Andrew Doud 0:07

All right everyone, it's Thursday. I'm Andrew Doud. It is time for another Happening in the Hamptons podcast, breaking down the Hamptons Market, new listings and events on the East End. Today we are joined by Steve Glick, Mr. Dave Rattiner has the day off. And also joining us is Mark Greenwald, who is based out of our Southampton office. He is a Southampton Village expert, a local, a gentleman that's been doing this for 20 years in sales, but what I think is very interesting is that before you got into real estate sales, you had a successful career as a real estate attorney. So, Mark, first of all, thanks for joining us today. Well, thank you for having me. And let's start, let's start there. So you you've been in real estate for a long time, just different channels of it. So, how did you make the transition from attorney to real estate sales expert?

Mark Greenwald 0:52

Well, I wanted to be in real estate one way or the other. And I started out as a real estate attorney in New York City working with two prominent law firms. But what I realized was the most interesting, fun, exciting part was putting the deal together. And that's what real estate brokers do. what real estate lawyers do, of course, is take it from there, take it from when the deal is is formulated and documented and you know make it safe for everybody. But making the deal is is the part that I wanted to focus on, and that's why I transferred, transformed into a real estate broker.

Steve Glick 1:31

So how long have you been living out here in the Hamptons? Because you were you said you were in the Manhattan working at a law firm. What made that transition? What year did you come out here?

Mark Greenwald 1:40

Right around 2001, 2002, I decided that I wanted to spend my time in Southampton Village full-time. I had already purchased a house out here while I was a lawyer in New York City because I thought it was a wonderful balance between working hard as a real estate lawyer in New York City and living an exciting life in an urban area, but needing the balance and the decompression of moving out to the Hamptons for the weekends. And then I realized, wait, I can do this full time. I can live out in the Hamptons full-time, I can be happy each and every day of the week.

Andrew Doud 2:18

And this was so this was early 2000, right? This was this is years before the pandemic, and everybody else kind of, you know, sank their teeth into that idea.

Mark Greenwald 2:26

Well, that's the thing. I think other people realize now, and the world has changed, and you can work remotely and you can be productive and still live out in the Hamptons. And I think a lot of my customers and clients are realizing that they can still be productive, do their work, they're at a certain level in their career where they can spend more time out in the Hamptons, even though their office might be in New York City or elsewhere, and get their job done and get it done well, but also have some free time to enjoy themselves. So why why Southampton?

Andrew Doud 3:02

I mean, you're a very active, I would say active local. You're the chairman of the Southampton Village Zoning Board, you know, so you're you're you're part of what makes Southampton Southampton. you sell a lot of real estate in the area. you said you wanted to come out here and live out here full-time. So why this particular hamlet?

Mark Greenwald 3:20

There are numerous reasons. Southampton Village is beautiful. You're closer to the shoreline than you might be at some of the other hamlets. The village itself is one of the few villages that does not have 27, Route 27 running through it, so it does feel more local, calmer. I love Southampton Village. The reason why I volunteered to be on the Southampton Village Zoning Board of Appeals is frankly to give back to the community. it's all volunteers, and I love the village. I also understand the village, I understand real estate in the village, so I thought my skill set was highly suitable to helping out in that area.

Andrew Doud 4:05

So let's talk a little bit about the real estate in Southampton right now. Steve, we just we just released Saunders as a firm just released the market report with the numbers for the first half of the year. So let's give a quick rundown of what those numbers are and then kind of do a deep dive into Southampton.

Steve Glick 4:22

Sure. thanks, Andrew. So as you just said, we just launched the first half 2022 market report. And as I said last week, we usually wait six weeks before the market ends, before we publish our report. We want to make sure all the data is recorded and we can produce the most accurate, updated report that's out there. So our report just came out. It's posted on our website at saunders.com. And a quick breakdown, we highlight first, we highlight the second quarter. What happened in the second quarter of the Hamptons? Now I'm gonna go down from all sales. I mean, all sales, all transactions, all Hamlets from West Hampton to Montauk. And the dollar volume, surprisingly, was $1.6 billion for just the second quarter alone. So you say, well, how does that compare to last year, 2021? Last year, 2021 was a record-breaking year, and in one quarter alone, we gener the Hamptons generated just about $3 billion worth of dollar volume. So it is a decrease of 46%. However, I like to look at years prior to 2021. If you exclude 2021 second quarter, this past quarter was the strongest second quarter in the history of the Hamptons, second to 2021. So people say, oh, well, where's the market going? We had a very strong second quarter, $1.6 billion in one quarter is extremely strong, as I said, second to 2021, a $3 billion. I think be this under $1.6 billion. The next was, I think a $1.4 billion is what we've been seeing normally for a second quarter in transactions. Now, if you go to the first half of 2022, we the overall dollar volume for all sales is just about $3.7 billion, down from last year, which was $5.15 billion. So it's down 28%, but still significantly strong. So the market report really breaks down all the hamlets, all price categories from home sales, land sales, condo, and commercial in all of the hamlets. And one thing to note is the median price, the median sale price. As you can go through the market report online, you'll see it's pretty much up in every hamlet. That's the one thing to note. The dollar volume sales transactions are down. And one town that we're going to highlight this morning, we have Mark here who is a Southampton Village expert. We want to look and dissect Southampton and Southampton Village. So, Mark, you have the report in front of you. What are you seeing in the first half of the year for Southampton Village?

Mark Greenwald 7:03

Well, one thing that jumps out is that while sales across the Hamptons are down compared to 2021, in Southampton Village, sales between 10 and 20 million actually doubled between 2022 and 2021. It's the one category where you see a significant increase in sales, and that's the number of transactions, not just the price.

Steve Glick 7:35

Why? Why? Everyone wants to know why is that? Why? How is that possible?

Mark Greenwald 7:40

Well, this is why why I I I think it's happening. Location does not soften. So people are seeing Southampton Village as a good investment. And they are looking at Southampton Village as perhaps a hedge against inflation, but nevertheless an enjoyable place to invest money. And you have tree-lined streets, you're close to the shoreline. So to invest $10 to $20 million, fortunately, there are a number of people who can do that. It's a good place to park that money for a 10-year period and also enjoy your purchase with your family and friends.

Steve Glick 8:24

I see some significant trades in South Hampton Village. Were these on the ocean or no? They weren't all in the ocean, right? There's some of them were just within close proximity, right?

Mark Greenwald 8:34

Some are on the shoreline, which of course pays a premium, but we just went into contract on 101 Wyandans for well over $10 million. And the reason is because you can still access the shoreline very easily. And the street itself, Wyandans, is famous for its canopy of trees and for being quiet, private, and a beautiful block. So we sold that house in less than three weeks from the time that it came on the market.

Steve Glick 9:03

So Southampton Village still holding strong. And what about the median price in Southampton Village? Has the prices rose from last year?

Mark Greenwald 9:12

Well, we are we are in an inflationary period, so we do find that it is much more difficult, if not impossible, to find homes for under two million, unfortunately. And that's a sign of of what we're going through right now, as I said, an inflationary period. And also building costs have gone up. I speak with a lot of builders and work with a great deal of builders, and unfortunately, the cost of materials and the cost of building new construction has increased dramatically. New construction is a category by itself where a lot of my customers want to buy only new construction. Materials have improved, construction methodology may have increased and improved dramatically. but the materials and and the cost of building has also increased.

Steve Glick 10:03

So if someone wants to purchase something for under $2 million, you're looking a little bit outside Southampton Village, right? There's gonna be more inventory in the in that price category.

Mark Greenwald 10:13

Yes, you may need to look a little bit north of the village, still close to the village, but but around the periphery of the village.

Andrew Doud 10:21

Interesting. So have you had you you you mentioned the the building costs, right? Do you have anybody that's that's that entertains the idea of of extensive renovations? You know what I mean? And and is that kind of a viable option to, you know, maybe you find the right location, but there's a house there, right? You don't want to tear it down, you don't want to go through the the permitting process, maybe for for a brand new build. Do you have buyers that are looking at renovations in the in the village?

Mark Greenwald 10:52

100%. And I encourage it because I think that if you are willing to allocate the time and energy to a renovation project, you will end up with a house worth more than you've invested in dollars. But a lot of my customers would prefer somebody else to do the work. The customers that are willing to do the work, I think are reporting handsomely.

Steve Glick 11:18

I'm right there.

Andrew Doud 11:19

You know, look, Mark, we always kind of ask this this idea of like where is the market going? And and just as you know, stepping back, kind of looking at a at big picture, I think you know, everybody would would say it's safe to assume that the the pandemic surge, that that premium that people were getting you know a year or two ago is is kind of over and and pricing is as it always has been kind you know key when it comes to to sales. But do you see that the that the market as a whole is maybe going you know coming back down or or flattening out a little bit? You know, the the Hamptons market tends to always have a have an increasing appreciation, but with some with an ebb and flow. So where would you say that the market is maybe on that on that scale at this point?

Mark Greenwald 12:08

The pandemic was a sensational, tragic event that rocked the real estate market. And we can never compare favorably to 2021 where people were escaping from other areas and finding sanctuary in the Hamptons. But I do think that there are lasting effects, and people who traveled out here have found that they're staying and they love it, and their center of gravity has shifted. So I think the problem right now is that there is not enough inventory, that there was a surge in purchasing, inventory was substantially depleted, and now there is simply less to buy. When that starts to balance out some more, I think sales will return.

Andrew Doud 12:59

So sorry, so that kind of answers my next question, which is where do you see the you know the future of Southampton Village? Yeah, like just Southampton as a whole, kind of going, you know, focusing back in on Southampton Village. so so right now, like everywhere else, I guess, in the Hamptons, getting more inventory is just sort of the key to what's next.

Mark Greenwald 13:20

Absolutely. And I'm watching what is being built in Southampton Village and how many projects will be coming online over the next 12 months, and builders are still having some difficulties obtaining materials at the prices that they would like to purchase those materials. Right. So I think the limited inventory situation will continue for the next you know six to twelve months, but I don't see demand decreasing substantially. So at some point we'll find an equilibrium again. Steve, let's talk about the the numbers for the week.

Steve Glick 13:58

Nice, that's good, Mark. yeah, good information there. Over the past week, there were 24 listings that went into contract when you compare it to last year, 2021. There were 42 listings, so it's a decrease of 43 percent. Going back to 2020, there were 95 listings that went into contract. So 2020 had a a large number of listings going into contract, and they all closed in 2021. That's why you look at the market report, the numbers for 2021 were so high. All the listings went into contract in 2020 and closed in 2021. So when you compare it this week to last two years ago in 2020, it's a decrease of 75% in listings going into contract. The breakdown of 24 transactions this week, there was one over 50 million, one over 20 million, two between 10 and 20 million. So there's some significant listings that went into contract this past week. There was one between six and eight million, two between four and six million, four between two and four million, and thirteen under two million. The dollar volume this past week was 178 million. So sorry, 178 million when you compare it to last year, 136 million. It's actually an increase of 30 percent due to the fact, because I just said there was a property over 50 million that went into contract and one over 20 million that went into contract. So that brought the dollar volume up over last year. When you compare it to 2020, it's still it's a decrease of 21%. The breakdown of new listings this week, there are 26 new listings that came onto the market. So with 24 going into contract, it only increases the overall inventory by two listings. The breakdown of those 26 new listings, there is one over 20 million, two between 10 and 20 million, one between eight and ten million, two between four and six million, eight between two and four million, and twelve new listings under two million came onto the market this past week.

Andrew Doud 15:46

Let's just ask the expert. Mark, when you hear the numbers for this week, what what's your what's your immediate reaction?

Mark Greenwald 15:52

We are seeing some increase in new listings coming on the market. But doing this 24-7, we understand that there still is not enough inventory compared to the demand. So the number of customers that I'm working with find that there is not as much to look at than they would like to. You know, they're they're thinking back a few years where you could have a full day of looking at available options, and now it's a shorter day. But but I I I think that you know there are quality listings out there that that will continue to sell. Like I mentioned, 101 wine dance sold in in less than three weeks. And what you're finding is that location, premium location, like Southampton Village, close to the shoreline, tree-lined village streets, if you have inventory that comes on, it will still move pretty quickly and at a premium price.

Steve Glick 16:58

Mark, you have a beautiful listing in Southampton Village. 149 White Street, right there in Southampton Village. You have open houses this weekend, and you've been having open houses every weekend. why don't you tell us about this property real quick?

Mark Greenwald 17:13

So that is a beautiful village house where you have plenty of square footage, six bedrooms, including in addition to a finished lower level, and you can go into town very quickly and not have to use your car. It will sell quickly because it's moving condition. And for those people who do not want to do any work whatsoever, this is a house that you can move right into. So I expect that that will sell pretty quickly for price, right?

Steve Glick 17:43

It's a beautiful Southampton Village traditional home. Like when you purchase, and you say, show me a Southampton Village home, traditional, this is it. This is the cover-worthy you know property. This is exactly what someone's looking for. and it's priced at 8.45 million, 8400 square feet, just under an acre. And you're having open houses there Saturday, looks like Saturday, one to three, Sunday, 11 to 1, and then the following weekend as well. So if you can't make it this weekend, you can have another open house Saturday and Sunday. So 149 White Street, reach out to Mark Greenwald to check it out and stop by the open house either this weekend or next weekend.

Andrew Doud 18:20

It's a beautiful house. Yeah, it is a great house, great location. So all right, so that's that brings us to the weekend, right? So let's so this is where we usually turn it over to Dave to to tell us what's going on. But Steve and I are gonna are gonna try our hand at this. So Steve, do you wanna you wanna kick off what's happening?

Steve Glick 18:35

So Dave filled me in on what's happening this this weekend in the Hamptons. We have a handful of events. The first one is it's it's a 5k run, race, walk, jog, whatever you want for Ellen Hermansen Breast Cancer Awareness. This is happening Sunday, August 21st, and it's gonna kick off at Southampton School, right there in Leland Lane in Southampton at 9 a.m. Sunday. So for more information, you can go to Hamptons.com to sign up, and it's gonna be a great time. The weather looks looks great. 5K is 3.1 miles.

Andrew Doud 19:12

You can do that.

Steve Glick 19:13

Yeah, yeah. And I think we all could do that. you don't have to run, you can walk it, jog it, but it's a good time. It's it supports a great foundation out here in the Hamptons.

Andrew Doud 19:23

And if you are done running and want to swim, there is a smile swim challenge Saturday, August 20th, 7 a.m. that's at Cooper's Beach in Southampton. it looks like you can do one mile swim, which I don't know if you guys have ever swim a mile on the water. Very a mile on the water is is significantly further than a mile on land.

Steve Glick 19:46

It just feels like you take to swim a mile on average.

Andrew Doud 19:48

last time I did it was Are you talking a half hour? About that.

Steve Glick 19:54

Half hour, yeah.

Andrew Doud 19:56

I mean, like, well, all right, so if I can do it under a half hour, that's for me, that's good. But I've, you know, like I've run a couple of triathlons and guys are in and out in like 15-19 minutes. I mean, they're very, very fast.

Steve Glick 20:07

The current hit is a big difference.

Andrew Doud 20:09

and the weather. I mean, if it's like windy and choppy, it makes it makes it a lot harder. But but anyway, so that's going on. that's Saturday, and that is an event that Saunders is a sponsor of, and all proceeds go to help support the Southampton Volunteer Ocean Rescue.

Steve Glick 20:25

Well, before you go swimming and running, I have a Friday, August 19th, wine in hors d'oeuvres, 6 p.m., and then there's a concert at 7 p.m. This is the Bridgehampton Chamber of Music Festival. So this is right here in Bridgehampton. So this is happening Friday. The tickets are $175. It's a good time. So you can get some wine, get some food, see a concert, and get ready for your swim and your run for the weekend.

Andrew Doud 20:52

And then after your swim and your run, we're doing good, so like this. head over to Hampton Bay's. Uh, Rumba is this awesome waterfront restaurant there in Hampton Bayes. I personally like their shrimp tacos, they're delicious. Uh, but they're having the Rumba Cove boat party that's Saturday, August 20th from 12 to 6 p.m. if you have a boat, I think you can just kind of go up to the the cove there outside the restaurant, tie up to some other boaters and and have like a party out there in the water, which is awesome. they are saying you can have an afternoon filled with reggae vibrations from Project Vibe performing on stage in the water. Some of the is that am I reading that right? On a stage, in the water, yeah. Floating stage. I guess so. Some of the most original tropical libations around and the tastiest island cuisine from north of the Caribbean.

Steve Glick 21:44

So I go for the Dominican rims over there at Rumba. That was just fall off the bone, those are good.

Andrew Doud 21:50

So get your swim, get your running, do a bike, and you get a whole triath on, and then go to Rumba for the dinner party.

Steve Glick 21:58

We got a last one right here. This is the Now, this is going to be from Monday, August 22nd at 6 p.m. So after your weekend of running, biking, swimming, whatever you're doing, drinking, eating, this is this is a fun one. This is at Sag Harbor Cinema, and they're going to have a sneak preview of the 1990 concert, Billy Joel Live at Yankee Stadium. So you're going to watch it's good, it's it's restored, remixed. it's a concert that's set for the big screen, and we're going to see it. The worldwide release of this is going to be in October, but you can catch it. A stink preview, Sag Harbor Cinema Monday night at 6 p.m. Tickets are only $25, and you get to see Billy Joel on the big screen from his 1990 performance at Yankee Stadium.

Andrew Doud 22:47

So that's will the piano man himself be there. He's got a place in Sag Harbor, right? Is there in the area? Hey, you never know. That's part of the fun of living in the hands. That is good.

Steve Glick 22:56

What's so Andrew, what's your favorite Billy Joel Billy Joel song?

Andrew Doud 23:01

Oh, my favorite Billy Joel song.

Steve Glick 23:03

Mark, we're coming to you next. Get ready.

Mark Greenwald 23:05

I've got it ready. All right, go ahead. Fire. It's it's piano man. Piano. How it's how that's mine.

Steve Glick 23:11

That's mine, hands down piano man.

Andrew Doud 23:14

I'll go with piano man. Piano. Wow. I'm trying, yeah. I mean, it's just have you ever been at a party or at a bar and something like that comes on and the entire place doesn't start singing it? It's no quick changer. Yeah. That's it's like journey. What's you know, like that comes on and everybody starts singing. Exactly. that's cool. before we wrap this up, Mark, anything else you want to touch on or or mention?

Mark Greenwald 23:35

I I think that that right now the real estate market is going to find its equilibrium. That's that's my my take here. That we're gonna start to balance out and thankfully we return to some level of normalcy in the world. And I'm I'm I'm glad to to bid goodbye to the pandemic. and hopefully we can you know be out and about again and and socialize at least outdoors and get get back to to how I remember life being a short time ago.

Andrew Doud 24:07

Yeah, certainly feels like it's been more more normal this summer, so that's good. all right, that's great to end on. Mark, thanks so much for joining us today. Thank you for having me. be sure to go to saunders.com to check out all of Mark's listing and all of our listings. and for the rest of the Thursday, enjoy it. Have a great weekend. Enjoy August. It's one of the best months out here, obviously. I'm Andrew Dowd, and that's what's happening in the Hamptons.