Million Dollar Listing star explains why people are moving to Florida

6 minutes
Million Dollar Listing star explains why people are moving to Florida

Ryan Serhant loves New York City but it isn't lost on him that a real estate deal can be done anywhere in today’s real estate climate.

In February, the author Sell It Like Serhant, TV and production family magnate recently closed the most expensive home in the history of Florida for $600 million and has sold $600 million worth of real estate deals in the state in the last six months despite not living there.

The 36-year-old original cast member of Bravo's Million Dollar Listing: New York reality series quipped that people can look up these transactions themselves if they don't believe him but delved deeper into what he believes is the real reason for mass migrations out of places like New York and California.

In short, New York and New York have really tested people's patience -- Serrat Studios founder and CEO told Fox Business.

By the states saying "Listen, if you want to be in our amazing state, we're going to do this but we're also going to cut this budget and cut this budget, etc. for residents it's like, Well, what are we paying for?" he added

People are moving to Florida, not just for taxes. Serhant said the taxes have always been lower. They are moving to the local government, the Mayor of Miami, the Governor of Florida, the state they are pro-business, they are pro-freedom and they do not believe in punishing people who live there for living there.

BravoTV is currently airing season 9 of MDLNY and Thursday's episode will focus on the Coronavirus pandemic that had closed New York metropolitan area. It shows the shutdown and how we all survived, Serhant explained.

As we get out of that, the audience will watch me as I watch a million people leave New York City, he pressed. The city shut down completely and that's the moment I decided I'm going to go out on my own, start my own real estate company in New York and that's what I did. It's the biggest risk and craziest thing I have ever done in my life. And that'll be followed by the second half of the season.

Serhant and his wife of five years, Zena, the 35 year-old Emilia Bechrakis, who recently wrapped up a three-year renovation on a limited 8,000-square-foot Brooklyn townhome that was featured in the limited cable TV series Million Dollar Listing: Ryan's Renovation.

The reality star said he will never speak in New York on a possible move out of New York, but maintained that home is a stake in the ground for what's to come for his family.

Honestly, it just makes it more worth it. Like myself, I work for this baby girl who calls me 'Baba' and I'm very excited when I tell her about my day even though she has no idea what I'm talking about or can't talk back. Serhant raved about fatherhood.

And you know as I lead the company I run and as I have led my team in the past, you know, I'm a big believer that you have to lead by example. You can't expect others to do what you want them to do if you don't show them the way first. Now I am a little excited to watch her grow and I hope I do the best job I can as her father.

The host of Big Money Energy pressed the fact that in his opinion, the majority of his recent real estate deals have been based on the needs of clients rather than their desires and called the current state of business a really interesting time.

I think what we're seeing in the real estate market in the United States right now isn't just pent up demand from COVID. It's just pent-up demand from 2008, he said of speculation pointing to a drop in the market. All of the transactions that I've done from 2008 to 2020 I would say that 95% of them were transactions based on need "I'm moving because I have to work so I need a home. I'm having a baby, I need a third bedroom. It's all needed-based and we haven't done that many 'want' type transactions yet.

The broker said for the first time in his career: people are selling homes and buying homes not just because they want to buy them but also because they need to.

The buying of real estate in the last twelve years is a much easier one to tell, but it's been hard to predict and says he said that the market is a bit harder to tell. But when sellers want to sell their house because they have actually made money on it, that's the American Dream. And if buyers are excited to buy a family in a home they know will also pay them when they leave it, that's the American Dream.

Serhant believes that interest rates are going to stay low for the next few years.

Money is easy to access and people are happy for a lot of reasons and it's not just the happiness in home, Serhant explained. COVID 19 was a six trillion dollar PR campaign for the value of home. No one was told to stay in the office or stay in their car they were told to stay at home and quarantine at home, and everyone said 'Oh, wow that's actually a good place to be. Should a week be more home because my mother would probably be home more of the time? This was also way too small.

At the end of the day, the honcho for real estate is steadfast that there is no other place like New York City.

There is just no other place that has this energy of the same kind with L.A. and San Francisco and with everybody. More people actually came to COVID 19 at the end of the day than left during New York City, which no one talks about because that's not a fun headline, he said through laughter.

The fun headline is 'Everybody left, end of world,' he quipped. What's interesting about real estate life are that we have gone from being global brokerages in all the markets we work in to going globally to be some local real estate clients advisors. Like my work on transactions right now and in London and Geneva and London, of all places and I'm not even there. I can do it all while working in virtual situation now.

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