Well, the pattern that I'm noticing is mostly people relocating outside of New York.
Still, especially when it comes to retirement age, New York has become
very unfriendly towards retired persons. We don't even have that many properties that someone
could buy that would be at a three four hundred price point. You would
have to move into a co op or very small maybe like seven eight hundred
square feet, which maybe a lot for some people, but when you're downsizing
from the house, it's not You were listening to Carrie Letza's Financial Survival Network,
where you get valuable information you just can't find anywhere else to thrive in
today's trying times. You need the Financial Survival Network now more than ever.
Go to Financial Survivalnetwork dot com and get your free newsletter and gift. Financial
Survival Network now more than ever, and welcome. You are listening to the
Financial Survival Net or I'm your host, Scarry lutts. Hey, real estate
prices, you know, are insane. Nobody can afford anything now. I
mean, it's getting to the point where you're going to see billionaires panhandling in
Palm Beach County. But let's find out what the real story is. In
New York, noted a real estate expert, Andrew Ragus is with us now,
Andrew, great to have you back on. So these prices. We
once had a guy named Crazy any electronics scammer in New York, and he
used to the commercial was these prices are insane. Yeah, that's exactly what
it still feels like now, because you know, the thing that makes you
crazy is the average person's mortgage stayment. And I'm talking house that's like six
hundred thousand, twelve thousand, taxes, thirteen goven tacking, so and I'm
talking about high end. I'm just saying right down the middle, damn mortgage
payment is looking something like forty eight hundred to you know, five thousand a
month, depending on how much they're putting down. And it makes you say,
like, I don't know how people are affording this and doing it.
Imagine being a single income having to come up with five rand a month just
for the mortgage payment and then having everything else to say, for the energy
costs, the food cost everything. It's just it's really crazy to see and
it's hurting people. I can see it. Yeah, well, you know,
Will Rogers, the comedian, once said invest in inflation. It's the
only thing going up. Yeah, it's true. All everyone's holding gold and
silver. Yeah, gold and silver been doing very very nicely well, But
at this way, it's not so much they're doing nicely. It's just they're
holding their own right, that's correct. I mean, you know, it's
just because it's a physical asst. And you know I say gold and silver,
I also mean real estate because it doesn't matter at the end of the
day. I think as long as you own a physical asset where whatever changes
are coming to it, there's clearing the unity again, Arry, so you
need this. There's changes coming to our financial system. The dollar cannot sustain
this way, people cannot. You know, inflation doesn't go down. We
have never seen things get cheaper because of the inflation. It's only going gone
up and stay high. So something got to give. And as long as
you own a physical asset like real estates and land and gold and silver,
it'll always be worth something. People will trade for it and you'll be in
good shape. Yeah. Yeah, And well there's a day of reckoning coming
for everybody, right, not just the billionaires. I mean, like you
say, it's unsustainable, right, you can't have how much did real estate
prices go up in New York last year? Well, you know, I
don't know the exact percentage up in the top of my head, but I
can tell you that the house is. You know, you used to look
at like a six hundred thousand dollars house and think that that house didn't need
that much work. It should have been moving ready and should have been in
a really nice area. And you know, nowadays that's it's kind of like
entry level. And you can find a property that's going to need full gut
renovations. It can be like god empletely outdated, not touching the seventies eighty
ninety, and that will be is that bright point, or even have structural
problems. I just told a building in New York City and Brooklyn that there
was a wall that was collapsing. There's turnmine damage everywhere. I mean,
this building needs a ton of work. I still got a price for a
six seventy. And that's just to give you an idea of how census things
are. So your money's just not getting what he used to do. Yeah.
Well, one time when I was growing up, there was a commercial
for McDonald's and this kid goes daddy what's inflation, and he goes, son,
that's when the price of everything goes up and your father's hey stays the
same. And you know, that's kind of what's happening here. Though.
If you're an airline pilot and certain other professions, you're making out like a
bandit now duh yeah, I mean, well, looks there's always going to
be in winners in MoU right. I've just been trying to encourage people.
I let them know and say, look, if you need to buy a
piece of real estate and you're you know, it's for more than just an
investment purpose. I mean, if you need a place to live, or
the privacy, the security that they the school district. I mean, there's
a ton of reasons to buy real estate. It's not always just oh I
need to make you know a certain amount of appreciated value, or you know,
if you're an investor in a different soil, right, But the person
looking for a place to live. I encourage people and say, just buy
it, because we don't know what's going to happen. You know, ten,
fifteen, twenty years down the road. If you're going to stay in
that house a good amount of time, and you can afford that payment,
whether it's two incomes or one. Just live your life and we'll figure it
out one step at a time, because you can't put your life on hold.
Uh yeah, well that's it. So are people trading down? Are
they moving further away from the city? What are you supposed to do?
Well? The pattern that I'm noticing is mostly people relocating outside of New York
still, especially when it comes to retirement age. New York has become very
unfriendly towards retired persons. We don't even have that many properties that someone could
buy that would be at a three hundred four hundred price point. You would
have to move into a co op or you know, very small maybe like
seven eight hundred square feet, which maybe a law for some people, but
when you're downsizing from the house, it's not. It's not that much,
right, So we don't have a lot of those properties in this and it
doesn't steem like a lot of them are being built. There's a lot more
rentals being built, and there are new opportunities to own what I saying.
Yeah, so they're getting the heck out of New York. Even Florida has
gotten it's gotten as expensive as New York hasn't it. Yes, it's true.
So I guess you know what, people they move to New York and
then they don't move They move from New York to Florida, and then they
don't like Florida, and then they they wind up in the Carolinas and they
call them halfbacks. Yeah. Well, from what I'm understanding, you can
still still find some properties there for you know, under four hundred, five
hundred thousand, and I think that's when a person's retiring. It's kind of
where they're aiming. They want something that's you know, two fifty three hundred
or less, and it still provides let's say, at least a thousand square
feet and a comfortable lifestyle. And also in the Carolina Is the property taxes
are not in the thousands, whereas in New York it's in the tens of
thousands. Like my property taxes seventeen thousand, I'm on three quarters have been
eager. Most of the houses they sell are averaging property taxes fifteen thousand in
Nassau County and maybe maybe thirteen thousand in Stuffta County. So you know,
you move somewhere like to Carolina Is and you pay a couple hundred or maybe
even the thousands for the year. Obviously, it's just a lot friendlier on
your first yeah, yeah, And there's so many things that Florida really does
offer retirees that others just you know, forget it right. Well, all
I can say is, Kerry, is that there has to be some sort
of change here in New York if they expect people to stay, because,
like I said, it's not becoming friendly for retirees, anyone that wants to
own real estate, it's becoming very expensive. There definitely is a lot of
rental opportunity. I see rental developments being put up left and right, and
if you were looking to rent something, they're happy to let you pay that,
But it doesn't seem like they want to help you own anything. So
if anyone's looking to leave New York, you're probably going to have a lot
more money in your bad account. So unfriendly to retirees, unfriendly to working
people, unfriendly to businesses, why is anybody still there? I think most
people love New York for a couple of reasons that you know. For me
personally, the reason why I love it here is because we have such good
culture where it's mixed of all different types of backgrounds and ethnicities. You can
go to a restaurant and eat in a different place in a different style or
culture every night of the week. There there's activities, there's events, there's
arts, there's parks, there's boating and beaches, and there's tons of things
to do that. In some other places it doesn't have that level of diversity.
You can't have that level experience. I know people use that word diversity
and it's been made to almost make some people cringe. But there is something
special about being able to, you know, have some sort of change in
all these influence from everywhere. I think that's the magic in New York that
you can really experience so many different parts of the world in one place.
It's like the world city. Yeah, well, they've been living off their
reputation for a lot of years, and you know, like you say,
it's unsustainable and they're going to have to do something because it just can't go
on this way. Because look, the financial industry really to a large extent,
has moved out of New York. Miami arguably is now the Miami area
arguably the financial capital of the United States. Now, you know that was
the cash register for the state doesn't exist anymore. They haven't figured out a
way to a way forward. You know. It's my hope that New Yorkers
are learning they're less than one person at a time. You know, I
don't think you know. My experience when I'm out with the everyday person is
that the majority of the people think like you and I. They're tired of
this, They're tired of seeing money wasted, they're tired of all their costs
going up. And I think that they will do something at the voter booth
when the time comes. Yes, we're still going to have people on the
other extreme. I can't say everyone is going to change their mind, but
I think the majority of people are waking up, and I don't think it
looks dim Okay, well, I hope you're correct, And a good time
to wake up would be this November. What are you not making a political
statement here? But sometimes the best thing that people can do voters is just
turn on the establishment, you know, and do the opposite of what they've
been doing. Right, you know, like Einstein said, you know,
definition of insanity is doing the same thing over and over again and expecting a
different outcome. Here, right, I'm a full agreement with you. I
mean, anything that comes out of the mainstream media, I bereave in the
lie. And if they're pushing you in one direction, you should go in
the other direction. I think the new source of media going forward is going
to be shows just like this one. It's going to be the local grass
routs, people talking to each other, having communication across all different platforms,
unfiltered, you know, undigested, you know, people just getting on and
spalking. And that's the way of the future. It's going to take over.
And that that that monster that was created by technology. They can't put
it back in the box anymore. Them the gen is out of the bottle.
Hey, that'll you know. I heard that New York City they were
just going to replace all the street lights with gas lights because they've been gas
lighting everybody for years anyway, Right, that's hilarious. You know, they
actually ended the red light traffic program here in Suffolk County because of all the
pushback. So they hey, and and you're, uh, your system has
uh has you know, basically turned the head. You know. The problem
is we only have two parties really to choose from, and it's a dumb
and dumber or worse and worser, right exactly. Yeah, So just you
know, get out there, and you know, like I said, it's
it's gonna be that grassroots, small town conversations that when you meet with other
people, you talk amongst each other. That's the new way their information is
going to start spreading, just like shows like this, and you know,
people will demonstrate their feelings at the voting glue. So I haven't talked to
anybody else on the show about this, but I want to get your take
on the settlement between the National Association of Realtors which you're not allowed to employ
yourself a realtor unless you're a member of the NAAR. They just had this
huge anti trust settlement and it supposedly is going to shake up the real estate
world. You just tell us, explain what happened, Explain what the settlement
is about, and how it affects you, all right. So it's interesting
from my understanding is that in the in this case, the argument was that
Fellers did not have to be forced to pay a buyer's agent. And the
way that you know, the case was presented was that as Estellar was claiming
that they didn't know when they took when they were took a listing agent and
got it and hired them that they were going to be paying a buyers need.
But I don't know what contracts people were using over there, but here
in Long Island, our contracts clearly state on them the commission total and how
it would be shared. And if you think about it, that was never
the seller. It was the listing agent choosing to split the commission with the
buyer's agent because it brings more offers to the table. Of course, I
honestly feel that the case that was brought against the ner was another attempt of
that globalist agenda of you will own nothing and you will be happy, because
all it did was increased the closing costs for the buyer. Now buyers have
to pay for their own agent if they want representation, and it's not making
any Sorry, you have to increased rate, increased property devices, and now
increased closing costs. And of that, there were some mlss who decided to
push back against this ruling, and they stated that it's not the Department of
Justice or the all this, you know, it's not the decision of this
case that makes it okay for the DOJ to silence stellers who want to offer
commission. If a steller wants to offer something to a buyer's agent to increase
the number of people who come to do his property, then the commission can
be offered and publicly displayed. So there's been a lot of push that even
now that the case is over. Really yeah, and like I understand the
National Associated Association of Realtors being the prime target here, but just because you're
a member of that organization doesn't mean you need to be bound by their settlement.
I don't understand that has anybody challenged that. I haven't seen it so
far. But the only thing that I understand that that was going to be
a major change that's coming is the MLS's which are a member of the National
Association of Realtors. We're told that they that they can no longer offer on
the MLS compensation for buyers egent. Now, that doesn't mean that a steller
cannot offer, because a seller can do whatever they want. The deeller can
offer a commission to anyone. It's really up to them as long as person's
licensing illegally labors dB it's a negotiation tool. Correct, So now buyer is
going to have to have a new contract then effectively saying we're going to see
that you're paid at and proceeds your fee. Right. Well, there's a
couple of ways you can go about it. You can you can have a
contract for a buyer's agent exactly how you said, and the buyer can pay
themselves, or they can ask the Stellar to pay that contract. Or the
buyer can make an offer and include the commission in the offer. This way,
the commission is signing it into the total mortgage amount. So if they
best, say they agree on a number with a speller and they say,
I'll give you five hundred for your house, but they write up the contract
and make it say five to ten, and they could take that extra ten
give it back to the purchase to Stellar can give it back to the purchaser
and he can pay his agent with that. Or you can go back to
the traditional route where the steller just takes it doesn't matter. See, it's
all coming from the same pot, right, So as long as the next
number is agreed upon, everyone can walk away happy. You know, Hey,
you're a realtor, you're not working for nothing here, right, Well,
that's exactly right. I mean, it really just makes it look I
admit, there is a insy cat to get a real estate lights in here
in New York, it's a two week crash course in the law. Okay,
as long as you can cram some information and study, you can get
yourself a real estate license. You can't establish yourself in a career and you
know, do a lot of business and transactions if you don't actually make a
good impression on people. Because this is a business where you make money.
It's a kill when you eat kind of I mean, you eat when you
kill kind of business. Right. If you're not good with the public and
good with what you do, you're not going to get the business right.
Sure, So, yeah, have there been realtors who end that didn't display
any value that you know, they were kind of just a door opener and
they didn't help you with any contract terms or spotting things in houses or whatever.
Yes, it happens where there's people out there that they will just display
any value. But then there's the opposite where there's people who are extremely professional
and you can walk through a property with them and they'll point out things to
you that you don't even need to waste money on. A home inspectory.
They can tell you, look, I know what this is already, and
they can identify these things, and they can help you with contract terms.
They can find you the best mortgage rate, the best closing cost deals,
the best title. I mean, there's so many services a realtor can help
you with if they know how to do the business. And I believe those
strong agents will always be around. They will adapt, survive, overcome no
matter what change is happening, right, you know, like some agents reminds
me once a politician once said that the vice presidents job is basically worth a
bucket a spit, right, And there's a lot of agents out there who
really already even worth that, right, Yeah, agreed. So look,
the best way to find one is to word of mouth. Try to find
someone you know someone has used. Even you could read Google reviews on a
person, look up the stales TAS three on one of the major websites like
zillo orhomes dot com. The only the only fault with doing it that way
is that a lot of those stales have to be manually uploaded, and someone
who could be like a pop producing wheel there telling one hundred two hundred even
forty homes a year, they feel a lot depending on what you know where
you are. You have to manually enter all of that as it happens,
so then they fall behind on updating that. But if you seed good Google
reviews and good stuff like it, then yeah, you should be okay,
Yeah, yeah, for sure. I know. Hey, technically I am
a realtor. I became one in Florida just so when I bought and sold
stuff, I you know, make another to three percent or save two or
three percent. And you know, like my realtor though who I used,
I can tell you she got me a better price than I would have gotten
on my own. Is she's just a really good negotiator, better than myself.
Not embarrassed to say that. And when you get a good realtor,
you know, it doesn't cost you money, it saves you money. I
agree. And you know, one of the things I think that get overlooked
all the time is contract terms. And unless you're in the industry and you're
working in some sort of field related to real estate, you don't really know
as the average consumer what you can and cannot put. Into contrast, and
a realtor can work some magic for you on the buy side or on the
cell side. And this feels extremely secure or extremely beneficial. If it's not
even just a purchase price, it can be so many other things. And
that only comes from knowledge and experience. So true, so true, Andrew,
And like people make jokes about realtors all the time and everything, like
they do about lawyers. But when you've got a situation and you want to
get the best price, either come selling a property or buying one, you
know a realtor is invaluable, a good realtor, and we have to we
have to specify that. Hey, well appreciate you are coming on here,
and we will talk to you again. Just tell us how do we find
you? How do we connect with you on the web. Anybody can find
me on Instagram it's just my name, Andrew Rougusta. Or just do a
quick Google search and you'll see Andrew Ragusa, licensed real estate broker. Just
pop up. That'side business all right. Links in the shoutouts to this interview
on Financial Survival Network dot com and you can click it get right to Andrew.
And while you're there, please sign up for your free newsletter. Andrew
always a pleasure. Hey, it's going to be interesting to see how this
in this situation in New York on folds. There's an old saying when something
becomes unsustainable, eventually it stops sustaining. That's where we're getting to very rapidly
with New York, and I hope your assessment is correct. Thanks Jerry,
I love being here. Thanks you for reading, mere, thanks for listening
to Carrie Lenz's Financial Survival Network, your solution to today's trying times. For
the latest, go to Financial Survivalnetwork dot com. Financial Survival Network now more
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