Dec. 24, 2025
Buying Land in 2026: The Rules Have Changed
In today’s episode, I sit down with Monica Cataluna, CCIM, a Florida-based land broker, to talk about why development has slowed, how land banking is shaping today’s market, and what rising costs mean for land values. We also break down entitlements in simple terms and where patient investors are finding opportunity. Hope you enjoy!
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This week's listener of the week
is Kusima.
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Kusima, thank you so much for
leaving us a five star review.
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And for those of you listening,
if you leave us a five star
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week's Listener of the Week
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Week, week.
This week on Commercial real
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Estate Secrets we have Monica
Cataluna.
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Monica is a land broker CCIM out
of Fort Lauderdale, FL Monica,
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thank you for being on the show
today.
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Thank you for having me, very
exciting.
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So, Monica, for the listeners,
who are you and how did you get
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in the business of dirt?
So as you mentioned, I'm a land
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broker.
I've been in the business since
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2007.
Prior to being a broker, I was
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in corporate America for about
15 years and then I decided to
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not travel anymore, stay put,
open my own office, always been
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passionate about real estate.
I actually started doing
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residential back in 2007 and
about five years after I
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realized that commercial is
where what I love.
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It's more, more analytical, more
business, less emotional.
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You know, I'm in Spanish, so we
Spanish tend to be the, it's too
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emotional already.
So I was trying to, to tone it
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down and you know, and I came, I
came through a client of mine
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that wanted to build multifamily
communities in Texas and he
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needed help with first equity
raising and then sites.
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And I fell in love with it.
And then I started working with
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a small selected group of
developers in the area of Fort
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Lauderdale back in 2017 that
asked me to look for very
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specific sites for projects that
they wanted to do.
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And, and that was it.
And since then I've been
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specializing in land.
I love land.
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As do I and A lot of our
listeners, but we there's a lot
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of questions right now.
What's going on with
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development?
Right now it is in my opinion,
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right.
Everybody has their own opinion.
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But it, it is an all brokers
that I've been talking to in the
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CCIM conference last week that
we had that also deal with
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developers is that everybody's
at a standstill.
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They're holding on a, you know,
a lot of projects that penciled
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back in 2024 are not penciling
now due to the increase of
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costs, especially here in
Florida.
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I have 4 developers that I work
with that have issue with a
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major issue with labor, which is
obviously all that increases
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your cost, right?
So they're holding on, they're
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holding tight.
So I have to pivot and and I've
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been working now more with land
bankers that are, you know,
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looking for the opportunity
being more of a buyer's market
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now to just purchase at a good
price and hold on tight until
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that curve starts going up
again.
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So when you say land banker, it
means folks who are looking to
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buy land and hold on to it for
the next.
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Correct, not, not, not a
developer that is looking for
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either a shovel ready or
something that they can just
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entitle, you know, within 1218
months and build more so of let
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me purchase this and let's see
what's going to happen within
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the next 4-5 ten years.
Interesting crystal ball that we
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all don't have.
How long do you think it'll take
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until the cycle comes back?
You know what, I asked that same
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question to one of my top
clients and he said by the end
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of next year.
That is 1 optimistic guy.
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Right, a surprise me too.
I would say it's going to take a
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little longer than that, but you
know, I wish, I wish he's right,
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but I think it's going to be a
little longer than that, you
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know, but but but I do think
that this is a perfect timing
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right now for someone that has
the financial strength to buy
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and start entitling it, you
know, and working, you know,
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those processes take depending
on where you're going, where
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you're doing it, But you know,
over here, no less than 18
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months, 24 months.
So you're looking at your
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purchase now and by 24 months is
going to be ready to be built.
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I mean, I don't work, I work
more with affordable housing,
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you know, low end housing that's
going to be needed no matter
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what, everywhere, anywhere.
So when, when you're, when
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you're, when you're talking to
high end, I believe it's more
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difficult because if you're
building something that is not
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going to be ready to two years
from now, that market I think
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switches quicker.
But, but for, for affordable
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living, I think we need to get
more creative and see how can we
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build better, more affordable,
quicker, simpler.
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It's what it's needed.
I'm actually, I have never
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worked with modular homes
before.
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And I'm actually meeting in two
weeks with Clayton Homes from
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Lakeland, FL.
They have a manufacturing site
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there and I'm very interested in
going to see how it works, how
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it is, if it's really, you know,
every time that we look into it,
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there's usually about a 20% in,
in the projects that I worked
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about a 20% difference from
purchasing it built already done
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building it yourself with, with,
you know, block.
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But I believe now with the
increase of cost, it'll be
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interesting to see if that still
applies.
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So we're we're working on that.
It's so interesting.
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Yes.
You know, because when we talk
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about these prices that have
gone up, the discussions I've
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had is that if construction
costs are higher, labor costs
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are higher, insurance is higher,
materials are higher, something
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has to give.
And the only thing that can give
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in terms of value is the ground.
And so it is no longer 2022 and
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you can no longer get a loan for
what you could.
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And there's an inverse effect on
the price of land.
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And therefore, unless you're in
an unbelievable location, right,
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unless you're that one in 100,
today's not the best day to put
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a for sale sign on your ground,
unfortunately for people like me
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and you and for everybody else,
because obviously transactions
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development certainly helps the
economy.
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Sure.
But it's an interesting time.
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It is, it is, it is an
interesting time.
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And obviously it all depends.
I mean, it all depends on, on
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who you're talking to, right?
Like, are you talking to the
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person that owns this parcel for
20-30 years and all of a sudden
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we're in tough times and they
need cash, they're going to have
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to sell, right, Which those are
obviously, you know, I mean, not
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not ideal, but for for a buyer,
super ideal.
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I mean, let's like what and I
work also with we do a lot of
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joint ventures, which is, you
know, you're not going to sell
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right now because it's not the
perfect time to sell right now,
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right?
But let's start working on the
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entitlement.
Let's utilize this time.
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And if you don't have the cash
to do it, I could definitely
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pair you up with someone that
will put up the cash and you
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just do a joint venture slash
partnership, whatever they
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construct.
There's so many ways of
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structuring it where or you can
take advantage of this time of
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this downtime.
Can you explain what
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entitlements or to entitle a
property what that is as if I'm
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a fifth grader?
OK, so land is such a complex
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thing, right?
It is.
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There's so many factors zoning,
so if you would explain it to to
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a kid who would say what can you
do with that land?
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What is the highest and best use
of that land?
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You're going to search for that
and you're going to see what are
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the next steps that you need to
do in order to convert that land
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into that, which is why land I
find is so amazing because no
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land is the same.
Every deal is absolutely its own
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world, right, depending on the
city, depending on the zoning,
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depending on how you can build
it.
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And, and what I think it's so
amazing is when you start from
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beginning to end is you see that
raw piece of land and then years
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later you see what it became
right through the entitling and
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building process.
So the entitling process is
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basically what can that land
become that give us that gives
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you the highest and best use.
You know, I think it's
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interesting because you're in
Florida right now.
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The Florida housing market seems
to be a bit of an anomaly.
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Yes.
Can you touch on that and then
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how it impacts selling land?
It is, it's definitely it's a
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wake up call.
It's a rude awakening for a lot
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of land owners that are still
stalking what you just said
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before, which is, oh, I can get,
you know, 30, forty, $50,000 a
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door.
Obviously it depends on the
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area, right?
Like I, I rarely work.
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I live in the tri-county area of
South Florida, which is Miami,
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Broward and West Palm, but I
rarely work in those areas
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anymore because mainland is
it's, it's insane.
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It's, it's, you're talking about
you could get maybe you downtown
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Miami, you could get millions
for less than an acre.
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You're here in Sunrise, FL and I
have a parcel that is $9 million
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for two acres to build a hotel,
an industrial site that is 2
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acres and it's $4 million.
So it's, it depends a lot, but
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you, you come to areas like, you
know, I'm working right now in
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Fort Myers, Lakeland, even areas
of Orlando that you could
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purchase at anywhere from 10 to
$20,000 a door where you know,
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we look at parameters affordable
right now, believe it or not, we
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call it, you know, no more than
35375 for a three bedroom 2
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bathroom that rentals are in the
2000s.
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We look for that, that sweet
spot, right, which is hard to
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get.
It is very hard to get because
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at the end of the day and it
also, you know, and again, this
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is the part where it's so
complex.
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It's like you have utilities, is
there water?
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Is there no water
environmentals?
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What's going on?
Are there any wetlands you have
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to mitigate?
So it's interesting, but I would
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say definitely in in Florida and
that is why, you know,
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developers and builders that I
work with that were in this
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area.
We just, we have been starting
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going up north higher and higher
to just find spots where we
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could.
You know, there there's an area
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called Lehigh Acres that is only
about an hour from me, an hour
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and a half.
We used to buy lots there for
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two years ago.
We used to buy lots there for
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$5000 for a single family per
door.
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Now you cannot get less than
only two years later, 15 to
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$20,000.
Because everybody's moving up
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north.
There's people from Miami living
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in Lehigh Acres and they commute
an hour and a half because
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otherwise they would not be able
to afford anything in Miami
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anymore.
It's crazy.
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Yeah, insane.
Housing affordability is very
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interesting in Colorado.
We have a few of these, like
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mountain towns like Aspen and
Telluride, where 90% of the
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houses sit vacant all year.
But then there's no workforce
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housing because these are like,
you know, this is a
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billionaire's playground.
Like maybe they'll come to their
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house once a year, but they've
got a 20,000 foot property,
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maybe they have security for it,
but then they have a housing
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issue because nobody can afford
to live there.
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And so the middle class or the
working class are driving in
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what seems to be every time I go
up there longer periods.
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They used to drive 45 minutes
from Carbondale, but then
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Carbondale got too expensive.
They used to drive an hour from
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Newcastle, but now Newcastle's
too expensive.
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People are driving an hour and a
half to work in the grocery
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store in Aspen, and that makes
no sense.
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That's crazy.
That is crazy and that, but I
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think I believe that's where
you're starting to see
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everywhere because it's just,
it's just insane.
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I mean, I'm not.
Yeah.
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I have presidential agents that
that I talked to and they tell
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me they're working with houses
where in Miami and others, two
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00:14:45,880 --> 00:14:50,280
and three families that are
living in one house to be able
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to stay in Miami because
otherwise they can't.
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They can't.
And they just have to go, you
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know, drive this hour to an hour
and a half commute every day,
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which I don't know how people do
that, but they do it.
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Well, they're better than us
because I sit in my house and I
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get, no, I, I joke, but I do
love working from home.
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I do love that aspect of our
business.
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Yes.
But I digress.
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So insurance, is that gone crazy
in Florida and does that impact
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your business?
Insurance has one insane.
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I mean, obviously with the
Hurricanes and everything that
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we have here, it's insane.
I it has actually, we have in
222
00:15:39,120 --> 00:15:41,840
CCI and we have monthly
luncheons and next month we're
223
00:15:42,160 --> 00:15:45,920
having this month, sorry,
October 23rd a meeting on on
224
00:15:45,920 --> 00:15:47,960
that and someone is going to
give us an update on that.
225
00:15:48,720 --> 00:15:53,400
But you're talking about 4050%
increases on your insurance.
226
00:15:54,400 --> 00:15:59,520
I mean when I insane I have a
couple of rental properties and
227
00:15:59,520 --> 00:16:06,160
my insurance bills have gone
from yeah 15102 thousand to 2500
228
00:16:06,160 --> 00:16:10,480
three $1000 in one year.
What do you see the long term
229
00:16:10,480 --> 00:16:14,320
effect of that being?
Well, which is what's you know,
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00:16:14,320 --> 00:16:17,560
and, and on top of that, there's
a bunch of companies that have
231
00:16:17,560 --> 00:16:22,320
come out of the market, right.
So you get these renewals from
232
00:16:22,320 --> 00:16:26,120
companies that have, you know,
I've never heard before that are
233
00:16:26,120 --> 00:16:30,920
coming in because these old ones
are not in the market anymore.
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00:16:31,280 --> 00:16:33,960
And obviously that's affecting
what we just talked about.
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00:16:33,960 --> 00:16:39,480
People are can't afford anymore.
You know, the, the few people
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00:16:40,440 --> 00:16:43,600
and especially here in Florida
on, on the residential market
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00:16:43,600 --> 00:16:48,320
in, in our area, the few people
that are that are selling are
238
00:16:48,320 --> 00:16:53,400
selling because they're selling
to them go and rent, right,
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00:16:53,400 --> 00:16:56,040
Which rent is not cheap.
Any is not cheap either.
240
00:16:56,040 --> 00:16:59,800
But at least they can cash out
on the equity that they have,
241
00:16:59,960 --> 00:17:01,920
right.
But there's no way that they can
242
00:17:01,920 --> 00:17:04,920
buy again, not here.
Sad.
243
00:17:05,520 --> 00:17:10,040
So they have to go to, you know,
up north somewhere in order,
244
00:17:11,880 --> 00:17:14,680
somewhere, you know, to be able
to afford it.
245
00:17:14,680 --> 00:17:17,680
But it's it it.
Yeah.
246
00:17:17,680 --> 00:17:20,079
And, and obviously that affects
taxes, too.
247
00:17:20,079 --> 00:17:24,800
Taxes go all have gone up and
talk about the 40 year
248
00:17:24,800 --> 00:17:31,920
certification of buildings and
condos that has associate yeah,
249
00:17:31,920 --> 00:17:35,960
associations.
I mean, that is insane.
250
00:17:36,960 --> 00:17:38,560
Is insane.
OK, right.
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00:17:38,560 --> 00:17:42,120
So like, from what I understand,
you're talking about like say I
252
00:17:42,120 --> 00:17:46,560
own in a a condo complex and
there's an HOA and there's an
253
00:17:46,560 --> 00:17:49,440
assessment that's come up
because obviously living in a
254
00:17:49,440 --> 00:17:53,320
hurricane area, it's the weather
is rough on your building.
255
00:17:54,720 --> 00:17:57,920
And I know these assessments are
popping up that people can't
256
00:17:57,920 --> 00:18:00,920
afford.
Is there a breaking point here?
257
00:18:01,120 --> 00:18:04,880
How does how do?
When does the proverbial shit
258
00:18:04,880 --> 00:18:09,600
hit the fan?
You know what you see that a lot
259
00:18:09,600 --> 00:18:12,120
more in, in Miami.
I mean we see it on in our, in
260
00:18:12,120 --> 00:18:15,840
our area too.
But in in Miami, you know, you
261
00:18:15,840 --> 00:18:21,640
see these assessments that are
thousands of dollars, 2530
262
00:18:21,640 --> 00:18:26,320
forty, 50,000 assessments that
you're like how you know, and
263
00:18:26,320 --> 00:18:30,200
then that that's when you see,
you know, associations.
264
00:18:30,560 --> 00:18:34,800
You know, I don't even know to
be honest, I don't know how how
265
00:18:34,800 --> 00:18:37,440
it's handled.
But I just went to a CCIM
266
00:18:37,440 --> 00:18:41,280
meeting last week that they were
talking about live local and the
267
00:18:41,320 --> 00:18:45,440
issue that they're having in
Miami and how these banks are
268
00:18:45,840 --> 00:18:49,840
are going to have to take over
community, you know, and then
269
00:18:49,840 --> 00:18:54,960
you have the it's just, it's
such a mess, such a royal mess,
270
00:18:55,360 --> 00:18:59,040
but it's very difficult.
I mean, and I've seen in here in
271
00:18:59,040 --> 00:19:02,360
our area, I've seen condos that
clients of mine have that their
272
00:19:02,360 --> 00:19:04,680
association payments have gone
from.
273
00:19:05,800 --> 00:19:10,320
This is just the association for
a two-bedroom, 2 bathroom, small
274
00:19:11,000 --> 00:19:17,040
older building has gone from
$800 to like $1500.
275
00:19:18,720 --> 00:19:21,040
It's a lot of money.
It is.
276
00:19:21,040 --> 00:19:22,720
Did not.
It's like a get it back.
277
00:19:23,360 --> 00:19:26,960
Nice, but especially, you know,
when you're a retired person
278
00:19:26,960 --> 00:19:31,120
that you're, you're living on
your yeah, it it, it's
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00:19:31,120 --> 00:19:35,200
impossible to sustain so.
Yeah.
280
00:19:35,200 --> 00:19:37,640
Yeah, you will.
Yeah, that is.
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00:19:38,200 --> 00:19:41,440
Pretty depressing and I want to
not talk about depressing
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00:19:41,440 --> 00:19:43,760
things.
I, I brought that, I brought the
283
00:19:43,760 --> 00:19:47,200
sad stuff into the room, so I'll
take the blame on that one.
284
00:19:47,520 --> 00:19:51,000
But, but that is why you know
what I find, you know what I
285
00:19:51,000 --> 00:19:54,640
find fascinating, these
developers that are especially
286
00:19:54,640 --> 00:19:59,640
that are working with the Live
Local Act and that they're
287
00:19:59,640 --> 00:20:04,240
trying to come up with, you
know, smaller units I think
288
00:20:04,240 --> 00:20:06,720
here.
In the United States, we are
289
00:20:06,720 --> 00:20:13,440
very spoiled in terms of the
square footage that we have in
290
00:20:13,440 --> 00:20:18,160
our, because my, my family is
from Spain and I remember when I
291
00:20:18,160 --> 00:20:20,920
went to Spain for the first
time, you know, the bathrooms
292
00:20:20,920 --> 00:20:24,040
are like, you're like, OK, how
do I move in this bathroom?
293
00:20:24,040 --> 00:20:26,440
Right?
Because you're used to having
294
00:20:26,440 --> 00:20:30,240
this bathroom that is the size
of one of their bedrooms.
295
00:20:30,280 --> 00:20:32,960
When my cousins came to my
house, they're like, this is a
296
00:20:32,960 --> 00:20:34,920
palace.
I'm like a palace.
297
00:20:35,200 --> 00:20:39,160
And they're like, it's, you
know, you don't need.
298
00:20:39,200 --> 00:20:43,320
There's so much, so much square
footage that is just wasted.
299
00:20:43,320 --> 00:20:47,880
And we're getting smarter and
we're coming up with the concept
300
00:20:47,880 --> 00:20:49,400
I love.
You know what I love?
301
00:20:49,400 --> 00:20:55,200
I know it's crazy, but I love to
walk through IKEA and see the
302
00:20:55,200 --> 00:20:59,920
concepts that they come up with
in these tiny rooms that they
303
00:20:59,920 --> 00:21:05,840
put a desk, a bed.
You have everything in that in
304
00:21:05,880 --> 00:21:11,000
in an efficiency, right, Which
is the most efficient way.
305
00:21:11,000 --> 00:21:14,560
And we need to get smarter and
we have to figure out how to,
306
00:21:15,040 --> 00:21:19,000
you know, build in smaller
square footage and be able to
307
00:21:19,000 --> 00:21:23,680
make it, you know, affordable
for the workforce housing, which
308
00:21:23,680 --> 00:21:26,280
we're not supposed to use the
word affordable housing anymore.
309
00:21:26,280 --> 00:21:30,600
I forgot about that.
It's called it's called
310
00:21:30,600 --> 00:21:34,720
workforce housing.
Don't cancel us.
311
00:21:35,000 --> 00:21:38,280
We're going to we're.
Going to, Yeah, we're going to
312
00:21:38,280 --> 00:21:41,160
get in trouble.
That's interesting.
313
00:21:41,760 --> 00:21:44,360
Well.
Yes, the.
314
00:21:44,360 --> 00:21:48,400
Optimist in me says hopefully
it'll get better and we, you
315
00:21:48,400 --> 00:21:51,440
know, figure it out, but I think
so.
316
00:21:51,560 --> 00:21:54,200
I think so, but it's going to
take a while.
317
00:21:55,240 --> 00:21:57,280
I want.
To go back to the land because I
318
00:21:58,480 --> 00:22:02,400
asking this question selfishly,
how long do you think people
319
00:22:02,400 --> 00:22:04,400
hold on to their land?
Like what?
320
00:22:04,400 --> 00:22:07,800
What type of hold periods are
you seeing with land owners?
321
00:22:08,320 --> 00:22:11,880
I mean, you see.
Long, long term, you know, it's
322
00:22:12,240 --> 00:22:15,000
when we're talking about the
regular landowner that is not a
323
00:22:15,000 --> 00:22:17,880
flipper, that is not looking,
You know, you, you're, I'm
324
00:22:17,880 --> 00:22:22,120
seeing me.
I call, I call land owners every
325
00:22:22,120 --> 00:22:25,520
day, right?
Unfortunately, I do have to make
326
00:22:25,840 --> 00:22:30,160
cold calls, unlike you, I call
them all the time.
327
00:22:30,160 --> 00:22:33,040
And the first thing that I look
at is how long have they owned
328
00:22:33,040 --> 00:22:36,240
it, right?
So that I can see the level of
329
00:22:36,320 --> 00:22:43,400
of and I, and I see at least on
average more than 10 years, more
330
00:22:43,400 --> 00:22:46,200
than 10 years.
I mean, I, I was just talking to
331
00:22:46,200 --> 00:22:49,680
a guy yesterday.
It was so funny because he was
332
00:22:49,680 --> 00:22:52,920
like, I'm like, so are you
interested in in selling?
333
00:22:52,920 --> 00:22:57,280
He's like, Oh my God, yes, help
me get rid of it.
334
00:22:57,280 --> 00:22:58,920
And I'm like, why did you say
that?
335
00:22:59,080 --> 00:23:04,400
He's like, my dad bought this
land when he was young and then
336
00:23:04,400 --> 00:23:07,960
he retired about a year ago.
And then he decided that he
337
00:23:07,960 --> 00:23:11,480
could cut all the trees on the
lot by himself.
338
00:23:11,960 --> 00:23:15,000
Not.
Not finding.
339
00:23:15,000 --> 00:23:19,640
Yes, not finding out first.
Watch it and now I have
340
00:23:19,640 --> 00:23:24,840
violations coming up.
Out of nowhere.
341
00:23:25,080 --> 00:23:28,320
I have lawyers.
He's like, sell it, sell it.
342
00:23:28,320 --> 00:23:32,600
Just tell me that's like my dad.
Will like go to get on a roof
343
00:23:32,600 --> 00:23:34,160
and I'm like you're not getting
on.
344
00:23:34,160 --> 00:23:37,320
The roof, your days.
Of getting on the roof are over,
345
00:23:38,400 --> 00:23:39,280
he said.
Literally.
346
00:23:39,280 --> 00:23:47,640
He took a chainsaw and he
started cutting trees and, and,
347
00:23:47,640 --> 00:23:50,360
you know, he had owned this
parcel for more than more than
348
00:23:50,360 --> 00:23:53,760
25 years, but they had never
done anything with it until his
349
00:23:53,760 --> 00:23:56,440
dad retired.
And now, you know, but it
350
00:23:56,440 --> 00:23:59,360
varies, of course.
But I would say the ones that
351
00:23:59,360 --> 00:24:03,640
hold it, hold it for 10 plus.
Yeah, it's.
352
00:24:03,640 --> 00:24:06,480
So interesting it it I think
about all the time, you know,
353
00:24:06,480 --> 00:24:10,840
I'm a multi generational
commercial real estate.
354
00:24:12,640 --> 00:24:16,120
Peddler.
In this town and I obviously
355
00:24:16,120 --> 00:24:19,000
deal with a lot of multi
generational commercial real
356
00:24:19,000 --> 00:24:23,880
estate individuals.
And I just think I could
357
00:24:24,920 --> 00:24:29,240
psychoanalyze the generations
and how they fall and how they
358
00:24:29,240 --> 00:24:33,480
act and I could do it all day.
And my dad always says the third
359
00:24:33,480 --> 00:24:36,040
generation's the one that always
blows it 'cause I'm the third
360
00:24:36,040 --> 00:24:38,880
generation.
So he has to make sure that I,
361
00:24:39,000 --> 00:24:40,200
he knows I'm going to mess it
up.
362
00:24:40,200 --> 00:24:44,040
But no, I say the second
generation's the real, the bad.
363
00:24:44,040 --> 00:24:47,480
No, I'm just kidding.
But it's, it's interesting when,
364
00:24:47,760 --> 00:24:51,720
you know, grandpa bought the
land 40 years ago and how are
365
00:24:51,720 --> 00:24:54,120
the kids going to act?
How are the grandkids going to
366
00:24:54,120 --> 00:24:58,960
act?
It's aspect of the job where we
367
00:24:58,960 --> 00:25:02,280
have to become psychologists,
absolutely.
368
00:25:02,320 --> 00:25:04,600
Or state.
Attorneys and we're like
369
00:25:04,600 --> 00:25:07,160
probably not qualified for
consultants.
370
00:25:07,320 --> 00:25:11,000
Yeah, consult everything because
some, I mean, I've, I've talked
371
00:25:11,000 --> 00:25:14,000
to those generations that they
don't even they're like, Oh no,
372
00:25:14,000 --> 00:25:17,200
I know my dad owns this, but I
don't know how and they have
373
00:25:17,400 --> 00:25:21,800
never even visited the site or
walked through it.
374
00:25:22,280 --> 00:25:25,840
They have no idea and they don't
care either.
375
00:25:26,880 --> 00:25:32,240
It's like, but those are, you
know, here and there.
376
00:25:34,640 --> 00:25:38,480
There's a million ways to make
money in real estate, and who am
377
00:25:38,480 --> 00:25:41,720
I to say?
Yeah, absolutely.
378
00:25:41,720 --> 00:25:44,360
And.
I mean, I don't know in, in, but
379
00:25:44,520 --> 00:25:49,920
definitely, you know, driving
through, I drive a lot, you
380
00:25:49,920 --> 00:25:51,480
know, through the state of
Florida.
381
00:25:51,480 --> 00:25:56,560
I usually just concentrate in
Florida and we just have so much
382
00:25:56,560 --> 00:26:01,360
land, so much land.
I was just actually talking to
383
00:26:02,120 --> 00:26:05,360
Bill, who's the owner of the
Dirt Dog, which is one of the
384
00:26:05,360 --> 00:26:08,560
biggest land brokerages here in
Florida this weekend.
385
00:26:08,560 --> 00:26:13,720
And he, he's this weekend in
Vancouver at the, at the CCIM
386
00:26:13,720 --> 00:26:16,800
conference.
And he is, he's amazing.
387
00:26:16,960 --> 00:26:22,280
And he has these ranches and
parcels of lands that are, you
388
00:26:22,280 --> 00:26:24,840
know, his clients have thousands
of acres.
389
00:26:25,480 --> 00:26:28,400
And I'm like, and I'm telling
him, I'm like, how do you, how
390
00:26:28,400 --> 00:26:32,080
do you even, I mean, I've never
had a deal like that of that.
391
00:26:32,080 --> 00:26:37,720
My biggest deal was 176 acres.
And I'm like, how do you even?
392
00:26:38,240 --> 00:26:40,440
And he's like, do you do they
sell?
393
00:26:40,440 --> 00:26:42,520
They always keep it.
You know, I asked him a similar
394
00:26:42,520 --> 00:26:44,960
question to the one that you,
you, you asked me.
395
00:26:45,600 --> 00:26:48,880
And he says, you know what, I
have a few here and there that
396
00:26:49,080 --> 00:26:53,000
decide to to do sell when they
start seeing that all these
397
00:26:53,000 --> 00:26:56,560
developments start coming around
them, right?
398
00:26:57,240 --> 00:27:01,480
That they are going to be sort
of like cornered.
399
00:27:01,480 --> 00:27:06,000
And they just, you know, comes
to the point where you say, OK,
400
00:27:07,760 --> 00:27:10,360
no more.
And I would say now with, with
401
00:27:10,360 --> 00:27:15,840
costs, how they're going off and
labor and everything, it's those
402
00:27:15,840 --> 00:27:20,520
big, big, you know, parcels,
it's they're going to be taking
403
00:27:20,520 --> 00:27:24,280
a hit and we're going to see
this big developers coming and
404
00:27:24,280 --> 00:27:27,800
cutting them down into smaller
parcels and, and building.
405
00:27:29,880 --> 00:27:32,520
Hopefully sooner rather than
later, you know?
406
00:27:32,720 --> 00:27:34,400
Absolutely.
So.
407
00:27:34,640 --> 00:27:37,400
You know, for the economy's
sake, for our.
408
00:27:37,400 --> 00:27:40,600
Workforce.
Housing ideal, you see.
409
00:27:40,600 --> 00:27:43,520
That so you can UN.
Cancel us now because we
410
00:27:43,520 --> 00:27:47,800
corrected ourselves anyway.
All right, I decided.
411
00:27:47,800 --> 00:27:51,360
It was comedy hour and it it
always never ends well when I
412
00:27:51,360 --> 00:27:53,480
decide it's comedy hour.
Just kidding.
413
00:27:54,160 --> 00:27:57,360
So, well, Monica, for all the
listeners.
414
00:27:58,720 --> 00:28:02,040
Where can they?
Find you follow you sell their
415
00:28:02,280 --> 00:28:07,640
homestead in Florida, etcetera,
they can definitely.
416
00:28:07,640 --> 00:28:11,800
Find us in LinkedIn Monica
Cataluna CCIM.
417
00:28:11,960 --> 00:28:15,880
My last name is pretty unique,
so I think there's only one.
418
00:28:17,040 --> 00:28:19,440
My company name is Course
Realty.
419
00:28:19,880 --> 00:28:21,840
They can follow us.
LinkedIn.
420
00:28:22,440 --> 00:28:26,440
We have a YouTube page as well,
Instagram.
421
00:28:27,320 --> 00:28:29,800
I don't do Twitter yet, even
though I was listening to you
422
00:28:29,800 --> 00:28:31,680
the other day.
That was one of the biggest
423
00:28:31,680 --> 00:28:35,240
platforms for commercial.
I'm like, I am not in Twitter.
424
00:28:37,120 --> 00:28:41,360
Maybe I should look into that.
But yes, they can follow me on
425
00:28:41,360 --> 00:28:45,200
social media.
LinkedIn, Monica Caraluna, CCIM
426
00:28:46,080 --> 00:28:49,960
owner broker of Course Realty,
Monica.
427
00:28:50,320 --> 00:28:52,320
Thank you so much for being on
the show today.
428
00:28:52,320 --> 00:28:56,800
It's always fantastic to connect
with you and for everybody
429
00:28:56,800 --> 00:29:00,960
listening, thank you for.
Everybody listening.
430
00:29:01,120 --> 00:29:07,120
We'll see you next week.
That's a wrap for this week on
431
00:29:07,120 --> 00:29:11,040
commercial real estate secrets.
If you found value, do us a
432
00:29:11,040 --> 00:29:14,840
favor and subscribe.
Leave a review and share it with
433
00:29:14,840 --> 00:29:17,200
a fellow commercial real estate
lover.
434
00:29:17,920 --> 00:29:20,440
For brokerage services or to
connect, visit
435
00:29:20,440 --> 00:29:23,120
warehousehotline.com.
I'm Aviva.
436
00:29:23,520 --> 00:29:24,720
We'll see you next week.
00:00:03,040 --> 00:00:06,040
This week's listener of the week
is Kusima.
2
00:00:06,040 --> 00:00:09,520
Kusima, thank you so much for
leaving us a five star review.
3
00:00:10,000 --> 00:00:12,560
And for those of you listening,
if you leave us a five star
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00:00:12,560 --> 00:00:17,880
review below you might be next
week's Listener of the Week
5
00:00:18,200 --> 00:00:21,560
Week, week.
This week on Commercial real
6
00:00:21,560 --> 00:00:24,240
Estate Secrets we have Monica
Cataluna.
7
00:00:24,760 --> 00:00:31,920
Monica is a land broker CCIM out
of Fort Lauderdale, FL Monica,
8
00:00:32,200 --> 00:00:33,840
thank you for being on the show
today.
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Thank you for having me, very
exciting.
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So, Monica, for the listeners,
who are you and how did you get
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in the business of dirt?
So as you mentioned, I'm a land
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broker.
I've been in the business since
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2007.
Prior to being a broker, I was
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in corporate America for about
15 years and then I decided to
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not travel anymore, stay put,
open my own office, always been
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passionate about real estate.
I actually started doing
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residential back in 2007 and
about five years after I
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realized that commercial is
where what I love.
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It's more, more analytical, more
business, less emotional.
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You know, I'm in Spanish, so we
Spanish tend to be the, it's too
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emotional already.
So I was trying to, to tone it
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down and you know, and I came, I
came through a client of mine
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that wanted to build multifamily
communities in Texas and he
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needed help with first equity
raising and then sites.
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And I fell in love with it.
And then I started working with
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a small selected group of
developers in the area of Fort
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Lauderdale back in 2017 that
asked me to look for very
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specific sites for projects that
they wanted to do.
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And, and that was it.
And since then I've been
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specializing in land.
I love land.
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As do I and A lot of our
listeners, but we there's a lot
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of questions right now.
What's going on with
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development?
Right now it is in my opinion,
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right.
Everybody has their own opinion.
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But it, it is an all brokers
that I've been talking to in the
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CCIM conference last week that
we had that also deal with
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developers is that everybody's
at a standstill.
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They're holding on a, you know,
a lot of projects that penciled
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back in 2024 are not penciling
now due to the increase of
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costs, especially here in
Florida.
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I have 4 developers that I work
with that have issue with a
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major issue with labor, which is
obviously all that increases
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your cost, right?
So they're holding on, they're
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holding tight.
So I have to pivot and and I've
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been working now more with land
bankers that are, you know,
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looking for the opportunity
being more of a buyer's market
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now to just purchase at a good
price and hold on tight until
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that curve starts going up
again.
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So when you say land banker, it
means folks who are looking to
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buy land and hold on to it for
the next.
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Correct, not, not, not a
developer that is looking for
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either a shovel ready or
something that they can just
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entitle, you know, within 1218
months and build more so of let
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me purchase this and let's see
what's going to happen within
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the next 4-5 ten years.
Interesting crystal ball that we
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all don't have.
How long do you think it'll take
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until the cycle comes back?
You know what, I asked that same
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question to one of my top
clients and he said by the end
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of next year.
That is 1 optimistic guy.
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Right, a surprise me too.
I would say it's going to take a
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little longer than that, but you
know, I wish, I wish he's right,
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but I think it's going to be a
little longer than that, you
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know, but but but I do think
that this is a perfect timing
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right now for someone that has
the financial strength to buy
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and start entitling it, you
know, and working, you know,
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those processes take depending
on where you're going, where
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you're doing it, But you know,
over here, no less than 18
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months, 24 months.
So you're looking at your
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purchase now and by 24 months is
going to be ready to be built.
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I mean, I don't work, I work
more with affordable housing,
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you know, low end housing that's
going to be needed no matter
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what, everywhere, anywhere.
So when, when you're, when
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you're, when you're talking to
high end, I believe it's more
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difficult because if you're
building something that is not
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going to be ready to two years
from now, that market I think
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switches quicker.
But, but for, for affordable
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living, I think we need to get
more creative and see how can we
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build better, more affordable,
quicker, simpler.
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It's what it's needed.
I'm actually, I have never
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worked with modular homes
before.
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And I'm actually meeting in two
weeks with Clayton Homes from
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Lakeland, FL.
They have a manufacturing site
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there and I'm very interested in
going to see how it works, how
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it is, if it's really, you know,
every time that we look into it,
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there's usually about a 20% in,
in the projects that I worked
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about a 20% difference from
purchasing it built already done
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building it yourself with, with,
you know, block.
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But I believe now with the
increase of cost, it'll be
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interesting to see if that still
applies.
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So we're we're working on that.
It's so interesting.
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Yes.
You know, because when we talk
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about these prices that have
gone up, the discussions I've
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had is that if construction
costs are higher, labor costs
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are higher, insurance is higher,
materials are higher, something
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has to give.
And the only thing that can give
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in terms of value is the ground.
And so it is no longer 2022 and
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you can no longer get a loan for
what you could.
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And there's an inverse effect on
the price of land.
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And therefore, unless you're in
an unbelievable location, right,
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unless you're that one in 100,
today's not the best day to put
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a for sale sign on your ground,
unfortunately for people like me
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and you and for everybody else,
because obviously transactions
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development certainly helps the
economy.
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Sure.
But it's an interesting time.
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It is, it is, it is an
interesting time.
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And obviously it all depends.
I mean, it all depends on, on
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who you're talking to, right?
Like, are you talking to the
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person that owns this parcel for
20-30 years and all of a sudden
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we're in tough times and they
need cash, they're going to have
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to sell, right, Which those are
obviously, you know, I mean, not
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not ideal, but for for a buyer,
super ideal.
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00:08:14,600 --> 00:08:19,200
I mean, let's like what and I
work also with we do a lot of
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joint ventures, which is, you
know, you're not going to sell
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right now because it's not the
perfect time to sell right now,
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right?
But let's start working on the
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entitlement.
Let's utilize this time.
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And if you don't have the cash
to do it, I could definitely
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pair you up with someone that
will put up the cash and you
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just do a joint venture slash
partnership, whatever they
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construct.
There's so many ways of
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structuring it where or you can
take advantage of this time of
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this downtime.
Can you explain what
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00:08:52,720 --> 00:08:57,640
entitlements or to entitle a
property what that is as if I'm
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a fifth grader?
OK, so land is such a complex
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00:09:03,880 --> 00:09:05,360
thing, right?
It is.
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00:09:05,840 --> 00:09:12,560
There's so many factors zoning,
so if you would explain it to to
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a kid who would say what can you
do with that land?
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What is the highest and best use
of that land?
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00:09:21,520 --> 00:09:25,680
You're going to search for that
and you're going to see what are
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the next steps that you need to
do in order to convert that land
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into that, which is why land I
find is so amazing because no
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land is the same.
Every deal is absolutely its own
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world, right, depending on the
city, depending on the zoning,
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depending on how you can build
it.
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And, and what I think it's so
amazing is when you start from
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beginning to end is you see that
raw piece of land and then years
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later you see what it became
right through the entitling and
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00:10:05,960 --> 00:10:09,760
building process.
So the entitling process is
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basically what can that land
become that give us that gives
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you the highest and best use.
You know, I think it's
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interesting because you're in
Florida right now.
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The Florida housing market seems
to be a bit of an anomaly.
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Yes.
Can you touch on that and then
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how it impacts selling land?
It is, it's definitely it's a
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wake up call.
It's a rude awakening for a lot
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00:10:36,280 --> 00:10:39,600
of land owners that are still
stalking what you just said
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before, which is, oh, I can get,
you know, 30, forty, $50,000 a
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door.
Obviously it depends on the
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00:10:48,320 --> 00:10:51,840
area, right?
Like I, I rarely work.
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I live in the tri-county area of
South Florida, which is Miami,
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00:10:57,440 --> 00:11:01,520
Broward and West Palm, but I
rarely work in those areas
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00:11:01,520 --> 00:11:07,000
anymore because mainland is
it's, it's insane.
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00:11:07,440 --> 00:11:11,120
It's, it's, you're talking about
you could get maybe you downtown
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00:11:11,120 --> 00:11:15,000
Miami, you could get millions
for less than an acre.
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00:11:15,480 --> 00:11:21,040
You're here in Sunrise, FL and I
have a parcel that is $9 million
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00:11:21,040 --> 00:11:25,000
for two acres to build a hotel,
an industrial site that is 2
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00:11:25,000 --> 00:11:29,360
acres and it's $4 million.
So it's, it depends a lot, but
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00:11:29,360 --> 00:11:34,360
you, you come to areas like, you
know, I'm working right now in
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00:11:34,360 --> 00:11:39,640
Fort Myers, Lakeland, even areas
of Orlando that you could
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00:11:39,640 --> 00:11:47,240
purchase at anywhere from 10 to
$20,000 a door where you know,
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00:11:47,240 --> 00:11:51,320
we look at parameters affordable
right now, believe it or not, we
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00:11:51,320 --> 00:11:57,440
call it, you know, no more than
35375 for a three bedroom 2
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00:11:57,440 --> 00:12:00,800
bathroom that rentals are in the
2000s.
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00:12:01,040 --> 00:12:05,880
We look for that, that sweet
spot, right, which is hard to
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00:12:05,880 --> 00:12:08,680
get.
It is very hard to get because
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00:12:08,680 --> 00:12:12,080
at the end of the day and it
also, you know, and again, this
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00:12:12,080 --> 00:12:14,040
is the part where it's so
complex.
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00:12:14,040 --> 00:12:16,720
It's like you have utilities, is
there water?
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00:12:16,720 --> 00:12:19,320
Is there no water
environmentals?
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00:12:19,320 --> 00:12:21,400
What's going on?
Are there any wetlands you have
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00:12:21,400 --> 00:12:26,240
to mitigate?
So it's interesting, but I would
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00:12:26,240 --> 00:12:31,200
say definitely in in Florida and
that is why, you know,
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00:12:31,600 --> 00:12:34,920
developers and builders that I
work with that were in this
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area.
We just, we have been starting
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going up north higher and higher
to just find spots where we
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00:12:44,200 --> 00:12:46,880
could.
You know, there there's an area
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called Lehigh Acres that is only
about an hour from me, an hour
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00:12:50,480 --> 00:12:53,760
and a half.
We used to buy lots there for
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00:12:54,120 --> 00:12:56,600
two years ago.
We used to buy lots there for
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00:12:56,600 --> 00:13:00,800
$5000 for a single family per
door.
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00:13:01,640 --> 00:13:07,520
Now you cannot get less than
only two years later, 15 to
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00:13:07,520 --> 00:13:11,000
$20,000.
Because everybody's moving up
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00:13:11,000 --> 00:13:14,280
north.
There's people from Miami living
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00:13:14,280 --> 00:13:18,960
in Lehigh Acres and they commute
an hour and a half because
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00:13:18,960 --> 00:13:22,440
otherwise they would not be able
to afford anything in Miami
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00:13:22,440 --> 00:13:24,400
anymore.
It's crazy.
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00:13:25,840 --> 00:13:30,400
Yeah, insane.
Housing affordability is very
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00:13:30,400 --> 00:13:33,320
interesting in Colorado.
We have a few of these, like
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00:13:33,560 --> 00:13:39,920
mountain towns like Aspen and
Telluride, where 90% of the
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00:13:39,920 --> 00:13:45,720
houses sit vacant all year.
But then there's no workforce
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00:13:45,720 --> 00:13:48,560
housing because these are like,
you know, this is a
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00:13:48,560 --> 00:13:51,640
billionaire's playground.
Like maybe they'll come to their
193
00:13:51,640 --> 00:13:55,600
house once a year, but they've
got a 20,000 foot property,
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00:13:56,720 --> 00:14:00,080
maybe they have security for it,
but then they have a housing
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00:14:00,080 --> 00:14:03,520
issue because nobody can afford
to live there.
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00:14:04,240 --> 00:14:09,960
And so the middle class or the
working class are driving in
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00:14:10,200 --> 00:14:13,920
what seems to be every time I go
up there longer periods.
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00:14:13,920 --> 00:14:16,160
They used to drive 45 minutes
from Carbondale, but then
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00:14:16,160 --> 00:14:18,800
Carbondale got too expensive.
They used to drive an hour from
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00:14:19,160 --> 00:14:21,120
Newcastle, but now Newcastle's
too expensive.
201
00:14:21,120 --> 00:14:23,440
People are driving an hour and a
half to work in the grocery
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00:14:23,440 --> 00:14:25,640
store in Aspen, and that makes
no sense.
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00:14:25,760 --> 00:14:29,320
That's crazy.
That is crazy and that, but I
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00:14:29,320 --> 00:14:31,960
think I believe that's where
you're starting to see
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00:14:31,960 --> 00:14:35,480
everywhere because it's just,
it's just insane.
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00:14:35,480 --> 00:14:37,440
I mean, I'm not.
Yeah.
207
00:14:37,440 --> 00:14:41,480
I have presidential agents that
that I talked to and they tell
208
00:14:41,480 --> 00:14:45,880
me they're working with houses
where in Miami and others, two
209
00:14:45,880 --> 00:14:50,280
and three families that are
living in one house to be able
210
00:14:50,280 --> 00:14:53,960
to stay in Miami because
otherwise they can't.
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00:14:54,920 --> 00:14:56,960
They can't.
And they just have to go, you
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00:14:56,960 --> 00:15:01,600
know, drive this hour to an hour
and a half commute every day,
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00:15:02,360 --> 00:15:06,840
which I don't know how people do
that, but they do it.
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00:15:07,640 --> 00:15:10,400
Well, they're better than us
because I sit in my house and I
215
00:15:10,400 --> 00:15:15,080
get, no, I, I joke, but I do
love working from home.
216
00:15:15,080 --> 00:15:17,160
I do love that aspect of our
business.
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00:15:17,840 --> 00:15:20,760
Yes.
But I digress.
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00:15:21,320 --> 00:15:27,360
So insurance, is that gone crazy
in Florida and does that impact
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00:15:27,360 --> 00:15:30,960
your business?
Insurance has one insane.
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00:15:30,960 --> 00:15:34,680
I mean, obviously with the
Hurricanes and everything that
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00:15:34,680 --> 00:15:39,120
we have here, it's insane.
I it has actually, we have in
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00:15:39,120 --> 00:15:41,840
CCI and we have monthly
luncheons and next month we're
223
00:15:42,160 --> 00:15:45,920
having this month, sorry,
October 23rd a meeting on on
224
00:15:45,920 --> 00:15:47,960
that and someone is going to
give us an update on that.
225
00:15:48,720 --> 00:15:53,400
But you're talking about 4050%
increases on your insurance.
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00:15:54,400 --> 00:15:59,520
I mean when I insane I have a
couple of rental properties and
227
00:15:59,520 --> 00:16:06,160
my insurance bills have gone
from yeah 15102 thousand to 2500
228
00:16:06,160 --> 00:16:10,480
three $1000 in one year.
What do you see the long term
229
00:16:10,480 --> 00:16:14,320
effect of that being?
Well, which is what's you know,
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00:16:14,320 --> 00:16:17,560
and, and on top of that, there's
a bunch of companies that have
231
00:16:17,560 --> 00:16:22,320
come out of the market, right.
So you get these renewals from
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companies that have, you know,
I've never heard before that are
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00:16:26,120 --> 00:16:30,920
coming in because these old ones
are not in the market anymore.
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00:16:31,280 --> 00:16:33,960
And obviously that's affecting
what we just talked about.
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People are can't afford anymore.
You know, the, the few people
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00:16:40,440 --> 00:16:43,600
and especially here in Florida
on, on the residential market
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00:16:43,600 --> 00:16:48,320
in, in our area, the few people
that are that are selling are
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00:16:48,320 --> 00:16:53,400
selling because they're selling
to them go and rent, right,
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00:16:53,400 --> 00:16:56,040
Which rent is not cheap.
Any is not cheap either.
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00:16:56,040 --> 00:16:59,800
But at least they can cash out
on the equity that they have,
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right.
But there's no way that they can
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buy again, not here.
Sad.
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00:17:05,520 --> 00:17:10,040
So they have to go to, you know,
up north somewhere in order,
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00:17:11,880 --> 00:17:14,680
somewhere, you know, to be able
to afford it.
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00:17:14,680 --> 00:17:17,680
But it's it it.
Yeah.
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00:17:17,680 --> 00:17:20,079
And, and obviously that affects
taxes, too.
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00:17:20,079 --> 00:17:24,800
Taxes go all have gone up and
talk about the 40 year
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00:17:24,800 --> 00:17:31,920
certification of buildings and
condos that has associate yeah,
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00:17:31,920 --> 00:17:35,960
associations.
I mean, that is insane.
250
00:17:36,960 --> 00:17:38,560
Is insane.
OK, right.
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00:17:38,560 --> 00:17:42,120
So like, from what I understand,
you're talking about like say I
252
00:17:42,120 --> 00:17:46,560
own in a a condo complex and
there's an HOA and there's an
253
00:17:46,560 --> 00:17:49,440
assessment that's come up
because obviously living in a
254
00:17:49,440 --> 00:17:53,320
hurricane area, it's the weather
is rough on your building.
255
00:17:54,720 --> 00:17:57,920
And I know these assessments are
popping up that people can't
256
00:17:57,920 --> 00:18:00,920
afford.
Is there a breaking point here?
257
00:18:01,120 --> 00:18:04,880
How does how do?
When does the proverbial shit
258
00:18:04,880 --> 00:18:09,600
hit the fan?
You know what you see that a lot
259
00:18:09,600 --> 00:18:12,120
more in, in Miami.
I mean we see it on in our, in
260
00:18:12,120 --> 00:18:15,840
our area too.
But in in Miami, you know, you
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00:18:15,840 --> 00:18:21,640
see these assessments that are
thousands of dollars, 2530
262
00:18:21,640 --> 00:18:26,320
forty, 50,000 assessments that
you're like how you know, and
263
00:18:26,320 --> 00:18:30,200
then that that's when you see,
you know, associations.
264
00:18:30,560 --> 00:18:34,800
You know, I don't even know to
be honest, I don't know how how
265
00:18:34,800 --> 00:18:37,440
it's handled.
But I just went to a CCIM
266
00:18:37,440 --> 00:18:41,280
meeting last week that they were
talking about live local and the
267
00:18:41,320 --> 00:18:45,440
issue that they're having in
Miami and how these banks are
268
00:18:45,840 --> 00:18:49,840
are going to have to take over
community, you know, and then
269
00:18:49,840 --> 00:18:54,960
you have the it's just, it's
such a mess, such a royal mess,
270
00:18:55,360 --> 00:18:59,040
but it's very difficult.
I mean, and I've seen in here in
271
00:18:59,040 --> 00:19:02,360
our area, I've seen condos that
clients of mine have that their
272
00:19:02,360 --> 00:19:04,680
association payments have gone
from.
273
00:19:05,800 --> 00:19:10,320
This is just the association for
a two-bedroom, 2 bathroom, small
274
00:19:11,000 --> 00:19:17,040
older building has gone from
$800 to like $1500.
275
00:19:18,720 --> 00:19:21,040
It's a lot of money.
It is.
276
00:19:21,040 --> 00:19:22,720
Did not.
It's like a get it back.
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00:19:23,360 --> 00:19:26,960
Nice, but especially, you know,
when you're a retired person
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00:19:26,960 --> 00:19:31,120
that you're, you're living on
your yeah, it it, it's
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00:19:31,120 --> 00:19:35,200
impossible to sustain so.
Yeah.
280
00:19:35,200 --> 00:19:37,640
Yeah, you will.
Yeah, that is.
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00:19:38,200 --> 00:19:41,440
Pretty depressing and I want to
not talk about depressing
282
00:19:41,440 --> 00:19:43,760
things.
I, I brought that, I brought the
283
00:19:43,760 --> 00:19:47,200
sad stuff into the room, so I'll
take the blame on that one.
284
00:19:47,520 --> 00:19:51,000
But, but that is why you know
what I find, you know what I
285
00:19:51,000 --> 00:19:54,640
find fascinating, these
developers that are especially
286
00:19:54,640 --> 00:19:59,640
that are working with the Live
Local Act and that they're
287
00:19:59,640 --> 00:20:04,240
trying to come up with, you
know, smaller units I think
288
00:20:04,240 --> 00:20:06,720
here.
In the United States, we are
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00:20:06,720 --> 00:20:13,440
very spoiled in terms of the
square footage that we have in
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00:20:13,440 --> 00:20:18,160
our, because my, my family is
from Spain and I remember when I
291
00:20:18,160 --> 00:20:20,920
went to Spain for the first
time, you know, the bathrooms
292
00:20:20,920 --> 00:20:24,040
are like, you're like, OK, how
do I move in this bathroom?
293
00:20:24,040 --> 00:20:26,440
Right?
Because you're used to having
294
00:20:26,440 --> 00:20:30,240
this bathroom that is the size
of one of their bedrooms.
295
00:20:30,280 --> 00:20:32,960
When my cousins came to my
house, they're like, this is a
296
00:20:32,960 --> 00:20:34,920
palace.
I'm like a palace.
297
00:20:35,200 --> 00:20:39,160
And they're like, it's, you
know, you don't need.
298
00:20:39,200 --> 00:20:43,320
There's so much, so much square
footage that is just wasted.
299
00:20:43,320 --> 00:20:47,880
And we're getting smarter and
we're coming up with the concept
300
00:20:47,880 --> 00:20:49,400
I love.
You know what I love?
301
00:20:49,400 --> 00:20:55,200
I know it's crazy, but I love to
walk through IKEA and see the
302
00:20:55,200 --> 00:20:59,920
concepts that they come up with
in these tiny rooms that they
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00:20:59,920 --> 00:21:05,840
put a desk, a bed.
You have everything in that in
304
00:21:05,880 --> 00:21:11,000
in an efficiency, right, Which
is the most efficient way.
305
00:21:11,000 --> 00:21:14,560
And we need to get smarter and
we have to figure out how to,
306
00:21:15,040 --> 00:21:19,000
you know, build in smaller
square footage and be able to
307
00:21:19,000 --> 00:21:23,680
make it, you know, affordable
for the workforce housing, which
308
00:21:23,680 --> 00:21:26,280
we're not supposed to use the
word affordable housing anymore.
309
00:21:26,280 --> 00:21:30,600
I forgot about that.
It's called it's called
310
00:21:30,600 --> 00:21:34,720
workforce housing.
Don't cancel us.
311
00:21:35,000 --> 00:21:38,280
We're going to we're.
Going to, Yeah, we're going to
312
00:21:38,280 --> 00:21:41,160
get in trouble.
That's interesting.
313
00:21:41,760 --> 00:21:44,360
Well.
Yes, the.
314
00:21:44,360 --> 00:21:48,400
Optimist in me says hopefully
it'll get better and we, you
315
00:21:48,400 --> 00:21:51,440
know, figure it out, but I think
so.
316
00:21:51,560 --> 00:21:54,200
I think so, but it's going to
take a while.
317
00:21:55,240 --> 00:21:57,280
I want.
To go back to the land because I
318
00:21:58,480 --> 00:22:02,400
asking this question selfishly,
how long do you think people
319
00:22:02,400 --> 00:22:04,400
hold on to their land?
Like what?
320
00:22:04,400 --> 00:22:07,800
What type of hold periods are
you seeing with land owners?
321
00:22:08,320 --> 00:22:11,880
I mean, you see.
Long, long term, you know, it's
322
00:22:12,240 --> 00:22:15,000
when we're talking about the
regular landowner that is not a
323
00:22:15,000 --> 00:22:17,880
flipper, that is not looking,
You know, you, you're, I'm
324
00:22:17,880 --> 00:22:22,120
seeing me.
I call, I call land owners every
325
00:22:22,120 --> 00:22:25,520
day, right?
Unfortunately, I do have to make
326
00:22:25,840 --> 00:22:30,160
cold calls, unlike you, I call
them all the time.
327
00:22:30,160 --> 00:22:33,040
And the first thing that I look
at is how long have they owned
328
00:22:33,040 --> 00:22:36,240
it, right?
So that I can see the level of
329
00:22:36,320 --> 00:22:43,400
of and I, and I see at least on
average more than 10 years, more
330
00:22:43,400 --> 00:22:46,200
than 10 years.
I mean, I, I was just talking to
331
00:22:46,200 --> 00:22:49,680
a guy yesterday.
It was so funny because he was
332
00:22:49,680 --> 00:22:52,920
like, I'm like, so are you
interested in in selling?
333
00:22:52,920 --> 00:22:57,280
He's like, Oh my God, yes, help
me get rid of it.
334
00:22:57,280 --> 00:22:58,920
And I'm like, why did you say
that?
335
00:22:59,080 --> 00:23:04,400
He's like, my dad bought this
land when he was young and then
336
00:23:04,400 --> 00:23:07,960
he retired about a year ago.
And then he decided that he
337
00:23:07,960 --> 00:23:11,480
could cut all the trees on the
lot by himself.
338
00:23:11,960 --> 00:23:15,000
Not.
Not finding.
339
00:23:15,000 --> 00:23:19,640
Yes, not finding out first.
Watch it and now I have
340
00:23:19,640 --> 00:23:24,840
violations coming up.
Out of nowhere.
341
00:23:25,080 --> 00:23:28,320
I have lawyers.
He's like, sell it, sell it.
342
00:23:28,320 --> 00:23:32,600
Just tell me that's like my dad.
Will like go to get on a roof
343
00:23:32,600 --> 00:23:34,160
and I'm like you're not getting
on.
344
00:23:34,160 --> 00:23:37,320
The roof, your days.
Of getting on the roof are over,
345
00:23:38,400 --> 00:23:39,280
he said.
Literally.
346
00:23:39,280 --> 00:23:47,640
He took a chainsaw and he
started cutting trees and, and,
347
00:23:47,640 --> 00:23:50,360
you know, he had owned this
parcel for more than more than
348
00:23:50,360 --> 00:23:53,760
25 years, but they had never
done anything with it until his
349
00:23:53,760 --> 00:23:56,440
dad retired.
And now, you know, but it
350
00:23:56,440 --> 00:23:59,360
varies, of course.
But I would say the ones that
351
00:23:59,360 --> 00:24:03,640
hold it, hold it for 10 plus.
Yeah, it's.
352
00:24:03,640 --> 00:24:06,480
So interesting it it I think
about all the time, you know,
353
00:24:06,480 --> 00:24:10,840
I'm a multi generational
commercial real estate.
354
00:24:12,640 --> 00:24:16,120
Peddler.
In this town and I obviously
355
00:24:16,120 --> 00:24:19,000
deal with a lot of multi
generational commercial real
356
00:24:19,000 --> 00:24:23,880
estate individuals.
And I just think I could
357
00:24:24,920 --> 00:24:29,240
psychoanalyze the generations
and how they fall and how they
358
00:24:29,240 --> 00:24:33,480
act and I could do it all day.
And my dad always says the third
359
00:24:33,480 --> 00:24:36,040
generation's the one that always
blows it 'cause I'm the third
360
00:24:36,040 --> 00:24:38,880
generation.
So he has to make sure that I,
361
00:24:39,000 --> 00:24:40,200
he knows I'm going to mess it
up.
362
00:24:40,200 --> 00:24:44,040
But no, I say the second
generation's the real, the bad.
363
00:24:44,040 --> 00:24:47,480
No, I'm just kidding.
But it's, it's interesting when,
364
00:24:47,760 --> 00:24:51,720
you know, grandpa bought the
land 40 years ago and how are
365
00:24:51,720 --> 00:24:54,120
the kids going to act?
How are the grandkids going to
366
00:24:54,120 --> 00:24:58,960
act?
It's aspect of the job where we
367
00:24:58,960 --> 00:25:02,280
have to become psychologists,
absolutely.
368
00:25:02,320 --> 00:25:04,600
Or state.
Attorneys and we're like
369
00:25:04,600 --> 00:25:07,160
probably not qualified for
consultants.
370
00:25:07,320 --> 00:25:11,000
Yeah, consult everything because
some, I mean, I've, I've talked
371
00:25:11,000 --> 00:25:14,000
to those generations that they
don't even they're like, Oh no,
372
00:25:14,000 --> 00:25:17,200
I know my dad owns this, but I
don't know how and they have
373
00:25:17,400 --> 00:25:21,800
never even visited the site or
walked through it.
374
00:25:22,280 --> 00:25:25,840
They have no idea and they don't
care either.
375
00:25:26,880 --> 00:25:32,240
It's like, but those are, you
know, here and there.
376
00:25:34,640 --> 00:25:38,480
There's a million ways to make
money in real estate, and who am
377
00:25:38,480 --> 00:25:41,720
I to say?
Yeah, absolutely.
378
00:25:41,720 --> 00:25:44,360
And.
I mean, I don't know in, in, but
379
00:25:44,520 --> 00:25:49,920
definitely, you know, driving
through, I drive a lot, you
380
00:25:49,920 --> 00:25:51,480
know, through the state of
Florida.
381
00:25:51,480 --> 00:25:56,560
I usually just concentrate in
Florida and we just have so much
382
00:25:56,560 --> 00:26:01,360
land, so much land.
I was just actually talking to
383
00:26:02,120 --> 00:26:05,360
Bill, who's the owner of the
Dirt Dog, which is one of the
384
00:26:05,360 --> 00:26:08,560
biggest land brokerages here in
Florida this weekend.
385
00:26:08,560 --> 00:26:13,720
And he, he's this weekend in
Vancouver at the, at the CCIM
386
00:26:13,720 --> 00:26:16,800
conference.
And he is, he's amazing.
387
00:26:16,960 --> 00:26:22,280
And he has these ranches and
parcels of lands that are, you
388
00:26:22,280 --> 00:26:24,840
know, his clients have thousands
of acres.
389
00:26:25,480 --> 00:26:28,400
And I'm like, and I'm telling
him, I'm like, how do you, how
390
00:26:28,400 --> 00:26:32,080
do you even, I mean, I've never
had a deal like that of that.
391
00:26:32,080 --> 00:26:37,720
My biggest deal was 176 acres.
And I'm like, how do you even?
392
00:26:38,240 --> 00:26:40,440
And he's like, do you do they
sell?
393
00:26:40,440 --> 00:26:42,520
They always keep it.
You know, I asked him a similar
394
00:26:42,520 --> 00:26:44,960
question to the one that you,
you, you asked me.
395
00:26:45,600 --> 00:26:48,880
And he says, you know what, I
have a few here and there that
396
00:26:49,080 --> 00:26:53,000
decide to to do sell when they
start seeing that all these
397
00:26:53,000 --> 00:26:56,560
developments start coming around
them, right?
398
00:26:57,240 --> 00:27:01,480
That they are going to be sort
of like cornered.
399
00:27:01,480 --> 00:27:06,000
And they just, you know, comes
to the point where you say, OK,
400
00:27:07,760 --> 00:27:10,360
no more.
And I would say now with, with
401
00:27:10,360 --> 00:27:15,840
costs, how they're going off and
labor and everything, it's those
402
00:27:15,840 --> 00:27:20,520
big, big, you know, parcels,
it's they're going to be taking
403
00:27:20,520 --> 00:27:24,280
a hit and we're going to see
this big developers coming and
404
00:27:24,280 --> 00:27:27,800
cutting them down into smaller
parcels and, and building.
405
00:27:29,880 --> 00:27:32,520
Hopefully sooner rather than
later, you know?
406
00:27:32,720 --> 00:27:34,400
Absolutely.
So.
407
00:27:34,640 --> 00:27:37,400
You know, for the economy's
sake, for our.
408
00:27:37,400 --> 00:27:40,600
Workforce.
Housing ideal, you see.
409
00:27:40,600 --> 00:27:43,520
That so you can UN.
Cancel us now because we
410
00:27:43,520 --> 00:27:47,800
corrected ourselves anyway.
All right, I decided.
411
00:27:47,800 --> 00:27:51,360
It was comedy hour and it it
always never ends well when I
412
00:27:51,360 --> 00:27:53,480
decide it's comedy hour.
Just kidding.
413
00:27:54,160 --> 00:27:57,360
So, well, Monica, for all the
listeners.
414
00:27:58,720 --> 00:28:02,040
Where can they?
Find you follow you sell their
415
00:28:02,280 --> 00:28:07,640
homestead in Florida, etcetera,
they can definitely.
416
00:28:07,640 --> 00:28:11,800
Find us in LinkedIn Monica
Cataluna CCIM.
417
00:28:11,960 --> 00:28:15,880
My last name is pretty unique,
so I think there's only one.
418
00:28:17,040 --> 00:28:19,440
My company name is Course
Realty.
419
00:28:19,880 --> 00:28:21,840
They can follow us.
LinkedIn.
420
00:28:22,440 --> 00:28:26,440
We have a YouTube page as well,
Instagram.
421
00:28:27,320 --> 00:28:29,800
I don't do Twitter yet, even
though I was listening to you
422
00:28:29,800 --> 00:28:31,680
the other day.
That was one of the biggest
423
00:28:31,680 --> 00:28:35,240
platforms for commercial.
I'm like, I am not in Twitter.
424
00:28:37,120 --> 00:28:41,360
Maybe I should look into that.
But yes, they can follow me on
425
00:28:41,360 --> 00:28:45,200
social media.
LinkedIn, Monica Caraluna, CCIM
426
00:28:46,080 --> 00:28:49,960
owner broker of Course Realty,
Monica.
427
00:28:50,320 --> 00:28:52,320
Thank you so much for being on
the show today.
428
00:28:52,320 --> 00:28:56,800
It's always fantastic to connect
with you and for everybody
429
00:28:56,800 --> 00:29:00,960
listening, thank you for.
Everybody listening.
430
00:29:01,120 --> 00:29:07,120
We'll see you next week.
That's a wrap for this week on
431
00:29:07,120 --> 00:29:11,040
commercial real estate secrets.
If you found value, do us a
432
00:29:11,040 --> 00:29:14,840
favor and subscribe.
Leave a review and share it with
433
00:29:14,840 --> 00:29:17,200
a fellow commercial real estate
lover.
434
00:29:17,920 --> 00:29:20,440
For brokerage services or to
connect, visit
435
00:29:20,440 --> 00:29:23,120
warehousehotline.com.
I'm Aviva.
436
00:29:23,520 --> 00:29:24,720
We'll see you next week.
