Latest / Earn Your Leisure / Barbara Corcoran on What's Wrong With The American Real Estate Market

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Barbara Corcoran on What's Wrong With The American Real Estate Market · Earn Your Leisure

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  Speaker 2: It's really a shame because what we are really experience
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  Speaker 2: is we don't have enough inventory. Especially the lower the
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  Speaker 2: price the rental apartment, the less inventory we have, and
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  Speaker 2: those people have the least amount of money to spend
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  Speaker 2: on that rent. That's a terrible state. Nobody's building new housing.
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  Speaker 2: The commercial market is probably the worst part of the
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  Speaker 2: residential market right now. All brought to you by COVID
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  Speaker 2: and working at Home. I don't think anybody's got a
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  Speaker 2: solution to yet.
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  Speaker 3: What is your thoughts on the current state of real
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  Speaker 3: estate in America, specifically New York City and commercial real
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  Speaker 3: estate and.
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  Speaker 2: Commercial real estate. We've already had the crash. Nobody wants
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  Speaker 2: to label it a crash. Every big guy who owns banks, institutions,
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  Speaker 2: individuals who own some of these huge, prestigious commercial buildings
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  Speaker 2: are half empty. They don't admit it. They're not making
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  Speaker 2: any money. The banks have to deal with it. The
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  Speaker 2: banks don't want to fuell close on it because they
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  Speaker 2: don't know what to do with the damn things. Real
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  Speaker 2: problem the commercial The commercial market is probably the worst
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  Speaker 2: part of the residential market right now, all brought to
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  Speaker 2: you by COVID and working at home. People don't want
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  Speaker 2: to go to the inner city and work so much
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  Speaker 2: unless they are forced to. Now there's so much space available,
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  Speaker 2: so much space that people are collecting rent on that
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  Speaker 2: large corporations aren't even using. That's going to come out
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  Speaker 2: in the wash.
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  Speaker 3: What do you think, what do you think will happen?
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  Speaker 3: Will that be converted to residential housing or.
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  Speaker 2: It's hard to do. It depends upon the city.
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  Speaker 4: You know.
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  Speaker 2: The federal government has a phenomenal program that provides all
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  Speaker 2: the financing to convert the buildings to residential And there's
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  Speaker 2: a trend in the United States that the tallest buildings
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  Speaker 2: now are rental buildings, residential rental bilings. The tallest buildings
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  Speaker 2: used to be commercial. It used to be condos, fancy condos.
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  Speaker 2: That's totally changed. But it's a difficult thing because what
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  Speaker 2: you have in New York is you have huge floor
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  Speaker 2: plates with not enough windows, and legally you have to
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  Speaker 2: have a window in every room to qualify as a room.
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  Speaker 2: So you have broad full city blocks, windows on four sides,
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  Speaker 2: but all the introm can't be usable space, So it
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  Speaker 2: is a problem. I don't think any of y's got
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  Speaker 2: a solution to it yet.
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  Speaker 3: How do you feel about the residential real estate marcause
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  Speaker 3: that's another issue. Rents at all time high, inventory is
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  Speaker 3: very low, salaries have not gone up, so a lot
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  Speaker 3: of people are struggling to actually find somewhere to live
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  Speaker 3: and they're getting squeezed out. You have hedge funds that's
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  Speaker 3: buying residential homes a record breaking numbers. So this is
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  Speaker 3: another major issue that we're in and there's no real
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  Speaker 3: solution for that either. So what's your thoughts on the
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  Speaker 3: American residential market.
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  Speaker 2: It is really a shame because what we are really
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  Speaker 2: experiencing is we don't have enough inventory. Especially the lower
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  Speaker 2: the price the rental apartment, the less inventory we have,
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  Speaker 2: and those people have the least amount of money to
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  Speaker 2: spend on that rent. All right, that's a terrible state.
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  Speaker 2: Nobody's building new housing except for the middle class of
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  Speaker 2: the rich, and that's really true. A crustination. Rents have
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  Speaker 2: come down, and people get excited about rents coming down
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  Speaker 2: by two or three percent, but who are they coming
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  Speaker 2: down for. They're coming down for the luxury market, not
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  Speaker 2: for the people who are desperate to get their hands
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  Speaker 2: on an apartment. Okay, so it's really I think I
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  Speaker 2: have a feeling myself that I think that's the obligation
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  Speaker 2: of the federal government to put a lot of money
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  Speaker 2: in there, make sure the inventory is high. And even
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  Speaker 2: if they were to step up to the plate right now,
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  Speaker 2: it would probably take four or five years to even
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  Speaker 2: level things out. And that's not even speaking to a
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  Speaker 2: first time buyer wanting to have the American dream of
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  Speaker 2: buying their first home. Forget about that. They lose five
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  Speaker 2: bits to get one. They can't the financing. The financing
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  Speaker 2: is high. It's a really dire state. Again, if you
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  Speaker 2: have enough money to go in old cash, pay what
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  Speaker 2: you want, Oh that's cool, you know you got to
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  Speaker 2: overbid everybody. But for the great majority of it is
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  Speaker 2: it just doesn't work that way, and it's very upsetting.
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  Speaker 2: I think we probably have the choppiest market I have
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  Speaker 2: seen my days as the real estate ation.
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  Speaker 4: You've been hit in the space for a long time,
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  Speaker 4: A veteran, a legend. Talk about some of you have,
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  Speaker 4: some of the highlights, talk about some of the challenges
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  Speaker 4: that you face right, being a woman in the space,
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  Speaker 4: being unorthodox about the way you're going about promoting. Talk
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  Speaker 4: about some of the challenge that you faced from traditional media,
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  Speaker 4: from the industry in itself.
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  Speaker 2: Honestly, the things that I saw as a young woman
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  Speaker 2: as a challenge in hindsight were my assets. I just
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  Speaker 2: wasn't looking at it straight. You know, so much of
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  Speaker 2: life is how you look at things. I saw myself
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  Speaker 2: as the only woman in an all male game. I
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  Speaker 2: saw myself as a poor kid from New Jersey who
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  Speaker 2: didn't have anything to work with. And I was competing
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  Speaker 2: against the rich old boy network, the big guys whose
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  Speaker 2: sons and grandsons inherited the money from the dad. They
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  Speaker 2: owned the buildings, they own the market, they control the market.
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  Speaker 2: And I saw that as almost insurmountable until I decided
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  Speaker 2: I was going to be the queen of New York
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  Speaker 2: Reals State. Until I had that dream, and I could
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  Speaker 2: see it in a living color, And I know it
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  Speaker 2: sounds weird, but I could taste it. You think you
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  Speaker 2: could taste the dream. It sounds crazy, but I could
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  Speaker 2: taste the red suit I had on. I could taste
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  Speaker 2: some I was wearing. I could taste all that, and
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  Speaker 2: once I made up my mind I was going to
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  Speaker 2: be the Queen of New York real estate, I started
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  Speaker 2: noticing other things once I allowed that dream. I noticed
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  Speaker 2: that the guys were asleep at the wheel. They were
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  Speaker 2: doing things the same old, same old. I noticed that
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  Speaker 2: in bad times they never took risks because they protected
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  Speaker 2: their money. I noticed I never did anything out of
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  Speaker 2: the box, ordinary, anything creative, because what they had done
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  Speaker 2: in the last thirty forty sixty years was working fine
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  Speaker 2: for the family, and they didn't change anything. And the
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  Speaker 2: best thing I noticed. I used to feel insulted by
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  Speaker 2: walking into a room stay at the Real Estate Board
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  Speaker 2: of New York and industry event and nobody even saying
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  Speaker 2: hi to me, or turning their back, or just giving
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  Speaker 2: me a perfunctory oh yes, like dismissal that pisteme. I
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  Speaker 2: can't say pissy again again. I can't say than I
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  Speaker 2: definitely did that for me. I'm feeling my mother up
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  Speaker 2: saying don't do it. But that was the most insulting
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  Speaker 2: of all. But you know what it did for me.
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  Speaker 2: It made me say I'm going to even I'm gonna
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  Speaker 2: get you. I'm gonna come back and bite you in
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  Speaker 2: the as you wait and see, and you know the
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  Speaker 2: advantage you have when nobody's taking you seriously nor watching it.
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  Speaker 2: You can do what you want. You don't play around.
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  Speaker 2: You have no down saying what was I gonna? What
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  Speaker 2: was I going to lose by trying everything? I was
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  Speaker 2: gonna get my old job back, big deal. You know,
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  Speaker 2: I was happy as a waitress. I can get my
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  Speaker 2: whole job. I can do something else. But I realize
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  Speaker 2: all the things that seemed to confine me as a
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  Speaker 2: young woman when I looked at the horizon, making things
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  Speaker 2: seem impossible, we're really just the way I was looking
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  Speaker 2: at it until I looked at the flip side of it,
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  Speaker 2: you know, And it doesn't mean if you look at
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  Speaker 2: things differently it all works out, But it's the beginning
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  Speaker 2: of everything working out because you start to see the opportunity,
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  Speaker 2: and those opportunities far more important than the hard times.
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  Speaker 2: Everyone who builds a business has to have challenges and
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  Speaker 2: get over obstacles, and loses a good faith and has
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  Speaker 2: lousy self talk to tell themselves and no good whatever
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  Speaker 2: they all go through. I went through all of that.
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  Speaker 2: But the whole time I went through all of that,
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  Speaker 2: I could see that dream. I knew I was gonna
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  Speaker 2: be wearing. I was like the pope, with everybody kissing
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  Speaker 2: my ring and waiting in line. I had this whole
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  Speaker 2: video thing going on my head, and I think, I
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  Speaker 2: think for me, that really gave me the compass to
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  Speaker 2: keep going, because I really thought I could accomplish it.
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