The Michael Berry Show, something was happening with residential real estate, particularly as it relates to resort community

second home real estate people that had a condo and I spent a lot of the morning show today on this

people that had a condo

for Houston is Galveston and our south or Austin or

Colorado or round top

but wherever you are this was also true in New Orleans in the quarter this was also true

in Nashville out at the lake was also true in town but we saw this in Birmingham we saw this in

Los Angeles we saw this all over in Portland you had these condos that people had as their

second home when they came into town and they could now air be and be those and make a fortune

they saw that asset churn a whole lot of money now in the past you might put a

renter in there an LTR long term rental year long release and a property that might get you a

thousand dollars a month on a per month on a 12 year lease so 12 thousand for the year

with air be and be and all the domestic travel because during covid people couldn't travel abroad

and more people were working from home they were taking their families on domestic vacations

at a thousand dollars in three four days of rent on air be and be you might get

four thousand a month from the same property on air be and be or vrbo

so now people went from an asset they had

cashing out money instead of just being something nice to enjoy and hopefully one day sell

now it became a money maker so then people said well if a little bit's good a whole lot's better

and then all of a sudden they started buying more houses in the neighborhood

because they're going to rent them all out air be and be and be or be or going to change the world

except the demand went back down people started flying abroad and they didn't travel to

...