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-- group in Nashville and the star of travels million dollar listing Josh Altman in Los Angeles Josh.
I'll start with you boy howdy do we have a red hot market in some areas.
I -- latest numbers out from Kay -- prices up nine point 3% in the biggest cities how long can this continue.
Well hopefully very long I gotta tell you the market is on fire.
The high end markets you know breaking records right -- left you got also you know affordable housing in places like silver lake.
Miracle Mile Culver City in LA we get a good house for under a million bucks but the question is can get close fast enough and are you ready to compete because there's a lot of -- They compete -- -- like that in -- I mean in some places I'm hearing about.
You know multiple bids.
You know red hot housing market what's going on the Tennessee.
It's a great market -- it absolutely great market it's not those kind of numbers and those kind of that kind of activity but we've seen in the last 22 months in a -- continual steady growth.
Where you -- 27%.
Higher and more closings this month than this time last year.
You know we have this is like a red hot panel tonight let me tell you -- and once sold the most expensive house in -- entire history right.
Some 47 million dollars -- one house.
-- White House Miami doing it out fla Florida was a mess.
Is it coming they know there's there's the house itself.
There it is very -- in the Miami market bonfire I'm not just talk about the Miami Heat here we're talking about Miami real -- on the high and specifically.
We have all of the whole world's wealth out here.
Trying to -- for some of these handful of properties.
You know we've broken this year alone the highest recorded Phil price for a condominium in Florida history for 34 million dollars.
We've hit the highest recorded Phil price per foot on condominium at one out single family homes.
What you know I I -- on your -- -- all of these different projects in Miami.
We say twenty -- thirty Condo projects -- under construction right now it's amazing.
I generally they're over a 120 project going on in this in the greater Miami area -- speak.
Hey aren't -- how to how to live by here tell me about strategy because people know the markets on fire they just don't know how to play.
Look I told you this last time out on -- with you Jerry.
The key is the good broker a strong broker that has extensive knowledge on the inventory.
And is able to mark to market quickly because quite frankly if you're not ready to go the deal gonna go out.
You know it personally the people -- here having to face a lot of buyers you have a 100% of the money they need to buy a house.
And that we read stories in Monte tell me if this is true that some realtors hold back the best properties for those all cash shoppers true.
Power around here -- -- that Tennessee is a lot nicer than that to deal with the announcement we don't have that kind of stuff.
Well -- and I appreciate that because that my mother lived in Knoxville for a long long time it is a nice place it really is quarantine you do you see people holding back properties for all cash shoppers.
Typically today and in today's environment yes.
Most of the buyers are cash buyers what you need to understand very.
-- at Miami with a one of the hardest hit markets during the recession.
Since then we've grown tremendously we have an influx of cultural standards of restaurants infrastructure.
They might have to be one of the hottest -- nations in the world.
And what you're seeing is that -- buyers that have been on the sidelines for the past four years.
Are all running to now purchase property in the all pink hat that is not really a boom that's going on you know I -- think -- -- -- -- -- red -- market -- a lot of people -- -- -- -- -- Is it possible.
That there is a bubble building and some of these markets right now where prices are maybe a little too high and that's because inventories are so tight.
Yeah I don't think so like Lawrence said there's been a lot of people sitting on the sidelines for the last four years they're ready to buy a house borrowing money is cheaper than it's ever been before.
I'm even by -- houses now.
And you know with the lack of inventory that cheap money it's a great time -- -- the difference is is that people can afford it now as opposed -- was five years ago.
Well -- -- minute tell your story your shoes sold the most expensive one bedroom house in California history 20000001.
In 2012 that's great staff.
My TT -- you know you're in a more normal market like a lot of our viewers are and what kinds of things you should people be remembering right now let's talk about the flip side of the equation people who really want to sell right now.
Well it's becoming more of a seller's market that would certainly has been but I -- I -- -- these guys can even comprehend under or even.
Imagine my price is my median price there is a 185000.
But he does if think about the affordability for anybody in the country either so those are -- -- are talking about that.
Anybody in the country can afford to live in Nashville and it's one that's the best place in the world the -- Are right I OK I think I think you guys have all have great markets.
-- TO you know a lot of people out there are used to using equity in their own home to grow their real estate portfolio can you do that -- -- the banks are the banks at all.
Working with people to help them by real estate.
You know they say they are I think I've -- that it's pretty tough in today's climate they're actually get done with.
But to refinance your home but if you can and -- within your means then why not go for it.
And Josh what do you say are the banks working with people.
The other working with people you -- you over leverage yourself that's what have the last time we February -- get a great house get a cheap.
They stay there for the next five years if if if you're you know -- -- to do that that's going to be the best option.
Don't tell over leverage and buying in this and that worst comes to worse you can always lease out your property especially when you payments are going to be solo if you lock it in now.
You know my -- we've got to run -- here about five million houses for the year which is back to.
A more normal time -- the real estate market do you think Warren the continue to have cycles or are we -- even now to have more of a steady state kind of marketplace.
I think -- -- lenders that made it difficult enough that we're gonna see -- the steady a steady increase.
I don't think we're gonna in a bubble whatsoever I think we're gonna continually say this kind of -- You know people are tired of sitting back and waiting wondering what the economy is gonna do so and and and we're seeing now we're seeing that the action take place here in middle Tennessee.
On a contestant on a consistent gradual basis and -- healthy fine.
-- it and we're just looking at mortgage rates.
3.4 percent a lot of the -- of the country that is lot shifts it's time to go by and the big fan of the real estate market I want to see do well guys thanks for coming on born Monty and Josh.
Great job all three of you are real all star panel thank you so much.
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