Liz Culley

Image of Aaron Pfeffer
Aaron Pfeffer
HubSpot Video

Good morning, everyone. Thank you for joining us. 30 minutes with Spyglass lending. We have an incredible guest today in awesome, amazing guests. We really appreciate her being here. She is the executive director of entertainment at Conde Nast. She is also a podcaster herself. She's got one coming up we're going to talk about is called Cool, cool, cool that she's launching shortly. She is a world traveler. She is a fellow Angeleno. And more importantly, she's a fellow tennis aficionado. And I think we should start there. Welcome to the podcast. Liz Kali. Thank you. Thank you for being here.

Thank you for having me. How fun is this? This is I have my my headphones. And just so I don't mess with your audio. I want everything to be as perfect as possible. Erin.

Looks great. Sounds great. We appreciate it greatly. Let's talk tennis. I mean, we gotta get right into it. Because I'm nothing but you haven't even like going on your Instagram because I'm just jealous of where you've been what you do. Where was the last one you were at? I mean, the big event and who just Oh,

big event? I was gonna say well, I played tennis last night. I was at Indian Wells, which was super fun. I was there for the finals. And that was really great tennis to watch. And it was my wife's birthday. So it was a nice treat for her. And yeah, it was super The weather was perfect. Like it was we were in tennis paradise.

Yeah. The weather is always perfect. And everybody looks great. And everyone's tan Happy birthday to your wife, by the way. Fowler. And so you were there for the finals, which of course is always incredible. And yeah, who would you say? I mean,

why so Alcazar and Rafa which was like Master and student playing each other. I mean, it was so it was so great.

I mean, you guys still do it. By the way. He's like, 65 years old? No, he's

37. He's 47. Three and

feel 73. So

because you have 100 children, which, which is why he's so this is interesting. You know, I love doing like a deep dive on anyone, really no matter if it's tennis or otherwise, but while we were watching, you know, I was kind of like Googling and I'm like, God, how old? Same kind of question is you like, how old is Rafa? Like, how long has he been doing this? He's 37 years old. He got married in the quarantine, or during quarantine to his long, long, long time, love. And he said that he won't have children until he retires. Because he wants to vote. He can't focus on both. And you having just keep popping them out. I think

if you have three, like you said you have 100 Although Federer does it, I think what does he have? He has four kids, right? And he travels around the world.

I think Ross has a different kind of guy. Yeah. But it was fun. You know, it was it was fun tennis to watch. You know, it was just great. Eega like crushing it. You know what I mean? Just taking the whole thing that was really fun. Because I had actually been there previously, in the week. This was a wild week, I was there, drove back to LA, and then drove back for the finals weekend because I was throwing an event earlier on the week. So it was a big tennis week. And it was great because I saw Maria play. And try to think now who was she was playing but the other person got hurt. That's the fun thing about tennis is it's like it really is luck of the draw, you know, anyway, but we can talk about tennis forever, but it's definitely a fun.

We're gonna talk about a little bit more because I want to hear how often you get to play you said you played last night? How often you least get out on the court. And let me feel great about it. Because we three young children, I don't know, I get out there once a quarter.

Okay, so here's the fun part is that I'm actually pretty bad at tennis. So I played as a kid, but you know, my friend group is very focused. And I, I advise and I sit on a board of an incredible TENNIS Magazine, which I have to plug called racket, which if you don't subscribe, I highly recommend. And so my wife and I have been taking lessons and we we play about two to three times a week. And I'm still pretty bad

lessons at all, or is it just YouTube going? Oh,

it's like all our friends. Oh, yeah.

So you're out there like getting run around by somebody?

Yeah. Last night. I had a lesson tomorrow morning. I have a lesson. We do go to Burbank and hit the ball machine. You know? Yeah. flinger sponsor me.

I love it. So you are on the board of ragged and and as we mentioned at the top of the podcast, you're launching yet another one, although you are currently the co host of two. Right?

Well, yes. So I had a podcast. I was a co host on a podcast called scissoring isn't a thing which was an LGBTQ plus entertainment podcast produced by embassy row who does like Watch What Happens Live and it was very integrated into the Bravo world Miko HOST what is Andy Cohen's longtime assistant? So we had a lot of Bravo labs on and that ended, we're totally fine and there's no podcast drama. It just just, you know, we did it two and a half years and you know, Darren, my previous co host was really focused on True Crime stuff that's really her passion. And I'm a little bit more all over the board. So I that I was a co host on and then it's a very long story that we don't have time for. So you'll have to have me on again. But I reconnected with a childhood friend who is like major in radio. We because Facebook Instagram didn't exist. When I was in high school. We lost touch and then came back together. Her name's Taylor stripper. She was the original Sirius XM host of Cosmopolitan radio. She was like right across the hall from Howard. I'm a co host every Tuesday on her show now. So yeah, and then Cool, cool, cool. My new podcast, which is God knows what that's going to be about is coming out in June. So I have a lot going on. I don't have kids.

You have kids, you get anything you want, I guess, including all of those podcasts. But you mentioned, you're not sure yet what it's gonna be about, but I gotta assume there's some idea, right? I mean, it's a hell of a title. I love the title.

Well, thank you, I it's something that I say quite often. So you know, it's gonna be really reflective of what I like, and my life and, you know, I'll definitely continue to highlight and uplift, you know, queer LGBTQIA plus, and basically not white people. Interviews because that's something I've always been very passionate about, and something that I love to do. But it'll definitely be pop culture fun stuff. I'm doing a whole deep dive episode on Tupac. I love Tupac. Like, literally love to,

you're guaranteed to be turned on 93 Five at any time of day to hear to barks on every third possibly the fourth song that's on there.

Or you could just skip K day and go straight to Spotify. Like I did. Let's just go look, literally I just opened up Spotify. All Eyes On Me All Eyes On Me however I'm really into the hearts of men highly recommend 10 out of 10 really rotating it back these days. In fact, my wife and I walked down the aisle to Tupac. Yes that like I'm not kidding around. This is not like a fairweather

demanding that you're doing that over she like I'm doing this for you? Because I love you.

I think she was just like, This is so you. I mean, my 30th birthday. She got me an entire cake from cake and art in Los Angeles of an entire bust of Tupac. Oh, that's so cool. It was sick.

It was sick. You should probably marry her all over again.

No, I can I can't afford it right

which we're going to talk about real estate Los Angeles and save some of that for that obviously but when do we lose it was 96 Right it's been that many years since he's been born and still touches us all so that

is great. I just inquired how much it would be to have the hologram at my now 40th birthday.

Like they did at Coachella was that what it was right if I yeah,

I know the dude who did it like whose company it is and what's your the number well I don't know yet I just hit him up

yes What do you think it cost just to see like him for five minutes?

I think well first of all if I'm bringing I just want full concert. I actually you know what I would do is I would have them reenact because there's video and audio of House of Blues concert all in 1995 I believe it was right up there on Sunset for they got rid of it and I would want the entire thing redone again. I don't know I'm thinking like a V I'm thinking at minimum 50

Right. And that's hard cost every penny and great plug for the House of Blues I missed that place a lot of good nights there. I don't know why they ever go

yeah though. I definitely went there and there was a shooting the last time I went DJ Mustard YG Yeah, used to live right underneath it. I've had a lot of times I've I've I've shot a mini documentary with Mac Miller there Meo. Yeah, I used to shoot when I worked in production. I used to I shot a lot there i and almost got shot. It was what a time

and what part of town and you and now

I live right by the grove. So you know, I just will never buy a home because I forget to go to the grocery store and go to Erawan at least once a week. And yeah, spend my afternoons it's free. Roni drinking, things that aren't on the happy hour because I just refuse to save money apparently,

in both of those places will definitely put a dent in your down payment. But have you been looking? Have you been out there? Actually? Yes. Okay. And how long have you been out? How long have you been in the marketplace? Looking? Let's talk? Well, I

think it's, you know, in full transparency, I think there's a lot of pressure, especially from the good old boomers, who didn't really have to worry about 2008. And I just feel like I'm in this, like, I'm in the ocean, and I'm just constantly trying to get back to the sand and I just keep getting like, hit in the back, by the way, like

everybody else. You're just watching this insane equities. I like to say like, what the last five years were ludicrous enough. But the last six months, we have truly left planet Earth and what the valuations are on this well and listen.

Truly, and you know, I'm born and raised from Marin County in San Francisco. My father is a very well renowned structural engineer, worked on a lot of really famous private homes, but then also a lot of large, you know, buildings like, well, I don't know what they call it now. But it was called pacbell. Park. I don't care. Isn't it like Oracle park now? Like, Miss me with that? Um,

here's about the Giants. Were all Dodger fans here? Whoa, no, no, no, you're right. I'll look it up for you. I promise. sure

ain't. So you know, Ghiradelli square like my, you know, I grew up like, working in my dad's office with architects and engineers, every summer, my godfather was an architect, like, I would go with my dad on inspections, which, let's just pause the fact that people are not getting it. Skipping inspections, and buying homes is the silliest thing. I've, there is no way the daughter of a structural engineer would ever do that. Ever. Like, that's stupid. If anyone is listening to me, right this minute. You cannot skip the inspection dude. Like, what are you talking about? Especially in Los Angeles, if you're looking in Laurel Canyon for the schools, or like, what, anyway, that?

And we should we should tell everybody who's listening and just add on to it, not just and you're probably just talking about a general inspection, like at least just take a look at, like the simple things of the house, let alone a chimney, the foundation? You know, the sewer inspection? The list goes on and on. If so as to what and a lot of people still do. But to your point. Yeah, not only are they skipping inspections, they're skipping looking at the house entirely. That's done now.

Honestly, it's ridiculous. And I think, you know, again, so I kind of have have all of this in my brain. And I'm was growing up thinking, like, Marin County is so expensive, and like, I would never be able to live there. And you know, and then the pandemic happens. I've been in Los Angeles for 10 years. And, you know, I really do work in as you kind of laid out saying, Thank you. I really work in entertainment. And I always wanted to, and I, you know, tech to me is not my vibe, I unfortunately have to work in tech, because entertainment is tech now but I'm cool. I grew up in San Francisco. I don't need to particularly work in tech. I might at one point in my life, but right now I'm not interested in it. So moving on.

This is definitely an episode you just mentioned. Cool. This is cool, cool. Cool, by the way, because it's like you could definitely make an entire episode on the idea that entertainment is tick. Tock, then episode number two,

which I'm telling you I just like having me back. But, you know, I always thought you know, gosh, Bay Area, Marin County, so crazy. I'd lived in New York. Oh, so crazy. Then the pandemic happens. And every full, you know, Tweedle Dum and Tweedle. I'm not allowed to curse on this, but you can fill in the rest moves to LA. So then I'm like, Okay, so I've got my good job. I've worked in tech. I've worked at startups, they never matched 401 K's like I dealt with 2008 I dealt with like, generally, I mean, I'm like trying as an adult. I don't have an inheritance. I don't have parents that are giving me money. I have a friend who's a real estate agent. He always does polls on his Instagram like how are you buying your house? All these fools talking about crypto, which we can talk about and their mom and dad's giving them a downpayment and I've watched it I've watched a lot of people that I know their parents or have the opportunity to give them a couple 100,000 And that like seriously makes the difference right so I'm just doing my thing stacking my chips but obviously still need to like get my hair done my nails done like travel like I'm not gonna ruin my life to buy a house right like get out of here not having 100 kids.

I hope you get through expense and write off some of that stuff. But to your point, by the way, not only is it parents giving the hundreds of 1000s in downpayment but you're up against nearly 25% of the market. In cash buyers, how about that? Forget just that downpayment

allegedly sold drugs. I thought I had cash too, but apparently I don't. Where is everyone getting the cash?

Where's everyone getting somewhere between one to $5 million to purchase? Family and condos in and around Los Angeles? That is a great question. That's right. That money coming from you mentioned crypto, I guess some of it's certainly coming from there, although it's taken a hit in the last year. But maybe some of those made their fortunes in the end of 1920. And a little bit in 21. If they were smart got out. But yeah, where is all that money coming from? Right. A lot of it foreign national money. A lot of the International a lot of it doctor lawyer money. Certainly a lot of it, just, you know, brought people stateside, but brought in from overseas, but 25% That's a huge number to be up against cash buyers.

It's just it's egregious. It's like it doesn't even you know, so anyway, so here I am just living my life stalking some chips for muscle a woman, also a queer woman. So you know, I'm not getting paid jackal compared to all the rest of the dudes out here. And then the pandemic happens. And I'm like, wait, what? Huh? I hate we moved into this apartment, which I had done. You know, while my wife had changed careers, we'd stayed in this tiny little apartment that I had underneath the standard hotel rip, um, and thought we were being really smart. Like, I didn't have a big wedding. I didn't overspend. I had like a cocktail party. You know what I mean? I didn't we haven't even taken our honeymoon yet. That was years ago. Like we didn't do the crazy things, right? I don't drive a Porsche, like, come on. And then all of a sudden, everybody moves here. And it's worse than the Bay Area. Like it actually makes more icy lovelier homes and Miranda in the Berkeley Hills than the ship boxes. Oops, sorry, bleep me out. You don't have to let one of those slide through. Sorry. You don't also have to like tick the box on Anchor like nobody cares. So unless you're like Joe Rogan, do you know what I mean? He shouldn't even be on air. But everything is insane. I'm like, looking around. What am I so I start to look, as we all got pressured in the pandemic. We live in this apartment, which I like, but we really had the plan when we got married, like, Okay, we're going to be in this apartment. Because we don't want to you know, be on top of each other over in West Hollywood. We'll be in this apartment for two years we'll travel we can totally afford this place. It's definitely not above or you know what I mean? We're being responsible and we'll move in two years well guess what two years has gone by and now we can't move anywhere because everything is a wreck. I looked at a place this weekend in Laurel Canyon because I do want to have a kid schools in LA are trash don't particularly understand where my taxes are going given the fact that I like legitimately just got an yet another

pass. Coming to this. Where are Liz Kelly's taxes going?

isn't going to study like the ambassador of Thailand.

Or did he is he gone already? Do we have somebody new already?

Oh no Rick Caruso is really on my right that's that's cool is that for has got my telephone number let me I'm like hitting stop on the text messages they don't care somebody else's like recurs though. He wants your vote anyway. So we look at we're looking at Laurel Canyon Studio City where I think a lot of people who don't necessarily have means to like think about a public school or private school rather and or have kids on the horizon. Just everything is a dump. Like I looked at a place this weekend. They lie they lie. They say two bedroom two bathroom. It's just not true. But do you know the place I'm talking about?

I don't Please elaborate. It is

apparently was owned by some guy from the doors which like don't care, not a selling point to me. In fact, I'm like, how many creepy things happen up in this spot?

Was Robbie Krieger doing in that bathroom? In 72? Yeah, come

straight off that like no thanks. It's an older house which we like we love Los Angeles, you know, for the Spanish mid century like we love that. That's what our dream is. You know? Yeah, it they claim to be two bedroom, two bathroom. But let me tell you what it actually is. It is one creepy bedroom with one and a half facts. There is absolutely no second bedroom that isn't a room that is a den that is between a kitchen and a very small living room that has no doors and two archways so how is that considered a bedroom closet is

or was there a closet in there? No, no? Yeah, then they're lying.

Then you've got a kitchen. That doesn't make sense. No dining room. The outside looks like there was potentially like seances and exorcisms with like, sticks and leaves back They're like you

said the doors. It's part of the charm for some people.

I know, parking 1.175 It's,

I don't say lay on the punch line with this 1.17 5 million. What was the square footage?

1250? Yeah, so

about 1000 square foot is what we're talking about. And when you and you know, look, I've been in Los Angeles 21 years, you said 10 to think about what 1000 Square Foot was for so long was like, when do I get to move on up to the bird streets, right? Or what part of Bel Air is that going to be some day when we make it 1000 Square Foot is everywhere. Now, everywhere, it doesn't matter. It doesn't matter what part of town you go into. And it's like you said, where you're talking about on a tiny little house, I can only assume a lot. I don't even know the lot size of what we're talking about here. But unless you can tear that down and build up something massive on a much larger lot. What are you really paying for? Right?

And it doesn't even matter what the listing price is? Because all go back and look, and it's like three $400,000 over and that just it? It's not it doesn't make sense. It creates this environment of obviously there's scarcity, obviously, you know, there is a lot of, I think fear. I think when people do things from a place of fear, like the outcome is never great, right? Like anytime I've ever done anything out of FOMO or fear crypto perfect example, like what a stupid mistake. It's like NF T's really you're gonna buy an NF T right now that potentially could be uncool in eight months. Like Wait, we should we should hit

on that for one second today. I don't know if you saw someone bought the very first tweet ever made for $3 million for $3 million. The very first tweet that was ever sent out and then have to have the first tweet $3 million. They then tried to auction it off for $48 million. Do you know what the highest bid was? What's your guess?

Well, I'd like to know who tweeted it and who was the what was the

tweet I forget who was I forget who

was originally was it Jack Dorsey.

It might have been Dorsey who put it I mean, it would only make sense if it wasn't him or what was I forget Evan MacPherson and he's listening

on here. Oh, no. 150,007 grand. Exactly. That's what I'm saying. Worth the laughter. Well, no. And you know, it's so I. I took a look. I attended a seminar last week on NF t's just because I was curious. I'm like, let me see what these chuckleheads are talking about. Yeah. And it's so it's so fair, whether it's so ridiculous, like it's completely based on FOMO and fear. And that's just completely that's ridiculous. To me. It's like people going in buying real estate in the metaverse. Yeah, and yet you don't own a home in real life. That is silly talk. That is dumb. Do the dumb dumb stuff. I have allegedly taken plenty of hallucinogenics in my life, and can go to the metaverse for free. Yeah, and keep my coins

you're hitting on such an incredible vein. It's really what has happened the market it's fear you're saying it just like it isn't appreciate your you're broadcasting that because that's ultimately what is driving it Yes. To your point scarcity in the inventory that's out there. Right. And you know now the for at least for a long time the money was basically free sub 3% The banks were giving it away that since doubled at this point, or close to and what the interest rates are, you got more people priced out of the market. What do you think? I mean, you're the consumer. Where do you see this going? Oh, by the way, I just want everyone to know that was a big eye roll. So

oh, I don't know. I'm nervous. I'm not gonna lie to you. I think that you know, I think you know, I am not going to I don't feel comfortable buying things overpriced. I never do. I like love me a real real moment. Let me haggle on a price. Like let me get some use secondhand, like, straight up, because I don't like I actually the only thing that I ever did, right? Was I traded my car in early when everyone was panicked. And we all thought we were gonna like, you know, never make it out. And no one was gonna drive anywhere. But I got a great lease on my car. Oh, hallelu. Um, I think that things will start. I think that it will become more increasingly more difficult. I think what's going to happen is exactly what happened with that tweet. I think people are going to buy everything at overpriced and they're going to hold on to it and think they're going to flip it and I think that's going to start to dwindle is what I'm hoping I do. I think I'm screwed and I think do I think the economy is going to completely Fall from underneath us. I hope it doesn't, because I don't want that to, I don't want that to affect a lot of you know, myself or anybody else. However, I, you know, if we look at history, things tend to correct themselves at some point. But I just don't feel comfortable buying a shanty house on a hill in Laurel Canyon without an inspection, knowing that we have like mudslides, knowing that there are fires knowing that like you don't I mean, that I have to put like another 500 into it. It just doesn't make sense. Like, I guess I'll just stay put or, you know, the other thing I've been thinking is like, is there is am I am I needing to readjust the game that I'm in? If I'm not winning at this, if I'm not winning at this game? What's the next game that I can make? What have you or excuse me, or that I can plan and and potentially, at least win a bronze? So like

you're saying in real estate?

Yeah. Like,

what do you see? What are you looking at?

Well, I think you know, I do see it. I see multi units. I think you and I kind of talked about this before like multi unit opportunities being less desired in the marketplace. So there tends to be more wiggle room. I just like really don't like neighbors. That's my issue. Because I have a bunch of chuckleheads to the side of me and a bunch of chuckleheads to the bottom of me and another chuckleheads on the other side of me, and I like around you, not a single person, I actually will go on record and say all of my neighbors are nightmares. And that concerns me, even though

you're saying the move into multi unit because to your point, you know, obviously, if you own a single family or even you know, I'm not shared wall townhome, you know, when you have your own plot of land, there is that privacy, there is that dream. But if you're going multi unit, yeah, you're going to end up with neighbors or worse, you're going to be the landlord now, not only you dealing with the neighbors, but hey, you got to collect that rent every month to make sure they're covering your mortgage.

I know which is like scary if I'm being honest. Because I have a lot going on. You know, also, I just really want a backyard. I love to cook I love to host like I just want to have part like Passover, Easter Christmas Thanksgiving, I also potentially might be a control freak. So I just want it to be here. You know? So that's, that's a game that could be interesting, or is it like, do I get some sort of investment property that I don't live in it at all? That I can then have more money to rent something that is better than this?

So you're saying get the investment revenue use that cash flow to just up your your own personal rent game? Yeah. I don't know. Entertainment. So I mean, you're in you're living in we're in the heart, essentially, of Los Angeles. So how far outside of LA or, you know, la basic, would you be willing to go if at all to

the problem? Because then it's like, I look at Long Beach. And I'm like, Okay, I grew up in the bay, love, love the beach. And then I'm like, wait a minute, hold the phone here. These schools are trash. We're sort of in the hood. And we're far away from LA. I'd rather live in West Adams or something. And I don't know. Like, it just none of it makes any sense. Like, what am I going to do? Spend 100 Because school cost so much I went to Catholic school, and it was like, eight grand, and my parents thought that was insane.

40 Yeah. By the way, that's, that could just be

$40,000 to educate a generation that doesn't actually want to work and be a part of the workforce and wants to make tic TOCs for a living.

And then a whole new 30 minutes on just that and I agree with you. I mean, it makes it tough. And it starts with preschool and the cost of that which is you know, outlandish. You land in a good part of Los Angeles, if you're lucky to at least handle you know, get those elementary schools that you're talking about that everybody covets, but you're when you get to middle and when you get to high school, that concern to your point, you know LAUSD just not really cutting the mustard, so to speak, and you're a lot of people pay for private school.

Yeah, dude, I don't know what to tell you. This is a wreck. Like even talking about this gives me massive anxiety.

We solve anything today? No, yeah. So we got to vent you tell

me you tell me what am I what would you tell me to do?

Yeah, I'd wait. I mean, at this point, that's I hate to say it but I think you know if that's obviously how you're feeling and to your point and such a great point about it, you know, you're seeing the fear are surround you and around you. You know, it's like who wants to be part of that movement if you don't have to be right You know, yes, house hacking? Yes, buying a multi unit is enticing and exciting. But you do have to feel like, that's what I should be doing, I want to live in that unit, that one unit myself, I do want to be a landlord, I do want to create that equity. Otherwise, it's like, and if you don't have, if you don't have that, or have that passion to do it, yeah, it's not really a starter home anymore. Because a lot of people were starting in that place and use that as a jumping off point to then go get their single family residence. It just seems more and more like a pipe dream that that's ever gonna happen. You'll end up stuck there for a long time. Well, I

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