Stephen A. Smith

And it's not getting better, I have to think, right? Anecdotally, at least.

But we may never have that kind of granular data ever. But I will say, you said 17%, it is closer to 18%, because it's like 17.8 or 17.9, which again, six times the national decline. That is in the Miami metro market. A market that has how many real estate agents, Michael?

But we may never have that kind of granular data ever. But I will say, you said 17%, it is closer to 18%, because it's like 17.8 or 17.9, which again, six times the national decline. That is in the Miami metro market. A market that has how many real estate agents, Michael?

But we may never have that kind of granular data ever. But I will say, you said 17%, it is closer to 18%, because it's like 17.8 or 17.9, which again, six times the national decline. That is in the Miami metro market. A market that has how many real estate agents, Michael?

It's still a big number. I remember Peter Zalewski from Condo Vultures had told me, around the time of the Great Recession, 2007, 2008, there was about 20,000 and change registered real estate agents in the state of Florida. And now it's over 60,000. So that is tripled in less than 17, 18 years. It's remarkable.

It's still a big number. I remember Peter Zalewski from Condo Vultures had told me, around the time of the Great Recession, 2007, 2008, there was about 20,000 and change registered real estate agents in the state of Florida. And now it's over 60,000. So that is tripled in less than 17, 18 years. It's remarkable.

It's still a big number. I remember Peter Zalewski from Condo Vultures had told me, around the time of the Great Recession, 2007, 2008, there was about 20,000 and change registered real estate agents in the state of Florida. And now it's over 60,000. So that is tripled in less than 17, 18 years. It's remarkable.

Also we're dealing in a state here where despite growth being like our sole industry and whether that's tourism, whether that's real estate, we have a legislature and a governor, Ron DeSantis, who have been, as you guys put it, augmenting federal immigration efforts with one of the toughest state crackdowns in the nation. Just this past week,

Also we're dealing in a state here where despite growth being like our sole industry and whether that's tourism, whether that's real estate, we have a legislature and a governor, Ron DeSantis, who have been, as you guys put it, augmenting federal immigration efforts with one of the toughest state crackdowns in the nation. Just this past week,

Also we're dealing in a state here where despite growth being like our sole industry and whether that's tourism, whether that's real estate, we have a legislature and a governor, Ron DeSantis, who have been, as you guys put it, augmenting federal immigration efforts with one of the toughest state crackdowns in the nation. Just this past week,

Taskforces consisting of federal, local and state law enforcement have arrested over 1,100 suspected quote-unquote criminal immigrants. So you have a generally unwelcoming kind of atmosphere in a state where we rely almost solely on that outside income. So how is that contributing to the fear factor here?

Taskforces consisting of federal, local and state law enforcement have arrested over 1,100 suspected quote-unquote criminal immigrants. So you have a generally unwelcoming kind of atmosphere in a state where we rely almost solely on that outside income. So how is that contributing to the fear factor here?

Taskforces consisting of federal, local and state law enforcement have arrested over 1,100 suspected quote-unquote criminal immigrants. So you have a generally unwelcoming kind of atmosphere in a state where we rely almost solely on that outside income. So how is that contributing to the fear factor here?

We're here in downtown Miami, right near the Brickell neighborhood. And anecdotally, what's happening right outside of our window, according to your article in Bloomberg.com. One Miami real estate agent told you that in recent months, two thirds of his clients in the high rise luxury market in the Brickell district have scrapped plans to buy. Two thirds.

We're here in downtown Miami, right near the Brickell neighborhood. And anecdotally, what's happening right outside of our window, according to your article in Bloomberg.com. One Miami real estate agent told you that in recent months, two thirds of his clients in the high rise luxury market in the Brickell district have scrapped plans to buy. Two thirds.

We're here in downtown Miami, right near the Brickell neighborhood. And anecdotally, what's happening right outside of our window, according to your article in Bloomberg.com. One Miami real estate agent told you that in recent months, two thirds of his clients in the high rise luxury market in the Brickell district have scrapped plans to buy. Two thirds.

Another said that demand isn't only down substantially among visa holders, but supply is also growing because some owners who don't have permanent residency are, as you said earlier, looking to sell their homes here and then buy in Europe or Latin America instead. Are we headed for a total... Now, by the way, one would argue in this... Miami has always subsisted on these boom and bust cycles.

Another said that demand isn't only down substantially among visa holders, but supply is also growing because some owners who don't have permanent residency are, as you said earlier, looking to sell their homes here and then buy in Europe or Latin America instead. Are we headed for a total... Now, by the way, one would argue in this... Miami has always subsisted on these boom and bust cycles.

Another said that demand isn't only down substantially among visa holders, but supply is also growing because some owners who don't have permanent residency are, as you said earlier, looking to sell their homes here and then buy in Europe or Latin America instead. Are we headed for a total... Now, by the way, one would argue in this... Miami has always subsisted on these boom and bust cycles.

And it seems that the pandemic boom almost artificially kind of extended this last boom. So you can argue that we're overdue for a correction, as the kids say. But does it seem imminent?