September 19, 2025 • 22 mins
I SURVIVED REAL ESTATE 2025
The Norris Group Presents: The 18th Annual I Survived Real Estate – LIVE at the Nixon Presidential Library
The Norris Group’s award-winning black-tie gala, I Survived Real Estate, returns for its 18th year. Since 2008, I Survived Real Estate has supported Make-A-Wish OC & IE—and thanks to your generosity, we’ve now raised over $1.2 million for children in need
This year’s backdrop?
A California housing market still starved for inventory, mortgage rates hovering above comfort zones, affordability hitting generational lows, inflation and tariffs. Add in global uncertainty, sticky inflation, and the ever-watchful eye of the Federal Reserve—and you’ve got a landscape full of questions.
- Inventory Drought: California’s housing supply remains critically low
- Rate Pressure: Mortgage rates linger well above buyer comfort zones
- Priced Out: Affordability has collapsed to generational lows
- Global Tensions: War, tariffs, and instability rattle investor confidence
- Inflation’s Grip: Costs remain stubbornly high, squeezing margins
- Tariff Troubles: Rising import costs could ripple through construction and development
- All Eyes on the Fed: Every rate hint could send shockwaves through the market
Our expert panel brings top minds in economics, investing, and housing to help us prepare for what’s next. I Survived Real Estate was born from crisis, with a mission to unite thought leaders, give back, and guide our industry forward.
In this episode:
- Craig Evans reflects on the history of I Survived Real Estate, honoring Aaron Norris’ influence and the event’s mission of giving back.
- Anne Grey of Make-A-Wish OC & IE shares gratitude for The Norris Group’s support and the life-changing impact of donations.
- Discussion on key real estate metrics and their historical context.
- Bruce Norris highlights median price as a vital indicator of real estate cycles.
Affordability as a signal for the end of a boom or start of a downturn. - Comparing California’s median price to the national median to track market trends.
- Historical look at new home vs. existing home prices, and why their intersection matters.
The Norris Group originates and services loans in California and Florida under California DRE License 01219911, Florida Mortgage Lender License 1577, and NMLS License 1623669. For more information on hard money lending, go www.thenorrisgroup.com and click the Hard Money tab.
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Episode Transcript
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Narrator (00:01):
Welcome to The Norris Group real estate podcast, a
show committed to bringing youinsights from thought leaders
shaping the real estateindustry. In each episode, we'll
dive into conversations withindustry experts and local
insiders, all aimed at helpingyou thrive in an ever-changing
real estate market. continuingthe legacy that Bruce Norris
(00:24):
created, sharing valuableknowledge, and empowering you on
your real estate journey.
Whether you're a seasoned pro ora newcomer, this is your go-to
source for insider tips, markettrends and success strategies.
Here's your host, Craig Evans.
Evans,
Joey Romero (00:45):
The Norris Group is proud to present our 18th annual
gala. I Survived Real Estate atThe Nixon Presidential Library
on Friday, September 12. Since2008, our event has raised well
over a million dollars. Thisyear, we'll be raising funds
again from Make-A-Wish OC andIE. Individual Tickets are
available now. To get yourtickets, go to
isurviverealestate.com click thelink here in the card. We would
(01:08):
like to thank the followingplatinum sponsors, uDirectIRA
Services, The San Diego CreativeInvestors Association,
DouglasBrooke Homes, MVTProductions, Realty411, and DBL
Capital. All right, I know we'restarting a little bit late this
(01:32):
year, but that's okay, so we'regonna go ahead and get started
now. So welcome everybody. Thankyou for coming out again. Really
appreciate you guys. I know someof you guys are still eating but
as tradition, we're gonna goahead and start with the Pledge
of Allegiance. We have a veryspecial guest today. This is
(01:52):
Addison Evans, or Addy bear, ifyou gotta call her, she's gonna
lead us in the Pledge ofAllegiance. So if everybody
could please rise and put yourhand over your heart.
Addison Evans (02:00):
I pledge allegiance to the Flag of the
United States of America and tothe Republic of which it stands,
one Nation under God,indivisible, with liberty and
(02:20):
justice for all.
Joey Romero (02:27):
All right, man, I've been telling everybody it
feels like a family reunion. Itreally does. It's so fun to see
everybody again. Thank you somuch for your support. It means
so much to us. So I'm going tostart out with the reason this
all got started, and it's, youknow, my best friend, Aaron, and
(02:51):
it wouldn't be right for me notto say, yes, please. Thank you.
Aaron's the reason you guys allfell in love with The Norris
group. I guess that Bruce guytoo. But yes, so I just want to
mention one thing. If you'reever in Downtown Riverside on
(03:11):
the corner of University andLemon, we got a mural put up on
the side of a building that hasAaron's face on it. So if you're
ever there, please stop by, takea picture, take a selfie, tag us
in it'd be great. Yes, that'sawesome. All right, so without
further ado, it is my pleasureand honor to introduce our new
(03:33):
CEO, Craig Evans, and he'll kickthis all out.
Craig Evans (03:47):
Hey guys, thank you so much for being here this
evening. This is our 18th annualI Survived Real Estate. That's
right, I can't tell you what anhonor it is. You know, I had
about an hour, hour and 15minutes last night. We sat with
(04:08):
Bruce and Joey and I and Bruceand Andrew, my new head of
capital markets for anothercompany we've got. We got to sit
around and talk, and just totalk about Aaron and what he
meant to people and as who hewas as a person. It was, it was
an incredible time. You know,listen, yes, just reminiscing
(04:30):
and talking about things, but tothink about, as Joey just said,
this event would not be here. Wewouldn't be here 18 years later,
celebrating some stuff that'sabout to happen if Aaron Norris
hadn't had a brainchild ofsaying we need to put a group of
people together that care enoughabout other people that it's not
about ourselves. Yeah, we wantto learn. We want to study. We
(04:52):
want to learn from some of thegreatest minds in real estate,
but we want to give back tochildren and to people that need
help, right? So with all thatsaid, none of this would happen
without you. Aaron started it,but at the end of the day, you
show up, year after year afteryear to be a part of learning,
(05:14):
to be a part of giving to eachother. I had the opportunity to
sit and kind of watch from theback and yeah, you know you got
it's fun to watch you guys,you're all laughing and talking,
but to also start to hear theconversations that we've got
young people that are justgetting into our industry, that
are learning from seasoned pros.
Listen to sit and listen toPeter Fortunato. Are you kidding
me? That was like a master classin itself last night to sit in
(05:38):
and talk with some of thesepeople and what you're going to
experience tonight. You know,when we finished last year, I
told Joey, I said, I want nextyear to be even better, and I
want us to push each year to bebetter and better and better.
And I said, What's better than,let's put some of the greatest
economic minds together, andwe've got some magnificent
people, but on the investorside, I said, I want to do
(06:01):
something that we pull some ofthe greatest of the greats, and
that's what we've got tonight.
But for that to happen again,you show up year after year, and
to that personally, on behalf ofThe Norris group and everybody,
all of my team that work sodiligently, I thank you for
showing up. I thank you forgiving and all that you do to
(06:25):
make this event possible. Sogive yourselves a hand, a round
of applause for that. Now, withthat, as most of you were here
last year, you remember, I madea complete fool of myself
because I was so excited to behere that I completely forgot to
announce the main person that wewere here to see , which is, why
(06:46):
are we here? We're here to raisemoney for, listen, I've been
very unashamed of that. We'rehere to learn. We're here to see
some great people. All of that,I don't care those that know me
know I'm a teddy bear at heart.
And I love kids. I love my ownkids, people that know me will
tell you I'm an idiot when I getaround kids. So to have an
(07:08):
opportunity to raise money forchildren at their darkest hour
of their life, to make adifference, we all make a lot of
money in this room. We're allblessed to do what we do, but to
be able to give a child anopportunity to change their life
in their darkest moment. I'll dothis every night of the or every
(07:29):
week, if that's what we have todo to help that. But I thank you
for giving to that, and I thankyou for that process. So
tonight, I want to welcomesomebody that's very special. I
want us to welcome Anne Grey.
Ann is the president and CEO,CEO of Make a wish of Orange
County and the Inland Empire.
Under her leadership,Make-A-Wish OC & IE fulfills the
(07:52):
dreams of children facingcritical illnesses throughout
the region. Anne's passion, hercompassion and dedication keep
the mission of Make-A-Wishalive. It's bringing hope and
strength and joy to so manyyoung lives and their families.
Let's give a round welcome toAnne Grey.
Make-A-Wish (08:18):
When a child is in the fight for their lives, you
need to find hope. When thathappens, it reinvigorates.
Wishes can heal. You know, wesee it all the time. Your wish
to have a gaming computer wasgranted. This wish allowed them
(08:45):
to dream and just feelingimportant and feeling the
community involvement is just anamazing feeling, and somebody
care about you. The biggestunexpected benefit of my wish
was the way I was able to use itas a tool to get through
chemotherapy and just to keep memotivated. Fact that Make-A-Wish
(09:10):
could give us something hopefuland happy I'm just so thankful
for and it had such an impact.
Anne Grey (09:25):
So I'm here tonight to say thank you to all of you,
and especially to The NorrisGroup. We have been a
beneficiary of this event since2008 and since the inception,
we've been able to grant so manywonderful wishes. Thanks to the
proceeds from this event andeveryone's generosity. The
Norris Group has donated over amillion dollars to children's
(09:47):
charity. So I think they deservea huge round of applause for
that, and they just keep goingstrong and Make-A-Wish Orange
County and the Inland Empireserves children throughout
orange sand. And Dino andRiverside County Make-A-Wish.
Has 57 chapters throughout theUnited States. I've met a lot of
people from out of town tonightwho are wonderful, and we'd love
(10:09):
to get you involved back home,if you have a passion for our
mission. We locally granted 273wishes this past year. Our goal
was 272 and so we exceeded that,and we are also the hometown
chapter for Disneyland. And sothat means that our chapter
(10:32):
coordinates the wishes forchildren from all over the
country and all over the worldwhose wish is to go to
Disneyland Resort. So our localchapter really works on over
1000 wishes a year to make magichappen for kids, and so it's so
beautiful to experience seeingthe wish revealed like you saw
(10:52):
in the video. That's such adelightful moment. It's so
exciting to accompany familieson their wish when we have that
opportunity. But one of the mostexciting things is to meet our
wish alumni. 70% of kids whoreceive a wish from Make-A-Wish
go on to live through toadulthood. And the impact that
(11:12):
the wish has on the wish kidslives, it carries them through
their whole life. I met a wishalumni tonight. I won't call her
out, but she was telling me howgrateful she is for her wish,
and she's here as a successfulprofessional today. So let's
just give that person a round ofapplause for all they've been
through and all they'veaccomplished. I learned last
(11:36):
night that wish kid thatreceived a laptop from us,
founded his company on thatlaptop and sold that company to
Nestle. So I mean, the storiesare incredible, and I've only
been at Make-A-Wish a year, andI've learned so much about the
impact of wishes, and it justkeeps you know that ripple
(11:57):
effect is just leaps and bounds.
So we are so grateful for TheNorris Group and them helping to
make wishes happen, but alsocreating an incredible future
for our kids, their families,the community. So I'd like to
invite Craig back up here. Ihave a special plaque to give to
you. I'm going to read a wishwe're dedicating to The Norris
Group this year and the ISurvived Real Estate Gala. So
(12:19):
can I read this?
Craig Evans (12:22):
Yeah, absolutely.
Anne Grey (12:23):
Okay. I'll try and be quick and not mess it up. So
Kimberly is a playful five yearold from Apple Valley, and she
loves to play outdoors, drawingthe chalk with her friends,
jumping on the trampoline andfeeling all the baby chickens
and dogs her family has,"feeding", not feeling sorry,
should've wore my glasses, justa little comic relief. But when
(12:47):
she was diagnosed with leukemia,her time outdoors was limited,
replaced by long hospital staysand tough treatments. In the
midst of her medical journeywhere there are no choices about
what comes next, Kimberly wasgiven a chance to dream, to
decide and to wish. For herwish, she wanted her very own
play structure so she couldspend more time outside doing
(13:10):
what she loves. Thanks to thegenerous support of I Survived
Real Estate, Kimberly's backyardhas been transformed into a
joyful escape filled withlaughter and fun. Her new play
structure isn't just a place toplay, it's a place to be a kid,
to heal and to make happymemories with her family right
at home, we are incrediblygrateful to I Survived Real
(13:31):
Estate for making Kimberly'swish a reality. Your kindness
has given her more than just aplay space. You've given her the
freedom to laugh, explore andreclaim a piece of childhood
that illness tried to take away.
Thank you for helping witcheslike Kimberly's come true.
Craig Evans (13:47):
Thank you.
Anne Grey (13:50):
Thank you.
Craig Evans (13:56):
Thank you.
Anne Grey (14:01):
Thank you all so much.
Craig Evans (14:04):
Let's give her a round of applause. And as she's
exiting the stage, there's onething that I forgot to tell you,
and if I don't say it, Joey willkill me, because again, this
goes back to you guys. Thisyear, The Norris Group, for the
first time, actually broke $1.2million to Make-A-Wish. So all
(14:30):
right, now there's somebody thatI want to bring to the stage
with me that I know doesn't needan introduction. I don't know
how you introduce a man likethis? So I'm gonna do this
instead of talking about all hisaccomplishments, because you
guys have read all this. Youknow all this. You know what
he's done. What you don't knowis he's become a friend to me
(14:53):
and a mentor to me that hastaught me more about real estate
than I could ever imagine. Andalso the aspect is, you know,
there's a lot going on in realestate, right? We're all dealing
with, with tough things inbusiness right now, I received a
call from Bruce about threeweeks ago, and he could hear in
(15:14):
my voice that I was stressed,right? And I'm like, Bruce, I
got it. What do you need? Youknow, I'm just, he and I are
kind of cut from that samecloth, we just go into solution
mode and we keep going. And itwas Bruce's solution. He said,
"I can hear the stress in yourvoice. Why don't I drive down
and see you?" I said, "What areyou talking about?" He said,
(15:35):
"Now". I said, "Bruce, it's11:15 at night. You're two and a
half hours away from me". Hesaid, "Yep, I'll be there".
That's the type of man that wasa part of starting this, and
that's the man that I'm proudand honored to call my friend.
Ladies and gentlemen, pleasewelcome Bruce Norris to the
(16:15):
stage. Love you, brother.
Bruce Norris (16:17):
Thank you.
Craig Evans (16:17):
You alright?
Bruce Norris (16:18):
May I tell a story?
Craig Evans (16:21):
Well, it's your show.
Bruce Norris (16:23):
Quickly, the day I understood that I could sell The
Norris Group to Craig, was aftera hurricane, and we were busy
with projects and stuff, hecalled me up. He says, You know
what? He said, I have to pulloff of things for a week, and he
has a boat for a week. All hedid was save people's lives,
driving into dangerous areaswhere people could not get out.
(16:44):
And he took them out and broughtthem back over and over and over
again. And I said, "Yeah, I cansell him The Norris Group".
Now we got boring charts to turninto.
Craig Evans (17:01):
All right. So listen, every year, Bruce used
to do this where he talked aboutthe six comps of how he would
evaluate real estate, right?
Nothing's going to change. We'regoing to move through some of
that quickly tonight, though,because there's one portion of
that that I want us to touch on,and I want us to kind of push
through and get to themoodometer.
Bruce Norris (17:19):
Yeah.
Craig Evans (17:19):
You know, you and I talked about this. There's some
things on that that I reallywant us to start focusing on. So
if we can, I want to startgetting into the six comps that
you've historically alwayslooked at. So one is median
price, whether it's California,wherever it is. Tell me why. As
I'm going through these, I wantyou to tell us, until we get to
the moodometer, tell me why yourtop, the top factor, why you
(17:43):
picked these as a six comps,right? So as we go through, if
you'll, if you'll do that forme.
Bruce Norris (17:47):
Okay, you know, I looked at this at the first
time, and I wrote the firstreport in '96 and to be honest
with you, I didn't know whatmattered. So when I did my
research, I was in libraries fora year and a half just writing
data and making a chart of it.
So I didn't know what mattered.
I had probably 50 categories,and what I did was laid them on
(18:08):
the floor, and I wanted to seeif I could, if they, if it
duplicated, is what starts aboom cycle and what comes after
the first chart tips over, andthe same on a downside, and I
discovered it. And so part ofwhat you're seeing is and this
has grown over time. So this isjust a history of the median
price. I needed to see that, itdoesn't, it's not a proof text,
(18:30):
but it's interesting that youcan have amazing times up and
down when we get to the lastchart. I'll spend a little time
explaining why that last chartkind of ties all this together.
Craig Evans (18:41):
All right, so we look at median price, then we
got affordability.
Bruce Norris (18:46):
Yeah, affordability was key, because
there was a repetitive endingpoint. And so when I recognize
that, and it's usually whenyou're euphoric about real
estate, all of a sudden, you cango, well, it's about over, so
everybody loves it, but it'sabout over. And the opposite is
true. When it's down in thebottom, everybody's afraid of
it. And if you're smart, you cango, "Hmm, maybe I should want
(19:09):
that at that time".
Craig Evans (19:11):
So the next now you're starting to compare
things. You've got historical,new home price versus existing.
Why is that a major comp for youto look at?
Bruce Norris (19:18):
Well, again, what it taught me was it was only a
few times that the intersectionhappens where the existing home
is more expensive than the newhome, so the new home builder
didn't build enough to meet thedemand. So the demand flew to
the existing home, and theyoverpaid for that because there
wasn't anything else to buy.
They wanted it bad enough. Sothat's what typically happened.
And once that happens, you know,you're at toward the end of the
(19:42):
cycle, you're euphoric, butthat's got to end, because it's
never continued.
Craig Evans (19:48):
So one of the questions that we got a lot on
this, and I want to just touchhere quickly, though, when
you're looking at this chart, inparticular, this metric, are you
looking at where things aremoving, or do you study the
where the inversion of thosecurves hit?
Bruce Norris (20:03):
Yes, that's the most meaningful thing. It
doesn't matter to me thatthere's a repetitive inversion.
It matters that it goes throughthe whole cycle where the spread
begins again to where I knowthat has a meaningful ending
again. So you could be 10 yearsaway from that being a
meaningful chart. But when itcrosses is meaningful. It
doesn't matter how big thespread gets, by the way.
Craig Evans (20:25):
So why are you then in a metric, if at the time when
you start creating this, you'reonly looking primarily at
California, why were youcomparing California to the US?
Bruce Norris (20:35):
Well, again, it was sort of like you're you're
looking for all the evidence. Sothis chart didn't probably start
in the first two or threereports. So as you grow you're
thinking, 'Okay, is there a isthere any connection?' You know,
there's usually a spread, apercentage of value California
is more expensive than thenation always. Well, when does
it get to the ridiculous? Sowhen it gets to the ridiculous,
(20:57):
what happens is we say, well,hmm, maybe we'll sell our stuff
and go to Idaho where, gosh, Ican buy two houses. Well, I sell
mine. And so that starts tohappen. So the bigger the
spread, you have it exiting,where California goes. This is
so great. I can go do what Iwant and pay for it in cash. So
that's what was the significanceof this chart, that when that
(21:18):
starts to happen, then you havepeople selling, but you also
have it go back to somewhat of anormal number, so.
Joey Romero (21:29):
Don't forget to visit isurvivedrealestate.com
for tickets to the event onFriday, September 12. The Norris
Group would like to thank thefollowing Gold sponsors,
Keystone CPA, The Inland ValleysAssociation of Realtors,
Pasadena FIBI, The North SanDiego Real Estate Investors
Association, LA south REIA,NorCal REIA, The Wizard of the
(21:51):
Wobbly Box, Andy Teasley,Shepherd's Finance, The Thompson
Group, PropertyRadar and WhiteHouse Catering. The dinner wine
is provided with a generouscontribution by Rick and Leanne
Rossiter. Hope see you allthere.
Narrator (22:05):
For more information on hard money loans, trust deed
investing, and upcoming eventswith The Norris group. Check out
thenorrisgroup.com. For moreinformation on passive investing
through the DBL Capital RealEstate Investment Fund, please
visit dblapital.com.
Joey Romero (22:25):
The Norris Group originates and services loans in
California and Florida underCalifornia DRE license 01219911.
Florida mortgage lender license1577 and NMLS license 1623669.
For more information on hardmoney lending go to
thenorrisgroup.com and click thehard money tab
Welcome to The Norris Group real estate podcast, a
show committed to bringing youinsights from thought leaders
shaping the real estateindustry. In each episode, we'll
dive into conversations withindustry experts and local
insiders, all aimed at helpingyou thrive in an ever-changing
real estate market. continuingthe legacy that Bruce Norris
(00:24):
created, sharing valuableknowledge, and empowering you on
your real estate journey.
Whether you're a seasoned pro ora newcomer, this is your go-to
source for insider tips, markettrends and success strategies.
Here's your host, Craig Evans.
Evans,
Joey Romero (00:45):
The Norris Group is proud to present our 18th annual
gala. I Survived Real Estate atThe Nixon Presidential Library
on Friday, September 12. Since2008, our event has raised well
over a million dollars. Thisyear, we'll be raising funds
again from Make-A-Wish OC andIE. Individual Tickets are
available now. To get yourtickets, go to
isurviverealestate.com click thelink here in the card. We would
(01:08):
like to thank the followingplatinum sponsors, uDirectIRA
Services, The San Diego CreativeInvestors Association,
DouglasBrooke Homes, MVTProductions, Realty411, and DBL
Capital. All right, I know we'restarting a little bit late this
(01:32):
year, but that's okay, so we'regonna go ahead and get started
now. So welcome everybody. Thankyou for coming out again. Really
appreciate you guys. I know someof you guys are still eating but
as tradition, we're gonna goahead and start with the Pledge
of Allegiance. We have a veryspecial guest today. This is
(01:52):
Addison Evans, or Addy bear, ifyou gotta call her, she's gonna
lead us in the Pledge ofAllegiance. So if everybody
could please rise and put yourhand over your heart.
Addison Evans (02:00):
I pledge allegiance to the Flag of the
United States of America and tothe Republic of which it stands,
one Nation under God,indivisible, with liberty and
(02:20):
justice for all.
Joey Romero (02:27):
All right, man, I've been telling everybody it
feels like a family reunion. Itreally does. It's so fun to see
everybody again. Thank you somuch for your support. It means
so much to us. So I'm going tostart out with the reason this
all got started, and it's, youknow, my best friend, Aaron, and
(02:51):
it wouldn't be right for me notto say, yes, please. Thank you.
Aaron's the reason you guys allfell in love with The Norris
group. I guess that Bruce guytoo. But yes, so I just want to
mention one thing. If you'reever in Downtown Riverside on
(03:11):
the corner of University andLemon, we got a mural put up on
the side of a building that hasAaron's face on it. So if you're
ever there, please stop by, takea picture, take a selfie, tag us
in it'd be great. Yes, that'sawesome. All right, so without
further ado, it is my pleasureand honor to introduce our new
(03:33):
CEO, Craig Evans, and he'll kickthis all out.
Craig Evans (03:47):
Hey guys, thank you so much for being here this
evening. This is our 18th annualI Survived Real Estate. That's
right, I can't tell you what anhonor it is. You know, I had
about an hour, hour and 15minutes last night. We sat with
(04:08):
Bruce and Joey and I and Bruceand Andrew, my new head of
capital markets for anothercompany we've got. We got to sit
around and talk, and just totalk about Aaron and what he
meant to people and as who hewas as a person. It was, it was
an incredible time. You know,listen, yes, just reminiscing
(04:30):
and talking about things, but tothink about, as Joey just said,
this event would not be here. Wewouldn't be here 18 years later,
celebrating some stuff that'sabout to happen if Aaron Norris
hadn't had a brainchild ofsaying we need to put a group of
people together that care enoughabout other people that it's not
about ourselves. Yeah, we wantto learn. We want to study. We
(04:52):
want to learn from some of thegreatest minds in real estate,
but we want to give back tochildren and to people that need
help, right? So with all thatsaid, none of this would happen
without you. Aaron started it,but at the end of the day, you
show up, year after year afteryear to be a part of learning,
(05:14):
to be a part of giving to eachother. I had the opportunity to
sit and kind of watch from theback and yeah, you know you got
it's fun to watch you guys,you're all laughing and talking,
but to also start to hear theconversations that we've got
young people that are justgetting into our industry, that
are learning from seasoned pros.
Listen to sit and listen toPeter Fortunato. Are you kidding
me? That was like a master classin itself last night to sit in
(05:38):
and talk with some of thesepeople and what you're going to
experience tonight. You know,when we finished last year, I
told Joey, I said, I want nextyear to be even better, and I
want us to push each year to bebetter and better and better.
And I said, What's better than,let's put some of the greatest
economic minds together, andwe've got some magnificent
people, but on the investorside, I said, I want to do
(06:01):
something that we pull some ofthe greatest of the greats, and
that's what we've got tonight.
But for that to happen again,you show up year after year, and
to that personally, on behalf ofThe Norris group and everybody,
all of my team that work sodiligently, I thank you for
showing up. I thank you forgiving and all that you do to
(06:25):
make this event possible. Sogive yourselves a hand, a round
of applause for that. Now, withthat, as most of you were here
last year, you remember, I madea complete fool of myself
because I was so excited to behere that I completely forgot to
announce the main person that wewere here to see , which is, why
(06:46):
are we here? We're here to raisemoney for, listen, I've been
very unashamed of that. We'rehere to learn. We're here to see
some great people. All of that,I don't care those that know me
know I'm a teddy bear at heart.
And I love kids. I love my ownkids, people that know me will
tell you I'm an idiot when I getaround kids. So to have an
(07:08):
opportunity to raise money forchildren at their darkest hour
of their life, to make adifference, we all make a lot of
money in this room. We're allblessed to do what we do, but to
be able to give a child anopportunity to change their life
in their darkest moment. I'll dothis every night of the or every
(07:29):
week, if that's what we have todo to help that. But I thank you
for giving to that, and I thankyou for that process. So
tonight, I want to welcomesomebody that's very special. I
want us to welcome Anne Grey.
Ann is the president and CEO,CEO of Make a wish of Orange
County and the Inland Empire.
Under her leadership,Make-A-Wish OC & IE fulfills the
(07:52):
dreams of children facingcritical illnesses throughout
the region. Anne's passion, hercompassion and dedication keep
the mission of Make-A-Wishalive. It's bringing hope and
strength and joy to so manyyoung lives and their families.
Let's give a round welcome toAnne Grey.
Make-A-Wish (08:18):
When a child is in the fight for their lives, you
need to find hope. When thathappens, it reinvigorates.
Wishes can heal. You know, wesee it all the time. Your wish
to have a gaming computer wasgranted. This wish allowed them
(08:45):
to dream and just feelingimportant and feeling the
community involvement is just anamazing feeling, and somebody
care about you. The biggestunexpected benefit of my wish
was the way I was able to use itas a tool to get through
chemotherapy and just to keep memotivated. Fact that Make-A-Wish
(09:10):
could give us something hopefuland happy I'm just so thankful
for and it had such an impact.
Anne Grey (09:25):
So I'm here tonight to say thank you to all of you,
and especially to The NorrisGroup. We have been a
beneficiary of this event since2008 and since the inception,
we've been able to grant so manywonderful wishes. Thanks to the
proceeds from this event andeveryone's generosity. The
Norris Group has donated over amillion dollars to children's
(09:47):
charity. So I think they deservea huge round of applause for
that, and they just keep goingstrong and Make-A-Wish Orange
County and the Inland Empireserves children throughout
orange sand. And Dino andRiverside County Make-A-Wish.
Has 57 chapters throughout theUnited States. I've met a lot of
people from out of town tonightwho are wonderful, and we'd love
(10:09):
to get you involved back home,if you have a passion for our
mission. We locally granted 273wishes this past year. Our goal
was 272 and so we exceeded that,and we are also the hometown
chapter for Disneyland. And sothat means that our chapter
(10:32):
coordinates the wishes forchildren from all over the
country and all over the worldwhose wish is to go to
Disneyland Resort. So our localchapter really works on over
1000 wishes a year to make magichappen for kids, and so it's so
beautiful to experience seeingthe wish revealed like you saw
(10:52):
in the video. That's such adelightful moment. It's so
exciting to accompany familieson their wish when we have that
opportunity. But one of the mostexciting things is to meet our
wish alumni. 70% of kids whoreceive a wish from Make-A-Wish
go on to live through toadulthood. And the impact that
(11:12):
the wish has on the wish kidslives, it carries them through
their whole life. I met a wishalumni tonight. I won't call her
out, but she was telling me howgrateful she is for her wish,
and she's here as a successfulprofessional today. So let's
just give that person a round ofapplause for all they've been
through and all they'veaccomplished. I learned last
(11:36):
night that wish kid thatreceived a laptop from us,
founded his company on thatlaptop and sold that company to
Nestle. So I mean, the storiesare incredible, and I've only
been at Make-A-Wish a year, andI've learned so much about the
impact of wishes, and it justkeeps you know that ripple
(11:57):
effect is just leaps and bounds.
So we are so grateful for TheNorris Group and them helping to
make wishes happen, but alsocreating an incredible future
for our kids, their families,the community. So I'd like to
invite Craig back up here. Ihave a special plaque to give to
you. I'm going to read a wishwe're dedicating to The Norris
Group this year and the ISurvived Real Estate Gala. So
(12:19):
can I read this?
Craig Evans (12:22):
Yeah, absolutely.
Anne Grey (12:23):
Okay. I'll try and be quick and not mess it up. So
Kimberly is a playful five yearold from Apple Valley, and she
loves to play outdoors, drawingthe chalk with her friends,
jumping on the trampoline andfeeling all the baby chickens
and dogs her family has,"feeding", not feeling sorry,
should've wore my glasses, justa little comic relief. But when
(12:47):
she was diagnosed with leukemia,her time outdoors was limited,
replaced by long hospital staysand tough treatments. In the
midst of her medical journeywhere there are no choices about
what comes next, Kimberly wasgiven a chance to dream, to
decide and to wish. For herwish, she wanted her very own
play structure so she couldspend more time outside doing
(13:10):
what she loves. Thanks to thegenerous support of I Survived
Real Estate, Kimberly's backyardhas been transformed into a
joyful escape filled withlaughter and fun. Her new play
structure isn't just a place toplay, it's a place to be a kid,
to heal and to make happymemories with her family right
at home, we are incrediblygrateful to I Survived Real
(13:31):
Estate for making Kimberly'swish a reality. Your kindness
has given her more than just aplay space. You've given her the
freedom to laugh, explore andreclaim a piece of childhood
that illness tried to take away.
Thank you for helping witcheslike Kimberly's come true.
Craig Evans (13:47):
Thank you.
Anne Grey (13:50):
Thank you.
Craig Evans (13:56):
Thank you.
Anne Grey (14:01):
Thank you all so much.
Craig Evans (14:04):
Let's give her a round of applause. And as she's
exiting the stage, there's onething that I forgot to tell you,
and if I don't say it, Joey willkill me, because again, this
goes back to you guys. Thisyear, The Norris Group, for the
first time, actually broke $1.2million to Make-A-Wish. So all
(14:30):
right, now there's somebody thatI want to bring to the stage
with me that I know doesn't needan introduction. I don't know
how you introduce a man likethis? So I'm gonna do this
instead of talking about all hisaccomplishments, because you
guys have read all this. Youknow all this. You know what
he's done. What you don't knowis he's become a friend to me
(14:53):
and a mentor to me that hastaught me more about real estate
than I could ever imagine. Andalso the aspect is, you know,
there's a lot going on in realestate, right? We're all dealing
with, with tough things inbusiness right now, I received a
call from Bruce about threeweeks ago, and he could hear in
(15:14):
my voice that I was stressed,right? And I'm like, Bruce, I
got it. What do you need? Youknow, I'm just, he and I are
kind of cut from that samecloth, we just go into solution
mode and we keep going. And itwas Bruce's solution. He said,
"I can hear the stress in yourvoice. Why don't I drive down
and see you?" I said, "What areyou talking about?" He said,
(15:35):
"Now". I said, "Bruce, it's11:15 at night. You're two and a
half hours away from me". Hesaid, "Yep, I'll be there".
That's the type of man that wasa part of starting this, and
that's the man that I'm proudand honored to call my friend.
Ladies and gentlemen, pleasewelcome Bruce Norris to the
(16:15):
stage. Love you, brother.
Bruce Norris (16:17):
Thank you.
Craig Evans (16:17):
You alright?
Bruce Norris (16:18):
May I tell a story?
Craig Evans (16:21):
Well, it's your show.
Bruce Norris (16:23):
Quickly, the day I understood that I could sell The
Norris Group to Craig, was aftera hurricane, and we were busy
with projects and stuff, hecalled me up. He says, You know
what? He said, I have to pulloff of things for a week, and he
has a boat for a week. All hedid was save people's lives,
driving into dangerous areaswhere people could not get out.
(16:44):
And he took them out and broughtthem back over and over and over
again. And I said, "Yeah, I cansell him The Norris Group".
Now we got boring charts to turninto.
Craig Evans (17:01):
All right. So listen, every year, Bruce used
to do this where he talked aboutthe six comps of how he would
evaluate real estate, right?
Nothing's going to change. We'regoing to move through some of
that quickly tonight, though,because there's one portion of
that that I want us to touch on,and I want us to kind of push
through and get to themoodometer.
Bruce Norris (17:19):
Yeah.
Craig Evans (17:19):
You know, you and I talked about this. There's some
things on that that I reallywant us to start focusing on. So
if we can, I want to startgetting into the six comps that
you've historically alwayslooked at. So one is median
price, whether it's California,wherever it is. Tell me why. As
I'm going through these, I wantyou to tell us, until we get to
the moodometer, tell me why yourtop, the top factor, why you
(17:43):
picked these as a six comps,right? So as we go through, if
you'll, if you'll do that forme.
Bruce Norris (17:47):
Okay, you know, I looked at this at the first
time, and I wrote the firstreport in '96 and to be honest
with you, I didn't know whatmattered. So when I did my
research, I was in libraries fora year and a half just writing
data and making a chart of it.
So I didn't know what mattered.
I had probably 50 categories,and what I did was laid them on
(18:08):
the floor, and I wanted to seeif I could, if they, if it
duplicated, is what starts aboom cycle and what comes after
the first chart tips over, andthe same on a downside, and I
discovered it. And so part ofwhat you're seeing is and this
has grown over time. So this isjust a history of the median
price. I needed to see that, itdoesn't, it's not a proof text,
(18:30):
but it's interesting that youcan have amazing times up and
down when we get to the lastchart. I'll spend a little time
explaining why that last chartkind of ties all this together.
Craig Evans (18:41):
All right, so we look at median price, then we
got affordability.
Bruce Norris (18:46):
Yeah, affordability was key, because
there was a repetitive endingpoint. And so when I recognize
that, and it's usually whenyou're euphoric about real
estate, all of a sudden, you cango, well, it's about over, so
everybody loves it, but it'sabout over. And the opposite is
true. When it's down in thebottom, everybody's afraid of
it. And if you're smart, you cango, "Hmm, maybe I should want
(19:09):
that at that time".
Craig Evans (19:11):
So the next now you're starting to compare
things. You've got historical,new home price versus existing.
Why is that a major comp for youto look at?
Bruce Norris (19:18):
Well, again, what it taught me was it was only a
few times that the intersectionhappens where the existing home
is more expensive than the newhome, so the new home builder
didn't build enough to meet thedemand. So the demand flew to
the existing home, and theyoverpaid for that because there
wasn't anything else to buy.
They wanted it bad enough. Sothat's what typically happened.
And once that happens, you know,you're at toward the end of the
(19:42):
cycle, you're euphoric, butthat's got to end, because it's
never continued.
Craig Evans (19:48):
So one of the questions that we got a lot on
this, and I want to just touchhere quickly, though, when
you're looking at this chart, inparticular, this metric, are you
looking at where things aremoving, or do you study the
where the inversion of thosecurves hit?
Bruce Norris (20:03):
Yes, that's the most meaningful thing. It
doesn't matter to me thatthere's a repetitive inversion.
It matters that it goes throughthe whole cycle where the spread
begins again to where I knowthat has a meaningful ending
again. So you could be 10 yearsaway from that being a
meaningful chart. But when itcrosses is meaningful. It
doesn't matter how big thespread gets, by the way.
Craig Evans (20:25):
So why are you then in a metric, if at the time when
you start creating this, you'reonly looking primarily at
California, why were youcomparing California to the US?
Bruce Norris (20:35):
Well, again, it was sort of like you're you're
looking for all the evidence. Sothis chart didn't probably start
in the first two or threereports. So as you grow you're
thinking, 'Okay, is there a isthere any connection?' You know,
there's usually a spread, apercentage of value California
is more expensive than thenation always. Well, when does
it get to the ridiculous? Sowhen it gets to the ridiculous,
(20:57):
what happens is we say, well,hmm, maybe we'll sell our stuff
and go to Idaho where, gosh, Ican buy two houses. Well, I sell
mine. And so that starts tohappen. So the bigger the
spread, you have it exiting,where California goes. This is
so great. I can go do what Iwant and pay for it in cash. So
that's what was the significanceof this chart, that when that
(21:18):
starts to happen, then you havepeople selling, but you also
have it go back to somewhat of anormal number, so.
Joey Romero (21:29):
Don't forget to visit isurvivedrealestate.com
for tickets to the event onFriday, September 12. The Norris
Group would like to thank thefollowing Gold sponsors,
Keystone CPA, The Inland ValleysAssociation of Realtors,
Pasadena FIBI, The North SanDiego Real Estate Investors
Association, LA south REIA,NorCal REIA, The Wizard of the
(21:51):
Wobbly Box, Andy Teasley,Shepherd's Finance, The Thompson
Group, PropertyRadar and WhiteHouse Catering. The dinner wine
is provided with a generouscontribution by Rick and Leanne
Rossiter. Hope see you allthere.
Narrator (22:05):
For more information on hard money loans, trust deed
investing, and upcoming eventswith The Norris group. Check out
thenorrisgroup.com. For moreinformation on passive investing
through the DBL Capital RealEstate Investment Fund, please
visit dblapital.com.
Joey Romero (22:25):
The Norris Group originates and services loans in
California and Florida underCalifornia DRE license 01219911.
Florida mortgage lender license1577 and NMLS license 1623669.
For more information on hardmoney lending go to
thenorrisgroup.com and click thehard money tab
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