Speaker 1: Broadcasting live to New York, Bloomberg eleven Brio to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco,
Speaker 1: Bloomberg nine to the country. She is at DAMN Channel
Speaker 1: one nineteen and around the globe the Bloomberg Radio plus
Speaker 1: dav and Bloomberg dot Com. This is taking stock from Saratoga,
Speaker 1: California to Detroit, Michigan. There's several We'll get a couple
Speaker 1: of thousand miles in between. There's also a very large
Speaker 1: price gap. The average cost of a homeward almost two
Speaker 1: and a half million dollars in Saratoga. That's because of
Speaker 1: Silicon Valley. Compare that with Detroit, Michigan sixty four thousand dollars.
Speaker 1: We're gonna be speaking to the new CEO of Coldwell
Speaker 1: Banker about their latest survey and housing market sentiment. I'm
Speaker 1: Kathleen Hayes and I'm Pim Fox. Let's go right now
Speaker 1: to Charlie Pellett in the Bloomberg newsroom for Bloomberg Business Flaghand.
Speaker 1: I think very much, Pim Fox. We have got twenty
Speaker 1: nine minutes to go ahead of the close this update. Bronch,
Speaker 1: you buy National Realty Managers of New York City cash
Speaker 1: Flow real Estate, providing you twelve percent annualized returns with
Speaker 1: immediate monthly distributions. See them at n r i A
Speaker 1: dot net. Stocks slipping from near records after European Central
Speaker 1: Bank President Mario Draggy downplayed the need for more stimulus
Speaker 1: measures to bolster growth. And now we've got the SMP
Speaker 1: down four points to twenty one, a drop there of
Speaker 1: two tents of one percent. Down, industrials down forty six,
Speaker 1: a decline of three tents of one percent, and has
Speaker 1: stack down twenty three, a drop of four tents of
Speaker 1: one percent. The tenure down twenty thirty seconds had yield
Speaker 1: one point six one percent, Gold down seven fifty the
Speaker 1: ounce the thirteen thirty seven to drop there of six
Speaker 1: tents of one percent. Crude oil surging four point three
Speaker 1: percent after the inventories report up a dollar nightt six
Speaker 1: of arrel West Texas Intermediate now at forty seven forty seven.
Speaker 1: If you want to put your finger on the pulse
Speaker 1: of the global economy, to talk to an airline executive,
Speaker 1: Bloomberg News spoke this morning with Sir Tim Clark, President
Speaker 1: of Emirates it's tough and at the moment is getting
Speaker 1: a little bit tougher. The global economy is is patched geographically.
Speaker 1: We see full off in GDP in many of the
Speaker 1: country to developing markets that we thought would come ahead
Speaker 1: and move ahead happen South America, Africa to the extense.
Speaker 1: So we're having to deal with that. But that's not
Speaker 1: to say that people are still traveling an airplanes. They are,
Speaker 1: but they're paying us less, so I'll yields a down.
Speaker 1: The result of that Pier one imports falling the most
Speaker 1: in nearly nine months after the home furnishings retailer said
Speaker 1: at second quarter loss would be wider than expected. And
Speaker 1: now at three thirty two on Wall Street, let's look
Speaker 1: at the other stories making news. Thank you Charlie from
Speaker 1: the Bloomberg Newsroom. I'm Joel Schneider. This news update is
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Speaker 1: get prime Time free for your next all hands. Speaking
Speaker 1: to reporters in White Plains this morning, Democratic presidential nominee
Speaker 1: Hillary Clinton bashed Donald Trump for his praise of Russian
Speaker 1: President Vladimir Putin. Clinton says many former presidents would be
Speaker 1: left shaking their heads. What would Ronald Reagan say about
Speaker 1: a Republican nominee who attacks America's generals and heaps praise
Speaker 1: on Russia's president? I think we know the answer. According
Speaker 1: to the Purple Slice online poll for Bloomberg Politics, Trump
Speaker 1: is backed by fifty of whites with no more than
Speaker 1: a high school diploma, compared to thirty three percent for
Speaker 1: Hillary Clinton. The Smithsonian has nabbed a big name for
Speaker 1: the opening ceremony of its new museum. Nathan Hagar has
Speaker 1: details from the Bloomberg newsroom in Washington. It's none other
Speaker 1: than President Obama. The Smithsonian confirms, the nation's first African
Speaker 1: American president will speak at the opening ceremony of the
Speaker 1: National Museum of African American History and Culture on septembery.
Speaker 1: Joining the President at the festivities, first Lady Michelle Obama,
Speaker 1: former President George W. Bush and his wife Laura, Chief
Speaker 1: Justice John Roberts, and civil rights icon Georgia Congressman John Lewis.
Speaker 1: Nathan Hagar, Bloomberg Radio Washington officials unveiled a design today
Speaker 1: for a performing arts center at the World Trade Center site.
Speaker 1: It will be called the Ronald O. Perlman Performing Arts Center.
Speaker 1: Perlman donated seventy five million dollars to revive plans to
Speaker 1: build the center. Global News twenty four hours a day,
Speaker 1: powered by more than journalists and analysts in more than
Speaker 1: one twenty countries. I'm Jill Schneider. This is Bloomberg, Charlie,
Speaker 1: and we thank you. In the SMP five hundred index
Speaker 1: down four now a drop of two tenths of one
Speaker 1: percent down, Industrials down forty seven, a decline of three
Speaker 1: tenths of one percent. I'm Charlie Pelt. That's a Bloomberg
Speaker 1: business flash. You're listening to taking Stock with Kathleen Hayes
Speaker 1: and Pim Fox on Bloomberg Radio. Hey man, I'll be
Speaker 1: too surprised to learn that the top ten most expensive
Speaker 1: markets are actually all in one state and one part
Speaker 1: of one stadium. Talking about cal Fornia Silicon Valley and
Speaker 1: actually looking at the latest survey of Cold World Banker
Speaker 1: real Estate It's home Listings report, and uh, look at
Speaker 1: again the most expensive, the most affordable markets were happy
Speaker 1: to welcome now to the show. Charlie Young. He's the
Speaker 1: relatively new president and CEO of Cold Cold Banker real Estate. Charlie,
Speaker 1: welcome to the show. Well, thanks to bringing I'm very
Speaker 1: happy to be here with you. Well, and you're at
Speaker 1: a company that you've worked at for some time, worked
Speaker 1: out and you've certainly been in real estate over the years,
Speaker 1: so this is I'm sure it's an achievement for you
Speaker 1: to to reach this head possession. What do you most
Speaker 1: want to do as CEO of Cold World Banker. Well,
Speaker 1: I'll tell you what the Coal Banker brand is is
Speaker 1: one of the great brands, not only in real estate,
Speaker 1: but in in American culture, where a hundred and ten
Speaker 1: years in running, we're going strong. And I think for me,
Speaker 1: my focus is on how do we point the brand
Speaker 1: forward in UH into the future. A lot of change
Speaker 1: happening in real estate markets, a lot of change happening
Speaker 1: with consumers as well, and want to make sure that
Speaker 1: we're best positioned to serve those consumers going forward. Charlie Young,
Speaker 1: what is the Home Listing Report? What does it tell
Speaker 1: us about homes in the United States? Well, I'll tell
Speaker 1: you why. First, let's let's start here. The Home Listing
Speaker 1: Report is a comparison. In fact, we believe it's the
Speaker 1: most comprehensive home price in comparison tool on the market.
Speaker 1: And what we do is we take a four bedroom,
Speaker 1: two baths home and we we compare that price markets
Speaker 1: across the United States. And so what it does is
Speaker 1: it gives consumers a great sense of what we would
Speaker 1: consider would be the average aspirational housing for the average
Speaker 1: American family today, and we can compare that market to market. Well,
Speaker 1: this goes to show your your challenge to me in
Speaker 1: California then, because the average aspirational American probably is not
Speaker 1: thinking of spending over a million dollars. But if you're
Speaker 1: anywhere along the coast of California, if you're around on
Speaker 1: Silicon Valley, uh in your top ten most expensive plas
Speaker 1: Gatos one point four seven million, Saratoga two point four five,
Speaker 1: I'm assuming you can sell, you know, as long as
Speaker 1: the as long as the Silicon Valley continues to be
Speaker 1: what it is and the money keeps flowing, you're fine.
Speaker 1: But when you look at the rest of California, is
Speaker 1: it is it a little bit more challenging because so
Speaker 1: many people have been priced out of the market. Well,
Speaker 1: I'll tell you what I think you're You're right on
Speaker 1: relative to our top ten. When you look at Sarahtoga
Speaker 1: California at two point five million dollars, that is a
Speaker 1: big price point. But understand this, it is right down
Speaker 1: the street from Apple, Google, UH and Facebook. It is
Speaker 1: the epicenter of Silicon Valley. And you've got all of
Speaker 1: the things that be to a really hot real estate market.
Speaker 1: You've got great jobs, high paying jobs. You have little
Speaker 1: room for new development so there's limited housing stock. You've
Speaker 1: got great lifestyle UH and and quality of life sting
Speaker 1: in California you can be outdoors twelve months and year.
Speaker 1: So all of those things point to a really rich marketplace.
Speaker 1: When you look at California as a whole, at average
Speaker 1: sales prices in the low five hundred thousands for the
Speaker 1: entire state of California, and then if you look at
Speaker 1: the entire homeless the report UH the average sale price
Speaker 1: for markets for U four bedroom, two bath home is
Speaker 1: three hundred and twenty thousand dollars. I think the thirteen
Speaker 1: hundred markets in the United States that you can live
Speaker 1: in for that price or less. So you know, America
Speaker 1: is still a very affordable country. And as it relates
Speaker 1: to housing now, I noticed that as far as the
Speaker 1: ten most affordable markets, So one of the things to
Speaker 1: note is that they are within commuting distance to major
Speaker 1: metropolitan regions. Tell us about where to go in Florida
Speaker 1: and Georgia if we want affordable housing. Well, if you
Speaker 1: look at that list of the top ten most affordable,
Speaker 1: number ten comes in and in a town called Plotka, Florida.
Speaker 1: It's within hour's drive of Jacksonville, Florida. Jackson's got a
Speaker 1: good economy that's got a strength and health care, in
Speaker 1: shipping and in military. And so if you are someone
Speaker 1: who's just getting started out and you don't mind a
Speaker 1: little bit of a commute, Pelca, it's a great a
Speaker 1: great spot to be. In Georgia, it's Augusta, Georgia, and
Speaker 1: I think when we think of Augusta, we think of
Speaker 1: the Master's Um, and there's a great quality of life,
Speaker 1: great culture in that city as well. But I think
Speaker 1: there's a theme here too. If you look at the
Speaker 1: most expensive markets and the most affordable markets, there is
Speaker 1: a common theme, and that is close access to jobs, culture,
Speaker 1: quality of life. It can be had at both ends
Speaker 1: of the spectrum. Well, I know, were Pennsylvania and scrant
Speaker 1: Pennsylvania really well, and I would submit to I don't
Speaker 1: think they're close to anything much bigger themselves, but they're
Speaker 1: growing and interesting. Uh communities. What is your biggest hope?
Speaker 1: Are you hoping that some new kind of transportationally built
Speaker 1: so that people can find homes in affordable areas but
Speaker 1: commute quickly, easily and cheaply to some of these larger metropolitans.
Speaker 1: Area is that in many cases are going to be
Speaker 1: an hour or two hours away. Now, I think really
Speaker 1: with it with a homeless report, we're trying to provide
Speaker 1: information that it's useful to consumers. So often when we
Speaker 1: look at pricing and housing in America, which becomes the
Speaker 1: focus on the ultra high end, we also look at
Speaker 1: media and the household cost of a house, which is
Speaker 1: stewed often by a marketplace because you're taking the average
Speaker 1: and not uh you know this this aspirational family home
Speaker 1: of four beds, uh two baths, and so I think
Speaker 1: like you can get you know, for instance, you can
Speaker 1: get the entire lists at Coldball Banker dot com backt
Speaker 1: uh slash um HLR and that the consumer is a
Speaker 1: good sense of where their market banks or where they
Speaker 1: might be thinking of of moving. Thank you very much.
Speaker 1: Charlie Young is the president and the chief executive of
Speaker 1: Cold World Banker real estate subsidiary of Religy. This is
Speaker 1: Bloomberg fiduciary advisor, fiduciary responsibility, fiduciary rules. Are they doing enough?
Speaker 1: Maybe not coming up? Elliott Wislooth of High Tower Advisors
Speaker 1: on Luberg Radio