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Suit Up With Baez
Level up your real estate, mortgage, and business game with the 'Suit Up with Baez Podcast!' Tune in for bold strategies and expert insights to fuel your success!
Suit Up With Baez
Real Estate's Spring Boom: Finding Property in a Competitive Market
Spring has arrived, bringing with it the most dynamic season in New York City's real estate market. We dive deep into why this time of year creates the perfect storm for property transactions, as families race to secure homes before the September school year begins and weather conditions improve for property viewings.
Brooklyn takes center stage in our discussion as we explore its transformation into "the new Manhattan." With banks relocating, businesses flourishing, and development booming in neighborhoods like Williamsburg, the borough is experiencing unprecedented growth. This shift is further accelerated by Manhattan's controversial congestion pricing—the first of its kind in any American city—which is actively reshaping real estate dynamics across all five boroughs.
We share a shocking real-life story about an elderly homeowner who fell victim to a fraudulent contractor, highlighting the critical importance of estate planning. This cautionary tale demonstrates how failing to establish proper legal protections can leave your property vulnerable and your heirs facing expensive, complicated probate processes. Whether you're 30 or 80, we explain why consulting with an attorney about estate planning should be an essential part of homeownership.
The conversation takes fascinating detours into the practical benefits of electric vehicles for homeowners (charging a Tesla at home costs just $7-10 compared to $80-90 for gas!), the rapid development happening in the Bronx, and even LeBron James defending his son against media criticism—drawing parallels between protecting your family and protecting your real estate assets.
Join us for these insights and more as we share our expertise from the frontlines of New York's ever-evolving property landscape. If you have questions about navigating the spring market or protecting your real estate investments, leave a comment—we're here to help!
Hello everyone, Welcome to Suit Up With Baez podcast and I'm here with Angela Baez. And I'm Alex Baez, and we're excited. It's spring, angela, we're finally in spring.
Speaker 2:It's spring, but it still feels like winter.
Speaker 1:I love spring. I mean, it's the busiest time for us realtors um. A lot of buyers are coming, a lot of sellers are coming, but, more importantly, more buyers are coming up. Why do you think spring is so busy, angela?
Speaker 2:I guess, because it's just like um, it's the start of the new year, you're starting to get the sunlight coming back in. It's not too rough of conditions. You're getting in right then, and there you know, like you know like for me, I think it's the weather right.
Speaker 1:It's starting to get hot. You want to be in your backyard with your family enjoying a nice barbecue. People already do barbecue since the springtime. But more important thing is for me is more. I see parents are buying homes now, before the kids go to school in September, because one thing is finding your kids a school right, so you have to find first a home. So I see a lot of buyers, especially parents, buying home in this time because they want to be have a home before September.
Speaker 2:That's a good point because I think when you look at the demographics of who is buying homes and stuff, it's not like a very young individuals. It's like people who have families. They have their kids already and they're trying to go into a bigger space because right now maybe an apartment is not too big for them and they need something bigger.
Speaker 1:Especially with these rental prices too. It's like rentals are going higher and higher Every year. Section 8 throws out their prices of rentals. Man, it's just going higher and higher. At this point it just makes sense for everyone to buy a house because those rental prices are. It's just extremely high, extremely. I've been seeing the section a um list and I'm like, wow, these rental prices are every year increasing tremendously yeah, I'm seeing that they're paying like three thousand for a two-bedroom on the site government side.
Speaker 2:I don't know what. Maybe it includes utilities or something, but when I saw that I was like that's absurd. $3,000? Yeah, yeah.
Speaker 1:That's a lot of money, guys. But springtime, guys, is probably one of the best, busiest time. It's a lot of bidding wars. Be ready for that. It's a lot of bidding wars, but when you have the right realtor, you got the right team, you'll get a great property at a good price. This is the best time to buy.
Speaker 2:Buckle up and go buy your house, guys yeah, absolutely, and the market right now that we're seeing have like the most traction is brooklyn bro what's going on in brooklyn? And brooklyn. They're having a mega cycle of like real estate right there. Um, it's booming tremendously because a lot of banks are moving there to brooklyn, giving more opportunity for jobs and such, because manhattan is becoming way too expensive I saw this coming any second.
Speaker 1:It was just a matter of time. Especially with the congestion prices it's pushing people out of manhattan. To be honest with you, prices is high and brooklyn like especially windbridge, williamsburg, those areas it's just like you got manhattan right in front of you. You know so it's like you have the beautiful view. Why not move to brooklyn? But you start seeing brooklyn. It was just a matter of time brooklyn's gonna be the new manhattan oh, yeah, yeah, for sure unfortunately, I think everyone saw that coming.
Speaker 2:It's like there's so much development, like of course there's development going on in queens and bronze specifically, a lot of development. But brooklyn was already ahead of all of that.
Speaker 1:There were like it really was, I mean yeah. Brooklyn definitely is like when you go to Williamsburg. It's like, wow, it's beautiful.
Speaker 2:I think more of the young population is in Brooklyn now yes like the hipsters and stuff like that.
Speaker 1:Yes, yes, a lot of restaurants, a lot of development sites in Brooklyn. It's like Brooklyn is a different level now yeah um and now. With the congestion price, brooklyn is where it's at to be now.
Speaker 2:So absolutely, and there's an initiative for new york called the city of yes which is trying to add 80 000 new homes and brooklyn's benefiting but, uh, benefiting a lot from that, because not only do they have like a strong market with a lot of people are trying to buy and sell, but they're having more and more developments come up where they're able to provide that housing, so it's sustainable you also said the banks right yeah, the banks are also coming in and just putting their you know, their headquarters there and stuff and moving away from manhattan, from what I heard.
Speaker 1:So that congestion price got everyone really upset. The city's making more money out of it, but the reality is like it's going to be pushing people out yeah, especially businesses. That congestion price is definitely, in my opinion, hurting businesses, hurting a lot of people there to be honest with you, because the city is already expensive. Now you're adding an additional cost.
Speaker 2:Yeah.
Speaker 1:Which is the first city in the 50 states that ever does that inside the city having congestion prices.
Speaker 2:The first I ever heard. That's insane and I don't know if Trump is trying to combat it or something like that.
Speaker 1:Yes, trump is definitely going against it. I know they're going to be going to court for it. Thank you, Trump.
Speaker 1:You know, definitely helping New York. He's in New York and I'm sure he's doing it more for his best interest as well because he has businesses in New York. So it's definitely going to be affecting a lot of the businesses. So rents is already high and now you're putting congestion price. Just, you're just blocking more opportunity for anyone to come to the city. Now everyone's going to be looking outside the city, which Brooklyn, bronx, queens have a lot to offer. All these places have a lot to offer yeah, brooklyn is already like manhattan.
Speaker 2:They're pretty much there. Queens is still lacking a little bit. Bronze is getting a lot of development, but you know it's still developing, but brooklyn is pretty much almost there queens, is it's nice, though, angel queens is nice and it's.
Speaker 1:There's a lot of residential yeah, it's expensive those homes there but, queens definitely have his name to be honest with you, I think the next one is the bronx. Everyone is sleeping on the bronx.
Speaker 2:I'm from the bronx, so bronx is coming in strong exactly um, and all the lots are just getting swallowed up by developers.
Speaker 1:Yes, they're building a lot of buildings in the bronx. You go to the south bronx, you can't even see anything. Through there's so many buildings everywhere.
Speaker 2:You go on the highway, you see a bunch of buildings everywhere and not just buildings like brand new, buildings like you see these developments too yeah, because in this market the only way you really make money is if you aim towards the luxury market. Yes, because you're not going to really make money with like the normal ones, because the cost of building these, like you know, big, modern buildings and stuff you can only get them with like luxury rents and stuff. It doesn't really make sense to do a normal one for, like you know, the everyday joe, only the high end. And that's what we're seeing a lot, um, just lots, being swallowed up and the market just becoming more and more competitive every day.
Speaker 2:Another thing in manhattan that happened is that bnhH, that electric store, they actually bought a building right next to its storefront in Manhattan for a lot, for, I believe like a hundred million. They bought it, yeah, I think, for like a hundred million or so. I would have to double check on that but they actually got a really good deal because the people they bought it from they actually sold it for, I believe, more than 100 million loss.
Speaker 1:Wow, so they got a good deal.
Speaker 2:They got a really good deal, so good for B&H.
Speaker 1:Have you ever been there? Oh, it's beautiful. That's where we got all these equipments from B&H. They definitely got some good stuff in there. You don't want to leave.
Speaker 2:You go in there.
Speaker 1:It's like B&H, it's like that store you go in there. They got so much technology, so much advanced things and it's like I love technology so you go in there it's like you don't want to leave.
Speaker 2:And you see the conveyor belts on the top. That's cool.
Speaker 1:Yeah, I've never seen no one with that.
Speaker 2:That's actually an experience that you never forget when you go there and you see your order going through like the top conveyor belt and stuff from their warehouse that is to Doge or whatever, like a department of I forget the term for it One of the departments overseeing like issues and stuff. A lot of people started to backlash on Tesla and now they're like there's a lot of reports of people throwing molotovs on Tesla centers or I remember reading an article about something about them.
Speaker 1:It's just you know what it is Once you involve yourself so much in politics. Right now he's so involved and invest into the politics right. You're going to get people that backfire and you're going to get people that would like clap what you're doing. So when you get in, that it's like you're getting two different worlds there, right, but you get mostly people that backfire you more than anything, right, but you get mostly people that backfire you more than anything, right.
Speaker 1:That come after you. But one thing about Tesla that I like a lot is the future. Right, these cars. You know electric cars, right, I'm looking into electric cars now, but it's more for the convenience, you know, owning a private home, single family, first thing. You think it's like I got a Tesla, put a charger in my garage and you know I can charge my car every night.
Speaker 1:Exactly, you don't have to deal with gas anymore, deal with oil. Change right. So I'm more into investing into getting those cars electric, but because you could charge your car at home right. It's so convenient. I look at more. What could be more convenient for us? Right? Tesla's? Where is that, those solar panels of Tesla? The electric is the future, I feel like. Right is that those solar panels of tesla, like the?
Speaker 2:electric is the future. I feel like you got the electric water heating systems as well. Everything is becoming electric, yeah right.
Speaker 1:So electric is. Where is that to me right? I actually went to tesla and there was like to fill up your tank at home. It's about seven to ten dollars one full tank right now in gas my full tank is almost um eighty, ninety dollars. Right the battery to fill up the battery to fill the batteries, seven to ten dollars One full tank Right now in gas my full tank is almost $80, $90.
Speaker 1:Right the battery to fill up the battery. Yeah, to fill up the batteries. $7 to $10 of the car. Wow, like that's huge.
Speaker 1:Yeah, and also, the insurance is cheaper, so it's like it's so convenient, it's less cost. Why not get a Tesla? So I'm actually invested into Tesla right now and looking into it. Right, Elon Musk is a genius. I mean, he comes up with some stuff, but you know he's a genius on the politics side. You know I got no comment on it, but the reality is that he got into something real strong becoming. He's too involved with the politics, so he's getting basically backfired. And when he wasn't part of it, he was good. He's still the richest man, Right but wasn't part of it, he was good.
Speaker 2:He's still the richest man, right, but he's a genius man, yeah, no, he gets his hands on everything. I feel like every day I'm hearing him open up a new business or getting into something new. This man never stops.
Speaker 1:It's unbelievable because he's the richest man and he's probably one of the men that work the most Like. You always see him in action in something right, especially now that he owns Twitter. All he does well, it's called X. It's not Twitter anymore.
Speaker 2:X correct.
Speaker 1:I like that name, X. That's his son's name, no. I think that's what he calls it because that's what they call his son X.
Speaker 2:Right, I know that one of his sons had like a wonky name, like a star name.
Speaker 1:He has a lot of kids, yeah a lot of kids.
Speaker 2:Yeah, he has, by the way, he has a lot of kids, which I mean he has so much money, right, and you can put him on his taxes, even though he doesn't.
Speaker 1:There's a topic I wanted to talk that I think is big, and it's basically estate planning estate planning I think a lot of homeowners we enjoy buying properties right, but then we don't think about when I'm not here anymore, right, what we're going to inherit it to, right. I think estate planning is huge because if you don't do estate planning, fortunately once you go, your kids will have to go through probate and will have to go through the court right To basically the court will make the decision of basically who they're going to administrate or appoint right. So estate planning is so important to do right, because if you don't do it right, it's going to be very expensive for your kids to go through probate with court and attorneys do this right, for them to get it approved, for them to be able to sell the property or have access to your bank accounts, have access to everything. So it's very important. I recommend everyone to do an estate planning with an attorney, because once you're not here, the property stays in the air, in other words, and your kids will have to hire an attorney. And it's very expensive these probate attorneys. I've seen some bills that are wow. So it's very important to secure that.
Speaker 1:And I actually got a story I really want to talk about. I'm working on a file. It's a probate. I won't mention any names. So it's a really sad situation. So, basically, the daughter died, right, she was married, she had a son, and also the mother. She bought it with the mother. The daughter mother bought it but they had a son and she was married. Okay, it was passed on to the mother and passed on to the son-in-law and the child, which is normal. So, unfortunately, what we saw was that once I get involved into this real estate, it gets interesting. Every property has its story, even when you're selling it. Every property has a story when you're selling it. This story is probably the most unique story I've ever been involved in and kind of like very sad inside. So, unfortunately, the mother wanted to maintain the property. She hired a contractor.
Speaker 1:He's not a licensed contractor. As I tell you all the time, there's so many so-called contractors. Most of them 95% of them are not licensed. Well, they call themselves contractors, right, the reason they call themselves a contractor. They open an LLC and they get insurance business and they call themselves contractors, but in reality they're not licensed. Most of them, all they have is called insured contractors. That's all they do, right? Well, most of them are not licensed.
Speaker 1:In this case, this contractor well, he's not a contractor, he pretends to be a contractor. He goes and says he renovates the house. Right, the lady, the mother, does not have the funds to pay the contractor, the so-called contractor. He does the work and whatever he wants his money, which he has rights to get his money for his work right, in this case, she didn't have no money to pay the guy, right. So the contractor came with a genius idea in his mind. He they agreed to contract the rent. It was a two-family contract renting out the property illegally, right, so the contractor comes and rents out the units and pretends that he's the landlord of this property and he starts renting it out. Right, he started renting a per room to these people. Right, he was charging these guys. I know, I saw receipts. That was like six, five thousand dollars. Um, I saw one to rent it out. He was renting out for like four thousand one of the units, another one like five, six thousand, and it's all illegal and all he did was give them receipts to all these tenants.
Speaker 1:Right, I'm involved in the sale of the home and when I come I need the full story and you know what's going on with the property. I ask a lot of questions. I get to the bottom of it, right, because I got to get this job done for the client, right, I was hired by the other seller and then I spoke to her and they both signed with me to sell the property. As we're speaking, right, I'm seeing a lot of people coming in and out of the property, but this whole time the property was supposed to be vacant, just a lady living there. She never told us that there was a contractor involved and that he's renting out the units illegally, so he wanted to make his money. He came and rented out the unit illegally to all these tenants, right, mind you, the houses have issues in these properties and he's renting it out. So all these tenants believe that the contractor is the landlord this whole time.
Speaker 1:Or the thing is that the lady, she's the seller, she's an elderly woman. In this case, the contractor was taking advantage of the elderly woman and he was basically taking advantage of the elderly lady and renting out the property for over two years, doing the stealing, all that money. You know I came in the elderly lady and renting out the property for over two years, doing the stealing, all that money. You know. I came in the picture now and we're in the process of talking to everyone I'm talking to all the tenants and they weren't aware that this guy was not the landlord the whole time. He would just come once a month to collect the money and she was elderly and what happened was that he's taking advantage of the poor lady. So it's sad that this happened. Right, you create your estate planning or do a trust, do your planning how you want it to be done, right In this case?
Speaker 1:You know she was basically being they were taking advantage of the poor lady and he was pocketing all the money. He tried to stay with the property. I came in the picture. He was pocketing all the money. He tried to stay with the property. I came in the picture he lied so much to everyone. The property is actually worse than what it was before and all he did was pocket the money and pretend that he was a landlord and that's all, and he would come to the owner. The reality was that he would just make excuses every month about it.
Speaker 1:Once I got in the picture, I got the guy's number, I called him, I spoke to him. I told him he has to stop this illegal thing that he's doing at the property. Of course he denied it. You know, try to clean himself out. But we were able to get the guy to stop. We're able for him to evict, to him relocate those tenants that were on one of the units and now we're still working on the other unit. But it's sad that you know, during a probate you see so much in real estate is where you see the most is during a probate where all this was done illegally, you know, and now the landlord also. The property is going through foreclosure and we got to get it. So now ACP is just sad at this moment that this is happening. To be honest with you.
Speaker 2:But then it comes down to that. That's why you say estate planning is probably one of the most important things. When you get at an older age and you have kids and just you know, yeah, just to make sure that people are all on the same page, like they know, like who is going to get transferred to, what's the deal with everything. Because when you don't have an estate plan in place, everyone's just guessing who's going to get it and the court is just going to be like let's see.
Speaker 1:The truth is this Mortgages banks are not stopping. They're going to be charging every month for this fees, their monthly payment right, their mortgage payment plus late fees.
Speaker 2:Yeah.
Speaker 1:Right. They put a lot of late fees. That's one of the biggest things. So in this case, she has a lot of late fees, she has all this, but the reality is that we have a state plan. Everything will be in order, right, mortgage is not going to stop and a lot of these probates go through foreclosure, right, and you want to save them and help them out. So, guys, it's very important to contact an attorney that does estate planning and definitely get them, to get clients to definitely understand the importance of an estate planning right. It will be less costly to do an estate planning. Then you die and it be inherited to your child through court right.
Speaker 2:What if they paid off the whole house? So the only things that they and they pass away, the only things that are being charged, are like taxes and city property taxes, water, right, anything that comes with the property, but usually the taxes is strong is the strongest.
Speaker 1:Yeah, and then you should be fine. And then the water, of course. If they consume water, they'll be responsible, but that's also you have to take care of it right, because the city wants their money.
Speaker 2:Oh, yeah, yeah, yeah.
Speaker 1:City definitely wants the money, but it's very important, guys, to definitely get into state planning with your attorney. Get that thing rolling. It's very important to do. I know it's great to buy the house, but then I would say in a few years you should definitely start looking at estate planning with your attorney. You also want to make sure your kids are set. I have my son and daughter. It's important for me, for me to inherit both of them equally.
Speaker 2:What age do you think people should start wondering about estate planning? What do you think?
Speaker 1:The reality is this, guys. We don't know what's going to happen with us right, we go day by day, right, just like the market, right? We don't know if we're going to be here tomorrow. We don't know anything.
Speaker 1:The reality is that. So of course, you guys got to have you here as far as much, but I would say, once you to do it. You know you never know what happens right. It's important to do it. That's what I always say to everyone. It's definitely important, you know it's so important. Also, when you sign off and you purchase a property, it's important what type of deed you sign off on right.
Speaker 1:So it's good to definitely consult with an attorney. I'm not an attorney, I'm a real estate broker, but I can give you some tips. I can advise you with laws or legally.
Speaker 2:Yeah, when you say deeds, are there different types of deeds?
Speaker 1:There is, but yeah, man, there are, but it's important for every family to do it. I also want to talk about one last thing, about LeBron James.
Speaker 2:LeBron James. Lebron James, Somebody.
Speaker 1:I will tell you be very honest with you I'm not a big fan of the guy. I think he's one of the best players, I think, family-wise. I think he's definitely a family man. I would definitely give him my honors and respect of how he has a beautiful family his wife, his three kids and how he's been bringing his family up from zero from scratch, and that's something to admire and respect. I think in that situation that he has with his son, it's getting interesting Because they're both public figures as well.
Speaker 1:So LeBron James did his name, but his son was already born into it, so it's like it's a lot right. I just think you know he's getting criticized so much his son because his father's in the NBA. But at the end of the day, this guy did this for his family and I think we sometimes got to see the bigger picture.
Speaker 1:I mean it's who you know. Sometimes in this life it's who you know. You see people, some other people explode, but it's who they know, who they network with. In this case, his dad did the whole route for them. He's not to be honest.
Speaker 2:Honest, he's in no need to be in the nba right, doesn't just invest into business together, and that's it exactly a lot. I think the biggest concern, I think the biggest criticism, like you said, is that you know it's who you know and sometimes like it's not the people that really earned it. Sometimes people would say it's like hey, brunny got picked over, probably another person that probably earned it.
Speaker 1:Okay, and I'm with that. But to be honest, before he got sick he was really good. It was once he got sick and his life was in danger. After that I feel like it went like a downhill on his playing. But at the end of the day, you know he's a kid. He's doing his best. But all my respect to LeBron. By stepping up to Stephen A Smith, he's doing his best, but all my respect to LeBron by stepping up to Stephen A.
Speaker 1:Smith, I mean any father out there trust me will do the same. I'll step up for my kids any second. Of course, if my kids are wrong, I'm going to check them. If I'm their father, always going to step up for my kids. My daughter, especially my daughter. But, like Levi, I'm always going to step up for him, regardless of what situation. That's part of being a parent. That's part of the show If you're really there for your kids you know what I'm saying so, what he did to Stephen A Smith, I mean he did the right thing.
Speaker 1:He had to step up to his you know, for his son.
Speaker 2:You had to confront him.
Speaker 1:Yeah, I mean, the guy was just Stephen A Smith was just talking too much in that mic. He just signed a $100 million contract with ESPN.
Speaker 2:Unbelievable. Just to talk, crazy. Just to talk all that shit, talk all that nonsense out of his mouth, right?
Speaker 1:But the reality is that, guys, it's like the guys did his name. I gave him only just fracking and puns. But bam, he has to defend his son and his son's in the NBA. He can at least wear the jersey and shoot around. He's all right.
Speaker 2:I think Bryce is gonna be actually good. I think Bryce is. I've seen him a couple of times in games and he looks like he he won the state championship, by the way, did he about two weeks ago, a week ago nah, I think he's actually like yeah, he's probably the next yeah, I will say.
Speaker 1:Bronny James. When I saw Bron, yeah, but he got really sick, I think even before then I was still like he's all right, he definitely got the height. He's taller. Who, Bryce?
Speaker 2:Yeah yeah, Bryce is taller.
Speaker 1:Bryce is like 6'6". I think Ronnie is like 6'2" Big gap height. But reality is this man. I gave it up to LeBron man. But reality is this man. I gave it up to LeBron man. His family is just growing. His daughter, his family, his wife got a podcast going on.
Speaker 2:Oh, do they really.
Speaker 1:Yeah.
Speaker 2:Oh, I didn't know that.
Speaker 1:They're so invested into the business and they do so much all around and you got to give him prompts. You know I'm not a fan of him because I feel like the NBA evolves around him, anything he says, or he cries too much or whines too much. You know everything's always at his favorite. And also one thing I don't like is that he's a player and a GM at the same time.
Speaker 2:And a coach, and a coach.
Speaker 1:He fires the highest any way he wants, and I think you should just leave it to front office, like it's always been. The reality is, you know that's his thing, man.
Speaker 2:Yeah, that's where the meme comes. Le GM, he's definitely GM man, everything I go through him, Like that Anthony Davis trade.
Speaker 1:I'm sure it went through him. Oh yeah, he's denying it, but I'm 100% sure that Anthony Davis and Lucas 100% went through him.
Speaker 2:That's still the biggest surprise of probably basketball's recent years. Like how does that trade even go?
Speaker 1:the thing about the basketball too you gotta have in mind. Their ratings are going down right, so they had to do drastic things so people could get back in motion, back excited even though the mavericks are they. I don't even think they could play anymore. I think they're before for any of the games because they don't have enough players.
Speaker 2:They're mostly injured yeah, anth Anthony's injured, kyrie's injured, klay just wants to. Maybe he just wants to get out of there now.
Speaker 1:He just signed with them. But I mean, it seems like they got rid of Matt and Luca. Everything has been going downhill for them, but that's a different topic. Guys, thank you so much for tuning in. Tuning in with us. Please like, subscribe and comment.
Speaker 2:Yeah, definitely. Comment below if you have any questions whatsoever.
Speaker 1:Thank you so much, guys, take care, all right, bye.