01:00:59 · John Coogan, Ryan Serhant
[01:00:59] S1: Oh, so they're already in market. [01:01:00] S3: Yeah. Uber pre IPO had a stock buyback program for their employees for like two years. Yeah. You know, they were paying them hundreds of thousand dollars a month just [01:01:09] S1: to then also buy back the private banks are happy to agree to mortgage against our [01:01:13] S3: good old fashioned Silicon Valley Bank. Old school Old school banks were saying, hey, we'll we'll lend. We'll give you 50%, you know, loan to value against your RSUs as long as you can get sign off. Yeah. [01:01:26] S1: And a lot of companies are happy with that because, like, it's no cash cost to them, but their employees are happier and have bigger [01:01:31] S3: It's not gonna be a trickle down, though. It's going to be a mass influx into the luxury marketplace. Yeah. And we've seen it happen Sure. In every penthouse, every major townhouse Yeah. A lot of these exits between New York, especially Florida, and up and down the coast in California. Yeah. And then some international money too. We've been doing more referral deals to Paris, to Portugal. We've... We're... We've we've done... I've done more ranch land grabs across the West. Montana, Wyoming, Utah, have been big big markets. Crazy. Learning so much.
01:01:31 · Ryan Serhant, Jordi Hays, Joe Weisenthal
[01:01:31] S3: It's not gonna be a trickle down, though. It's going to be a mass influx into the luxury marketplace. Yeah. And we've seen it happen Sure. In every penthouse, every major townhouse Yeah. A lot of these exits between New York, especially Florida, and up and down the coast in California. Yeah. And then some international money too. We've been doing more referral deals to Paris, to Portugal. We've... We're... We've we've done... I've done more ranch land grabs across the West. Montana, Wyoming, Utah, have been big big markets. Crazy. Learning so much. [01:02:04] S2: I'm assuming you don't spend too much time thinking about this because you have a lot of stuff to do in the present. But how much do you speculate or think about long term impact of self driving? Oh, I think about a lot. VTOL. Like, I I think about all these areas where... And then and then also, like, technology impact on just, the building process. Like, I was talking to a city council candidate last week, and he was like... One of his big things is, you should be able to submit your plans to the city's website and instantly understand if you're if you're violating codes or not. Yep. So there... So to to speed up. And I I thought that was cool that he at least, like, believes that there's [01:02:40] S0: a You'll
01:02:40 · Joe Weisenthal, Ryan Serhant, Jordi Hays
[01:02:40] S0: a You'll [01:02:40] S3: have it. Yeah. These are... There is there is though a balance. Like, the process of submitting permits and plans to build in most American cities is incredibly painful and is built on systems that were created somewhere between thirty and forty years ago for the most part. That said, they also have to think about quality of life. So, if you do really speed up permitting, you do really, really speed up construction and you do let everyone build who wants to build. Do you know what it would be like to live in most of these cities? Yeah. And then what is the inventory gonna look like if everyone hits market? Sure. It's interesting about a market like Canada. Oh, I have You go to Toronto. [01:03:18] S2: I have this moment, like a a neighbor, like like [01:03:21] S3: If everyone's ever construction, you're like, slow down permanent. [01:03:24] S2: Had a neighbor acres over doing, like, landscaping on Halloween. Yeah. And it was like, you had a tractor going around. I'm like... I'm like... Dominant.
01:03:24 · Jordi Hays, Ryan Serhant
[01:03:24] S2: Had a neighbor acres over doing, like, landscaping on Halloween. Yeah. And it was like, you had a tractor going around. I'm like... I'm like... Dominant. [01:03:38] S3: Think about I think about Waymo and self driving and and cybercabs. It feels like A lot for first time I went to fine. This was a couple years ago, I was, at a meeting, in San Francisco, and I saw one of those dystopian parking lots of all the Waymo cars talking to each other moving around. It's like, what happens to real estate when the commute is no longer? If the commute... Kinda like it is today with a Tesla and self driving, if a commute is just a Zoom meeting. And if you can match it with good education, because education will be an issue. Mhmm. You know, you can go and buy an amazing house three hours outside New York City, elsewhere, but if there's no if there's no restaurants, if there's no schools, if there's nothing to do there, you pay the premium to be in better location. [01:04:21] S2: Commute pretty far. I've done it with a driver for most of last year. I have now Tesla self driving. Yeah. A commute is still a commute. It's okay. It's still time. It still like You're not working out. Still like ten hours a week that I'm not Yep. Doing, like you're unproductive for sure. I can do email, whatever. It's still not great. Last question. I know you have to jump. Can you make a bull case for LA, the LA real estate market?
01:04:21 · Jordi Hays, Ryan Serhant, John Coogan
[01:04:21] S2: Commute pretty far. I've done it with a driver for most of last year. I have now Tesla self driving. Yeah. A commute is still a commute. It's okay. It's still time. It still like You're not working out. Still like ten hours a week that I'm not Yep. Doing, like you're unproductive for sure. I can do email, whatever. It's still not great. Last question. I know you have to jump. Can you make a bull case for LA, the LA real estate market? [01:04:47] S3: I think there is only one Hollywood. There is only one LA, and it is a great center of, I would say, creative wealth with the absolute best weather on the planet. There are no bugs, and you can have indoor, outdoor living in a way you can't have in New York, can't have in Florida. Yeah. You know how many people we moved to Florida during COVID are like, this is the thing ever because COVID hit in the winter? [01:05:09] S2: Yeah. I can make all that, but, like, where is the creative wealth generation really happening? [01:05:15] S3: In the next generation, who wants to be surrounded by community? Yeah. Yeah. Where else are they going? [01:05:19] S1: Social media. It might not be traditional Hollywood studios.
01:05:19 · John Coogan, Ryan Serhant, Jordi Hays
[01:05:19] S1: Social media. It might not be traditional Hollywood studios. [01:05:21] S3: So so look at Darman, for example. Yeah. And look at Matt Kalish. Yeah. So Matt Kalish from DraftKings and Darman. Both of them now investing in and building creator studios. Yep. So it's the repurpose of big box retail years and years ago, what you've seen throughout major markets. In California, you're gonna see the same thing. It's gonna be the repurpose of big box studio space. Yeah. They're gonna be transformed and moved not just to one studio that owns 19 lots, but to 7,000 creators who are doing brand deals with the studio lot owner and taking Yep. Fee exchange instead of hourly day rates. Yeah. So you're just gonna see an exchange [01:06:03] S2: had an interesting moment Friday. I overheard someone saying, I don't even wanna go to this. I just wanna get a picture walking up to this, like, party that I was leaving. Yeah. And I was realizing, like, the the Hollywood is still very alive and well. Like, the show goes on. It just is now instead of, like, you know, a thousand cameras that matter. There's, like, a million cameras that matter in everyone's pockets. Everyone's Hollywood now. Yeah. [01:06:26] S3: Everyone's Hollywood. Anyone Hollywood show. [01:06:28] S1: Well Yeah. Thank you so much for coming on. Great to meet you. Been really [01:06:30] S2: inspired by your your business. [01:06:32] S1: And congratulations on the new market openings. [01:06:34] S3: Thank you. Thank you. [01:06:34] S1: Hope to talk to you soon. Enjoy. Have a good one. [01:06:36] S2: Good stuff.