Ep. 105 – Six Million Dollar Man, Russell Spadacchini.

Staci Garcia:
Okay. Hi. Welcome to the Real Estate Finder podcast. Matthew’s not with us today, but I brought in my favorite friend from high school and also signature Real estate finder, Russell Spa. Hello? Hi. Hi, how are you?
Russell Spadaccini:
I am awake.
Staci Garcia:
Good.
Russell Spadaccini:
Super Bowl was a great party.
Staci Garcia:
Where’d you do?
Russell Spadaccini:
I did actually at the 6 million House I sold in Deerfield.
Staci Garcia:
Oh, you had a party there?
Russell Spadaccini:
Yeah, had a party.
Staci Garcia:
Is it someone lived there?
Russell Spadaccini:
Yeah. Yeah, Sherry and right on the Intracoastal and on the point, and let me tell you, it did not disappoint. That’s
Staci Garcia:
Nice.
Russell Spadaccini:
Yeah, it’s a very open format, so it flowed, but everybody going in and out and 40 people. Perfect.
Staci Garcia:
Did you cater it?
Russell Spadaccini:
It was catered, two bartenders. Nice. And all the boats going by and Russell had to do his little moon trick to the shaking of the one on the boat. Nice.
Staci Garcia:
Okay. Well you have to invite me to the next one.
Russell Spadaccini:
Yeah, definitely. You have to see the house.
Staci Garcia:
So what are you doing after the podcast?
Russell Spadaccini:
After the podcast, I have an event that I’m working on. It’s going to be the taco Wing and dessert battle, April 27th in downtown Bo Ratone,
Staci Garcia:
Taco Wing and
Russell Spadaccini:
Dessert. Oh wow. Oh
Staci Garcia:
Yeah, in Sanborn Square.
Russell Spadaccini:
Sanborn Square, you get to eat and drink and party like a rockstar.
Staci Garcia:
How does someone get tickets to
Russell Spadaccini:
That? That would be Wing Florida Wing battle.com and they purchase tickets and the charity is Children’s Giving Foundation. Nice. So we help children’s charities here and it’s a great time. Community comes out. You didn’t realize how much people appreciate events living in Boca Ratone until Covid,
Staci Garcia:
Until no one’s doing anything at all.
Russell Spadaccini:
You got it. So the people that called and emailed and said, when are your events back on? We can’t
Staci Garcia:
Wait. Also because they’re outside. Yeah,
Russell Spadaccini:
Right. Yeah. They want to be outside and they want the community to come together. And Boca Raton is the perfect place, perfect venue, family friendly city. We do make it 21 and over so the adults can leave the kids at home. Right.
Staci Garcia:
Gotcha. Yeah. So what was your first event? I know, I think I was at it, but I don’t know if that was the first one.
Russell Spadaccini:
That was on 10. 10 10. I was at it that I won for, so East Camal by the new Bo Raton Hotel and closed off East Communal
Staci Garcia:
The
Russell Spadaccini:
Entire street. Yep. We closed almost a mile and built out an entire production right on the street.
Staci Garcia:
I have to say. I was there. It was amazing.
Russell Spadaccini:
Thank you. Yeah. People thought there’s no way you can pull off a first annual in three months. And we just knocked it out of the park and the city was just blown away. And then we did it the next year, turned it into a two day, and it was too successful. So it was armed to arm on East Camino Real, and there were just people everywhere and we’re like, yeah, I think we outgrown this space. So then we moved it to a couple other places. But yeah, there’s quite a bit of attention in Boca. Everybody wants Boca vendors sponsors because it’s InBetween, west, Palm Beach, Miami. So it’s a perfect thing for you get the north, the South, coming to the event centrally located. You have West Palm Beach Airport, Fort Lauderdale airport. It’s perfectly in between. I mean, you have private jets coming in to Boca at the airport.
You have two colleges. I mean, we grew up here. I mean, I moved here in 1972 when I was one and a half years old growing up in Boca, talking about a friend yesterday. Chris sends me a message and he’s saying to me, remember your brother’s T type? This guy just sent me a message. He goes, yeah, we were going down Palmetto Park Road and the Buick T type. And you’d think back and you’re like, Palmetto Park Road didn’t even go to West Boca. Yeah, I know. And during our time during high school, it was a bonfire. It was a bonfire. But remember when we were leaving school, it was a dirt road. It wasn’t paved. So the cops would be chasing us down the dirt road. It wasn’t open yet, but nobody could wait. We couldn’t wait for it to open. And then when it opened, boom. That’s
Staci Garcia:
Kind of the way I feel about Yamato going west from jog and also from military going around Palmetto. I think military just cut down to nothing right there.
Russell Spadaccini:
And Lions, lions goes all the way through. Boca has opened up all the roads, east, west, north, south, and then you have the new inner exchange for Glades. You have all the new bridges. It’s really put, they invested into the city
Staci Garcia:
Sometimes I think when you know that all of this space is allotted for an east, west corridor, which is really important in Florida for people that are not in Florida or not in Boca or really Florida for listening. If you’re going east, west, usually the roads are significantly larger because everybody goes, it’s a limited route. So it’s east, west, there’s major roads that go that way. It’s not up north where there’s winding roads and they’re all different directions. Florida is east west or north south,
Russell Spadaccini:
And it’s hard to get
Staci Garcia:
Lost. Very few roads go both ways.
Russell Spadaccini:
And if you do get lost when we’re driving, you don’t really need a compass. Just look up to the sky and look at the sun and you can figure it
Staci Garcia:
Out. There’s a lot of people that have moved here and said to me, I got lost. I’m like, you can’t get lost here. How do you get lost? Which way you’re going based on where the sun is. And then they’re like, what? Oh. And then you see the
Russell Spadaccini:
Signs. The signage is very good. If you see 95, which way you’re going, that’s true. You see a sign. Right. I mean, so it is pretty easy. And again, it’s convenient. It’s a very convenient city and compared to a lot of places, and yes, you do get the typical rush hour traffic like every other city, but if you drive to let’s say Fort Lauderdale or Delray Beach or downtown West Palm,
Staci Garcia:
You’re sitting in a parking lot.
Russell Spadaccini:
You’re in a parking lot. And as you know, I used to live in Fort Lauderdale in Los Solis and watched Los Solis grow up. And then five years ago, I’m like, they announced all 13 more buildings going up. And I’m like, okay, time to sell. And that was a great decision. But I mean, you look at it now and the development just kept going, going, going. The value, stayed up with it. And now you basically turn Fort Lauderdale into a downtown Miami, and it’s that nightlife and you can go out seven days a week. Los Solis is rocking and it’s a completely different city just in the past five years.
Staci Garcia:
Yeah. I wonder if you think, do you think that it’s going to be like that here?
Russell Spadaccini:
I do. I do. I think the last strip of land has just been bought up by GL Homes. So that’s the strip that’s on just north of Lions Road from Glades Road. So they purchased the property that is on the east and west side of Lions, and now you have 500 plus homes that are going to be going in there. And that was the last farmland in West Boca. And as us as kids, this is where we picked our fruit and vegetables. I mean, as kids growing
Staci Garcia:
Up, it was a, you pick it where you lived out.
Russell Spadaccini:
Yes. It was a you picket. I mean, think about it. If you said to your kid today in bogo, I
Staci Garcia:
Know you got to pick your own fruit. That’s self checkout. Right?
Russell Spadaccini:
Right. Let’s come on kids, let’s go to the picket. I mean, think about that. And that was the seventies and early eighties. We’re not going back that far in time.
Staci Garcia:
No, it’s pretty recent, I feel like. Yeah. So within the last five, maybe a little more than five years, you could go to pick your own strawberries and get your own fruit, and now you go shopping there.
Russell Spadaccini:
Right. You go shopping. Right. It’s picked for you. So yes. So I do believe that the development will continue to happen. I believe that it’s just inevitable. I mean, if you were a farm land owner and someone came to you and said, you know what? We’re going to pay you 50 million for
Staci Garcia:
Your land. Yeah. It’s hard to say no to.
Russell Spadaccini:
Right. How do you say no to that? I mean, how long it would take to make 50 million in profit in one transaction?
Staci Garcia:
Yeah. I know personally the people who own the farmland, I know they have farmland everywhere, not just in this state, not just in this city, not just in this country. Also in other countries as well. Everywhere. So it’s not like they’re selling the farm and they’re done.
Russell Spadaccini:
Right. Hero Family Farms is an example, a borderline between Boca Delray, they’re one of our sponsors. And they’re green
Staci Garcia:
Peppers.
Russell Spadaccini:
They’re not Green Pepper. Yeah. The baby peppers, I believe the Green Baby Peppers, I believe they’re the largest producer in the United States. So for them, yes, they have land throughout the United States. They do different crops and different locations, so they diversify. But the smaller ones that were here locally, I don’t know their history, but it is very interesting where we do have to look at the impact with everything that’s changing. We do have to make sure the infrastructure is here. I mean, you have water, you have sewer, you have roads, you have schools.
Staci Garcia:
Yeah. I’ve been waiting for them to wide in lions going north from Clint Moore, and that’s, I don’t live over there. It doesn’t affect me personally, but my dog’s campus over there, and if I want to go north, I’m like not going to take lions. It’s like a bunch of people that are in a bad mood. They want to go home or they’re on their way somewhere. Right.
Russell Spadaccini:
They live right there. They did finish the last stretch. They did. Yep. They just paved it last week.
Staci Garcia:
Yeah. I don’t even drive over there.
Russell Spadaccini:
They finally, I think that was the longest project aside from 95. Yeah. So 95 is fully done in Palm Beach County, the southern part of Palm Beach County and the northern part of Broward County. So 95 is done, all the expansion is done. Lions Road finally finished. So there really aren’t any other Boca roads that are impacted. All the bridges are finally finished, and yes, it takes a long time, but the investment later on, I mean, it really does make a difference what traffic and you
Staci Garcia:
See you, especially when anything is going on at FAU instead of Glaze being congested. Oh, neck. Yeah. Everybody’s getting off at the FAU exit of 95. Right,
Russell Spadaccini:
Right. Yeah, that was a great call for their part. Definitely. Yeah. They did think that one through, it was very smart. Spanish River, that whole area, the homes at the beginning in the real estate, they were a little bit apprehensive at first, but it’s almost unnoticeable for them.
Staci Garcia:
So one of the things I was thinking about is that how many people do walk to your events?
Russell Spadaccini:
Many.
Staci Garcia:
Really? Yeah. Yeah. There’s a lot. So there was downtown.
Russell Spadaccini:
Yeah, downtown. A lot of the condos, you see the outages coming through. A lot of them are regulars that come, a lot of new people that have never been to the event, and they said that they live in the apartments or houses that are just within half a mile radius of the park. So there is a lot of that. And there is another apartment complex that’s going to be going up right by Bright Line. So the Boca stopped to Bright Line, so that just got approved. So now you’re going to have, I think that one’s five, six units.
Staci Garcia:
Oh, really? Wow. Yeah. Do you know what it’s going to be called?
Russell Spadaccini:
I don’t know the name offhand, but it’s going to be near the library in that footprint one street over and think about all of them that are going to be able to come to the community event, just walk outside and there’s a party.
Staci Garcia:
I was wondering maybe in 2020 when I was showing investment property to my client, and we went by Mallory Square over there, and I was wondering, is it a little bit too close to Bright Line? You know what I mean? Or is it going to be where you’re right in the middle of everything. Right.
Russell Spadaccini:
Almost like New York City.
Staci Garcia:
Right. Then I wasn’t sure. I showed them the, it’s a little town. I showed them the little tiny Mallory Square. I said, it’s kind of cool. It’s very cute. I think our third house was an end, you know what I mean? It was three. And it wasn’t like you were in the middle of a bunch of townhouses and it was reasonably priced, and some of them needed to be redone. It’s new, but it needed to be renewed. But then I showed her where the train was, and she was too close to the train. I’m like, but the station’s going to be a go-to place. I don’t know when though. I mean, I try to keep up with the news of what’s coming, but I don’t know what it’s going to attract. I would think it would be cool in a way, if they’re going to make it a destination. I mean, I know they want bright lines to also be a destination in and of itself while you’re on the way to another destination in another city. So I thought, well, if they make it kind of like a shopping center, but not a shopping center, a place to go eat, hang out, and then let’s say grab your train or then go somewhere, then it’ll be a cool place to live near. But if it’s just going to be grab and go, then maybe not
Russell Spadaccini:
Right. I mean, the good thing about Brightline is if you come early to our event, you can Brightline get off the stop in Boca, and then you have not even a five minute walk to Sanborn Square Park. So people that are coming from downtown Miami, they used it, Fort Lauderdale and Brightline goes to a certain amount of time at night. At night. So I think that as the popularity increases, maybe that time will be a little bit later at night. Because I have heard from people that they’ve gone down to Miami for what you’re talking about. They did the Miami Food Hall and they had too much fun.
Staci Garcia:
They missed
Russell Spadaccini:
The train, and they missed the last train. So they had Uber back. That sucks. So that sucks. So it’s like you’re stuck and no way to get back. So I agree with you that the destination part, if you were doing West Palm Beach and you were a visitor and you wanted to say, oh, let’s check out Bora for the afternoon. It’s perfect. You can do Boca in the afternoon. When you’re done with Boca, you go to Fort Lauderdale, check out that for the early evening, and then just take the train right back to West Palm Beach or back to Miami, and you get the best to South Florida in four stops. Right. And then you have now Adv Ventura. So five. So if you really want to do ADV Ventura, go to the mall and do the Adv Ventura stop. You can do that.
Staci Garcia:
Does it stop at the mall
Russell Spadaccini:
Close?
Staci Garcia:
It takes, do they have a shuttle? Yeah,
Russell Spadaccini:
They do. Yeah, you can do so now with Brightline, they do the, I think it’s five mile electric car ride to and from. So you can put that into the package. And I think that’s what made it more attractive to people because they figured you don’t have to get into the car, drive to Brightline Park my car, take the train. So it’s just easier just to be picked up and shuttled right to the train.
Staci Garcia:
Yeah, it will be great when it becomes a normal thing that people have done and they say, it’s not that complicated. You know what I mean? When it’s a no-brainer,
Russell Spadaccini:
I think it is. I wrote it when it first started, when it opened up in Boca. And during the ride I was like, okay, this is great. Like, so let me start off in Fort Lauderdale. So I got on at Fort Lauderdale and I stopped at the snack station and the bar. So the gentleman said, what would you like to drink? Would you like a cocktail? I’m like, cocktails. You can drink on the train and eat on the train. Everybody tells you you can’t eat and drink. And then now all of a sudden you have someone driving the train for you, and now you’re just free to just do whatever you want, eat and drink. It’s very clean. And then as it was, was going towards Boca, I could not believe how smooth the ride was
Staci Garcia:
Really.
Russell Spadaccini:
It was so smooth and you’re really going fast. And then you can just look out the window and watch it and you’re like, wow, I cannot believe how smooth this ride is.
Staci Garcia:
Do you look over to see all the people sitting in traffic?
Russell Spadaccini:
Yeah. I kind of was like, ah, yeah, you just got the light. We just passed by you, and you get to duck out and see everyone on 95 having to focus on the highway and you’re just sipping a drink and just hanging out. It is a total different experience. And it was enjoyable. And then I was like, you know what? I’m not going to get off at the Boca stop. I’m going to go all the way up to West Palm Beach. Then I had a friend pick me up West Palm Beach, and then we went up to PGA. Oh, nice. And it was perfect. And I’m like, you know what? This is the way to do it if you want to enjoy the time that you have without being focused on the highway.
Staci Garcia:
So there’s a lot of people that used to buy or have recently bought in East Boca towards the beach so that they could come down from their condo, a lot of condos now and walk and eat and walk and shop and then go back into their condo. I feel like that’s moving further west. And we’re sitting in the middle of Royal Palm, which is at Meisner in Palmetto. So the people that want to go to the beach can still go to the beach, but if they want to just go downstairs and have coffee and see and not be in a beach setting, beach setting, then they’re also in a business setting. And so I’ve had people that asked me, and they originally wanted to walk to the beach, but then when they drove down there, they saw, well, maybe I don’t want to be that close. I can still get to the beach. Also, we have shuttles, I forget what are they called? The, it’s like a golf cart. Yeah.
Russell Spadaccini:
I don’t even know the name of the company
Staci Garcia:
Off hand. Can’t think of either. But you can just grab one. So I know there’s 1 55 East where you could just be at the very edge of Meisner Park. So it’s basically at the bottom of your building and you can walk out and enjoy everything that the shopping and the food and the concerts and all the night stuff. But then also go walk home and not feel like you’re living in Meisner Park. Not you’re at the end of it. At the far end of it. So I haven’t shown that 1 55 East, but I’ve had a lot of requests for it.
Russell Spadaccini:
Oh yeah. Oh yeah. There’s a lot of the new glass building going up. It’s fully wrapped in full glass. I was looking at that one last week. And I think that the architecture is what people want these days. They want to see the amenities of the building. They want rooftop. Everything’s rooftop right
Staci Garcia:
Now. Yeah, like a resort.
Russell Spadaccini:
Yeah. Because Miami really, really, Miami started the trend with rooftop, rooftop living. And you go up to the top and you have the bar, you have the restaurant, and you have the swimming pool. And then all of a sudden that migrated towards Fort Lauderdale. Fort Lauderdale has a lot of rooftop amenities now in the buildings and the hotels. And then now it’s traveling all the way to Deerfield and now Boca. So you’re getting that whole rooftop feel, which I never understood why we did not do more of that. When the trend really was in New York City, you go to the rooftop of everything in New York, how come this is the second city to New York? This is New York South. How come we didn’t have that mentality then? But it is coming now. So the architecture to the buildings are changing. You get the full concierge services, you park your car, you have food delivery, they take it up to your apartment, you have all the amenities. I mean, you’re talking complete gyms in the building. And not all the time did they spend all of that thought in creating this really elite gym in your place now. And that’s really what they’re focusing on. And they want that culinary experience. So they’re building out these
Staci Garcia:
The restaurants.
Russell Spadaccini:
The restaurants in the buildings, and they’re also, you’re able to have your chef come to building. Now you can have your masseuse come to the building for the spa. So we’ve really upped the ante with almost like hotel resort living, but you’re in a condo. So that I think is the new trend right now.
Staci Garcia:
Well, given that there’s not that much space, and we’re in East Boca, so the space is more expensive than in West Boca, which Matthew and I talk about a lot. So the more expensive property is east near the beach, there’s no extra space. Every single square foot is taken probably double than what is that West?
Russell Spadaccini:
And that’s why we’re going vertically up in the east, whereas the West, we’re not going up West Poca. A lot of people say, oh, but it’s West spoke. It’s so far. And I’m like, really? I just left the house yesterday almost lying between 4 41 and Lions on Glades. And I went to my yoga studio in East Boca. Take you guess how many traffic lights I hit?
Staci Garcia:
Red ones? Yeah, five, two.
Russell Spadaccini:
Oh, nice. Two. I did it in 12 minutes with no traffic.
Staci Garcia:
That’s nice. 12
Russell Spadaccini:
Minutes. And I’m like, wow. And everyone’s like, but it’s West Boca. But what people don’t realize about West Boca, if you were on the corner of 4 41 in Glades, name a store, every store, I don’t care what store, every
Staci Garcia:
Store
Russell Spadaccini:
Every, it’s the only city I think in south Florida. It has every store you can think of including a Dick’s Sporting Goods. What more do you want? You have all the sporting stores, I mean the restaurants. You have your Home Depot, you have your Lowe’s.
Staci Garcia:
There’s three pet stores in one shopping
Russell Spadaccini:
Center, right? In one shopping center. I mean it has every single solitary store. I mean from a Marshall’s to a Ross to name it, any shoe store. And everyone’s saying to me, can you stop at the beauty store and get this for me and pick it up for me? Can you stop at Dick’s and get me Red Shoe laces for the Super Bowl? My husband needs them because I have everything that is needed in for sure.
Staci Garcia:
I know the stores,
Russell Spadaccini:
I don’t have to drive far. It’s all under a mile drive. And there’s no city that I know of it in south Florida that truly is that unique like that.
Staci Garcia:
Yeah. I’m hoping, and I’ve been hoping this since, I want to say 2015 ish when I lived in Fairfield, which is a military near Palmetto, just north of Palmetto, just south of Boca Center, I was hoping that Boca would get it together and they would connect Boca Center with Town Center and have it one big walking area like they propose. And I was like, oh, cool. This is going to be great. I live right next to it, so I could walk to Boca Center and do all the things there where Tap 42 is now, but also continue walking and then eventually get towards the Hmong. But it didn’t happen for a lot of reasons, I’m sure. But then now you see where they’re starting to get rid of buildings and build, and now my fingers are crossed now that I live across from Cheesecake Factory on glads that they’re going to start building where the Sears is. Do you know anything about that?
Russell Spadaccini:
No. No. It’s funny that you just mentioned that I charge my car at Electrify America at town center, and of course I have a two year free charging, which is great. So I have the Hyundai Ionic five and fully electric. Of course you can’t go gas. You
Staci Garcia:
Could charge at my house any time,
Russell Spadaccini:
And I charge at home too, but it’s on a slow charger, so I don’t always fast charge. But when I’m in a hurry and I’m on a trip, 18 minutes, you can charge it from 10 to 80% and boom, you’re done. 18 minutes. That’s why I bought the car. It’s got the fastest charging. It’s actually better than Tesla, faster than charging than Tesla. And when I drove by Sears, I was like saying to myself, self, what would you do with this space? Would you just knock down that quadrant and do something with it? What would you do? What does Boca need that it doesn’t already have? I mean, we have the theater, we have the mall, we have more shopping centers than we know what to do with. We have housing developments, we have colleges, we have sporting facilities. We have more parks in Boca than maybe some states in the United States. That’s true. We have golf courses, we have the beach. What
Staci Garcia:
Would you put there?
Russell Spadaccini:
Back then, I would think when I was growing up, what would this be? And then I was thinking to myself, I want greenery back. I want green space. And it’s almost like, it sounds funny, but big trees, a park setting, and maybe we make it into bring back the nature and Central Park, bring animals, bring a zoo. Boca maybe needs a zoo. Maybe it needs bring the culture and the nature back together. And I think, remember Boca by Camino? There used to be a zoo in Boca. There was a zoo.
Staci Garcia:
I don’t remember that.
Russell Spadaccini:
There was a zoo. And I think about it, and I’m like, where could we do something like that where we can bring the element in? But that’s not enough space.
Staci Garcia:
And also I don’t know how that’s going to work on bringing in people and money,
Russell Spadaccini:
Right? Well, I think the money’s already here, right? The money is here. I mean, look, Billy Joel just is buying in Boca, it’s reported right now. He picked Boca Ratone. He didn’t pick Fort Lauderdale. He didn’t pick Miami Bezos. He just sold, he’s going to save, I think it was 600 million or 800 million in taxes. And what state does he go to save on the taxes? Florida. That’s like our tagline, right? Save on taxes, come to Florida. What are they? Right? And when you talk about real estate, I mean, think about what I’m going to throw these numbers out at. You think about this. It was 900 people moving to Florida a day. Take a guess what that number is up to now. To the whole state. To the whole state. 2,500. Not quite that high, but we’re up to 1200 people daily to Florida. Moved to Florida, wow. Daily. And you look at these numbers and you’re like, where are they going? They’re not going to North Florida. No, I know. Temp Orlando and it’s South Florida. I mean, we are in the hottest markets still. And it’s not just because of the, it’s obviously because the taxes for the state, but Florida’s a great place.
We can get into the long-term value for your property. It’s holding. And you look at what’s going on in the market. I did have a rare opportunity to meet and chat with the HUD director, which most people don’t really get a one-on-one with the Fed HU director. And you’re talking federal, we’re talking interest rates for the US government. And you’re talking to the man that runs HUD. And that HUD has a lot to do with government mortgages, right? Fannie, Fannie Mae and Freddie, Freddie Mac. And you take a 30 minute conversation and you want to get as much out of him. And I said to him, I’m like back in 2004, 2005, upwards to 2008 when we had the whole housing crash and the interest rates were next to nothing and no money down and just pay the interest. And we don’t need it. We don’t know.
We don’t know how much money you have, but here, sign on the dotted line, take the keys and go. It’s like drive and go, but no here, keys and go. It was literally the wild, wild west. And that wasn’t just the state of Florida. That was the entire United States. So I was giving him my view on real estate. And then I said to him, I’m like, I feel we corrected that problem. And I’m a former IT finance background in the sense I worked for Merrill Lynch on Wall Street. And so I was around very, very smart people. And that’s what the turn on was, is that I like being around smart people. So I learned as much as I could and spent my time with that group, that caliber of intelligence for nine years. And I said to him, I’m like, from my background that I have, I am projecting that it’s going to be basically a non-issue when you have this correction that’s going to be taking place.
And this is before all the rates went up and what we are seeing today. And I said to him, and I am going to tell you why I think that we flipped that all around. And now you can’t get a loan unless you can show your job. How much money are you making? How much money do you have in the bank? What’s your credit score? And if you don’t have that, right, so you couldn’t get a mortgage. So when all these people were taking out mortgages, I looked at it as that that’s real money. Now you have money equity into the home and if the interest rates go up, you’re not in an interest only mortgage. So you already have been able to pay that amount. And I said to him, so I think that we’re going to be good to go. Even with the rates going up with real estate, the prices of the homes will come down in the reverse of the interest rates going up. Prices will come down for the homes. And his answer to me was, it was very simply, it’s going to be a soft landing.
Staci Garcia:
Nice.
Russell Spadaccini:
And I was like, whoa. I hit it out of the park and I, I’m not even on Wall Street anymore. I’m in real estate and marketing and events. And I am saying to myself, here it is. I’m at the bar with this guy was like it. He’s the IT guy. And think about the meetings that he has to sit in on and he knows all the numbers. You see all the numbers at his level. And I think what we’re talking about here in the real estate market in Florida, we’re good. We’re good.
Staci Garcia:
I discuss it with Matthew all the time about what to expect or where are we at if we were on a graph kind of situation. And most of the time I explain that the way I view real estate is you can’t make land number one. And number two, everyone wants to be in Florida. I mean initially weather, but also politically, there’s a lot of people that want their freedoms, whether you’re on one side or the other. They just want to be able to do what they want. And also tax wise, I know my buyers that are coming here from California, they love California, they love the weather. They’re not going to a place where the weather is too different, but they want to keep it warm where they can still do stuff outside, but they want to save their money and keep their money in their pocket or keep their money in their real estate. And also the people that are coming here have always been coming for the same reason because you can live longer in a nicer place than battling the weather and the traffic and the cold, all of the hardships everywhere where it’s cold.
Russell Spadaccini:
And I think what for me, with the demographic that’s in Florida, Florida is a melting pot. I mean, if you walk down Los Solis, you walk down Atlantic Avenue, you go to Meisner Park, you go downtown West Palm, you do Lincoln Road in Miami, you are literally hearing all different languages from around the world. We’re worldly. We have people coming in by ship into West Palm to the Port Fort Lauderdale’s, port Miami’s port. We didn’t even touch on that. And so it’s not even just the airports that we have. We have so many people coming in from different countries that are buying real estate and they come here and they see the convenience of it and how easy it is to fly in and fly out of. I think that’s the other thing.
Staci Garcia:
Yeah, I wonder if I take that for granted. I’ve always taken that for granted because I’ve always lived near the airport. We’re 26 miles from West Palm and from Fort Lauderdale airports. I’ve never been to a place that was far from an airport. But do you hear about people saying, oh, we drove two and a half hours to get to the airport. They don’t necessarily want to travel that often. It’s really hard to get to the airport that’s part of the travel. Absolutely.
Russell Spadaccini:
Absolutely. You add that into the time
Staci Garcia:
Here, it’s like a no brainer. There’s airports and you don’t even think about it. Same thing with the cruise. People plan a whole year in advance to go on a cruise and how are they going to get to the ship and all of that Here it takes you 25 minutes to get to the ship. So you’re not really thinking about it. Do you ever think, oh, I’m going to take a cruise. I don’t even really, when I was cruising a lot, I never thought, let’s take a ship out of another port. I was always a Port Everglades or Port of Miami because you park or you get a ride and your vacation starts on the day of your cruise. It’s not like, how am I going to get there? And then I say overnight and then I go to the ship, which a lot of people do. So here we’re lucky enough to have the ports and not even think about it. A lot of my thought goes into what else can we add? Were you thinking what can we put where Sears is in town center? What else can we add to make this fun? Kind of,
Russell Spadaccini:
But like I said, we have everything we do.
Staci Garcia:
I think it would
Russell Spadaccini:
Be, well not to. We do have, we even have a water park in West Boca, and then you have quite waters park in Deerfield. You can hydro slide. You have the dog park with the dog beach. You have dog parks. Don’t think, I honestly don’t think we’re missing much. I wish it was a little bit hillier so we can hike, but if you want to go up, you’d have to go to the Pompano Beach Landfill trash
Staci Garcia:
Mount Mount
Russell Spadaccini:
Trash, which mount trash. That was my post last week on Facebook because I drove by it and I’m like, wow, it’s very stinky, and wow, that mountain is really getting bigger. It’s huge. Then people are like, well, there’s mountains in north Florida. And I’m like, yes, I know that. It’s a little mountainous up there and everybody thinks that Florida is flat. I’m like, but yes, I guess you guys need to comment down below and let us know what you see for Sears. So Stacey’s on point with that
Staci Garcia:
One. I would like to be something awesome. I originally wanted it to be something like Delray Marketplace where you could walk around and do something outside, but then that kind of fizzled because it really didn’t happen. We don’t necessarily have the bandwidth, let’s say, to have everybody do something outside that they all agree on. So here, it’s nice you have different events and in Meisner downtown where you can go to something that interests you in something that you don’t go to anything fixed. For me, it doesn’t work. Correct. It has to be something you can change out. That’s why your festivals are so popular. You can do tacos and burgers, you know what I mean? Dessert. Oh, without a doubt. Wine events, all of
Russell Spadaccini:
That. We have the eyeballs on it now. We have enough people that are living here and coming here on vacation and snowbirds that still come from Canada and other places. There’s plenty of population. It’s like what you said, it’s what is the missing piece of the puzzle. And I look at it as the same When I drive by a restaurant, I won’t mention the names and give a plug, but I’ve been doing marketing now for almost 20 years, running bo raton.com and what I’ve seen over these years, I could walk into a grand opening for a restaurant and immediately I could say to my friends, they’re going to make it. They’re not going to make it. I can do that on day one. And nine times out of 10, they’re closed within six to 12 months. I don’t know how I do that. But there are some restaurants, like I said, I won’t say the name of the one that’s coming to my head right now, but
Staci Garcia:
You could say the name, who cares? Matthew Drops some names, all
Russell Spadaccini:
The, you want me to name drop? But the thing of it is, is I don’t want them to become more popular, already popular when I want to get a seat or I want to
Staci Garcia:
Get food. It’s like a Seinfeld episode,
Russell Spadaccini:
Right? And I don’t want to blow up their door more than it’s already blown up. It’s like curbing
Staci Garcia:
Enthusiasm when Larry gives out the shortcut.
Russell Spadaccini:
So I can’t say the name because I really like the place, I respect that and it doesn’t need any more business. But what it is is I said to my friend on the phone, I’m like, what is it with this place? You walk inside, you feel at home, it’s very white, kind of modern Miami feel to it. And you say to yourself, self, it’s three 30 in the afternoon on a Monday and it’s full. And there’s people walking in and they’re doing deliveries and there’s people inside outside and they’re eating and you’re like, how are they doing this in Bo Rat tone at three 30 in the afternoon on a Monday,
They’re busy open to close seven days a week. And I’m saying to my friend, I’m like, I do marketing. I’m like, who’s doing their marketing? What products do they have that are that original that you can’t get in other places? And is it a franchise? Is it a mom and pop that is different locations? What is the magic ingredient in this restaurant that works? And let me check out their marketing. Let me go to all of their social media pages and what are they posting? Are they running ads? What is it that makes this place pop? So it’s the same thing I think with real estate. You have all of these avenues to put out your client’s properties. We market them, we put ’em in all these different places for people to see it. And for me, a lot when it comes to real estate, the magic ingredient, it’s not necessarily the property.
I think it’s the agent getting to know the buyer and getting into their head and into their vision of what they want. So we put the property in front of them, we’ve already vetted all of it. We’ve selected the property and we see them in the property with it actually in full swing. And I say that because Sunday at the Super Bowl party, when I walked into the million dollar property, multimillion dollar property, it was furnished. But you have to be an agent that can see it live like a live event in a concert or a festival. And you have to envision the layout when you do the planning. And I put vendors in certain spots, all the vendors will say, oh, make sure you give me a good spot. Why do they want a good spot? They want traffic. And as an agent, what does the seller want? They want buyers to come to look at the property. They want traffic. They want the visibility of it. So us as real estate agents, I think that all of our buyers and sellers are lucky to have us. Why? Because first we know Boca. I don’t think there’s many Veeva that know Boca better than you and I, right? That’s
Staci Garcia:
Why I tell people I don’t feel comfortable selling real estate in another area because I don’t live there. I haven’t lived there since 1986. I’ve lived here since 1986. I’ve been coming here since the seventies. Ask me anything. If I go to try to sell something in another place, I don’t know where the plane’s going to land. You won’t know all of these things. The nuances of
Russell Spadaccini:
The nuances, like what you were saying about trains and the flight path of the planes, planes, trains, automobiles. But I kind of do joke that Boca, Fort Lauderdale is the yachting capital of the world. There’s more registered boats and yachts in Fort Lauderdale than the rest of the United States. And it’s world renowned, and there’s just so much water and boat storage docks and whatnot. Boca does as well. Boca has a lot of fingerlings. And so if you have a client that wants to be on the water, no problem. We have it. And so it’s really the best of both worlds. So I do kind of joke that if you want to get to Boca by boat, if you want to get to Boca by train, do you want to get here by plane? Do you want to get here by car? How do you want to get here?
You can get here any mode of transportation. And I think the finale of that is the colleges, when you want to attract workers, they’re here. They’re right here in the city. And I think when you look at the amount of office space, so the city of Boca just put out a financial update on the office space in Boca and the value and the rent, the amount of available office space in Boca is really closing in. So if you think about that, you’re like, how come Miami isn’t in the news? How come Fort Lauderdale isn’t in the news? How come West Palm isn’t in the news? Boca right now for Palm Beach County is number one for all of Palm Beach County. Boca is closing in and lowering the available space of office space because it’s rented, right? And then you have a lot of that at the old IBM headquarters on motto. And that’s changed over, and it has a new name branded, different businesses going in and they call it brick
Staci Garcia:
For ton. Innovation Center,
Russell Spadaccini:
Center, campus, something. Yeah. Campus. Yeah, campus. But again, and that, and the reason why is because the accessibility. You have the train, you have Tri Rail right there. You have 95 right there. Now they’re doing the apartments that are going to be there. So
Staci Garcia:
Every time I go over there, there’s a new apartment building,
Russell Spadaccini:
New apartment building, it’s all built up. When I used to work at Sematic on the corner of Yamato and Congress, our offices were there and I’m like, God, they’re moving us here from Deerfield and whatnot. We’re like, well, there’s really nothing around here. It’s not that convenient. Well, that’s not the case. Now, if you want to live across the street and work and just ride your bike across the street to work, sure you want to go to the restaurant, you want to get on the highway, it’s perfect. So yes, we changed that footprint for Boca when it comes to the available office space. So I think that’s the other thing. When people ask about real estate for Boca, I tell everybody, if you want to buy in Boca and you want the convenience of it, and you want to open up a business or you want to find a job, you go online and you look at the available jobs, you’ll find a job. We do have people ask what companies are there, what businesses? And we have it all. There’s not many places there that are Boca when it comes to that. So that’s why when you ask, I’m going to go back to Sears again. When you ask what will we put in Sears, nothing really pops out in my head because I don’t think there’s anything that we’re missing as of
Staci Garcia:
Right now. I think we’re missing a couple things. Go for it. Shoot. These are off the chart completely in my brain, which is very out of the box. Number one, we’re missing. This is something I’ve been wanting forever. It doesn’t exist. So I’m making it up. It would be like a box store like Sears. Okay, so what we’re going to use the Sears footprint and in it is everything that you want to do to get done during the day, but you work during the day and you don’t have time. And by the time you get home and feed the kids or whatever you do, everything’s closed. So it’s a place that you can do all the things you need to do, but it’s open all night long and it is a post office and a salon and a spa and a supermarket. It’s everything. It’s everything. It’s everything. It’s one of everything.
Russell Spadaccini:
It’s one of everything. So I think that that concept could work. And the reason why I say that is, is that all of these big markets, unless you have a lot of foot traffic, which I love the word foot traffic because it sounds really good, because you don’t have to hear the car traffic, foot traffic doesn’t bother me. And I do miss the foot traffic. I lived in New York City for nine years, and when people say, do you see people walking and biking in Boca? I’m like, yeah, but not a ton of people. You go down to the beach, you see people running, biking, walking. Yeah, you see a lot of that there. But when you talk convenience and Stacey’s on it, a lot of cities, they close down at 10. New York City, what do you want? You want breakfast at three o’clock in the morning, five minutes.
Your doorbell is rung at your apartment and done, right? There’s not too many places in the world that you can get 24 7 service outside of New York City. But I like the concept and it goes along kind of what I would like to create. At one point, I wanted to create at one point in time, and that was available space that isn’t being used and turn it into a quasi market. So all different types of vendors come and co-op what they do in California. So it’s almost like the flea markets that they have in New York City, union Square, they do the market. So in New York City, I’d go to the Union Square and it’s like what Stacey’s saying, minus of course minus the massages and all of that. But they have the farmer’s market and they have different vendors that are there. So I thought it would be great to, because in Florida you have the inclement weather.
So in the summertime you have a lot of the rain, it’s hot in the summer and it’s unenjoyable as the winter. And then you just make it inside and you put it eclectic, diverse group of different vendors inside one venue, and you change it out. You constantly change it out and put in new vendors. So it’s never the same. It’s not Groundhog’s Day. Love the concept, love the idea. And yes, it could work. It’s just having the other person match the vision. Because these days you look at the square footage and it’s all about the money, and it’s about how much money can they make and how fast can they make that money. And it’s not all about giving back. And I think that’s missing
Staci Garcia:
In my vision. These are businesses that already exist in the regular market and also in the marketplace and in Boca. And also during the regular business hours, they just have an extra drop off. There’s an extra spot extra. And this is the night market.
Russell Spadaccini:
Ooh, that’s like the Boca night market. That’s what Boca the first. I mean,
Staci Garcia:
My kids ask me because they’re almost 18, 19, 20, they say there’s nothing to do at night. I’ve always been saying, bring everybody here. My house is the house for everybody to come over, bring everybody here. There’s nowhere else to go. There’s nowhere safe in my opinion. I’m not saying it would be a teenager or a 21-year-old thing, but there would also be an element to that where it’s kind of a safe place indoor where if someone wants to go somewhere at 2:00 AM
Russell Spadaccini:
Do you know what my crazy, I have another business idea for Boca, and I was saying to myself, if I want to get into a jacuzzi right now, right? I’m visualizing a jacuzzi. And I said, wouldn’t it be cool that you just drive down the street and open up the door and just dip into the jacuzzi for 30 minutes and just do 30 minutes of meditation, have the incense going and the music going, and you’re in the jacuzzi and you’re literally just dipping out of the world for 30 minutes. And I would just want one venue that has mini jacuzzis and it’s for one to two people and there’s maybe 10 pods. And it’s almost like the hot yoga where they do the pods at Meisner, and you go in and you get your own little box and you set the temperature and you put the video on that you want to do the yoga to. It would be the same concept, but it would be just jacuzzi.
Staci Garcia:
Interesting.
Russell Spadaccini:
And that’s like my little zen. I love waking up in the morning, grabbing a cup of coffee, putting on some chill meditation music, and just letting the bubbles take my day, take my day away just for 30 minutes and to awaken like that. And I’m like, that’s a concept that does not exist. It’s completely a little out there, but you know what? I think it would be an absolute hit. I think it would be so busy and you turn it into a club, you got a membership, you get to go X amount of times you book the time
Staci Garcia:
Spot. Yeah, I think that the night market idea that would fit, but the night market idea would also be a club. So in a way, you would need to show your club membership to get into the night market that way it wouldn’t just be like a Costco because I wouldn’t want just any random gang people or anyone. I wanted it to be safe. You have to, I don’t want to say you have to say you have this much money or anything, but it would be a membership only night market so that people would have to join and they would risk something in order to get in. You know what I mean? Right. Well, you have
Russell Spadaccini:
To pay to play. I mean, if you want to be a part of it, you have to. Yeah,
Staci Garcia:
Because I don’t want the element of transient and I don’t want the element of, oh, I have nowhere else to go. Correct. I would like people that are going there to be, have intention. They want to go there on purpose to get things done or to chill out or whatever The reason is not just to a last minute thought or somewhere to abide time. Correct. This is actually an intended audience I’m looking for. Oh yeah. People that can’t get it done during the day or people that can’t sleep. It’s like insomniac cafe,
Russell Spadaccini:
You know what I mean? Yes. And I think you’re onto something because what people forget is that there are people that work at night and they sleep during the day. Vice Avis, they have different times how they work. And not everybody has that convenience. And especially if you have kids, the complexity of that and what you have to do. And there are a lot of night owls
Staci Garcia:
And
Russell Spadaccini:
They want to do something at night and why not? I mean, hey, I worked for Walmart. You remember 24 7 Walmarts. I don’t know if they started that back up again, but remember that, I mean, you’d go into Walmart at three o’clock in the morning, you’re like, what are all these people doing here at
Staci Garcia:
Greek? Right. Same thing with the Scandinavian, which was Valleys it been 24 hours. 24
Russell Spadaccini:
Hours. Remember that? My God.
Staci Garcia:
So that’s part of what we’re missing, in my opinion. We used to have
Russell Spadaccini:
That. Yeah, we had it. I mean, yeah, we had it at a certain level with certain services and could it work? Absolutely. I mean listen, there’s nothing to lose, right? I mean it’s other people’s interests and who doesn’t want to go that route? It’s like I said, you make it so that you constantly change it up, keeping it fresh
Staci Garcia:
And in those elements. Also, in my theory, in my thing, we’re using Sears so it wouldn’t change the footprint and it wouldn’t change anything. It would just be something that comes alive at night. And if it didn’t work, then nothing. There was no growth. You know what I mean? There was no change. The parking lot’s already there. The structures would just be
Russell Spadaccini:
Structures
Staci Garcia:
There. So if it didn’t work downside, then you can change to whatever you want. Correct. This is just a different version of what’s already,
Russell Spadaccini:
Well, even if you did a little build out on the inside and made it, made the environment and created the environment, you do it in a pod. You do it in a pod concept, and you build out the conceptual store, sort of like how Ja world in Fort Lauderdale where they built out all the stores inside the building and they made it into a pseudo indoor business center with all different types of businesses inside. And you’re like, wow, I feel like I’m in a monopoly game, but I’m in Ja world and I’m learning banking and I’m learning
Staci Garcia:
This. Yeah, that’s a pretty cool place, by
Russell Spadaccini:
The way. Yeah, it’s very cool. I’ve done quite a few events there, but kind of look at it as like a Disney world acot kind of feel and you just do a build out and you create your little pod inside the store and you can easily change it out.
Staci Garcia:
Alright, well that’s all of our time and thank you Russell for hanging out with me. If you guys have a thought about what’s put where Sears is in town center in the center of Boca, then let us know and we’ll see you next time.
Speaker 3:
The future looks bright and the storms pass by the sky’s dark blue When it’s almost that time, light shows cameras flash when I pass living in the moment, forget about the pass. They saved the best for last. Matthew mania. We about to make a splash. Life is a marathon full of sharp turns, got to keep pace while the hands on the clock turns high stakes. Five star running. I run a show. You could tell the electricity energy if I, I’m always on time. Even if making I make dreams come true. Living my life. Hope the same for you. Got a real clear view. If you don’t know the time, I give a clue
Speaker 4:
What,
Speaker 3:
Whose time, it’s what time. It’s man. The time says, you know what time it’s, you know whose time it’s, you know what time it’s man. Yeah. Got him shook, scared. Can’t look. We’re not afraid of the big bad wolf.