coming up, that's okay.

Speaker 5 (27:53):
Is always that that's a caveat right, that's it.

Speaker 3 (27:56):
But do you see a storm coming your way?

Speaker 5 (27:59):
No. I think there's enough liquidity and I think there
are enough buyers. Our challenge will be the inventory issue.
You know, there's got to be enough homes.

Speaker 2 (28:07):
The other challenge is that, I mean enough homes in
the right price range that everyone can say.

Speaker 5 (28:12):
The other challenges talk about that that's a big difference
people have put prices.

Speaker 3 (28:17):
She made a good point there.

Speaker 8 (28:18):
Pricing is a bit aspiration.

Speaker 5 (28:20):
Pricing right now is aspirational, and we're and we're dealing
with the lower lowering prices as we go through it.
Because they were selling things in you know, seven hours,
and it's not seven hours anymore, and there's nature.

Speaker 8 (28:32):
They're going to look at what their neighbor sold their
house for three is because it's too high.

Speaker 3 (28:37):
Correct. But these builders, especially the new stuff, they can't drop.
You know why, because the basis basis point they can't
do it. They paid too much for the land or
the knockdown, and they paid for the product and they
paid for the way to carry it. The last year
two years and they paid for the skilled labor. And
I got to say something. I was driving with Stanley,
look at a couple of things. I never saw more
wreck in my life being built. Yeah, it's just sitting there. Well,

(29:01):
it's gonna sit there.

Speaker 8 (29:01):
I think outside of the eight million plus market here,
anything that's not true.

Speaker 3 (29:08):
You know what, most people here in the country are
eight million market They go, huh, Remember, we're in a
very very different.

Speaker 8 (29:15):
Outside of the eight million plus market here. If your
home is not selling in a reasonable amount of time,
I can guarantee you it's probably pricing.

Speaker 3 (29:25):
And how long is that? How long should a house
stay in the market before you should wake up and
take it off the market?

Speaker 8 (29:29):
It should trade within six months? Six months?

Speaker 3 (29:33):
Hm hmm. I gotta take this one. You remember when
we first you know we're gonna go to break then
I'll come back. You listen to City Stumble to his
Nails on WBZ.

Speaker 1 (29:42):
We'll be right back.

Speaker 6 (29:43):
Sponsored by Newbrook Realty Group, Boston Wood, Smaller Insurance, World
Auto Body and Tosca Drive Auto Body.

Speaker 7 (30:12):
Lemony.

Speaker 3 (30:19):
Hey, welcome back to Toughest Nails on WBZ. And it's
Radio ten thirty and I'm Cindy and I'm here with Sammy,
I'm here with Coluche, and I'm here with Larry.

Speaker 5 (30:26):
Hello.

Speaker 3 (30:28):
Hello, Okay, I'm going to make the call since neither
one of you have the balls to do it. How's
that I like it? What call I'm making? The call?
Market's going into a decline. Low your numbers, sell your product,
Stop being greedy.

Speaker 8 (30:43):
How much of a decline?

Speaker 3 (30:45):
Again? State by state is going to run? Different? Sure?

Speaker 8 (30:48):
For sure, I thought you were directing the question to
us from Massachusetts.

Speaker 3 (30:51):
No, I'm taught were in thirty three states, the whole country.

Speaker 8 (30:56):
Go ahead, I have no idea.

Speaker 3 (30:58):
What you know how markets drop? Okay, if you look
the look at the history. Let's go back. Let's go
back to nineteen eighty nine when I first started. Okay,
let's go back there for a minute. The crazy part
of that Black Monday eighty seven going into eighty nine,
that stock market crash. We got hit with that recession
first on the East coast, if you can remember this.

(31:19):
The West coast came a year later. And how I
know this was listen to me. We had car dealerships
doing high end cars, all of our high end cars
in that one year that we were bad here. The
West Coast was taken, meaning all the ferraris, Lambos, porsches,
the high end stuff, we weren't moving them here, So

(31:39):
they're getting shipped to the West coast a year later,
not the same exact ones, but the same ones. We're
getting shipped back to the East coast because the West
coast went. And that's the first time. I was twenty
three twenty four going why is it the whole country
in the same melts out But we weren't, which we
weren't in that march and that crash we were not,

(32:01):
So as we were in it, they would go. As
we were coming out of it, they were going in it,
and then they came out of it afterwards. So it
didn't go in one wave.

Speaker 8 (32:10):
It went waved it never does.

Speaker 3 (32:12):
But then eight it did. Oh eight, it went completely.
We all crashed at the same time. So I've seen
two big meltdowns in my career and one hiccup. The
question is which one will this one be?

Speaker 5 (32:27):
I don't see a crash because as again there was
a lot of money out there.

Speaker 3 (32:31):
Tell me when we've had a wheal estate and a
stock market a bush market for twelve years on both
those sides. You've had a bush stock market and a
bush real estate market for twelve years. Tell me the
last time you saw that, Larry and I guess what.
You're both older than me, So go ahead.

Speaker 5 (32:47):
Yeah, that was in eighty nine. I was in the crash.
That was an agent. Okay, I still feel that.

Speaker 3 (32:52):
And you were still sucking a thumb, And so was
any bails right because people were jumping out of their
goddamn windows. Right, So I'm gohn to ask that question again.
What was my question?

Speaker 5 (33:01):
The fundamentals, Let's say with a weight. When weight crash,
it was because they were writing mortgages without anything behind it.

Speaker 3 (33:08):
Now we still don't even know why the eighty seven
market crash it happened, but I can tell you the
dot com and all these we have, we have a conspiracies.

Speaker 5 (33:15):
The fundamentals here are so much more strong because the
banks required.

Speaker 3 (33:20):
It will be something that will make it happen. We
can't stand a bullish market forever. Don't come on, guys,
What goes up has to come down.

Speaker 8 (33:28):
What goes You're not talking about the old guys. You're
talking about two different extremes. You're talking about a very
bullish market and you're talking about a very bearish market.
What we're not talking about is a stabilized market.

Speaker 3 (33:41):
Why are we there? I think so you think we're stabilizer,
Now I do.

Speaker 8 (33:46):
I mean we have a lack of inventory, but I
think we have stabilized.

Speaker 2 (33:49):
Yes, lack of imagery and what price want?

Speaker 3 (33:52):
She keeps going back to that question. Neither one of
you are answering.

Speaker 2 (33:55):
Yes, I can tell you right now we have a
lack of invatory and between two or three million, if
you had them, they'd be gone every day, all day long.

Speaker 3 (34:01):
Thousand three and a half, three and a half. If
you if you take a city like Newton, three and
a half is pretty much entry level new construction was
right if you weren't.

Speaker 2 (34:13):
Greedy in the good parts. Now it's in the part.

Speaker 3 (34:15):
Okay, So now we can't say that word that you'll
get bleeped out. But now that three and a half
went to four point nine, four point eight, and people
aren't paying.

Speaker 8 (34:23):
For it because it's not worth it's worth not worth correct.

Speaker 2 (34:26):
Because builders saying if they built out everybody, you're saying the.

Speaker 5 (34:29):
Builders are hung out there because they've got the investment.

Speaker 3 (34:32):
In there that has Okay, it's had two people coming
in my yes, sorry, go ahead, No you go, Let
you go first. What do you say?

Speaker 5 (34:37):
No, I'm saying what you just said. The builders have
they've put a lot more money into this transaction. Now
they have to they have to lock at a certain price.
That doesn't mean the consumer has to pay it. And
that's where they're sitting.

Speaker 2 (34:48):
But their problem was is that they over built every
house for that area, that street, thinking if they give
the scrift footage, they're going to get the number.

Speaker 5 (34:56):
It's aspirational, just what we said earlier with Crapy're looking
you have the last market and trying to build to
the last market, and there's a new market here.

Speaker 8 (35:04):
So that's how many times have we seen a suspect.

Speaker 3 (35:07):
Look, guys, I love another ten strong ears in the market.
Then I'm me too. I'm out, I'm retired, I'm done,
I'm out of the game.

Speaker 8 (35:14):
People will always pay for quality of those Cindy, I mean, say,
what do you do? Is recession proof? But it's close
to it.

Speaker 3 (35:19):
It's always has been, right, Like, thank god I wasn't
dating rain oh eight, nine, ten, eleven. He would have
me so scared because all those financial advisors they thought
the world was coming to an end. Thank god he
wasn't in my life right, like literally he said they
were spitting blood behind.

Speaker 8 (35:34):
There is at that point right, glass half empty.

Speaker 3 (35:36):
I didn't feel anything. We just went right through eight, nine, ten, eleven.

Speaker 8 (35:39):
And how many opportunities did you see that?

Speaker 5 (35:42):
Then? Oh?

Speaker 3 (35:42):
I bought up everything I could. Yeah, right, because it
was a buyer's market, right, But you have to have
you have to have the balls to do that. What
happens is for most developers back then. I can't speak
for now. When things are great, they step in the game,
and when things are bad they don't want anything to
do with the game. Well, it doesn't work that way
because what they don't realize is when things are bad

(36:03):
is when you jump in the games, and when things
are great. You might know when I answer at that level, okay,
learn it from when things are bad, then when things
are good.

Speaker 8 (36:11):
Another thing you're not talking about is the amount of
unqualified people that think they could be a developer. Listen,
how often do you see that?

Speaker 3 (36:19):
Oh my, did you see the video I did that
went viral one point six million views. All my videos
get like anywhere from twenty thousand to three hundred thousand hits.
This one went to a million six and the comments
on it are ridiculous, like, these guys are crazy. She's
a script reader, she's this, she's that it was her
daddy's business, her husband's business.

Speaker 8 (36:39):
And I went, I went to hear the expression they
don't boo bums.

Speaker 3 (36:43):
But you know me, I get a sport out of
going back after people.

Speaker 8 (36:46):
You don't replied to those do.

Speaker 3 (36:47):
You love to Oh my god, oh when I can't
sleep at night, I'm throwing haymakers back right, love it,
do not engage, but no, I love it. Actually called
one guy on the phone on a Friday from my office.
The girl in my office goes, she's not really good
to call this dude. I am man. He apologize, and
he apologized, and he got his mother on the phone
and said, you're not gonna believe mom, because the mother

(37:09):
was a fan of Tough as Nails on AHGTV that
used to watch with his mother. He's like, oh my god,
this one's really calling me right now. But I'm just
saying that you've had a strong market and w I
was going with that video? Why why did you talk
about that video? What would you say?

Speaker 8 (37:23):
Unqualified developers.

Speaker 3 (37:25):
Bingo. Okay, because in the video it's said a money
man less prepared. Just in the video it said, but
does it say a money man there doesn't the work. No, No,
A money man doesn't make you a builder. A money
man doesn't when the market's great doctors are builders, lawyers
are builders, accountants. He addressed, I was getting taxi cab

(37:48):
drivers when all those guys used to step in. We
used to go, okay, let's get the hell out for
a while, right, so a money man and it went
viral because I said those words. A money man doesn't
make you a builder or a developer. It makes you
an investor. Let's get it proper. The proper terms are
you're investing in a deal.

Speaker 8 (38:06):
But then they tried doing the deal themselves.

Speaker 3 (38:08):
And that's where they get screwed.

Speaker 8 (38:09):
Every time I can't tell you we had it, And.

Speaker 3 (38:11):
Everytimes do I get the calls to come rescue our
guys around here? Right, hard money guy that I did
for her, for for ad Doud that I just did it.

Speaker 8 (38:19):
Has like young nephews. Your young sons are very wealthy people.
They come over and they have access to the capitol,
but they think they can actually.

Speaker 3 (38:28):
Because they get the job done, because the problem is, Mike,
they're counting on the subcontract is to do their job,
the builder has to have the knowledge.

Speaker 8 (38:37):
Of what the sobigny they don't know.

Speaker 3 (38:38):
What they don't know, then stay the hell out of
my game. Go back to your game, make your money
in your game, and stay out of my talking.

Speaker 8 (38:46):
About three four million dollar specs.

Speaker 3 (38:49):
That's not your world, but it's not Mike. But here's
the problem I have with that. Let's say you I
don't know, Ross decides he's gonna get together with my
insurance guy, Billy, and they're gonna back a house together
between both of them. He knows media, the other one.

Speaker 8 (39:04):
Knows insurance, and they should call you to build it,
but they won't.

Speaker 3 (39:07):
And they're gonna try to do it themselves.

Speaker 1 (39:08):
I know.

Speaker 3 (39:09):
But they're gonna try to do it themselves. Here's what
I feel bad for the end user that spends the
money and moves into this and it's nothing but a
money pit. Foundations, leaking roofs, leaking water, heater blows, this goes,
that goes, driving reins are coming through the windows because
no one knew how to sell a window. They can't

(39:30):
open a window because no one knew how to put
a window in the level. I can keep going and
going and going.

Speaker 8 (39:34):
Here.

Speaker 3 (39:35):
I went a house when I took the hot water
on the cold water, came on the cold water, and
I went, wow, would this guy like totally lose his mind.
So the point is that let builders do their jobs
and build money guys stay lane exactly. Let the money
guys be the finances, let them finance, let them partner up.
But find a builder, a good builder, to build out

(39:56):
your stuff, and then your stuff will sell. So when
you say, Cinny, don't get hurt out there a thirty
eight year reputation out there, show me, show me one
lawsuit against the Stumble development from a subcontractor, vendor and user.
You can't. That's keeping a lot of people happy. The
one do I paint attacks hold that thought. I'll hold

(40:16):
my own thought. I'm sitting stumbling you listen to Toughest
Nails on WBC.

Speaker 8 (40:19):
You will be right back.

Speaker 3 (40:28):
Bonds up and.

Speaker 7 (40:32):
Bones.

Speaker 3 (40:33):
I love you, and welcome back to Cindy Stumpo Toughest
Nails And I'm here with my beautiful blondie.

Speaker 2 (40:40):
You're so happy that I'm blonde.

Speaker 3 (40:41):
Now I'm so happy might tell the truth. I want
the truth right now? You got twenty second, ten three seconds.

Speaker 8 (40:47):
God, I'm just noticing you're a black hair anymore?

Speaker 3 (40:49):
Stacked to blonde? How beautiful?

Speaker 8 (40:51):
Beautiful?

Speaker 3 (40:52):
Better?

Speaker 8 (40:52):
Right? But she was fine either. I didn't mess that
face up with color here.

Speaker 3 (40:57):
Oh God, you're all lies. Larry has ever reach you? Guys?

Speaker 5 (41:01):
How they reach us? Yeah, just reach at Gibson Southeby's
International Realty dot com is a website that you can
find us. And in this market, the way the market
is today, expertise matters and make sure you get the
right person when you want to listener sell a home.

Speaker 3 (41:17):
Should they ask for my Crucci.

Speaker 5 (41:19):
They should always ask for my Currucci.

Speaker 8 (41:21):
Michael Carucci dot com, Instagram Michael Carucci.

Speaker 3 (41:24):
And I'm Sidney Stumpo and that's Samantha Stumbo. Everybody, have
a great, safe weekend and we'll see you next week.