These interest rates are killing us.

0:00 Speaker 1 This Sunday morning, we have with us Suzanne Miller. She runs a company called Empire State Properties, and she’s also a founder of The Miller Report, a podcast that’s worldwide and famous, and with us Suzanne Miller. Suzanne, there’s so much turmoil going around in the world right now. You have been concentrating a lot on the New York market.

0:24 Give us your report on what’s going on in New York.

0:28 Speaker 2 Well, thanks, Doan, thanks for having me on. It’s very tough at times right now. I built my company in nineteen ninety one mostly on foreign investors. They came from Russia, China, so many from Israel, the European countries, and they really bought cash flows. There were so many Russians and Chinese people that came and now they’re not getting the cash

0:48 flow and everybody’s scared. So it’s very difficult times. They’re hearing bad things about New York City. They don’t feel safe, and we need to find a way to fix this.

0:59 Speaker 1 But I understand now that a lot of Israelities are there are some of them that just want to leave town and they’re coming back to New York. And a lot of other foreign buyers from South America and Europe and some of the other countries aren’t coming back to New York. Have you seen much of that?

1:17 Speaker 2 I wish I could say that, but unfortunately, like yesterday, I was with one of my clients from South Korea and they have twelve apartments and you know what, John, but the tax is so high and average six hundred square for the apartment, twelve thousand dollars a year. Taxes, services down, insurance up. It’s a struggle to make money.

1:35 They’re selling, they want to sell, they want to go to Georgia, they want to go to Florida. I’m trying to keep the lid on and keep them here, but it’s hard to make money as an investor today.

1:46 Speaker 1 Understood anything else you would like to tell the people.

1:50 Speaker 2 I think that New York is always going to bring young people. The reguals are doing well, so I think that’s a good thing. I think that you know, you do own a building in Coney Island and you laugh and you say people are going to live longer, but it actually is a real it’s a refuse for people

2:08 that want to live on the ocean, and it’s a really nice building and you get a lot of Russians there and I feel during this time they’re going to feel comfortable to do with their own So I do want to promote the Coney Island location for now also, but I do think that people will come back. It’s

2:25 really under.

2:26 Speaker 1 You’ve got a lot of soss in to get it straight. You’ve got a lot of Europeans escaping to a New York type environment, in South Americans to a Florida type environment, and New Yorkers are escaping to a Florida type environment.

2:44 So they’ve got a movement going on regardless.

2:47 Speaker 2 But you know, Wat John, they’re not really selling because the interest rates are too high, so there’s so much less less transactions right now. So yes, they want yourself, but what are they gonna buy. They’re gonna e to pay taxes or they’re going to have to buy something that will cost them more money for a higher rate.

3:04 So it’s just really at a standstill. But you know, we’re going to see what happens, because it is very possible that the europe that these rallies will come back into the market now because they are shrewd and they do want to invest.

3:16 Speaker 1 So we’re going to see what happened and listen. They want to keep their families. They may have the courage to stay themselves, but they want to keep their families safe.

3:26 Speaker 2 Yeah, sorry to say that. I’ve actually received some phone calls from Israelies that do want to know what’s going on because they do think about, you know, being safe, and they want to be in New York. Listen to New York Is like tell is the next TELEVIV of Jewish people. So yet you’re going to see a lot

3:42 of Israelis come to New York. I absolutely predict that.

3:47 Speaker 1 Well, Suzanne Miller, thank you for calling you in the Sunday morning or catch up with you again real soon.

3:52 Speaker 2 Thank you, Thanks for doing what you do. John, thank you