Shout outs. Condo/townhouse financing. Maximum allowable offer. Trends. Appreciation. Inventory. Days on market

Episode Transcript

Speaker 1 (00:15):
Navigating today's real estate market can be tricky. Wanta buyer,
soela house finance, or insure a house, or stuck with
a house and don't know what to do. Florida Talk
real Estate has been your local one stop real estate
shop since twenty twelve. Get the advice you need from
your local real estate pros. Here are your hosts, Jim
Depola and Johnny c. You live on real Radio.

Speaker 2 (00:36):
Yeah, good Saturday morning. Welcome to another edition. It's Florida
Talk Real Estate.

Speaker 3 (00:40):
We got you for the next two hours of infotainment.
And thank you very much for being with us on
this very chilly South Florida morning. I see you out
there ninety two one one on one seven, I see
you freezing even more than I am at this point.

Speaker 2 (00:55):
Oh my goodness.

Speaker 3 (00:56):
And of course, if you're on your free download your
iHeartRadio app, you could be worldwide and that's amazing. Thank
you very much for being with us. And we do
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cameras are set up, the lights are on in the studio.
You'll find us on Facebook, Florida Talk real Estate on
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Speaker 2 (01:13):
YouTube as well. That's Florida Talk Real Estate.

Speaker 3 (01:16):
LLC, home of a ton of informational chunk videos, plus
our live stream on a Saturday morning.

Speaker 2 (01:22):
And of course you can be a part of the program.

Speaker 3 (01:24):
If you'd like join us with a question common concern
in the world of real estate, you more than welcome
dial it up eight seven seven nine two seven six
nine six nine. In the first voice, you'll hear the
melodious tones of our producer extraordinair, my brother from another mother, Jimothy.

Speaker 4 (01:38):
How you be join a mighty five? Good morning, mister
c oh oh, chilly, I have.

Speaker 2 (01:43):
Dude, I don't know how you're in short sleeves. You're
a piece. The car was warm and so in here.
It's not too too bad. Yeah, but you're not in
the car. It's not too too bad. Yeah, you're a beast.
Always good to see you, my dude.

Speaker 5 (01:58):
Good see you as well.

Speaker 2 (01:59):
I am.

Speaker 3 (02:00):
I have a long sleeve, a hoodie. I have a
slowly on. I'm thinking about pulling the hoodie over my head.
Headphones on seek cap Oh, I love it, dude.

Speaker 2 (02:09):
Three pairs of socks? How many pairs of pants? Stupid?
Only well in the drug I don't you know what.

Speaker 5 (02:15):
I was so mad this morning I'm like, where are.

Speaker 2 (02:18):
My long job? And you went for them? I did?
Is sixty six degrees in my house this morning? Yeah
that's nice, dude, that's terrible. I mean it's chilly chills.
That's like ten degrees and then you're normal ten degrees lower.

Speaker 5 (02:33):
So I like, I like my little sleeping space to
be that cold.

Speaker 2 (02:36):
Right, okay, but like to walk around.

Speaker 5 (02:38):
Well let me let me, let me let everybody know.

Speaker 3 (02:42):
The voice you're hearing right now, that's that's the mortgage
guy from the mortgage firm.

Speaker 2 (02:45):
There's my crown. I'm credentialed now now I can talk
about you winter officially. Yeah, well, good morning, good morning.

Speaker 3 (02:52):
Uh yeah, So my room we keep ice cold because
it's nice to be cold and warm in the blankys.

Speaker 2 (02:58):
Right, how do you do that? It just keeps the
windows open.

Speaker 3 (03:01):
No, so we have a we have able.

Speaker 5 (03:04):
Yeah, well not zones, but just a a C four
the room like portable ones.

Speaker 2 (03:09):
Oh I got you. Yeah.

Speaker 5 (03:10):
It works like a beast.

Speaker 2 (03:11):
Is it in the window or is it like the
half the mini split.

Speaker 3 (03:16):
It's supposed to be one that goes out the well,
the hose goes out the window.

Speaker 2 (03:19):
It's supposed to be one of those.

Speaker 3 (03:20):
I just run the hose to the living room because
it's just you're just replacing air, got it right. Yeah,
So when you walk out of my room, which is freezing,
it's warm, house nice. It didn't happen today. It didn't happen. No,
you're like, it's got colder.

Speaker 2 (03:35):
I didn't get that break. Do you have to keep
the bedroom cold because there's so much activity in there,
you know?

Speaker 3 (03:42):
Yeah, yeah, boxy, it's a big room, corn hole, yeah,
get out the bags. Yeah, all kinds of activities. There's
lots of room for activities. Uh, it's a and it's
a that's a good sleeping environment.

Speaker 2 (04:00):
Be going on like three days of this h cold four.

Speaker 5 (04:03):
I feel like three weeks at this point.

Speaker 2 (04:05):
Oh well yeah, we had that one where it was
a couple of days this cold, this cold. Yeah, this
is the first time this year it's gotten this cold,
this cold. But I feel bad saying that. I mean
it's not really yeah, well well you do have your your.

Speaker 4 (04:20):
I say that to my brother and he's up in
New Jersey and its three degrees Yeah, yeah exactly, so
he laughs at me.

Speaker 2 (04:26):
It's supposed to be he lives in Jersey.

Speaker 3 (04:28):
Yeah, it's in the sixties.

Speaker 2 (04:32):
Yeah, yeah, exactly. There was. I had a lunch at
a real estate office this week and there was a
Canadian guy there who's kind of like interning with an
insurance agent, and he was talking about going to the beach.
Right this is this is on Wednesday. It's like, yeah,
for you, Yeah, you're not gonna see anybody there do that. Yeah,
you have the other Canadians.

Speaker 3 (04:52):
Pretty pretty amazing. Yeah, yeah, I know a lot of
people are loving it. I'm over it. Let's see how
Jimmy D feels about it. I've told you for thirteen
years now. He runs a top producing Keller Williams team.
This is our fearless leader, and of course you can
find him Keller Williams Innovations, the Florida Home Pros Team.
Jimmy D, you're bottled up.

Speaker 6 (05:07):
Maybe, hey, I'm buddled up, but not like you Long John's.
I was like, I haven't thought about Long John since
I lived in New York. I'm like, holy moly, Long John.

Speaker 3 (05:16):
You didn't think about Long John's this morning when your
mare feet hit the tile in the bathroom and you
were getting ready to get in the shower.

Speaker 2 (05:21):
You weren't like, I'm putting a long John j has carpeted.
The walls are carpeted. You. Uh, what is that Get
him to the Greek?

Speaker 6 (05:40):
I never saw that movie. I want to see that movie.

Speaker 2 (05:42):
So does that have to follow up to Get Shorty?

Speaker 6 (05:44):
No, it's not.

Speaker 2 (05:45):
It's a standalone actually. But uh.

Speaker 3 (05:47):
And I know Diddy's not in a lot of great
graces with a lot of folks right now.

Speaker 2 (05:51):
But he's hilarious in that movie.

Speaker 6 (05:52):
He was in that movie.

Speaker 3 (05:53):
Yeah, it's hilarious. Yeah. I never think about carpet on
the Wall. I think about p Diddy and I.

Speaker 6 (06:00):
Think of when I think you get Me to the Greek.
You know, you think of the Greek a little bit
down here, you know our Greek. And I know he
was trying to write a movie right around that time,
he was trying to write a screenplay.

Speaker 2 (06:10):
Well he's got it. It's a it's.

Speaker 6 (06:14):
But and I thought, maybe you got the treatment. Yeah,
but I thought maybe that Get Me to the Greek
was the thing he was working on at the time,
right because it was right around the time he was
talking about it on the air that he was working
on it. So that's kind of wild.

Speaker 2 (06:29):
It'd be a good working title though.

Speaker 6 (06:31):
Yeah, yeah, exactly. Yeah, that's why I thought it might
have been his. I was like, oh, maybe they picked
it up. No, I didn't know. So that movie was
a rip off of another movie with Peter O'Toole and
some other guy where crazy actor kind of personality, how
to be like a young assistant, how to keep him
under control, to perform whatever they had performed. Isn't that

(06:54):
what get me to the Greek was?

Speaker 3 (06:56):
The role was what's his name? The comedian brand? Oh,
I'm totally spacing his first name. I know you're Yeah,
he's great, Russell Russell Brand.

Speaker 2 (07:05):
Yeah, yeah, he's great. It's actually it's a good cast. Yeah,
I enjoyed it that.

Speaker 6 (07:08):
Yeah, I'm gonna have to check it out.

Speaker 2 (07:10):
He's great.

Speaker 6 (07:10):
Yeah. Well, when I was driving down here in Jupiter,
when I woke up this morning, was forty seven. It
was sixty four in my house, it was it was uh,
I was Russell what I said, No, Russell, Yeah, it
was forty seven sixty four in the house, Johnny, So
I featured by three degrees.

Speaker 2 (07:29):
Oh, well, you're a little north of me.

Speaker 6 (07:31):
Didn't didn't bother bother me too much. No, just to
let you know when I drove from Jupiter to West
Palm this morning. It was a four degree difference. It's
four degrees warmer here. So I say, you're you're more
exactly want to get cold north exactly.

Speaker 2 (07:45):
Warm up just by down south a little bit. Go
to Miami Keys. We have a new a new acquisition
in the house. We got Tiffany got an electric blanket.

Speaker 4 (07:56):
Got Yeah, that was used for a week and then
stored away for the next thirteen years.

Speaker 2 (08:02):
I thought about one of those things in so many years,
Like it's uh, yeah for her. I mean I'm not
I don't require it, but yeah, she loves it. You
use it. She'll put it underneath, like she'll sit on
the couch. So she put it down and then sit
on the couch. The heats coming from the.

Speaker 5 (08:20):
Yeah, well so that's freaking yeah.

Speaker 2 (08:23):
Yeah. Yeah, and it she'll put it on the bed
and then lay on top of it. Yeah. Yeah, she
got the heat coming from the bottom. There as much
action going on in that bedroom. Twinter. Look up that
march yet.

Speaker 3 (08:37):
I think they call it a chunky blanket. It looks
like an afghan style, but there's like holes in it.
So you're like, how is this going to keep you warm.
It is like one of the warmest blankets. And I've
been rocking you ever heard of a utie? No, it's
a hoodie, but it's like super like like wearing like
three hoodies, Like it's really thick. Okay, big oversize, amazing.

Speaker 2 (09:04):
You're equipped. You you have all this equipment.

Speaker 6 (09:08):
You have this vision like he's part of the Christmas
story with that little kid. He can't move, he can't move,
Get me up.

Speaker 2 (09:15):
Get me up? Who can pull the brother's name? What's
the main guy's right? Randy?

Speaker 6 (09:22):
Wow?

Speaker 5 (09:22):
You know about ten? Yeah, of course, it feels like
four weeks ago.

Speaker 2 (09:28):
I saw it like three hundred times.

Speaker 6 (09:30):
That was a local you know, that's a local guy
that wrote that. Bob Clark went to Fort Lardo High School. Uh,
before he became a writer Christmas story yep. And then
he wrote Porky's of course, and he wrote, oh yeah,
he did poor right around the same time. And that's
how he got That's that's how he got Christmas story
was Porky's was an unexpected hit, so they gave him

(09:52):
the Christmas story that he wanted to do. And uh,
my coaches, the football and wrestling coaches, maybe baseball coach
at our high school, Piper High School in Sunrise. They
were all uh uh no, they were all athletes with

(10:15):
Bob Clark at Fort Lardo High School. So a lot
of the characters were based on the coaches at my school.

Speaker 2 (10:23):
That's funny.

Speaker 6 (10:23):
So my wrestling coach was also a big football coach.
He was meet right, the guy meets and he was
so angry and that guy I love that guy, that
the coach. Yeah, I always call him Coach Gordon. He
was just an awesome guy.

Speaker 2 (10:37):
But was one of the kids.

Speaker 6 (10:39):
Like he was. He was the one, well, he was
the one that didn't get the He didn't get the
college scholarship he wanted, and he got really drunk and
he fell into like a bullet super chilli or something.
He almost passed down a bullet chili. That happened kind
of in real life. That was like a real life
thing that happened. He didn't get into the college he wanted,

(10:59):
got really drunk past out. They used it. So all
those coaches were trying to sue Bob Clark back in
the day saying that they stole that, which is totally
not true. Fictionalized. Yeah, it's a fictionalized account where you
could do it anyway. They were so angry and un
I just little little thing. Bob Clark, Bob Clark is

(11:19):
his name. Yeah, he passed. He passed kind of young.
I think he was in his forties or fifties when
he passed, so he passed kind of young.

Speaker 2 (11:27):
That's a very good example of one of those movies
that doesn't pass the U the PC test.

Speaker 6 (11:32):
Oh no, are you talking about Porky's Christmas Story?

Speaker 2 (11:35):
No, Porky, Porky's Yeah, the stuff in there, it's like,
oh my gosh.

Speaker 6 (11:40):
Yeah, that was pretty fold.

Speaker 5 (11:42):
They made it when they made it because we wouldn't
get it.

Speaker 2 (11:44):
Now, I guess I could say woke instead of PC.
PC's old.

Speaker 6 (11:48):
Yeah, I take the PC over the world.

Speaker 2 (11:50):
Well, they're the same.

Speaker 5 (11:51):
I know.

Speaker 6 (11:51):
It's still it's it's the it's the point of the
thing because I'm an old park old part. Now, we
were talking about snow a little bit or cold weather.
Let's talk a little bit about snow because this is
so interesting about about this what's the what did.

Speaker 2 (12:08):
One when you said talk about snow? Jimmy laughed. I think, yeah, well,
what he's thinking of seven inches of snow and pencil Cola, Florida.
That is just amazing.

Speaker 6 (12:16):
Eight point eight eight point eight is where to turned.
I'm looking at the stats here. They had Mayant Santa
Rosa County where the city of Milton is this year
got eight point eight inches as of Thursday. Wild Now
the second highest inches in Florida ever recorded. What do
you think the second because that's the most ever. What

(12:38):
do you think the second highest amount of inches recorded
in a snow floor and snowflow.

Speaker 2 (12:44):
I was gonna say four point something.

Speaker 6 (12:45):
Yeah, you're right, four point four and that was in
nineteen fifty four. Okay, Then we have three three inches
of snow in Hamilton, Jefferson, Okaloosa County in nineteen fifty eight.
Then in nineteen eighty nine, Sawanee had three percent. Nineteen
fifty eight sounds like nineteen fifty it was a very

(13:06):
cold year. Then we had Taylor and Wakula County in
nineteen fifty eight. Gulf nineteen fifty eight had a little
bit less than three inches of all had like two
point five inches of all that I'm surprised of all.
As Scambia that was nineteen eighty nine too. So Escambia

(13:27):
nineteen fifty four had just a little less than two
and a half in Bradford. In nineteen seventy seven, that's
the year I saw the snow in Fort Lauderdale Sunrise area.
They had two inches of snow up in Bradford that time.

Speaker 2 (13:40):
How about that gale like he saw it?

Speaker 6 (13:43):
No bird what do you call those bird? Not bird feeders,
but the bird bath bird baths. You'd see like maybe
a crust around the rim of some ice, right, because
most of the snow as soon as it hit it melted, right,
So you didn't really you could see it falling, but
you didn't see it, not like Pensylcola where you're like

(14:06):
digging it out and everything.

Speaker 3 (14:08):
Tell me, I know, you guys, have you've seen the
drone footage going over Like I ten, there's like one
hundred miles stretch where it's just the road is white. Yeah,
there's no action. You talk about underprepared. Layer's just no preparation,
no ability to do anything. They're like, we don't have
the equipment.

Speaker 2 (14:24):
I mean, where do they even get it?

Speaker 4 (14:26):
Because I tend I know they were plowing that, but
I mean where do they get that equipment from mission?

Speaker 2 (14:33):
Right?

Speaker 6 (14:33):
Where did they get this.

Speaker 2 (14:34):
I saw a video of there were two guys like
sitting on the back of a truck with a plastic cups,
like kind of handspreading ice, you know, salt.

Speaker 6 (14:48):
With cups.

Speaker 2 (14:49):
Yeah, oh my god, that's crazy.

Speaker 6 (14:52):
I was in the Blood numbers Alm when I told
us it was going to be cold this year. Yeah,
in Florida, everywhere, everywhere. Yeah, so we hit a new
record in Florida. If I wasn't so busy, I probably
would have went up there for a couple of days really,
just just to hang on this snow for a little bit,
just to check it out.

Speaker 2 (15:09):
Yeah.

Speaker 6 (15:09):
I missed the snow only as a vacationer though, right,
And I don't even ski or anything. I just missed
the idea of snow, you know, but a week is
pretty good. And if I'm on vacation and I don't
have to crawl out of bed at a certain time
and I can get out when I want, that, I'm cool.

Speaker 2 (15:24):
I I like playing in the snow.

Speaker 3 (15:27):
So when I grew up in northern California, it was
like a you know, three four hour drive to Tahoe
so I could goats, ski, do whatever you want to
have as much fun in the snow, and then.

Speaker 2 (15:36):
I go home and get away and then enjoy it.

Speaker 4 (15:40):
Here's a here's a question there. Unfortunately Ross isn't here
to answer. But you know, there were people, at least
a couple that I saw videos on where their pool
enclosures collapsed because it's the.

Speaker 2 (15:51):
Weight of the snow. Wow. Is that coming under homeowners insurance?
It would be.

Speaker 6 (15:55):
Yeah, well not all the time because the enclosures now,
those enclosures now sometimes the insurance companies don't want to
ensure them at all. Yeah, they don't have an exclusion.

Speaker 4 (16:07):
Like those outside you know, like a garage, but like
it doesn't have walls.

Speaker 2 (16:12):
I don't know, car.

Speaker 6 (16:15):
Yeah, they're collapsed.

Speaker 2 (16:16):
And because the way to this, can you imagine that?
It's just that's mind boggling to me.

Speaker 6 (16:21):
You know, these insurances, I at least might be thinking, really,
three hurricanes and now I got to deal with this
stuff seriously.

Speaker 2 (16:30):
Thanks. If I were the builder who made that, I
might be questioning myself like I couldn't handle like the snow.

Speaker 6 (16:37):
Couldn't handle it. Yeah, yeahy. Just a couple of shout
outs Elizabeth, thanks for checking in. Is always love you,
Joyce Johnny's mom, Uh, good morning, and hope you enjoy
the cold weather better than Johnny does. And hey, francis
a big fan of the show. I hope your standing
warm too. Okay, a couple of things I wanted to

(17:01):
go over. I want to do some a little bit
of shout outs. The first shout out I want to
do is for and it's very confusing, Mike, because it's
so funny. Right now, I have two listings that have
the same beginning numbers three five six one, and there
are two different properties now they have different street numbers.
But it gets very confused to me when I'm looking

(17:22):
at the showings and all that, like which which three
five six one? Right? Which one am I talking about?

Speaker 2 (17:27):
Right now?

Speaker 6 (17:27):
Well, now we have two buyers, first time home buyers.
I'm not going to say the last name, but they
it's the same. They have the same last name. So
when I sent both buyers last week to Mike.

Speaker 2 (17:38):
Mike, we had to clarify.

Speaker 6 (17:39):
Yeah, Mike is like, is this the same people? I'm like, no,
different people. They have the same last name.

Speaker 2 (17:44):
Yeah. Very We always identify a file by a last name,
so like, as it's moving from from pre approval, all
the way through closing. Like within my team, it's always
last name, and it's rare that you would have the
same last name at the same time, right, So it's
it's rare enough where it's not a problem where you
have to like switch it up, switch up our system.

(18:05):
So but yeah, this is this is interesting that we
have two buyers at the same time preapproved, Like they're
not in contract, they're both like in that early stage
of a shopping house hunting. So yeah, so shout out
to them, best of louct to both of them.

Speaker 6 (18:21):
Yeah, so what's going to happen? You know, there's a
lot of people out there is like, you know, we've
talked about this before, is like is it worth buying now?
And they're trying to guge the market and everything. And
with Michael uh the first buyer, he's has a young
family and his wife is pregnant with their first child
and they really need to get situated. Kind of what

(18:42):
I tell Johnny when he started first getting married, Hey
it's time now and time to grow up son. Yeah,
so he's trying to get something now. It's really tough
with these first time home bars right now because costs
are high prices are high, so you really got to
figure out what the best UH is for all the
different people. Michael tried to do some stuff with another

(19:04):
agent that was a little less experienced than myself at
the beginning, and it didn't work out well enough, Like
they really couldn't get any attraction. So I'm going to
see if I can switch gears of what they're looking
for compared to what they were trying to do originally.
So Mike, what I'm going to try to do is

(19:25):
go from condo to townhome instead of finding a qualified
FHA townhome, I mean condo, I'm going to try just
to go straight to the townhome because with townhome you
can do FAHA financing correct.

Speaker 2 (19:39):
Yeah, and you know he said for conventional too, So
I think you mean like when you're doing the condo.
It's the old story, right, The condo has to qualify,
so the buyers qualify and the condo has to qualify,
and so there's there's additional work there. And there's also
certain buildings just aren't going to be financiable for low
down payments. So whether you're doing FHA or eginal, both

(20:00):
of those have a low down payment and that's like
what we're talking.

Speaker 6 (20:03):
About trying to get a payment challenging and if we.

Speaker 3 (20:06):
Saw stuff you can't control, right, when it's that what
the condo's having to qualify, right, you can't manipulate.

Speaker 6 (20:12):
But the problem is it isn't it isn't very easy
for realters. Now. I don't know about mortgage brokers. Mike knows.
I struggle with this a lot, and I'm always bugging
on me. Keeps telling me the same thing over and over.
He's been very patient. I still don't get it.

Speaker 2 (20:25):
I don't roll my eyes.

Speaker 6 (20:26):
Oh I'm sure. No, you give me double fingers? Is
what you do?

Speaker 3 (20:30):
You don't?

Speaker 2 (20:30):
You don't. I never do that. But I never done that.

Speaker 6 (20:33):
Maybe one finger, right, at least one finger at one time.

Speaker 2 (20:36):
But with a finger though no wait, sorry mom.

Speaker 6 (20:40):
So, but no, but uh, if you don't if if
a condo, for example, could not qualify for a low
down payment, which is five percent or three and a
half percent or three percent, so three and a half
percent of HA three to five percent for condo.

Speaker 2 (20:56):
I mean, if we're talking about anything under twenty five
percent down right, that's the threshold for whether you're doing
the full review versus the limited review. So if you're
putting twenty three percent down, I would still it would
be a challenge for certain buildings.

Speaker 6 (21:10):
Right, So what a lot of people that are on
a budget, they see the low priced condos for the
prices are lower than everything else. They could buy single family,
you know, compared to single family, it looks very affordable.
But with single family you might be able to put
as little. And if you're let's take the vets out
because the vets get zero. Okay, yeah, but if you're
doing a regular deal and you're not a vet, you

(21:32):
could do with a single family home or a town home.
You could do three percent down, you could do three
and a half percent down. You could do five percent
down and still qualify for the loan. But with condos,
if the condo isn't qualified financially enough to meet federal standards,
then what is the minimum they should be budgeting to
put on a down payment on a condo? It's twenty

(21:53):
five or thirty percent? Twenty five percent, right, and it
could be thirty you said, right.

Speaker 2 (21:58):
If it's a second home or or an investment property,
thirty percent is that threshold. So let's just I'll call
it the easy way and the hard way, right. So
if you got thirty twenty five percent on a primary,
you're going to do the easy way, right. As far
as the condo approval, if it's less than twenty five,
it's the hard way.

Speaker 6 (22:15):
Right, So twenty five percent. If you were buying, let's say,
let's say your budget, just to make it easy, numbers
off the top of me. Let's say you budgeted four
hundred thousand. You would have to put one hundred thousand
dollars down on a four hundred thousand dollars house. Now,
if you had a four hundred thousand dollars condo, I
mean town home, you'd only have to put fifteen thousand

(22:37):
dollars down roughly right, three and a half percent times
four right, right, So that comes out to roughly fifteen thousand,
fifteen thousand versus one hundred thousand dollars. So a lot
of first time home buyers they think, oh, I'll just
buy a condo. Well, you have to have a lot
of cash or find a condo that will meet this
low down payment financing, and it's not easy to find those.

Speaker 2 (22:57):
It's not easy. You got to do the the legwork
up front so that you're again you're not getting into
contract that has no chance of closing, right, So we
make sure that those reviewing the condos case by case
before we probably ideally before you even go look at
it right, look at it online, identify the property, give
me the info, and then we do some research and
I can basically at this point the way I categorize,

(23:19):
I'm like, okay, green light, red light, or yellow light.
And if it's green light, we can do it no
matter what. If it's red light, we can't do it
no matter what. And if it's yellow light, then we
got to investigate.

Speaker 6 (23:29):
And what the federal government wants to make sure when
they're allowing these low down payment loans. The reason why
they're so restrictive about going with these condos is during
the bust of both you know, six through nine condos
were one of the worst hit for defaults and foreclosures. Yeah, right,
so a lot of people walked away from those condos.

(23:50):
So the federal government's like, I don't want to back
these loans anymore. Right, So if we are going to
back them, then we want to make sure there's certain
financial standards to know the communit he has enough money
in the reserves to deal with stuff right, that their
insurance is ensured the right way.

Speaker 2 (24:07):
It's also kind of those thresholds at twenty five and
thirty is a Florida thing. The rest of the country
it's ten percent right.

Speaker 6 (24:15):
And the reason and the reason why is because we
had we were ground zero for the condo yeah, for
the real estate crisis, so we we were it. So
we're being you know, we we took advantage of the
system back in the day, and now we're being punished
for it ever since. Yeah, we're Florida right. Just another
one reason that we're the best any other. I guess it's.

Speaker 2 (24:36):
Kind of how you know this. Jim was the you know,
FAHA versus conventional. So the reason FAH is important, let's
just say for one one reason together, FAHA is the
loan program that best suits your scenario. So you should
be doing FAHA. If you can't, well, if you're doing
a condo, I would just say, like, it has to
already be on faha's approved list. And I think in

(24:58):
Palm Beach County last time I looked, there was for
condo projects and all of pumping the whole county that
we're on FHA is approved list. So you kind of
like eliminate FHA.

Speaker 6 (25:09):
And how many you're fifty five and over those.

Speaker 2 (25:11):
Yeah, like and what price point are some of those at?
So it's it's if you if FHA is what the
loan preme you're gonna go with, then you would just
eliminate condos from that search.

Speaker 6 (25:22):
And for the most part, and what you try to
do is you can't if you're blocked out of the
if you can't do the condo, and then you're blocked
out for the single family home because it's just a
price point, then you're gonna really look for villas and
town homes yea, and those those can be great. I
already have a couple of ideas for both Michael and
by the way, Sophia and Ricardo or the other buyers

(25:44):
that have the same last name as Michaels Michael's last name,
and they're all trying to do the same thing and
roughly the same price point ish, right, So what I'm
going to try to do is see if we can
find townhomes and villas that meet their needs. And like
some of these town that I'm thinking about, they're ubiquitous,
ubiquitous all over South Florida and they do do really

(26:07):
nice appreciation. They do grow in value, like when prices
are going up, they grow. They grow nice and healthy too.
So I'm really looking forward to helping them. And Mike's
going to be the mortgage person, and then we're going
to train them. So this week is all about training them.
From soup to nuts. They got to prove from Mike.
Mike gave them the app. I'm going to show them

(26:28):
how to use the app. That app is awesome. And
then I'm gonna sit down and explain taxes and HUA
or condo fees. We do condo and explain what that
means and also how insurance affects your payments, and then
just and then we're gonna set up live searches for them,
and then we're gonna start looking at property. So I'm

(26:49):
really looking forward to helping Sophia Ricardo and then Michael
and d I think, is no, it isn't he. That
was somebody else I met yesterday. What's Michael's I could look,
but I can't. I don't want to pull it up
right now. But Michael and his wife can't wait to
meet you on Monday.

Speaker 2 (27:06):
A quick question. Yes, we brought the app and not
on this show.

Speaker 6 (27:09):
John You're not.

Speaker 3 (27:10):
Actually got a couple of questions, but they're not really related.
App related. Mike Row mortgage guy from the mortgage firm.
So I've recently run a few properties through that app,
and uh, my question is is, because I never really
paid attention, does that thing update the current.

Speaker 2 (27:29):
Rate or do I need to get an up. That's
a good point, so I will update the rate, so
I have to do it manually. And I think I
made an adjustment on yours when I just refreshed it
most recently recently, you notice, And.

Speaker 3 (27:43):
Then that's why I'm bringing it up. I did not
pay attention to what the rate is, but I it
might have been like seven. I was six six nine,
think it was six point eight seven five. I bumped
it to seven the last time I looked. It wasn't
a seven in the first number. Yeah, but that I
can fix that, don't worry litle bit of time.

Speaker 2 (28:01):
Yes, And it's one of those things right the whole
the purpose of the app, especially like Johnny, is a
really good case where we talk about like just kind
of have access to this information so that you can
gauge if the stars are beginning to align. Right, and
you're looking at various properties and you're not like actively
out looking at homes, but you're casually something right, almost

(28:21):
like window shopping a little bit. But you're more than
because you got you got your the money, you got,
you brought your wallet with you. We have the plan, right, yes.

Speaker 5 (28:29):
But we're waiting for the alignment.

Speaker 2 (28:31):
Yeah, exactly. So it is important at that rate. Is
it's not going to be like, okay, if we're locking
in today, or maybe it is. Actually if you're locking
in today, this is what it would be. But a
week could go buy and that could fluctuate a little bit.
So I have to adjust it so that it's gives
you accurate enough information for your decision making. But of
course it's an estimate, right, So at great tool though

(28:54):
to jump on.

Speaker 6 (28:55):
Yeah, it's an excellent tool. What I love about that
tool is that if I have to turn an offer
on the weekend or late at night, a lot of
times you can't get in touch with the loan officer
or a mortgage broker for most companies, so you have
to turn in some kind of loan approval with the offer, right,
So what you do is you take off whatever loan

(29:16):
approval you had from the last situation, which might be
a higher number than what you want to turn in.
And I always feel like that's not a good thing
for a buyer's agent to do for the buyer. So
if you're turning in an offer for you, yeah, lot more. Yeah,
if you turn it off for a four to twenty
five and the loan approvals for five hundred and the
houses on the market for four point fifty, yeah, right,

(29:38):
you're negotiating against yourself. And so I always try to
you know, I always want to have the correct number
of the offer we're turning in. So with Mike's app,
I don't have to worry about that. If I plug
in the numbers and we get the loan approval, I
can print out that. I can print out the loan
approval from the app, hit a button, hit a button,
and then turn it in and it's good, right, Mike,

(29:59):
that it's a good approval.

Speaker 2 (30:02):
Yeah. If I've got you in the app, I've done
your pre approval. I know your limits, and I set
up those limits in the app. So the way the
app works is I set up essentially a max payment
and a max cash amount, and as you're plugging in
those numbers. If you exceed either of those two limits,
because you the way, you can't, you can't print the
pre approval. Yeah, if you're within my limits, you can

(30:26):
print your pre approval. So I call it when I'm
talking to people, I got a snazzy little fit phrase
just so it's very memorable. It's the it's a combination
UH payment calculator, closing costs estimator, pre approval letter generator.
He love it.

Speaker 6 (30:39):
We'll speak speaking of that. I love that.

Speaker 2 (30:42):
I love that.

Speaker 6 (30:44):
Let's let's go ahead and take a break and I'm
going to talk about a new thing. I came up
here one more question.

Speaker 3 (30:49):
Just because it ties into FAHR real quick and then well, yeah,
yeah please Yeah. So you guys were talking f h
A for you know, potential these two buyers with the
same last name. Is there a reality that Franny and
Freddy could go quote unquote private And if that happens,
are they still government backed and would it still be

(31:09):
a low down payment option?

Speaker 2 (31:14):
Jeez? Okay, So I should know the history of them.
They were private, right, they were private. They were private,
and then with the with the crisis, the government kind
of had to intervene, right, to basically, and so right
now they're pseudo governmental, meaning they're right, they're they're always
going to be regulated by federal law.

Speaker 6 (31:32):
They make money, they're make money. They're a for profit,
unlike other government institutions that's a for profit.

Speaker 2 (31:39):
The federal government has some control, some controlling interest, call
it right now, So they could go back to private
and I think nothing would change much about how they
set the rules for lending. Right. So they set the guidelines.
They're just like a big risk management operation. Right, they

(32:02):
basically set the rules for lending, same thing the FHA does,
same thing, the VA does, same thing, USDA does. They
set the rules for lending based on default rates pretty
much right, and they'll they'll know like how far they
can you know, allow you know, they've got parameters where
they're widening or or narrowing those parameters for approval.

Speaker 6 (32:22):
But I believe, and I might be wrong with this,
part of the reason why we got in that really
bad jam in six through oh nine where banks were
too big to fail and everything was that was that
they created those non conforming loans.

Speaker 2 (32:36):
And subprime and subprime lending was not Fanny and Freddy
never was. It was always right you know, I get.

Speaker 6 (32:43):
A little nervous. I think, you know, that's the backbone.
It was proven that that was one of the backbones,
if you will, I know, I'm talking about multiple backbones.
But that that crisis we had showed how important real
estate market is to our national economy. Because that collapse
and then everything collapsed around it.

Speaker 3 (33:01):
It also proved that all the big pockets can gamble
all they want.

Speaker 6 (33:06):
Oh their glutt and bail.

Speaker 2 (33:07):
We're gonna bail on to big Peo. You can gamble
all you want, and if you lose, we got you.

Speaker 6 (33:14):
I always look at like I always look at Wall
Street and like those banking you know, the big investment
banking institutions, kind of like pigs at the trough and
they'll just eat until they die, till they die, right
until they die. They're not going to stop. They're not
going to stop. They don't worry about tomorrow. It's like
how much money can I make today? And exact fat
hog gets slaughtered. Yeah, there you go. So you know,
I don't know what will happen with that, Johnny. I

(33:36):
don't know if it would necessarily be a good thing
or bad thing. Yet, I just would like to have
more control over people that are in an industry that
can affect the national economy on such a huge level.
If they were just trying, if they were just a
widget industry in Whichets, weren't that important, I wouldn't care
so much.

Speaker 3 (33:54):
Well, I think if they knew that, uh, you know,
if I gamble and lose, I'm on my own and
maybe in the yeah, they then then it may be
a little different.

Speaker 2 (34:03):
Beasts like they know they got.

Speaker 3 (34:05):
This huge parachute called the American taxpayers.

Speaker 2 (34:09):
That screw it.

Speaker 6 (34:11):
Yeah, so we're going to get in. We're going to
get into that. On the flip side, and there was something, oh,
I wanted to talk about since Mike was talking about
what what did you call that? Half again? Tell me
what you said? Yeah, I forgot it because there was
too many words. It was too many words.

Speaker 2 (34:26):
It's a combination payment calculator, closing costs estimator, pre approval
letter generator.

Speaker 6 (34:32):
Okay, yeah, there you go. So on the flip side,
we're gonna we're going to talk about my it is
an acrotus. We're going to talk about my two concepts.
You might have heard me talk about the Maui Wowie
before I've had it really well. I came up with
a new term last week that I'm very proud of
myself with is called the Lowe Noe No. And we're

(34:52):
going to talk about the Maui Wowe and Lowie Knowe.

Speaker 2 (34:54):
On the in your brilliant idea.

Speaker 6 (34:58):
Unfortunately no, but did should have been. I was sitting
with the customer when we were doing it. I came
up with the term. I go, I like that. I'm
just started using it, the Lowe.

Speaker 2 (35:07):
Knowe Loe No. Yeah.

Speaker 6 (35:08):
So we're gonna explain what Maui Wowie and Loe know
he is. And if you're a virus seller, you got
to know these terms.

Speaker 2 (35:12):
And is this PG or is it?

Speaker 1 (35:14):
Uh?

Speaker 6 (35:14):
It's definitely PG.

Speaker 2 (35:15):
Yeah, just making sure.

Speaker 3 (35:16):
Yeah, and I can tell you about two innies and
one outie. It's more like PG thirteen wow. Yeah.

Speaker 6 (35:23):
And uh, before we just take the take the break
real quick, just to shout out to Darrell, Mike and
I got Darrow up to South Carolina selling his house
down there. He got a house up there. He's telling
me it's seventeen degrees up there. So for Johnny, come
on back out there, come on back. I don't think
he's complaining. I don't think he's complaining. I think he

(35:43):
likes it. Yeah, he was saying, I see you're in
the forties down there, you like seventies. So thanks for
reaching out, Darrel. Keep keep on the show. Love you,
talk to you later.

Speaker 2 (35:51):
Yeah, well we do a quick little reset, we get
back at it. You're more than welcome to.

Speaker 3 (35:54):
Join us if you have questions, comments, concerns, you want
to dive into the conversation at hand. Absolutely, do not
be shy. It's the twenty fifth today, Yes, yeah, all right, kid,
just to prove for live. That's my little proof right there.

Speaker 2 (36:07):
Hey we're live.

Speaker 3 (36:07):
It's the twenty fifth of January at eight seven seven
nine two seven six nine six nine. You can jump in.
It's a four minute reset. Jimithy'll lign you up. We'll
get right to your phone call if you're there. Of course,
if you're not comfortable on the radio, I totally understand,
you can go to floridatalkrealestate dot com. You'll have access
to the entire team. These are pros, pros experts in
their field, and you really hear example after example every

(36:28):
Saturday on the radio station here how they work cohesively, together,
pick up the phone, instant answers, making sure we can
get done what you're trying to get done, buying a home,
selling a home, stuck with a homer. You don't know
what to do anything that touches the world of real estate.
I got a professional for you at Florida Talkrealestate dot com.

Speaker 5 (36:45):
Write it down, share it, know what, use it, love it,
share it.

Speaker 3 (36:48):
It's going to change lives, I promise Floridatalkrealestate dot Com.
We're back in four minutes. Thank you for being with
us every Saturday Florida Talk real Estate. Right here, it's
real Radio.

Speaker 1 (37:03):
This is Florida Talk real Estate with Jim Depola and
Johnny c. Got a question for the show. Call us
live at one eight seven seven nine two seven sixty
nine sixty nine.

Speaker 3 (37:13):
It is whole free eight seven seven nine two seven
six nine six nine.

Speaker 2 (37:18):
If you do dial in, you're more than welcome. First
voice you'll hear there's Jim Athiere, producers short on there.
How are you my dude? Hello? Hello? I am I
doing well? Johnny? How are you?

Speaker 3 (37:27):
I'm excellent? Freezing a little bit, but aside from that,
everything is a okay.

Speaker 2 (37:31):
Well, good morning, Yeah, we'll good morning to you as well.

Speaker 3 (37:33):
My friend, Hi, everybody, you're pal Johnny C. I got
Mike Row he's the mortgage guy from the mortgage firm.

Speaker 2 (37:39):
He's right there to my left. I am how are you?
I'm left here? You are both don't know where you are?

Speaker 3 (37:44):
Good if you're streaming with us live stream every Saturday
on Florida Talk real Estate's Facebook page Florida Talk real
Estate LLC on YouTube that's home of a ton of
informational chunk videos. We kind of square out a little
bit like Brady Bunchie. I don't know where think you
might be to my I'm right.

Speaker 2 (38:04):
According to your left, raise your left hand, yeah, and
if I do my right and we're almost yeah nice
or high five five. So technically I'm to your left,
which is in reality, I'm left. You are yet excellent,
but I'm on the right of the screen.

Speaker 3 (38:25):
Also found out during the break that we are celebrating
a birthday this morning.

Speaker 2 (38:29):
Oh yeah, mm hmm. You are celebrate Yeah, so celebratory
that we found out during the break.

Speaker 6 (38:36):
I'm very quiet about I'm very quiet about my birthday.

Speaker 2 (38:39):
Somebody's putting your business out there all over Facebook.

Speaker 6 (38:42):
Really yeah, your mom happy birthday.

Speaker 3 (38:46):
And if I get like text messages for birthday, I
know that they're on.

Speaker 5 (38:51):
Facebook because Facebook like tells everybody.

Speaker 3 (38:53):
Yeah, I'm not on Facebook, so I didn't get that.

Speaker 2 (38:58):
Yeah right. Long replies to happy birthdays, are you just
giving like thumbs up? I'm usually like, hey, thank you.

Speaker 3 (39:03):
That's awesome, you know, thanks, you know, take time to
even send a text, you know, because that's I don't
know birthdays to me.

Speaker 2 (39:09):
When you get to Jimmy's age.

Speaker 6 (39:12):
If right, if you get.

Speaker 2 (39:15):
May get that far. I mean, I think about it.
Jim back in the you know I've been watching I
was watching, Uh, did you've watched the Tutors, like the yeah,
yeah series picture, Yeah, good show, good show. But you
know those guys if they're living to to sixty years old,
the Miracle, Yeah, there were aging dying, you know, women

(39:37):
dying in childbirth and.

Speaker 6 (39:38):
Yeah, yeah, yep, that's pretty crazy.

Speaker 2 (39:41):
You knows birthday to day.

Speaker 6 (39:42):
Yeah, Probably one of the best birthday gifts was probably
the show because we started right before, right before my birthday,
like just a couple of weeks before my birthday. And
I was such a big fan of z z R,
A really big love Doctor fans on Nights of Real Radio. Man,
I love that. I used to love when I was

(40:03):
driving really late at night and listen to you all
those drunks. It was so much fun listening to you
guys because you didn't know who the hell was gonna
call out. Really, you know what, I didn't think about this. Remember,
I know you're gonna remember this, but during COVID when
you did your YouTube channel for a little while in
the backyard, what did they call it? In a way
that was kind of like an offshoot of Nights at

(40:25):
Real Radio because everybody was just getting toasted and having fun.

Speaker 2 (40:28):
It was late and drinking was a lot of fun.
So that's all that's been the problem with this time
slot that we've been in, Like you just drink, did
it at night?

Speaker 6 (40:37):
We could be drinking while we're doing that, and.

Speaker 3 (40:41):
I think I think a Ramus fizz would be very
apropos this setting. Bloodies, bloodies, yea, mimosas, Yeah, yeah, any
kind of uh, you know, Bailey's and some coffee. Sure,
like there's a few things that we mean. Co beer
is fine with me too.

Speaker 2 (40:58):
Good morning.

Speaker 6 (40:59):
Yeah, I haven't I haven't been telling you start drinking
about dunk Dunkin Donuts.

Speaker 2 (41:04):
That's not just dunkin. So we want a little cores light.
I mean, is it is that breakfast shared? It worked
for me? Yeah yeah.

Speaker 6 (41:14):
But thank you for the birthday wishes and everything. I
really appreciate it. I wanted to I'm actually gonna go
to I wasn't playing on this, but another friend of
mine has is born the same day, so he's having
a birthday party. So I'm going to go over there
and wish him happy birthday. That's not gonna do.

Speaker 2 (41:31):
That's amazing.

Speaker 6 (41:31):
Yes, that's gonna do. Hey, I wanted to talk to
you about Maui Wowie Loe Knowe. My new to him,
I lowe noe. I was so happy when he came
up with this last week and I was talking to
somebody on the phone. I was like, you got to
figure out and I was describing what you got to
figure it out? I go, I gotta call it something,
and I was sitting there, I was like, looe knowe.
I was like, this is gonna work out great. So

(41:53):
is that like you're let me let true guess what
it is. Well, let's start off with Maui Wowie first. Okay,
because I've talked to about that before, So I kind
of stole the maui wawi in a way and then
tweaked it. It used to just be MAO know your mao,
And I got that from a coach I used to
be trained by than Merriw who was pretty pretty well

(42:15):
known in the investment industry and had a TV show
for many many years.

Speaker 2 (42:19):
Alba used to advertise on his radios aage.

Speaker 6 (42:21):
Yeah he did, Actually he did when he used to
come down for the seminars. Used to advertise down here,
and he was part of Flip This House, a and
E channel, and really great guy and very legitimate, and
he's one of the good guys in that industry who
really tells you the truth and not just trying to
take your money, right, A really big fan of fan.
So anyway, Dan taught me when I was an investor,

(42:43):
when you buy a property, you can get very emotionally
involved in the deal, like all of a sudden, the
negotiations become, oh, you forget what you're trying to accomplish,
which is by the property where you can make a
profit from it. So he always said, don't play games
on that because a lot of people will play mental
mind games with themselves as to what their maximum allowable

(43:05):
offer is the maumao, so he go. So when you
go into negotiations before you even wait for the counter
because if you're doing it right, you're going to get countered,
right because you go as so low that you got
to know how high you're willing to go, and if
it's a penny more than that, you don't care. So
what I tell when I tell byers about that, I
tell buyers. So I created the Maui wowie. I go,

(43:26):
know you'r maui wowie because people remember that, right, And
I go, what, Matt, So when you're turning in an offer,
you got to know what your maximum allowable offer is,
and if it's a penny more than that, you don't
want to do it. But don't short yourself. So you
could do this. The house is on the market for
six hundred and fifty thousand, you're turning in five ninety

(43:48):
because you're hoping to get a good deal, right, but
you're willing to go up to six What did I say?
Six fifty? You're willing to go up to six forty,
but not a penny more than six forty because maybe
the roost bat or something. Right, then you're back and
forth and negotiations and the next thing you know, you're
buying it for six fifty or six forty five because
you don't quote want to lose the deal, right. That

(44:09):
might not be a smart thing. The other thing that
could happen is you're in a competitive situation. You turn
in the five ninety, but you're but you're willing to
pay six forty. They don't even have a bidding war.
And then I have to call the buyer back and
I'm saying, I'm sorry, your five to ninety didn't work.
They took somebody else's offer, and they go what it

(44:30):
did sell for? And I say six thirty five, and
they banged the tables like darn it, I would have
paid that. Well, you know you weren't playing real with
your Mali wowie right, So know you'r Mali wow your
maximum lowb offer. So then I was talking to a
seller a couple last week or the week before. We
were expecting an offer to come in, and I had
a feeling it wasn't going to be an offer that

(44:51):
we wanted to accept directly that we're going to counter.
And I said, what you got to do is because
with this particular we're getting some action, but not a
lot of action. So the fact that we were getting
an offer, even if it might come in lower than
we wanted, we had to take it very seriously and
see if we can pull them up. But we had
to pull them up to a certain magic number. Right. Well,

(45:13):
what's that magic number right? The lowe knowing right now,
it's the lowest amount that you'll take for this house
and feel satisfied and not you know, and be satisfied
with the number, not being disappointed what you're lowly knowing
and be real about that, and also make sure that
it's in It's in the range of what everybody else
is paying in that neighborhood for your size, house, your condition,

(45:35):
your features.

Speaker 2 (45:36):
Right.

Speaker 6 (45:37):
But you've got to pick your lowe knowing now, right.
So I'm working with this one family that got an
offer a couple of days ago, and now we're working
on the lowe knowe So when we do the counter,
we know what's going on. So know you lowe knowing
and know you're Mali wow, that's lowly lowe knowing.

Speaker 2 (45:52):
Now, if you were in a meeting, if you were
in a listing appointment and Jim started saying that stuff.
How would you react to it? You have to be
a certain personality. I think everybody resonate.

Speaker 6 (46:02):
Everybody less know whether they like it or not, I
don't know, but they.

Speaker 2 (46:05):
It is perfectly how much other baby talk you do?
It is that your woofy wolfy? How old is your
woofy woofy roof woof have to do? Is that brass tacks?

Speaker 3 (46:25):
Right? This is this is the path with a professional,
with that little bit of Jimmy by.

Speaker 6 (46:31):
A little spice, little appeal, Kirby Werby or something. So
look it. That's the only two weird terms that I
made up and I'm sticking with them and I like
them sometimes.

Speaker 2 (46:44):
Jim, when you said the MAUI wow, When you said
the m a O, it was like, okay, yeah, Jim
uses that term with me from time to time, and
ours is usually it's not an investment decision. It's, hey,
we want to get this house. We have a maximum
qualifying payment. How do we buy this house us and
stay under our max or kind of push it up.
And so when you're pushing it, it's like, oh, well,

(47:05):
maybe we can get insurance at this number. Or hey,
we have to have property. But when it's a specific home,
it's like, okay, the only thing that can move is
now the purchase price and or the down payment, right,
And I.

Speaker 6 (47:16):
Do use the maximum allow law offer for that too.
So if I have a customer that's really interested in
a house and they're using MIC's app and they're getting rejected,
right either because they don't have enough for downpayment or
the mortgage payment's too high, let's just stick with the
mortgage payment being too high, okay. So what happens is,
so let's say the unit is selling for four hundred
and fifty, right, Well, then you're going to I can't

(47:38):
buy it at four fifty because I'm two hundred and
thirty seven dollars off of my mortgage payments. So then
you go from four fifty to four to thirty five.
Oh now I'm only eighty seven dollars. I'm making it up.
I'm only eighty seven dollars away. Then you keep dropping,
and you can drop by one thousand dollars, five hundred dollars,
two hundred dollars to get that exact number, and then
you just say that whatever you get the own approval

(48:00):
for you don't worry about what the list prices. That's
the maximum allofer you can make on that deal.

Speaker 2 (48:06):
It's actually, uh somewhat liberating as far as negotiation tactics go,
because essentially, like if you can't walk away, you're not
in a good negotiating position, right, which is kind of
what you're talking about, Like you have to just know
the max number you're going to do well this it's
it's kind of forced on you and you say, hey, listen,
let's we have to buy it. This is our highest offer.
This is our m a oh, this is our max offer,

(48:28):
you know, highest and best.

Speaker 6 (48:30):
Right, I'm just thinking of me calling up this is
our mali wawi. I wouldn't do that.

Speaker 2 (48:36):
That would work. I think that would actually work because
presumably at that point a telling an agent is your ma,
we're coming at you. This is our mal waui. Right.
I'm a big fan of let's geah, Like I don't
use highest and best, that's too boring, right, this.

Speaker 6 (48:53):
Is bring your mau yeah, bring your malu waui.

Speaker 2 (48:56):
Right. So yeah, and guess what the app is really
really helpful in that scenario because you just go you
can do it yourself, right, Like Okay, here's my limit.
Let me what purchase price do I need to put
it at in order to get this house? Now, Jim,
did you copyright that? Mali? Wow?

Speaker 6 (49:13):
No I haven't. Yeah, there you go, I should.

Speaker 2 (49:16):
I should uh just email itself. I think that works, right,
I'm just going to use the alternative spelling. It's you know,
exactly the same.

Speaker 6 (49:23):
When when you don't get your stuff when you write
a when you write something and you don't get it copyrighted, Yeah,
so it's protected. Do you know what they used to
teach me when I used to learn how to write screenplays? No,
you take whatever you wrote you This is back before
iPhones and everything. Right, you make a you would make

(49:45):
you take a copy of it, you send it to
yourself and the mail and you don't open up the
mail and you keep it and that shows that you produce,
you created that document or that that because I had
the stamp, because the delivery stamp, and that's the way that. Yeah,
now I would. I think you'd be better off doing

(50:06):
it the more traditional way. But that's that's one of
the ways they said. If you're on a budget, you
could do that.

Speaker 2 (50:11):
That way, you're.

Speaker 6 (50:12):
Protecting your stuff. Anybody. Yeah, you get so you send
it to yourself and you don't open it. Isn't that wild?

Speaker 3 (50:19):
I used the radio all the email because it's you know,
advance from it's instant stamping.

Speaker 2 (50:25):
Yeah, exactly, exactly right now you could use oh geez,
why is the name escaping me? But the the cryptocurrency,
the the digital tokens point, no, no, the digital token?

Speaker 6 (50:40):
What what digital?

Speaker 2 (50:41):
Okay?

Speaker 6 (50:42):
N f T.

Speaker 2 (50:43):
Yeah, then you basically just make an n f T
of that at the time.

Speaker 6 (50:48):
And yeah, that's true.

Speaker 2 (50:49):
It's you know, it's also dated.

Speaker 6 (50:52):
I am so glad I invested in those meta universes
in the n f T s because I made so
much money off of that. Right, you heard everybody how
much money to make off those NFTs, right, I'm being busyious.

Speaker 2 (51:03):
Some people made millions someday.

Speaker 6 (51:05):
Yeah at the beginning, the ones that held onto it. Wow,
what do you think ever happened to those monkey images?
You remember there are still the monkey images?

Speaker 2 (51:13):
Yeah?

Speaker 6 (51:13):
And how much money are they making.

Speaker 2 (51:14):
For the market for them? Yeah? Right, listen, Jim, those
are long term, long, long, long term holding old.

Speaker 6 (51:21):
I think I'd rather just get by the rights to
mcgilla Gorilla something and have that the rights for the
cartoon or something right and have all the things. But
we're going to get into market update on the flip side,
but we're going to start a little bit right now.
So I like doing this, and this has been very
interesting watching when I started this, how many properties are

(51:42):
on for sale right now, residential properties that are for
sale right now in South Florida. And when we started
this back in September, we were in like the mid forties,
like forty five, forty seven thousand. I think the last
time we check we were either a fifty six thousand,
if I'm not mistaken.

Speaker 2 (51:58):
Like mid fifties fifty four or something like that.

Speaker 6 (52:00):
Fifty eight thy five sixty. Now it keeps going up.
In September, yeah, this is what did we check it
last week?

Speaker 2 (52:06):
Last week?

Speaker 6 (52:07):
Wow, then this probably went up seventeen seventeen hundred to
twenty five hundred properties listing, Yeah, listing, so that means
and these are active listings. So that means these are
properties that went on the market. And even though we
had pending sales that month, are inventory is still growing.
So the inventory is still growing, guys. And I didn't

(52:28):
I didn't do this on purpose. I just kind of
fell into this number to find out how many short
sales and foreclosures we at, right, But now I keep
seeing this inventory growing, So it's very interesting. And there
is an article out there talking about how the party's
over for Texas and Florida, for all the people just
dying to move here, that it's not happening anymore, and

(52:49):
that a lot of people are deciding not to move
to Florida, Texas, They're not decided to move anywhere else.
A lot of them I think, are holding tight. But
the reasons why is the hurricanes. Now, we got the snow,
I'm joking about that, but we had the hurricanes. Who's
a big deal. The insurance the hurricanes not because of insurance,
just for the headache of living in a hurricane zone.

(53:11):
Then you've got the insurance costs you know that we're
dealing with. We're two and a half times higher the tornadoes,
right I don't. Yeah. And then of course the high
prices that we have compared to the median income. So
between all those people aren't seeing as much positive signs
about living here. So that's why I think the inventory

(53:33):
is growing.

Speaker 3 (53:34):
And with the growth of the inventory, where are we
at now as months of inventory.

Speaker 6 (53:40):
We're going to get into that on the on the
flip side, because we're going to get into all the
stats because I got the annual stats for South Florida.
They came out on Thursday, So it's really going to
be interested that we're really going to take a hard
look at inventory, months of days on market, months of
available inventory, and we're going to go into all of it.

(54:00):
But what I did want to do just to give
a little taste, So we have fifty eight five hundred
and sixty properties for sale right now residential, and we
have four hundred and four hundred and eighty short sales
and foreclosures right now out of the fifty eight thousand properties,
that's about where we were last week. We're in the

(54:22):
high fours last week. So we're not seeing a dramatic
increase of short sales and foreclosures coming on.

Speaker 5 (54:29):
The market, predominantly driven by condos. I'm guessing.

Speaker 6 (54:34):
Yes. And what I noticed the last time I looked
a lot of the foreclosures, not so much the short sales,
it was more of an equal myss, But the foreclosures
were many, many many condos. And I'm sure that's the
trend because people can't afford these increase in fees and stuff.
And the sad part is a lot of these people
probably didn't have to do a foreclosure. They could have

(54:57):
done a short sale, walked away debt free with the
four closure. If you lift, if you let the bank
take the house, and you don't do anything, you just
roll up your hands and just say take it. I'm
not doing anything anymore. Do whatever you want. I'm not
going to contest you in court. Don't think that you're
getting away with it. Any money that's old. They have
the legal right to come after you. I think it's wow,

(55:18):
it's been so long, Johnny. Was it seven years? Ten years?

Speaker 2 (55:21):
Long time? Oh yeah, ten maybe eight years.

Speaker 6 (55:24):
I don't. We used to know this when we did
short cells and loan moks like all the time, all
the time. But but that was so many years ago,
Thank god, I feel like ten years.

Speaker 2 (55:33):
I remember saying within ten years they can file it.

Speaker 6 (55:36):
They could wait. If it is ten years, they could
wait till the ninth year and file the claim. Say hey,
you owe me one hundred and seventy thousand dollars. You
can be eight years later, nine years later.

Speaker 2 (55:45):
And I'm sure some enterprising who some enterprising company or
individuals gonna be like, Hey, you guys have let this
thing lay for nine years. How about we file this
lawsuit on your behalf, Like we're going to go after
all this, you know. Potential, Yeah, the debt collecting.

Speaker 6 (56:02):
And the bank will just outsource it to somebody else.
That's a possibility. And the other thing is is that
you don't have to do that if you negotiate with
the bank while you're in trouble with the bank, and
you you could do it by yourself if you want to.
I wouldn't recommend it is bringing a gun to a
knife fight, but if you hire the right professionals, gun

(56:22):
to a knife to a gunfight. Yeah, I wish it
was a gun to knife fight. But thank you, Mike.
So you could walk away, there's a potential for you
to negotiate with the bank, give the keys back to
the bank, and it's called a short sale where you
can walk away debt free and you get a letter

(56:43):
from the bank stating they'll never come out to you
again for the losses. Okay, you might even be able
to do that with your condo board.

Speaker 2 (56:52):
If you do it right. Associations. You said, look, I
should look, I should just do a deep dive into
the because you can look all the lawsuits right on
public record. You can see the case has opened for
closure cases. I'm wondering how many of those are bank initiated.

Speaker 6 (57:09):
O versus condo association. Yeah, yeah, that's a good Yeah.
We talked a little bit about that last week. So
very very interesting. But only four hundred and short sales
and foreclosures active on the market. So what is for
seventy out of fifty eight thousand, let's see four to seventy.
I want to just see what percentage there is for
seventy about fifty eight thousand.

Speaker 2 (57:34):
Percent?

Speaker 6 (57:35):
Oh my god, point zero zero eight percent? Yeah, so
eight tenths no, eight one hundred. Yeah, so that's.

Speaker 2 (57:44):
Just a bit under a tenth of a percent.

Speaker 6 (57:46):
We are so low compared to historic norms for foreclosures
and short sales. It's normally about three one to three
percent of the market.

Speaker 2 (57:53):
Yeah, it's early in the year.

Speaker 6 (57:55):
We got we got tied well.

Speaker 3 (57:57):
And what it does is it totally like highlights the
reality when we had our bust in eight. If they'd
just made it so people could afford their payments. All
it would have took those foreclosures wouldn't have happened. Just
make it so they can pay.

Speaker 2 (58:11):
Their payment, yeah, or even the like what I think
if you run into financial difficulty now, like, don't forget guys,
call your lender, yes, talk to you, start missing payments
and talk to for some help because they will give
it to you a lot of time. Still get like forbearance.
I don't know the terms of it. It's like, you know,

(58:31):
we had the disaster one like three months and then
you owe. But I think it's different still, I think
it's call.

Speaker 6 (58:36):
Some of the banks are very flexible with you. I've
talked to customers from this show that have called me
up to tell me they're in trouble and got for
beearances like recently, in very recently.

Speaker 3 (58:47):
Like beneficial for abearances though because again when we looked
into it during disaster time, it could help you in
the now, but we had a big balloon payment that
was doing. If if you can't afford right two thousand
a month right now, how are you going to be
able to hand them eight thousand dollars in four months?

Speaker 6 (59:03):
Well, there's truth to that, but that's why you need
and it's there's everything you're saying is true. That's why
you need a professional to go over everything to see
how really, how it really works. Because your bank isn't
going to tell you. They are going to tell you everything,
but that doesn't mean you're going to understand everything they're
going to tell you. Right, You've also having somebody to

(59:23):
interpret and ask questions you don't even know to ask.
That's the big thing.

Speaker 2 (59:27):
That's the thing, because you may be told something and
it's not the entire story, or you're hearing different than
what they're actually saying, and you know so, yeah, but
I guess the moral of the story. If you're get
in trouble like that, you're not gonna be able to
make a mortgage payment. You've got a call. You've got
to make that call.

Speaker 6 (59:41):
So let's go ahead and thank you, Mike. Let's go
ahead and take a break, and we're going to talk
about the market update, the end end wrap up market.
The reports finally came out. So did did South Florida
see an increase in appreciation this year? Did we see a.

Speaker 2 (59:55):
Decrease decrease in appreciation or yeah.

Speaker 6 (59:58):
That's depreciation, Yeah, that's called depreciation. Well, actually, that's right.
You could have you can have appreciation that went down
a little bit, so a decrease of of appreciation the
prior Thank you Johnny, you have my back on that one.
That's my birthday. Get there, you go.

Speaker 2 (01:00:14):
So what's the question? Did so six counties have? Yeah?

Speaker 6 (01:00:18):
Did we did? Prices? Did prices stay stable? Did did
we see the media and sales price go down? Did
it go up? Where did we stand as far as
the number of sales, as our inventory growing you're not growing,
and months of and months of inventory available. So we're
going to go into all of it. It's kind of interesting.
There's a lot of stuff. And wait till we get

(01:00:38):
to the appreciation depreciation numbers, because I did. I ran
the numbers for Palm Beach County four different ways and
I got four different answers. Whether we had appreciation or
depreciation would be like, yeah, so we're going to talk
about those four things and say what do you think
which which of those would you look at as being
the right number?

Speaker 2 (01:00:59):
Horror something? What are you doing right? He's using he's
the it's almost like a publicist, right, like you just
you figure out the combination that gets the story that
you want to tell, right, So you're you've got four
different forma yeah, you know, you're you're you're.

Speaker 6 (01:01:17):
Yeah, like a publicist, I know, like public relations person somebody.

Speaker 2 (01:01:21):
You just find the narrative, find the formula that fits
your narrative, and then spit it out there and you
and it's.

Speaker 6 (01:01:26):
In a way, in a way that that's very true.
So we're going to see the different ways to look
at what happened in the market this year. Because I
was just talking to a guy yesterday and he thinks that
the market's still pretty strong, like super strong, and I'm like,
n no, no, it isn't horrible, but no, what is strong.
This is not a this is not a market to

(01:01:46):
be pushing the limits and see what you're going to
get for most people, not everybody, but most people out there. Yeah,
of course, so let's let's take a look at this.
It's gonna be fun to do the deep dive.

Speaker 2 (01:01:56):
Excellent.

Speaker 3 (01:01:56):
We still got an hour or so remaining for you here.
Thank you for being with it. Always remember, Florida talkreal
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(01:02:18):
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(01:02:39):
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Speaker 1 (01:03:03):
This is Florida Talk Real Estate with Jim Depola and
Johnny c. Got a question for the show. Call us
live at one eight seven seven nine two seven sixty
nine sixty nine.

Speaker 2 (01:03:12):
Yeah, You're more than welcome to join us on this Saturday.

Speaker 3 (01:03:15):
Eight seven seven nine two seven six nine six nine questions, comments,
concerns in the world of real estate. You're more than
welcome to dive in. I want to just take part
of the conversation at hand.

Speaker 2 (01:03:24):
Don't be shy. First voice, you're here as our producer
extraordinator Jimmithy Hello, Hello, Hello, Hello Jah, doing well? Now
are you? I'm good?

Speaker 3 (01:03:33):
Good Johnny se that's me here, old buddy, your old
pound Mike rows with us on this Saturday. He's the
mortgage guy from the mortgage firm.

Speaker 2 (01:03:39):
Hello, my friend, Good morning, sir.

Speaker 3 (01:03:41):
And birthday boy, our fearless leader thirteen years now Jimmy
d celebrating Hello b day today is Maui Wowie is
Loe noe hmm, good birthday. You can find him the
Florida Homepros team with Keller Williams Innovations thirteen plus years now.
We've been doing the show and you you did tell me.

(01:04:03):
I don't know what it was it on there, Maybe
it was off air.

Speaker 2 (01:04:06):
We uh.

Speaker 5 (01:04:06):
We started the show like right before your.

Speaker 6 (01:04:08):
Birthdayeah, right before my birthday. It was a really special
birthday gift to me big time. Six weeks that's how
long they gave us. Remember sitting at the table, it
was a six week show. Now it's thirteen years later.
I know, right, they don't even know that we're really
here right now. We just come in and just do it.

Speaker 2 (01:04:30):
I said, somebody left. Yeah, I sent somebody my digital
business card and it has a picture of me. She's like,
I know you from somewhere. I'm like, oh, maybe the
radio I've been on. She's like, yeah, were you like
on billboards or something. I'm like, nah, No, we don't
get advertising there. I don't think I've ever been on
any bar, any ad other than you know, Johnny's commercials. Yeah,

(01:04:55):
you're vocal one right, Like, no, no visual advertising that
wasn't self gener or you know, should this show generated?

Speaker 6 (01:05:02):
Hey, anybody listening to the show, if you happen to
watch the sun Dance channel, which I do not watch usually,
if you see the clown Killer documentary on there, let
me know because I think it's supposed to come out
this month or next month. It's a three part documentary
on the Wellington clown Killer. And you're in there, right,
They tell me I'm in there. I don't know if
I made the cutting room floor or if I'm actually

(01:05:23):
in it, but they kept asking me for photos from
back then, which was very hard for me to find
because I don't take photos of myself ever unless it's
for work and I have to right, I'm not a
photo guy.

Speaker 2 (01:05:33):
Do you know, is it all the way up until
you know she's out?

Speaker 6 (01:05:37):
Yeah, it's all the way out. In fact, the producers
didn't even know how to get in touch with her.
So after she got out, they called and said, we
really need your photos. They'd been asking me like two
months and I couldn't find anything, and they're like, you're
going to be part of this thing. We really need
some photos of you back when you were a reporter
thirty years ago. Yeah, right, right, So that was so funny.

Speaker 2 (01:06:02):
Did you know that The Ladies was released?

Speaker 6 (01:06:05):
Yes, she was released a few months ago.

Speaker 3 (01:06:08):
Saying is this documentary of this three parter all the
way up to her freedom?

Speaker 6 (01:06:12):
I think it is. So what happened was because they
were just going, they were finalizing the edits when she
got out.

Speaker 2 (01:06:17):
She was held in jails way too long.

Speaker 6 (01:06:20):
For the COVID and every end. Because of COVID and everything,
it really slowed it down. So what happened was is
she was a hostage when I was when I was
talking to the producers. They said, I said, you know,
she got out and they go yeah, and I said, well,
well she was released, not got out, right, she was released?
And I said, so, you know, I go, you're going

(01:06:41):
to try to Are you going to try to contact her?
Because I was just interested former journalists? How are you
going to handle this? And she says, well, we don't
know how to find her. And I go, oh, call
up the Department of Corrections. I'm sure she has to
leave information with them of she's probably on some type
of probation. I don't know. I hope not, but I'm
I'm not sure, but I would assume there might be right.

(01:07:02):
So he said, you know, you could always call the
law firm or you know, to see if they would
be interested, she would be interested. Well, you also go
to the Apartment of Corrections. You might be able to
find information there. In England, you can't get the same
kind of information public information you get in Florida. And
that's why I'm not a journalist here anymore, because Florida's
information laws are becoming more and more and more restrictive

(01:07:25):
of Florida. Oh my god, it's so bad. It's so
bad about our public record laws. You know, the reason
why we have Florida, man, is because of the public
record laws that everybody can find out everything that's happening here.
If Iowa had the same open record laws that we have,
we'd have Iowa man.

Speaker 2 (01:07:43):
You know what I mean, that's arguable.

Speaker 6 (01:07:45):
I don't know.

Speaker 2 (01:07:46):
I don't know.

Speaker 6 (01:07:46):
Oh, you're mad about Iowa.

Speaker 2 (01:07:49):
Iowa people that I know, the islands.

Speaker 6 (01:07:52):
Oh, I'm sure there's Oh, I'm sure they're different. I'm
sure there's some people that are different. No. But the
ottom line is is that it'll be interesting. So if
anybody I don't even know the name of what the
documentary is called, I'm just calling the Wellington cloud Killer.
But if you see it on Sundance, let me know.
I'm interested in seeing what happened with that. I'll probably

(01:08:13):
start getting text and emails. Yeah, I just saw you
on TV because that's what happens with twenty twenty and
stuff when that happened. So anybody knows, let's let me know.
I want to get into I want to get into
trending and everything. The first thing I want to say, though,
I don't want to get into too much of it.
But we've had our first break or breather from rising

(01:08:34):
interest rates. Our interest rates have risen for five weeks
in a row. Now, uh, we got all the way
up to seven point oh four and now we're at
six ninety six. So we had a little bit of
a dip. Anything anything helps is better. So the interest
rates flat now for the first week. Whether this is
beginning a trend we'll start seeing to go down or not.

(01:08:54):
We'll find out in a couple of weeks. We'll keep
an eye out and let you know now when it
comes to you. The annual report very interesting stuff. So
I'm going to start off with Palm Beach County and
most of the trending, with the exception of Saint Lucy
County because that's at a different price point and it

(01:09:15):
has about half the amount of sales that we get
in Brower, Date and Palm. That Palm is a good
representation of the three county area. Dade, Broward and Palm
not much difference in the reports. So for Palm Beach County,
let's go over the median sales price, which is what
everybody cares about to my house, growing value or not

(01:09:36):
growing value for owners and for buyers, it's like our
price is still going up and when is this ever
going to stop? So according to the year end market detail,
the median sales price, Oh let me this is interesting. Wait,
let me go here. Less bless you, bless.

Speaker 2 (01:09:55):
You, bless you, Johnny. Okay.

Speaker 6 (01:09:58):
So the monthly report for this December twenty twenty four,
for Palm Beach County, the median sales price was six
twenty two to five. Now they're saying that's a seven
point three percent increase over December twenty twenty three. Right,
So seven point three percent, that's pretty healthy appreciation, especially
in a slow market.

Speaker 3 (01:10:19):
One percent is like what we'd anticipate on a.

Speaker 6 (01:10:23):
Three to four. Three to four for Florida's has been
traditional other than the wacky time of COVID. Okay, And
ever since COVID, things have been out of whack. And
I'm going to look back from twenty nineteen, the year
pre COVID, all the way up through twenty twenty four,
and there's some really interesting points I learned by doing that,
by doing that exercise. But let's just stick with the

(01:10:45):
median sales price. So if you're a regular consumer and
you're reading the local newspapers, said the monthly report, came
out for December and we had seven point three percent appreciation.
You're going to feel pretty good about yourself, or you
should that this is pretty healthy. We're stilling a good thing.
Market's still hot, you know, that's what they're saying.

Speaker 2 (01:11:02):
Home value is still going up, right, home value is
going up a prety position increasing mm hmm.

Speaker 6 (01:11:07):
So everybody's just thinking, oh, these are the salad days, right,
But when you look at the year stats, Okay.

Speaker 2 (01:11:13):
Wait is a salad day. It's good, It's like a feast.

Speaker 6 (01:11:16):
Yeah, the salad days are considered like the gravy days.
You've heard of gravy days. Salad days is the same
as gravy days. And if you look it up, yeah,
look it up.

Speaker 2 (01:11:23):
I haven't heard it yeah before. I'm not doubting you.

Speaker 6 (01:11:25):
Well, this time it isn't a gym depola thing. It's
actually a real thing. Now he's gonna look it up.

Speaker 2 (01:11:30):
And I have to.

Speaker 6 (01:11:31):
I want you to, Caesar. So seven point three percent
year over year now for the year of twenty twenty four.
If you don't go back to December twenty twenty three,
you just do January through December thirty. First, the median
sales price over the whole year was six thirty. Okay,
and that's a five point five per percent increase over

(01:11:55):
the year. Trend for twenty twenty three okay, so month
year over year where at seven point three the average
for the year, we're at five point five. Now I'm
going to play devil's advocate. Some people don't agree with this,
but I think it's a good barometer when you're selling
your house, when you're trying to set prices to figure

(01:12:15):
out where you're going to put the house on the market.
Are you going to put out the upper end of
the bracket because it's a super strong market you might
be able to get this really high number that you're
hoping for, or we're in a very very slow market
and if you put it at that price, it'll just
sit there with no action. So if you put it
at the much lower price, is that what it's going
to take to sell? And of course there's an in

(01:12:36):
between in there. So in twenty twenty four, we started
out in January. Oh, I thought it was six hundred.
I'm wrong on my numbers, Mike, So I'm going to
do these numbers different. But we started out at six
point fifteen okay, and then it got all the way
in June. It kept climbing until we hit a high

(01:12:59):
of June of six sixty, okay, and then after June
we went down almost every single month until December. So
November we got down to six hundred, from six sixty
to six hundred, which is a ten percent drop median. Right,
median sales price is a ten percent median sales price drop.

Speaker 2 (01:13:19):
So that means half sold for more, half.

Speaker 6 (01:13:21):
Sold for less. Right. And December twenty twenty four, which
is very common to December, you see a little bit
bump in December. I don't know why, but it went
back four years and December always seemed to be a
little bit higher than November for four years in a row.
I don't know why that happens. But it was at
six two to two. So if you take the high

(01:13:42):
for the year, right, if you take the high for
the year, sorry, hold on, of six sixty and you
subtract six twenty two five.

Speaker 2 (01:13:54):
Wait, that wasn't the low though.

Speaker 6 (01:13:56):
No, no, but this is the end of the year, okay,
So we're going to go like we the high for
the year with six sixty. We ended at six twenty
two right, that's what I'm doing. So that's thirty seven
to five divided by six sixty. That's a five point
six percent depreciation from the high of the year for
the median sales price. It was five point six percent

(01:14:18):
down from the high. Decrease in appreciation. Well, think about
it this way. If the median sales price was six
sixty and now six twenty two, that's depreciation for median
sales price in.

Speaker 2 (01:14:29):
Your house depreciated. That just means that.

Speaker 6 (01:14:31):
No, that means the market depreciated. The market. It isn't
your house. This is the median of all the houses, right,
half sold for more house self or less. So that
medium price, the median price has depreciated, has gone down
from the high of the year, from the high of
the year. But the realtors don't look at it that way.
How they look at it is, hey, we either have

(01:14:53):
five percent appreciation for the whole year on average or
where at seven point three percent appreciation for year over year.
But they don't look at the high for the year
and then do it. Now what they do do because
that doesn't look as good, dude, they did it that way.
What they do do is they take all twelve months,
median sales price to it by twelve and that's how

(01:15:13):
you get the six thirty.

Speaker 2 (01:15:15):
Right, it's the average of the medians.

Speaker 6 (01:15:17):
I don't have that in front of me, Mike. I
don't really have it in front of me. I might
have it, let me see.

Speaker 2 (01:15:23):
Well, or they do the median of the entire sta Oh, I.

Speaker 6 (01:15:26):
Do have it, Mike, I do have it. Hold on,
let me just.

Speaker 2 (01:15:28):
Give you the same result. Actually, I think you'd be
right there, right, I think, jeez, we need a mathematicition.

Speaker 6 (01:15:34):
Okay, So the media numbers the median sales price here.
This is very This is something that was amazing to me.
Median sales price in twenty nineteen in Palm Beach County
was three hundred and fifty four thousand, nine hundred five
years ago pre COVID. Then COVID it jumped from three
point fifty four to three hundred and eighty nine.

Speaker 2 (01:15:55):
Do you think we would have ever done that if
interest rates were good? Question?

Speaker 6 (01:16:01):
No?

Speaker 2 (01:16:01):
No, I don't.

Speaker 6 (01:16:02):
Well, you mean and had COVID, but the interest rates stayed.

Speaker 5 (01:16:05):
High or were high because they I think.

Speaker 6 (01:16:08):
What would have happened is people would have left, but
not as many people. Because it was such cheap money
to move, right, I mean, that's cheap money. I mean
I know people that were cash buyers are like, I'll
take the you know, I'll take the two point seventy
five percent interest rate and take a loan out because
it's so cheap and I'll keep my money, sure, right,
So there was a lot of that going on. So

(01:16:28):
I probably would say about half of the action would
have happened, and it still would have raised prices, but
not the craziness that we saw. So we went from
three point fifty four to three eighty nine, and in
twenty twenty one, which was the strongest COVID year, right,
because I always thought twenty twenty, twenty twenty one, and
twenty twenty two were COVID years. That's how I looked

(01:16:48):
at it. But really it's not true when you look
at the stats, it's not true at all. COVID really
only affected us, and this is like crack, right, This
was like crack, those interest rates and everything. He only
ran for about eighteen months.

Speaker 2 (01:17:01):
I've never tried crack. I don't know.

Speaker 6 (01:17:02):
Yeah, I've only watched people. I've only watched people try
crack when.

Speaker 2 (01:17:06):
I was for me, it was twenty twenty twenty twenty one.

Speaker 6 (01:17:10):
Yeah, and that's pretty much true. But it was really
only eighteen months of it because you know what I mean, March,
because March March twenty Yeah, everybody started really waking up.
In April. May was when they started waking up. March
we were still in shock that everything was shut down,
if you know, everybody was in shock. And then April
May everybody started waking up. I could work anywhere I

(01:17:31):
want to. And then June boom. June was like explosion
time all the way through twenty twenty one. But twenty
twenty two really slowed down a lot. But let me
let me just show you here three fifty four and
twenty nineteen, twenty twenty three, eighty nine, twenty twenty one,
four seventy five. It went from three eighty nine to
four seventy five, twenty twenty two, five seventy one. Okay,

(01:17:56):
twenty twenty three went from five seventy one to five
ninety seven, not so much four point six percent over
medium sales price average, and then this year was six
thirty right.

Speaker 2 (01:18:08):
So guess what else happened in twenty twenty two? What's that? Uh?
Started the year.

Speaker 6 (01:18:14):
Wait, oh no, that was twenty twenty three. What what
happened to twenty twenty two?

Speaker 2 (01:18:18):
Started the year at three point ten, three point eleven,
three point one one and end of the year at
six six point twenty seven.

Speaker 6 (01:18:33):
Yep, yeah, and the sixes, so we almost doubled that.

Speaker 2 (01:18:36):
Double interest rates and twenty two.

Speaker 6 (01:18:38):
So if you go up three points, you lose thirty
percent of your purchase power, right, ten percent for each point, right,
so you lose. But the prices went up up, up.
That's why we're having this big crisis right now. Is
that's the easiest way to describe our crisis. I think
that we can handle the shock of the insurance. If
it wasn't for the higher interest rates and the lower

(01:19:00):
purchasing power that people have, we could have survived.

Speaker 2 (01:19:03):
A lot of people were in that, like people who
were in these loans, they had already bought the home.
They were their refinance, so they got the insurance shock
right like they they couldn't do it, didn't do anything
but handle it right, There was nothing to do. But
when you talked to earlier before the breakdown about like
Texas and Florida slowing down so much, where it's not

(01:19:25):
even why aren't people moving to Florida? What's interest rates? Right?
Interest rates? But that's why why aren't people moving? Is
that they answer?

Speaker 6 (01:19:33):
Right, Oh, they're locked.

Speaker 2 (01:19:35):
Yeah, they're just you know, it's affordability is difficult, Yes,
because of price increases, because of insurance increases, because of
interest rate increases. Yes.

Speaker 6 (01:19:44):
And a lot of people are realizing I don't know
realizes the right word, but a lot of people I've
talked to have said that the lack of income taxes
in Florida is now outstripped by all those other costs,
and not just monetary costs. But I have to live
in an area that might be devastated by hurricanes, I
have higher insurance rates, all of that stuff. When you

(01:20:06):
add it all together, it's like, Eh, the no income
tax isn't that valuable as valuable as it used to
be to me? And that's another thing that's happened. A
lot now closed sales. Okay, this year we had thirteen thousand,
three hundred and seventeen single family home closed sales in
Palm Beach County. That's down four percent from the year before,

(01:20:29):
which was thirteen thousand, eight hundred and sixty eight, which
was down twenty twenty three was down from twenty twenty
two by eight percent, which is amazing, right, that's a
really big drop. So in twenty twenty two we had
fifteen thousand sales and then in twenty twenty three we
only had thirteen thousand sales. Right now, in twenty twenty,

(01:20:51):
twenty twenty one, we had nineteen thousand sales. That's the high.
Twenty twenty one is going to be considered the high
all time record for Bombach County and Florida for monthly sales.
The highest month was pretty much yeah, yes, over the
last five years by far, nineteen thousand was the biggest. Okay,

(01:21:11):
But when we went from twenty twenty one with nineteen
thousand sales and we dropped to fifteen thousand sales in
twenty twenty two, that was a twenty two percent decrease
in the number of closed sales. Pretty dramatic. Now, twenty
twenty which was a bad year really for real estate
at the beginning of the year and then became super
out at the end of the year. We had eighteen

(01:21:32):
thousand sales, which is five thousand more than we had
this year. In twenty twenty four that was a four
point Ironically, in twenty twenty we had a four point
three percent increase in the amount of properties sold compared
to twenty nineteen. Right, So the reason why we had
a little bit of incorcrease and not the big increase

(01:21:54):
like twenty twenty one is it took us until half
the year before people woke up and really started buying
it houses. So twenty twenty was really a six month
a six month thing, not a a full year. And
then twenty nineteen was flat compared to twenty eighteen. Both
years they had seventeen thousand, four hundred and twenty one

(01:22:15):
sales both years, twenty eighteen twenty nineteen, and it stayed
flat from twenty eighteen to twenty nineteen. You know why
his interest rates got super high. They were the highest
rate in like six or seven years, and it hit
five nine nine. That's when it hit five to nine
nine was twenty nineteen.

Speaker 2 (01:22:31):
So what the people really want to know, Jim, is
what's going to happen this year?

Speaker 6 (01:22:33):
Well, not yet, We're going to get there, Okay, we're
going to get there. So so the median sales price,
that part is really interesting. The other thing I felt
was really interesting is median percentage of original list price received, right,
so list price to sold price, that really hasn't well,

(01:22:54):
it has changed a lot over the couple of years,
but it really hasn't changed for traditional years before COD.
So twenty nineteen, before COVID, we were getting about ninety
five percent of list price to sole price, which is
pretty ninety three to ninety five percent is pretty much
the average before we at COVID, Right. Then in twenty
twenty we had ninety five percent again, almost ninety six percent.

(01:23:18):
Then in twenty twenty one in Palm Beach County we
were getting ninety eight percent, ninety eight point seven percent
of list price to sole price twenty twenty two to
ninety eight four and then twenty twenty three ninety five percent,
and then this year we're down one percent, ninety four percent. Right,
ninety four percent is still pretty much averaged. Like if

(01:23:39):
you were in twenty eighteen to twenty fifteen, that's pretty
much where you were. So we're back to kind of
normal median priceless price to sole price. The reason why
a lot of that's happened is now just give you
an idea. Port Saint Lucy at one point of these
medium price to list price sole price to list price.

(01:24:00):
At one point, Port Saint Lucy got one hundred and
one percent list price to sold price, so the half
the homes sold for more than what they were listed
for back then. I thought that was kind of interesting. Yeah, right,
So I now days on market, it really hasn't changed
that much. This is kind of interesting. In twenty nineteen,

(01:24:21):
the average home took fifty three days to sell, right,
we got down as low in twenty twenty one. In
twenty twenty two we were at fifteen days, right, but
now we're at forty four days. Last year it took
about forty four days to sell. Now, I really find
that that number is not It kind of tells you

(01:24:41):
where you are, but it's not a real number. Because
I know that it seems to me that way Miller
at Homes, I know this is the medium time to contract,
but it feels like forty four days is low for
the average home selling in today's market. I just looked
at a neighborhood yesterday for a comp There were twelve
homes active, pending and sold, and nine of them were

(01:25:07):
at one hundred and thirty days to three hundred and
sixty five days.

Speaker 2 (01:25:10):
Yeah. Wow, I'm not even in the trenches like you are.
And that number feels low.

Speaker 6 (01:25:14):
Yeah, it feels low, but but it it's the stats,
you know. They added it all up and that's what
it came out to.

Speaker 2 (01:25:19):
Now that number is list to close or.

Speaker 6 (01:25:22):
No, just to offer right to getting into contract, the
list to closes. I don't really care about that because
I close everything, so almost everything. I don't even think
about it. But just in case anybody cares about it.

Speaker 4 (01:25:36):
Well, there's other factors involved, I mean, lay a little
bit because.

Speaker 6 (01:25:40):
Well also the deal could die right right, Yeah, that's
included in here.

Speaker 2 (01:25:46):
And those days don't stop counting, right, So days on
market doesn't stop counting once you go into contract, like
and then it you.

Speaker 6 (01:25:52):
Know, the days on market will stop once you go
into contract and you tell the MLS we're in contract,
the days on market stop.

Speaker 2 (01:25:59):
And then if it goes back market, does it pick
up there?

Speaker 6 (01:26:02):
Yes, it picks up where you left off. Oh that's
a good question. I don't know the answer to that one.
I think it picks up the days in between. It
doesn't just start we're back on market.

Speaker 2 (01:26:12):
You're on the market. Forty days, right, and go forty
days pass.

Speaker 6 (01:26:15):
Ok, yeah, you might be seventy days at that point.
I have to chuck a chef, I know.

Speaker 2 (01:26:19):
But it sounds empty. It sounds like a decision anti seller.
Yeah exactly. It sounds like sellers will be like, no,
wait a second.

Speaker 6 (01:26:25):
I have like doble, I don't know the answer. If
any realtors watching the show right now and has a
real answer for that, let me know. But the median
tides of sale Jimmy was eighty seven day to close
was eighty seven days. In twenty nineteen it was ninety
five days, and in twenty twenty one it was sixty
two days. So it's taken us like three weeks longer
to close than in the hottest period ever with the

(01:26:47):
most cash buyers. Right, twenty twenty one was the highest
cash buyers ever, at least over the last couple of years.

Speaker 2 (01:26:54):
So this is good for your twenty one day marketing plan.
Yeah right, because when it was like fifteen days on market,
you couldn't even implement your plan. Now you got forty
five days on market, sixty days on market, your plan
is effective.

Speaker 6 (01:27:09):
Well, I like to think that my twenty one day
plan is effective when I sell it in fifteen days.
When I have to do the twenty one play twenty
one day plan over and over again, I don't consider it.
You know, that isn't a success story for me. But
you have to do it, and for me to tell
people I'm really going to try to sell your house
in twenty one days. Very few people make that commitment

(01:27:32):
to somebody. When I say commitment, I'm not guaranteeing it,
but because they have to pick the right price and
you know, be within the realms of what's happening in
their community and everything, and there's things like that in
the condition to the home and all that.

Speaker 2 (01:27:44):
But it is a guarantee that you have a plan.

Speaker 6 (01:27:47):
But the thing is is I have a plan to
get the house sold in twenty one days. And until
until last year, seventy eight percent of my homes for
twelve years, seventy eight percent of my homes sold in
twenty one days less. So I mean I've got a
really and that's during short sales period, high interest rates,
low interest rates. You know, any market you can think of.

Speaker 2 (01:28:09):
I was in.

Speaker 6 (01:28:09):
I was pretty much the twenty one day guy.

Speaker 3 (01:28:11):
And your percentage at least through what I've paid attention
to in the thirteen years of this show you you're
like on that upper ninety side for the most part.

Speaker 2 (01:28:22):
I bet you last year has been tough. Do you
mean closings now the listing to.

Speaker 6 (01:28:28):
Yeah, So that the way that you're taught is a
realtor that if you take a listing, when you go
on a listing appointment, you have a sixty five percent
chance for the average agent to have that seller agree
to work with you. How much sixty five percent? So
you're going to go to ten appointments, and if you're
an average realtor, you should get six and a half.

(01:28:49):
And then out of those six and a half you
should a national statistics show eighty five percent of those
will close. Of the sixty five percent out buyers. When
you meet with a buyer, you only have you have
an eighty five percent chance for the average agent to
get the buyer to agree to work with you exclusively,

(01:29:10):
but you only have a sixty five chance success rate
of actually closing with that buyer. So the numbers are swapped. Wow,
and realtors actually use those numbers to map out their
plan of how much money they want to make the
next year. Okay, So if I want to make X
amount of dollars, I got to go on these amount
of appointments and then get these amount of people degree

(01:29:31):
to work with me, and what percentage of them are
going to close, and you map all that out and
that sets your annual salary.

Speaker 2 (01:29:37):
Right, so you shoot for how many calls you have
to make to get that amount of appointments?

Speaker 6 (01:29:40):
You know all of that and all of that stuff. Now,
my track record, ever since I've been a rilter, it
hasn't really changed much. Almost almost everything I touch closes.
I had two expired listings last year. One guy rehired me,
one guy went to rental. Oh does still keep you up? Yeah,
and they do. I still think about it. I still
think about I still think about the rental guy because

(01:30:01):
he and his wife were great, and I really wish
they didn't turn it into a rental because the appreciation
really isn't worth it right now and the insurance costs
are going to be higher. So but the bottom line
is is that my record, Johnny, getting back to what
you're saying, I'm in the nineties for everything, right, So
if you work, if you sign a listening or a

(01:30:22):
buier agreeing with me. There's ninety two percent expectation, not
even a chance. Ninety two percent expectation. We're closing right,
which is way different than the other numbers. Oh yeah,
because I vet people right and I train them right
so they can make the decisions that are best for them,
not for me, but so they can make informed decisions.

(01:30:43):
And having the right team right, having Mike and Ross,
and you know, I'm dealing with Paul Krasker a lot
lately because we've had a lot of probate estate and
now there's people getting in trouble with their mortgages again,
and I'm seeing that a little bit more, so I'm
dealing with them. So we have a team. We have
the title company, we have title issues. We have this
whole team here to make sure that you know that

(01:31:06):
the person working with us has all the resources they need.

Speaker 2 (01:31:09):
And you got high level concepts like the MAUI wowie.

Speaker 6 (01:31:15):
Oh yeah yeah, just hire me for those.

Speaker 2 (01:31:17):
Just for the terminology we call it when you get
the when you get it sold for the list price
you haven't it's like a listy wisty.

Speaker 6 (01:31:23):
Or no no, no, I'm not adding any new terms,
says Malleu. Wawi Lowe, no leaven No, No, that's.

Speaker 2 (01:31:34):
But.

Speaker 6 (01:31:35):
But the thing is is that I just put out
in the last newsletter. The new newsletter comes out by
email to everybody in our database. So if you want
to be part of the newsletter, just let me know
last week's news letter. One of the things we said
at the bottom of the newsletter is what makes us different?
And when I say us, I don't mean the Florida
Home Pros with Keller Williams, although I mean that too.

(01:31:57):
I mean us, meaning the Florida Talk real Estate team
that we've put together. So I started to explaining Normally,
if you're a person that wants to buy a house,
you got to find a realtor. Then you got to
find a mortgage broker. Then you've got to find an
insurance company. Then you got to find the property inspector,
and you don't even know and then you might have
to pick title, and you have to pick title. You
don't know any of that. Right, Well, with us, you

(01:32:19):
can make one phone call and you can get all
of those people, very reputable people, to give you all
their perspectives as to what's going on, including Jared Perry
from The Perry's CPA group. We just got two people
over to Jarrett's group last week. That one is a
state planning for ed. He needs to find out some
stuff because he's getting up there. He's about my age,

(01:32:43):
so he's getting up there and he's worried that he
wants to make sure that he has a plan for
his future. He owns a little bit of land. We
got him over to Jarrett and Andrew over at Jared's
office and they're working on it. But that's the kind
of thing with us. You pick up the phone and
we'll try to get you answer. So I had another
call guy named Frank. I never heard this before. He
lives in Verra Beach. Frank's a big, big fan of

(01:33:03):
the show. He owns a house up there that's relatively new,
I think between nineteen ninety seven and two thousand and seven,
like not an ancient house up there, and all of
his copper pipe piping for supply lines have shot copper,
not polybutylene copper. And I'm like, I've never heard of
that before. Apparently the inn in the river water plant

(01:33:27):
was putting in chemicals that ate up the copper pipes
in people's houses, and like fifteen percent of the houses
up there to get the got to get the supply
lines replaced.

Speaker 2 (01:33:37):
And I was talking to Thank too.

Speaker 6 (01:33:38):
Yes, yeah, because he was calm for the and that's.

Speaker 2 (01:33:41):
He was trying to figure out can he tap into
his equity to pay for this relatively expensive fix replumbing.

Speaker 6 (01:33:49):
And you can't do that with the norm railway too.
You can't call up a realtor and say, hey, I
got a plumbing problem and I need to raise money
for it.

Speaker 2 (01:33:57):
Yeah.

Speaker 6 (01:33:57):
First of all, do I really have a plumbing problem?
Can you get me the answers? And second of all,
can you on't get the financing right? You don't do
that with the realtor normally, but you do that with
the Florida Talk real Estate team. That's what makes us
different than everybody else, and that we care. Everybody on
this team cares about people. We don't do things to
make money just to make money. If we make money

(01:34:19):
by helping you, great, but we're gonna get you the
answers that you need that's best for you.

Speaker 3 (01:34:24):
So that that is a huge aspect for me. I
think Jimathy as well, you know, being a part of
this show absolutely with you guys as a team, a
small little part of what you do obviously, but it's
about the the integrity, it's about that community tide. It's
about the caring for the people, understanding that the business
will come. It's about just making sure that everybody's right,

(01:34:45):
everybody eats, everybody does well. And another thing I love
is it's not a it's not a pay for play
like if you if you send someone over to Mic,
MIC's not commissioning you, Nora, someone toss wasn't commissioned. It's
not there's no referral fee here. The reason that people
are on the team that are on this team is
that like mindedness, that understanding that, wow, we work well together.

(01:35:06):
We all have the same viewpoint about how business should
be conducted. Be well for people, do well by people.
All that business comes your way. It's not about screwing
people just to get a buck. Yeah, it's never been
the way. If it was.

Speaker 2 (01:35:19):
Jimithy's not here, I'm not here, and this show is
not going thirteen years.

Speaker 3 (01:35:22):
No.

Speaker 4 (01:35:23):
One I'd love to point out is there's been two
different transactions now that I've dealt with when it comes
to a lender.

Speaker 2 (01:35:30):
Mike gave me advice on both of them. He didn't
get either one of them. Yeah, because the advice go
somewhere else.

Speaker 4 (01:35:35):
They just didn't how about that, you know, giving me
what I needed?

Speaker 2 (01:35:41):
Yeah, And and.

Speaker 6 (01:35:43):
Mike didn't do that just because it's Jimothy. If you're thinking, oh, well,
of course he's going to do that, he's the producer
of the show.

Speaker 2 (01:35:49):
And Mike doesn't want Jimothy's business.

Speaker 6 (01:35:55):
Mike Mike. I've watched Mike do that dozens and does
I want to say hundreds and hundred, but I want
to exaggerate, but dozens and dozens of times throughout the
eight years or so, I've watched Mike do that. And
that's what we all do. We're all like that. Yesterday
I was talking a guy named Chris. Chris has a friend,
a long term friend that's in a really big, big financial,

(01:36:16):
tough financial jam. I wish they had called me earlier
because they were in a foreclosure process. I probably could
have saved him some money, but they didn't. And it's okay.
But Chris isn't even involved in the real estate transaction.
He's just trying to help a friend. And he called
me up. He's like, I got to call the show
and find out you know he told me yesterday. The
first thing that popped in my head was to call

(01:36:37):
Jim to see if we can help him out. Now,
I couldn't really help him out that much, but what
I did find is they need a low cost housing
place for a woman who has dementia and very little
income with not a lot of assets. So I know
of this Catholic charity place that my aunt was in
in downtown West Palm is for low income people right

(01:37:00):
off of Flagoid. It's a beautiful area and it's a
really great facility. And he didn't know about it, and
I'm like, you might want to start investigating that. So
I gave him the website and all that. Now I
didn't I that's the most I could help him. But
I'm telling you, if he called five realtors, they probably
wouldn't have taken the effort. It took me like a
couple hours to figure all that out for him, right,

(01:37:20):
And I didn't mind doing it because he was opening
somebody else, And I was like, this is a really
good guy. I gotta help him because he's opened somebody else.
That's amazing.

Speaker 2 (01:37:29):
I mean, even the Frank story is another one. I
talked to him several conversations and there you know, did
some research and there he was trying to tap in
deck with there's a reason he shouldn't have do that,
Like I said, Frank, at the end of the day,
if you can find the money to do this project
some other way, including putting on a credit card, right
or something like that, it's better off than doing a

(01:37:50):
loan against your home for specific reasons, right, which you know,
he was vaguely kind of like had a vague sense
of that potential problem, but he I'd investigated, helped him
understand it clearly, kind of refresh his memory about the situation,
and so you know, it's one of those not doing
a loan for him I could have, but I talked

(01:38:11):
basically said, that's just it doesn't make any sense, Frank,
Like that's a terrible financial and he's senior.

Speaker 6 (01:38:17):
He's a senior on a budget, right, So we have
to be very cognizant of that. We don't ever want
to put somebody in a jam. I have a lady
right now who's three or four, almost three months behind
in her payment, and she's got in her head that
she's been making the principal and interest payments on the mortgage, Mic,
But it's a regular mortgage. But all she's doing is
turning in principle and interest and then calling up the

(01:38:38):
bank and say, put it towards my principal and interest.
No ESCRO payment. Well, now the bank is saying, hey,
your ESCO is way way behind and under your terms
of your contract, Mike, you have to make that ESCRO payment. Right,
Am I wrong about that?

Speaker 2 (01:38:54):
There is something there about any money that comes in
has to go towards principal and interest before it can
go to escrow. So there's something to that.

Speaker 6 (01:39:03):
Now, if I just decided if I bought a loan
and I had ESCRO built into it, and I just
stopped paying my ESCRO payment, I don't think the lender
will let you do that.

Speaker 2 (01:39:11):
Yeah, I don't know. I don't know the answer.

Speaker 6 (01:39:13):
So what happened with this person?

Speaker 2 (01:39:16):
Well, the payment's always going to it's they're having to
foot the bill for insurance and taxes every year because
they don't want your home uninsured and they don't want
property tax auction right want, so they will continue to
make those payments. Now, what they do with the checks
that you send in, there's there's something that they have
to do with that.

Speaker 6 (01:39:34):
But she has it in her mind that she's like current,
and I'm like, you're not really current, and they can
accelerate the loan if you broke the terms of the
contract by not making the escrow payments, or when the
insurance and the escrow, when the insurance bills do, or
the tax bills do, and they don't have the money,
Believe me, they're going to come after you in some way.
And she has according to what she's saying, she has

(01:39:57):
decent equity in the house, but she has no income
and if she were, she can't buy something. She doesn't
have good enough credit to buy something afterwards unless it
was cash. But if she did cash all her money right,
it's she isn't making that much money off the house.
So what I said to her is like, look, I'm
not a financial planner, and you should probably talk to

(01:40:17):
your family, people that you trust in your family because
they know your situation better. And if you need to
talk to a financial planner or somebody, you should do that.
But my attitude is, with the amount of money you
can get from this house, you can go get a
rental paying the same almost the same amount as the loan.
You're paying right now, right, And you and I calculate,

(01:40:38):
and I said, if you just use this money for rent.
She's a senior person, so you know it isn't like
just to worry about thirty years from now.

Speaker 2 (01:40:46):
Right, Okay, she could.

Speaker 6 (01:40:48):
She could make the mortgage payment, rental payment of based
on what we said, for about one hundred and sixty
six months. Right then she would have all of her
her normal income that she gets from her or social
Security or whatever that would be used for living expenses
and electrisitmy and all that. But if she put that
money in a lock box, she could do it. I said,

(01:41:08):
and maybe you can buy something.

Speaker 2 (01:41:10):
I don't know.

Speaker 6 (01:41:10):
Maybe you can buy sixty thousand dollars condo. But the
thing I'm more worried about is what happens to the condo.
Fees start going up, and you're obligated because all the
problems that we're having, and then you can't afford that
unit after you put so much your money you're into it.
I go, I don't know your best answer, but I
can tell you this. If you keep playing around with

(01:41:30):
that bank, they're gonna start taking out late fees. I
call them the garbage fees, right, the late fees, the
accrued interest sorry, Mike, thecrued interest fees. I said, if
they file the list pendance, which is the foreclosure lawsuit
against you saying hey, I'm suing you because you haven't
paid boom, it's twenty five hundred to five thousand boom
automatically for the recording fees and the bank hiring the attorney.

(01:41:53):
They charge you for all that. Every time that something
comes in your mail, you're being charged from that by
the bank.

Speaker 2 (01:41:59):
All of it eating away your equity.

Speaker 6 (01:42:01):
Oh, you're eating your way your equity. So what I
told this person is you have to have a ticking
clock in your head and hearing tick tick tick tick tick,
and every tick is a little bit of that equity
that you work so hard to have is being taken
away from you, and you got to do something fast.

Speaker 3 (01:42:15):
It's like ten ticks is one last month that you're
covering your exactly.

Speaker 2 (01:42:20):
So she's like fourteen years basically, right.

Speaker 6 (01:42:23):
She has a decent Even if it was ten, it
would give her a sense of security. So there are
options out there for people and she I haven't talked
to her since twenty eighteen. She called me for a
loan mod in twenty eighteen and I've never talked to
her since. And she picked up the phone and she
was like hi, and she told me her name, and
I didn't know who it was right away, but when

(01:42:44):
I looked it up, you know, I recognized that she
was with us before. Oh you know that. It's like
pages a page, yeah, right. But anyway, that's what makes
us a little bit different over here, is because we
understand the market really well. We're all professionals, We're all
like local business guys. We're you know, bright Ways a
big chain, and mortgage firm is a medium sized chain.

Speaker 2 (01:43:05):
But not all bright Ways are cut for the same closse.

Speaker 6 (01:43:07):
And all mortgage firm isn't the same either. I've worked
with some good mortgage firm guys, and i've you know,
in the past, and I've worked with you know, just
like Grilters, right, everybody is. Everybody's skill set's different, right,
So that's what makes us a little different. If you
guys want the newsletter or anything, we give you kind
of what happened on the show. One of our big
things was when we told everybody after the show that

(01:43:28):
don't automatically call up your insurance company. If you think
you have a claim, call your agent first. That got
a lot of action from our newsletter.

Speaker 2 (01:43:36):
I've got at little highlighted there, although not a name drop,
but I.

Speaker 6 (01:43:39):
Was like, oh, he's talking about Yeah, he's talking about me.
So getting back to the inventory though, just really getting
back to the stats for twenty twenty four. Mike was
asking about months of supply of inventory, and that's called
the absorption rate. So what that means is based on
current sales, how long would it take to gobble up
all the properties that are on the market if known

(01:44:00):
properties came on. If it's six months, it's neutral. Less
than six months, it's leaning towards the seller. More than
six months leading towards the buyer. We haven't been in
a six month period for years and years. It's been
a long time. So we are at the highest months
to supply inventory in the last five years. Not very surprising,

(01:44:23):
but let me just go through because I think it's
kind of interesting. In twenty nineteen we were at four
point two months of inventory, so leaning towards the buyer.
Then in twenty twenty we got to two point three
months of inventory. Right that's when prices started picking up.
You could see that reflected the median sales price. Then
in twenty twenty one, Palm Beach County had one point

(01:44:43):
one months of inventory right for the year. So that
was the crazy That was the crazy year that everybody
went nuts, right because there was no inventory and the
interest rates were super super low. Everybody wanted to take
advantage of the interest rates, so they were just gobbled
up homes left so far.

Speaker 2 (01:45:00):
So all those numbers were less than six So under
the traditional neutral point at six months, it's all been
seller side, yeah.

Speaker 6 (01:45:08):
Sailor market it has. Then in twenty twenty two, we
jumped from one point one to three point two, so
we saw, you know, a big inventory increase that year,
but still seller advantage, still still half of what would
normally be a neutral market. And then in twenty twenty
three we jumped up to four point zero. And then
this year we ended up for a year over year

(01:45:29):
was five point one months of inventory. Now, I got
to tell you that this Mike said this a couple
of shows ago. Even though that that six month thing
has been very standard in the national industry for a
very very long time, Mike says, it doesn't feel that
way right, And I totally agree with Mike. It doesn't
feel like the sellers right now have a huge edge

(01:45:51):
over the buyers. There are times where I do see
that happening, but there are more lightning strikes than a
consistent storm, if you were like a stamp. I just
remember Roberto. We put Roberto's house in twelve days. I
got it sold. We had fourteen showings in twelve days
in the house was sold.

Speaker 2 (01:46:10):
And then this is the one that had five other
homes on the same street for.

Speaker 6 (01:46:14):
Say, three other holes. Yeah, and there's I'd checked yester there.
I was going to bring it up, but they're all
still for sale, okay, and then when they see we close,
they're going to go, that's the price I have it
at the market for right now. I didn't mind.

Speaker 2 (01:46:26):
So what happened? Yeah, so so yeah, we kind of
switched from that six month to a three month number, right.

Speaker 6 (01:46:31):
I think I think it's four. I'm thinking four months
in my head. I know that you're thinking three.

Speaker 2 (01:46:36):
Three might be right, because then that's what I'm saying.
Like we're in twenty nineteen, twenty twenty, twenty twenty one,
that three month felt like buyer seller market. You know
that threshold right.

Speaker 3 (01:46:48):
One variable though that matters as much though, it's that
interest rate, because if we were at three percent interest
rate right now.

Speaker 6 (01:46:54):
Oh yeah, we'd be on fire'd be it would be
crazy town, it would be idiocracy.

Speaker 2 (01:46:59):
Four even five percent interust rate. I think buyers would
be coming out. I think it's there.

Speaker 3 (01:47:05):
So that like, that's one of the variables that kind
of gets lost in that number equations.

Speaker 6 (01:47:11):
It's true about that, and I just want to wrap up.
I know that we're close, Jimmy. I just want to
wrap up with the inventory. So the inventory. We've been
talking about this like throughout the whole region. But in
Palm Beach County in twenty nineteen, we're at sixty one
hundred homes for sale, and we got as low as
eighteen hundred homes for sale in what year twenty twenty

(01:47:31):
one because twenty twenty one was the fire year. Then
we jumped up from eighteen hundred to four thousand in
twenty twenty two. Then we only jumped up to forty
five hundred and twenty twenty three. But this year in
twenty twenty four, we hit fifty six hundred homes for
sale right now, A twenty two percent increase over the
year before, but we're still three hundred homes less than

(01:47:55):
in twenty nineteen. I find that to be very interesting, And.

Speaker 3 (01:47:58):
I would think the vast majority of these homes all
have interest they're all sitting currently with it unless they
own their home out right, sitting currently with interest rates
that are well below what you could get currently. I'm
guessing right now those are people that are kind of
like financially feeling good about their spots. So it's all
about trying to unless you have to write if there's

(01:48:20):
a need to move, But otherwise, these are people that
are like, and I gotta I gotta do this if
I'm gonna do it, because this might be my peak,
right is that I guess what I'm thinking.

Speaker 2 (01:48:30):
Yeah, I don't see any flaw with that reasoning.

Speaker 6 (01:48:33):
No, I don't either. We're going to see. We're gonna
have to see. Uh, We're gonna have to see things
are going. Hey, there's a lot of people on the
YouTube and Facebook right now like our page and share
our page and let people know about us. So I
had a bunch of people this week tell me who
I didn't really know very well. They called me for
questions this week. That all said without me asking. The

(01:48:53):
reason why I like listening to the show is I
learned stuff. I find it interesting always learning something from
the show, and that's what we try to do, education
and entertainment. Have a couple of laughs a little bit,
and at the same time kind of let you know
really what's going on in the market and and help
you decide what you need to do for you and
your family.

Speaker 3 (01:49:11):
Yeah, and you can really get up close and personal
understanding of what you can do potentially for you and
your family. All you gotta do is reach out to
the team. Florida Talk real Estate dot com. Florida Talk
real Estate dot Com. Thank you, Thank you, Jimmy. Where
are we right now? Oh we still got two and
a half minutes? Okay, then let's see one more thing.

(01:49:31):
I want to go up on one more charge.

Speaker 2 (01:49:33):
We talk football. Oh no, we could talk to your.

Speaker 6 (01:49:36):
No, go ahead, Do you want to talk football commanders?

Speaker 2 (01:49:41):
Washington Commander?

Speaker 6 (01:49:42):
What did they make?

Speaker 2 (01:49:43):
Didn't they get there in the playing they're.

Speaker 6 (01:49:44):
Still in I didn't know I gave up after this.

Speaker 2 (01:49:47):
This is a conference championship. Yeah, we could be going
to the big.

Speaker 3 (01:49:50):
Game where there's one game away from Yeah, and I
always thought Marino was a rookie when he went to
the Super Bowl.

Speaker 2 (01:49:58):
There's something wrong.

Speaker 6 (01:50:00):
I thought it was like second year or third year.

Speaker 3 (01:50:03):
I thought it must have been because I'm hearing that
Jaden Daniels would be the first Rooky quarterback to make
a Super Bowl.

Speaker 2 (01:50:09):
Wow, if they win.

Speaker 6 (01:50:09):
Tomorrow, Yeah, well, they wouldn't overlooked him Marino. If that
was true, they wouldn't have overloked.

Speaker 3 (01:50:14):
Always thought Marino when he lost to the Niners there
and uh, where were they have the Rose Bowl or something?

Speaker 5 (01:50:19):
I thought he was a rookie that that year.

Speaker 2 (01:50:21):
What about I'm.

Speaker 6 (01:50:22):
Telling you, I'm telling you it was a couple of
years before he really took off.

Speaker 2 (01:50:28):
His rookie What about my homes?

Speaker 6 (01:50:30):
My my home sat is rookie here?

Speaker 2 (01:50:32):
It was Alex Smith and Brady sat his rooky here.
What about Russell Wilson.

Speaker 3 (01:50:37):
No, No, they didn't win a super Bowl or even
go to a super Bowl until a few years after. Okay,
but this is it's just not you don't have to win,
it's just go Yeah, that's what you know Wikipedia, what's
the lie? I think the Eagles are favored like six
five and a half six something six on a hard
rocketing that.

Speaker 6 (01:50:59):
I have a theory you are the Dolphins because we
had the perfect season. Wait, who the Dolphins? Because we
had that perfect season, that's why Dan Marino didn't win
the super Bowl and during his time, and we're not
going to win the super Bowl until somebody breaks that record.
That's my prediction. I think it's like the curse of
the Bambino. It's the curse of the Marino. Unfortunately, I

(01:51:23):
like dan' I like it. I was a fan of him.
But you're just say that's funny.

Speaker 2 (01:51:27):
First of the Marino ran into a Niner juggernaut.

Speaker 3 (01:51:29):
That was the first year that are running back thousand
thousand with Roger Craig.

Speaker 6 (01:51:32):
Somebody break the record so you can win the super
Bowl again. Please just break the record. Happy birthday, Jimmy,
thank you. I hope you have a great weekend. Stay warm, yes,
and thank you for all that you do. Mike Row
I hope you have a great weekend as well.

Speaker 2 (01:51:43):
You too, Thank you, Jimmithy. Please be the same you.

Speaker 4 (01:51:45):
As well, Mike. Jim Always a pleasure, Jim. Happy birthday, Johnny,
have a great weekend, buddy.

Speaker 3 (01:51:50):
Thank you, my dude. As Jim said, please like and share.
If you're on Facebook, YouTube, You never know you could
change lives by sending somebody up with Florida talkrealestate dot com.

Speaker 5 (01:51:58):
Know what, use it, Love it sharing.

Speaker 2 (01:52:00):
Great weekend,