There's a lot of money available, he said. People have money and I don't know where it came from. You know, the last thing you would think people would be doing is buying real estate. It is totally counterintuitive. He said it was incredible. The market in New York was down for a minute. It was soft right before COVID. It popped up like crazy. Flagg says that the state of the real estate market is seemingly unpredictable and anyone who argues otherwise is full of it. There is no answer, he said. This could go on for another 10 years. Flagg said that not much has changed since the Pandemic when urban residents flocked to the suburbs and demand was blatantly urgent. Inventory is still low in his primary market of Beverly Hills.
Flagg shared last week that he had four showings on a $30 million house, which is practically unheard of in that high of a price range.
He said he's never had four showings on the $30 million house before. Because there's just not that many buyers at that price point. This is why people are having such a hard time getting houses because they're being outbid left and right. Flagg introduced his new spinoff Million Dollar Listings Los Angeles: Josh and Josh, which dives into the personal and professional lives of Flagg and his real estate partner and former enemy Josh Altman.
It took a long time to get together. He said we're best of friends now. We're on the phone three times a day. We do a lot of business together.