Howard Lorber: I mean what — I think the ones that we’re more concerned about are the ones that are taxing people out of their states. We’re in California, but California is very difficult, very difficult because they keep adding taxes. And it’s pretty tough. And California was also a state that always had higher commission payouts to brokers than the East Coast. So that’s a tough one. I think that’s probably the toughest of the markets that we’re in. But I think that — look, I think — BK, do you want to comment?
Bryant Kirkland: Yes, I’ll be happy to. I think one part about our story is our luxury brand is permeating throughout the country as there are shifts in the population. If you look at Florida, California, new market, they increased from 41% of revenues in the fourth quarter last year to 46% this year. Florida alone went from 20.5% to 25% of the market — of our total revenues. So that was a significant increase. And we are continuing to see a lot of strong demand in Florida. As Howard mentioned earlier, the $13.8 billion in inventory that we have that we’re currently selling in development marketing.
Howard Lorber: And the backlog of others that will be coming on to the market.
Bryant Kirkland: Yes. And that number in Florida, I believe, is $5.8 million — $5.8 billion, Howard.
Ahmed Mehri: Got it. That’s helpful. And then just one last one for me. It’s really like — I guess I couldn’t find — so apologies if I missed this on your filings, but just trying to understand your development business. Could you maybe explain again what’s like the timing of I guess recognition of cash and revenues on that?
Bryant Kirkland : Yes. I’ll be happy to take that. Generally, when a deposit is received and in development marketing, we record that as a liability or deferred revenue, and we recognize the commission that we pay to our agent as a cost, as a deferred cost. So, we do not recognize profit on the new development until units start to close because under the accounting rules a sale occurs when all the items have been met to close that sale. So that’s when revenue was recognized. So, there is a deferred liability on the books. I believe the numbers about $63 million and the deferred cost related to commissions we paid on is about $41 million. The difference of that $20 million will be recognized over time, generally the next four years.
Howard Lorber: And the other advantage is, and this is going to help our margins missions on new development sales are less than regular resales.
Bryant Kirkland : Yes, I gave a number earlier, coming to market on development this year is $9.7 billion. Florida of that is $5.1 billion.
Howard Lorber: That’s not including what’s already on the market.
Bryant Kirkland : That’s correct.
Howard Lorber: It hasn’t closed yet.
Operator: Ladies and gentlemen, those are all the questions that we have for today. Thank you for joining us on Douglas Elliman’s quarterly earnings conference call. We hope you have a good day and this will conclude our call.
