Andrew Doud 0:08

It's Thursday, everyone. I'm Andrew Dowd. It's time for Happening in the Hamptons Podcast, our weekly breakdown of the Hamptons market, new listings, and events on the East End. We're sponsored today by New York Title Abstract, the Hamptons leading title insurance firm. Visit New YorkTitle.com. And we are with Steve Glick, Dave Retiner, and today, Mr. Alfredo Barreto. How are you, sir?

SPEAKER_02 0:28

Good morning, guys. I'm doing great. Thank you for having me.

Andrew Doud 0:31

Return guest, yes? We've had you on a couple times about being here. Um so what are we talking about today? So real estate.

unknown 0:40

What?

Andrew Doud 0:41

Okay, and then we'll get to Dave, of course, uh, with what's happening this weekend. But real estate. Alfredo, you're a busy man. You're always busy, always working.

SPEAKER_02 0:49

Thank God. Right. Uh we we keep ourselves pretty busy. Uh Vincent and myself, we're always running around. And we've seen uh, you know, a little shift in the market from August to September since historically September is a good month for buyers to come out, at least the serious ones. And you know, we're we're getting a lot of action in our market.

Steve Glick 1:10

What type of shift are you seeing? Are you seeing more people like calling for showings or more people like putting in offers and now trying to transact? More more offers.

SPEAKER_02 1:19

100% more offers. Uh people, you know, that is coming to the open houses are are really in the mood to buy. And you know, I know this is a tough time because the elections are coming in November, but I feel like people is preparing to to to have their summer house for 2024.

Steve Glick 1:36

Are they looking to close by the end of the year, or is there like there's no immediate rush to close by end of the year? They just want to find uh the right home.

SPEAKER_02 1:43

I think it's about finding the right home. You know, the the interest rates continue to be around the same uh mark, but in general, I feel like you know, all these people that are are looking right now, they're putting their offers to close within on or about 30 days. So some of them 60 days.

Steve Glick 2:01

Why do you think such the the shift has changed since August ended?

SPEAKER_02 2:06

I think it's just more of a regular market. September historically has been been a good month for sales. And you know, if we compare it to 2018-2019, it's a little bit more similar to that. I feel also that you know, during the summer, people is doing activities with their families and they might not be spending, you know, or focusing on on buying a house now that they experience perhaps renting for a couple months and that they decided, oh, we love this area and this is where we would like to be, you know, um they they pull the trigger and and and and start putting our talk to me about open houses.

Steve Glick 2:41

I know you and Vince uh Jorcasitas represent a lot of homes and you do every weekend you're you're running around doing open houses. How has the attendance been in the open houses um since August?

SPEAKER_02 2:52

It's been pretty steady. Uh I can't say that it's uh a lot of people coming through them, but again, it's quality people who's coming through them. And you know, I feel like it's all about being priced correctly. If you have a property that is priced correctly, you always get people coming through.

Steve Glick 3:09

Now, would you say there's like a sweet spot in the market right now? Because you guys represent homes from anywhere to under a million, upwards of $20 million homes. Where would you say is the sweet spot currently right now, or what you're seeing most of the activity?

SPEAKER_02 3:22

It seems like it's around the 2.5 range where the sweet spot is, right? The median price now is 1.6. So it seems like a lot of people that is trying to finance, which is a big bulk of the market, uh, are looking into the 2.5, which you know it's is there's not a lot of properties in that price point. And and and that brings me to the next topic of presenting the uh the properties that we have at on 2.5 and they're you know, so you have three of them currently that you want to highlight today.

Steve Glick 3:55

The first one is nine woodcock. What um tell us about this home.

SPEAKER_02 4:00

This is a home that is located in the springs. Uh it's a new construction, uh pretty new.

Steve Glick 4:08

Oh new construction for this is this is rare, right? For two and a half.

SPEAKER_02 4:11

It's very rare. The this house brings a lot to the table. You know, it's a traditional home uh with high quality finishes. The backyard is spectacular. It's like literally a four or five million dollar home. Uh the HeartScape, Bluestone, Gonite pool, SPY, it's spectacular. All these homes have pools, right?

Steve Glick 4:34

This is like a necessity. Everything has a pool now, right?

Dave Rattiner 4:37

What's going on in the springs market in general? Do you think we'll ever see it under a million in Springs again?

SPEAKER_02 4:43

I think there's certain areas where you still can see the under the million mark, but you know, it's it's definitely less and less what you're gonna find, and and there are definitely homes that might not be ready to move in, and you might have to put some some work to kind of rehab that they're gonna be.

Andrew Doud 5:01

That used to be like the thing. Whenever something came on for under a million, and that was like there was like you could find that fairly regularly. When I started, it was like five years ago. Yeah, sure.

Dave Rattiner 5:09

Yeah, you can always find something in the sevens, yeah.

Andrew Doud 5:10

And that's where you're like, you know, if something, if somebody comes on, they're like, my my budget's like maybe one to three, right? So you find that two, two and a half, and they're gone. You know, like that seems to be the new sweet spot.

Steve Glick 5:21

That's why look, I always say like you should start working with an a real estate agent because Alfredo and his team, they're gonna know about these properties coming on the market for under a million dollars, and they know that these are gonna transact in like 60 days max. So if you're connected with a real estate agent and you say, hey, look, I'm looking for a home under a million, let me know when it's about to hit the market, you're gonna get a jump start on it before it even hits you know the public, because by that time there's already people looking at it, putting in offers, right? I would I would assume so, right?

SPEAKER_02 5:50

Definitely tons of action. Again, the price point is is is the key word, right? 2.5. But the springs really is coming along. You know, there's a lot of neighborhoods that are up and coming, beautiful homes, modern homes, and you know, it seems like a lot of new money is coming into that area.

Dave Rattiner 6:09

It's amazing how certain things are now luxurious in springs, like the they have the CC restaurant there now, which is just like this total hot spot, which it's just like that. Used to just not be like that back in the day. But correct, there's really you know, they really push to for to be there.

Steve Glick 6:26

It's peaceful up there, you know. It's quiet, it's peaceful, it offers you know your close proximity to the to the bays over there.

Dave Rattiner 6:31

If you got the yeah, if you got the boat, it's it's heaven. There is no better boating situation than now Alfredo.

Steve Glick 6:37

You have another listing, 10 Sulky Circle. Am I pronouncing that correctly?

SPEAKER_02 6:41

That is correct. Yeah, that's that's another amazing uh house. That's Easthampton Village Fringe. You're literally three minutes away from the village of East Hampton and and a five-minute drive to Sa Harbor. It's more of a modern ranch kind of house, uh fully gut renovation, beautiful, beautiful location.

Steve Glick 7:04

It reads like new construction, right? It's a it's a completely gut renovation. We can't technically call it new construction, but it certainly is a completely gut renovated home and it and it looks brand new. So that is the price point of what? What's that that's also $2495. $2495, and that has a pool, right? That has a lot of it. I love it. Every home has a pool.

Dave Rattiner 7:26

That's it. Well, you kind of have to. You kind of have to, especially if you want to rent it, you know.

Andrew Doud 7:30

Yeah, I had somebody ask me the other day. They're like, doesn't a pool decrease the value of a home? I said, not out here. Uh why would it ever decrease the value of a home? If you want a home, whether you're selling it or renting it, you know what I mean? Like that's a big, especially rentals. Like, that's a big selling thing. It's like, what type of pool? No.

Dave Rattiner 7:47

You know, I you know what it is? The pool, look, it is, it's it's a pain in the butt. You gotta hire the pool guy or whatever. But I will say, like, it is such a luxury to have the pool and the kids playing in it, and you can invite it's a reason to invite people over, and there's no problem. Like, you don't have to clean up anything really. They just jump in the pool, and everyone has a great time. And well, it's a great way to entertain. Let's get started.

SPEAKER_02 8:13

We're we're we're in a luxury market, so without a pool, you know, it's you're definitely taking away some one of the things that people is looking to experience during the summer, right?

Dave Rattiner 8:24

What about like a tennis court? I mean you're like a big tennis guy. I don't know if the listeners know, but Alfredo, you were a former tennis instructor. Did you did you go pro or you were thinking about going?

SPEAKER_02 8:35

I played professional. I played uh, you know, in college as well in D1 for Texas AM, and you know, I've been I've been doing that for my whole life since since I'm second since I'm a kid.

Andrew Doud 8:46

Vincent and Alfredo are like my ghost B-roll tennis guys.

Dave Rattiner 8:50

If I need if I need video, I remember you made that video we posted on Instagram, and it got like 6,000. I've got like tons of views, way more views.

SPEAKER_02 8:58

I saw in the commercials, yeah. No commercials in the US.

Andrew Doud 9:01

They're not even trying. I'm like, can you guys like uh like dial it back a little bit so it's like like you're you're moving to a fashion?

Dave Rattiner 9:07

I watched the US Open, I watched the the Djokovic play, and I want to like learn tennis though. Like they they they said in the US Open that people that play tennis live the longest. Oh really? Yeah, yeah. Like tennis is like Rocket sports in general, yeah. Tennis is like really good for you, and I'm always looking out for stuff like that.

Steve Glick 9:25

Sorry, are you seeing a lot of people looking for tennis courts in the in their properties?

SPEAKER_02 9:30

I definitely think uh above a certain amount of acreage, people is definitely looking to put tennis. Also brings value, equity to the to the property, and and you know it's it's just one more thing that people can do when when they're out here in the summer. Yeah, let me ask you this.

Steve Glick 9:46

Let me ask you they're out here over the summer and they're just enjoying their property and they just want to do the swimming, they want to do the tennis, they want to have you know a sport court, they just want to enjoy. Let me ask you this though.

Dave Rattiner 9:56

Let me ask you this though. Here's the question I have for you. Do you run across people, because this is specific to tennis, because tennis is not important to me. So do you run across people that are looking to buy and they're like, oh, you could build a tennis court here? And the response is like, Yeah, but I don't want that. Does that ever happen?

SPEAKER_02 10:14

Oh, 100%. There's there's people that you know they might.

Dave Rattiner 10:18

It does seem really important. It's not as important as a pool, but it does seem like kind of a critical thing. Like if your house, if you're trying to sell your house and it can have tennis, it's like very important in the marketing.

SPEAKER_02 10:28

Especially south of the highway, right? The property south of the highway and you have the possibility to have tennis, any builder, any any any person who's gonna be able to purchase a home south of the highway is gonna want to have tennis, probably. But yeah, there's there's exception who don't care about tennis and might want to have a basketball court or pickleball court or is that a thing?

Andrew Doud 10:49

Are you seeing more pickleball? Is there like a crossover between the biggest?

SPEAKER_02 10:52

That's a very touchy subject, guys. Uh I'm I'm not a big fan of pickleball. I I I find the word that is it's I'm sure it's a fun game. Is it slower pace in tennis?

Dave Rattiner 11:03

Like it looks like it's easier on you because you don't run it, you're not running.

SPEAKER_02 11:07

It's a smaller court, it's a woofer bowl.

Dave Rattiner 11:09

Yeah, it's more hand-eye. More hand-eye.

SPEAKER_02 11:11

Uh I don't know about that. I I think it's it's just a sport that was created for people who are. We're gonna get so much hate mail from the pickleball people at it quicker that rather than having so many lessons, uh, you know, because the skill of tennis, you can see it on TV, and you might think, oh, this looks so much easier than than it really is. And and then you try it, and I have so many friends of mine who thought it was much an easier sport, and then suddenly they show up in the tennis court and they're like, oh my god, this is this is actually uh you got a lot a lot of your.

Dave Rattiner 11:54

Like what's running through my mind is there was that one house I think you and Vince represented that had the uh putting green on the roof.

SPEAKER_02 12:02

That one was man, it was here in Bridgehampton.

Steve Glick 12:07

Well, we've also seen a tennis court. I mean, there is one. There's a home here in Watermill that had a tennis, a tennis court 100 press. Tennis on the roof? On the roof. I never saw it. That's a really overlooking wall. That has to be that has to be that's the answer. I mean, that what tennis court on the roof. I mean, people have bowling, bowling alleys in the basement, the basketball courts in the basement, but a tennis on the roof, that takes the cake. Alfredo, I want to get back to this 2 million, $2.5 million range sweet spot in the market. You had another listing in that range. So those listeners that want to know, like, hey, what's that third listing? What is it? It's 279 Stephen Hands Path. Tell us about that one.

SPEAKER_02 12:47

Also, a full god renovation on an acre.20, which is really rare in the village frame. So this one also reads new brand, basically brand new. This is not new construction. They're gonna keep some of the original things of the house because it has beautiful floors throughout. Uh very wide planks and everything. But yeah, the siding, the the windows, uh the bathrooms, all the bathrooms.

Steve Glick 13:14

This is amazing. So so basically around two and a half million dollars, you can give there's you have one new construction, completely brand new, and then two gut-renovated homes that read brand new. So that's a these sound like great investments. They all have pools, and they're all in great locations in in East Hampton. I mean, that's that's great. So if anyone's listening, give Alfredo a call. He could show you all three of them in one day. You know, love to. There you go. Always working, right? What do we say the other morning?

Andrew Doud 13:42

If you want to be successful in real estate, there is no there is no uh waste of time. That's it, no days off. Um, all right, let's take a look at the market as a whole. Mr. Glick, what do you got for us?

Steve Glick 13:52

All right, so over the over the past week there were 24 listings that went into contract. Last year, there were 29. So we're looking at a decrease of 21 percent. And then when you go back to uh 2021, there were 46 listings that went into contract, so it's a decrease of 37%. The breakdown of those 24 listings this week, there was one over 20 million, one between eight and ten million, one between six and eight million, three between four and six million, fifteen between two and four million, and three under two million. The dollar volume, however, was 147 million, and last year the dollar volume was 93 million. So that is an increase of 58%. And when you go back to 2021, even though there was a decrease in listings of 37%, the dollar volume was 141 million. So we're looking at an increase of four percent. So over the past two years, as you can see, the dollar volume has increased every single year. New listings coming onto the market. There were 35 new listings that came onto the market. That's a lot. It's a lot. We went over 30. Ring the bell. Um, that increases the inventory by 11 listings. And the breakdown of those 35 new listings, there were three between 10 and 20 million, one between eight and ten million, one between six and eight, eight between four and six, fourteen between two and four, and eight under two million. The inventory stands at eighteen hundred and thirty-five total listings with thirteen hundred and seventy-four active, four hundred and sixty-one in contract. So another good week. Um, as we expected, more listings coming onto the market uh week over week here as we uh post our in post-Labor Day. So I'm sure that trend will continue. The listings going into contract was pretty steady at 24, and hopefully we'll see um the in-contract listings surpass 30 over the next couple weeks.

Andrew Doud 15:38

You think that that's because we're like moving to September, more things coming onto the market? Like the summer's over, rentals are out.

SPEAKER_02 15:44

It's like, okay, let's I mean, I think it's like any other market, right? It has its ups and downs. And before COVID, we had you know, I don't know, 5,000 leasings in the market. Now we're about 1700 or something like that. Yeah. So I I feel like it's meant to happen, right? We we gotta cash up. You you drive around and you see a bunch of new construction everywhere, and you know, builders are still investing. So I think we're gonna see a lot of new product coming to the market very much.

Dave Rattiner 16:11

Totally. I think you're right. I think you're right.

Andrew Doud 16:14

Uh Dave, yeah. What are you up to this weekend?

Dave Rattiner 16:17

The Jets. We're watching the Jets on Sunday. They're playing the Cowboys. Did you see the game?

Andrew Doud 16:23

I saw the uh two series, and then I was like, well, I almost I almost I almost I was so happy I almost started crying.

Dave Rattiner 16:33

I was so happy that they won. I couldn't believe that they won. That was such a good game. Yeah. Really? Yeah. I mean, you know, a closet jets fan. Okay. Because it's miserable being a Jets fan. It is painful. Uh yeah. When I was 10 years old, they were like, Do you like the Giants or the Jets? And I was like, Oh, I'll take a Jets jersey. And then that was the end of that. Go Bills. And then it was just end the season.

Andrew Doud 16:57

Man.

Dave Rattiner 16:57

Oh, alright. So, but what's happening in the Hamptons this weekend? Um, first thing of note is Hank's Pumpkin Town is open, so anybody that has kids can go to Hank's Pumpkin Town. That is open and it's already rocking. The crowds are already going.

Andrew Doud 17:16

Here's the secret to pumpkin picking. They do have a really good, yes. Here's the secret to pumpkin picking. As soon as they open, yeah. As soon as they open, though, be there. Like the the mistake, the classic mistake is the midday.

Dave Rattiner 17:32

When you go like you go there with the intention of getting a pumpkin?

Andrew Doud 17:36

Nah, yeah, sure. Really? Right? Because uh, I guess I'm not that $50 at the grocery store when I can pay uh $60.

Dave Rattiner 17:46

I'm just not a Halloween guy. I wish I was a Halloween guy because I see people, they love it.

Andrew Doud 17:51

And I'm just like No, I like Halloween. I like the fall activities, but you have to go in the morning, like first thing, and then you're leaving as everybody else is flooding in.

Steve Glick 18:01

Well, the kids love pro Halloween. Kids love Halloween. As you see, as your kids get older, Dave, they're gonna they know that lose their money. It's candy. No, when I was a kid, you know, I was like, buckets and buckets of candy. There's Halloween parties at school, there's Halloween parties in the in the town, you knock on doors. I mean, it's just like they absolutely go.

SPEAKER_02 18:18

They've really done a great job there, you know. They put a lot of games and sliders, and kids love it.

Dave Rattiner 18:24

Oh yeah. Yeah, that guy's printing money over there. So that starts what?

Steve Glick 18:28

That's that opens this weekend.

Dave Rattiner 18:29

It's open now. That's open now. They opened up uh no that not today. They didn't open today. It was like last last not last weekend, but this week.

Andrew Doud 18:38

And if you're not interested in pumpkin pumpkin picking, find another route.

Dave Rattiner 18:42

Yeah, try to get around it.

Andrew Doud 18:43

Because that backs up.

Dave Rattiner 18:45

Totally, totally. But you were mentioning Harvey's Farm is also open, but that's on the North Fork.

Steve Glick 18:50

Harb's Farm in the North Fork, yeah. That's a go-to beautiful too. I don't have like two. They have the one with the animals. If I'm they have one with the animals, and they have one with just pumpkins and apples, big apple orchard over there. So it's always a good time.

Dave Rattiner 19:05

Um, and then I just I don't know, I made some notes I want to talk about like post-Labor Day restaurants that are always good go-to's, if anyone's asking. But you brought up El Verano. You like El Verano?

SPEAKER_02 19:16

I love that's brand new, right? Yeah, it's brand new. And the the food is really good. It's a little pricey. A little pricey. But uh, you know, we're in the Hamptons. Yeah, yeah. And their watermelon margarita is perhaps one of the best margaritas I tried. I know I'm advertising them very much, like if I'm sponsoring.

Dave Rattiner 19:36

We talk about this place a lot.

SPEAKER_02 19:37

But uh I really enjoyed it. I went with my wife and and and we had an amazing time service.

Dave Rattiner 19:43

Yeah, that's the former gastro pub in Southampton right on the corner. Yeah, yeah. So it's not like a cool high-end Mexican restaurant. Yeah. So 1770 House is also a good go-to in East Hampton. I like Sukizuki and Watermill as a good if you're looking for energy, you know, when it slows down in the fall. And then um, I also wrote down Tuto.

Andrew Doud 20:04

Yep.

Dave Rattiner 20:05

Which is a good go-to. Yeah, they have a great pasta there. All right, so for actual events, I did this for you, Dowd. On Sunday, September 17th, from 9 a.m. to 3 p.m. rain or shine, free or free admission at the Montauk Yacht Club. You're gonna have the surf mobile car show. So this is basically super cool cars that have good surfing transportation setup. So, like, there'll be like a Mustang with a surfboard rack there. That well, no, I mean if you had a convertible, yeah, but they'll have like broncos, like old Broncos there, they'll have old convertibles with the surfboard, anything that can carry a surfboard, they're gonna have. I thought it was kind of a creative event, and it's nice uh that the Montauk Yacht Club is uh you know running this. And I I don't think is it true that did did they sell? Is that owned now by a different company? I don't think the Montauk Yacht Club is like a Gurney's thing anymore. I might be wrong about that. I'm not sure quote me on that.

Andrew Doud 21:04

But Sunday looks nice. I think I read that. I have 73. So Sunday should be good. That's a good day for them.

Dave Rattiner 21:09

You know, we got the we got the storms coming in, so you might be able to get away with this one Friday night. I spoke about this last week, but they are good friends of ours. It's the 21st annual surf movie night, uh, and that's going to be sponsored by the Surf Rider Foundation, the Eastern Long Island chapter, of course. Tickets are just $25 for adults and $10 for kids. Um, and they're gonna have a lot of different short films that are gonna begin at dusk. And that is a wonderful organization. Oh, and that's in Southampton, uh on Jobes Lane at the Southampton Arts Center. And this is a wonderful organization that um provides a lot of influence and education about how to handle ocean erosion and the protection of all of our wonderful beaches out here and They're very serious about it. They do beach cleanups. They, you know, educate uh the you know on how to water safety and things like that. So you're gonna want to do that uh if you're just in for the mood for a chill night on a Friday night.

Andrew Doud 22:13

Okay.

Dave Rattiner 22:14

Then you have Rum Punch Mafia performing at Wolfra Estate Vineyards. Um they're just like a fun band. Uh so that's gonna be uh September 16th, 4 p.m. to 7 p.m. at the wine stand at Wolfur. Um and then you can you can just waltz right in there and just listen to them. You just have to buy you know some wine. So that should be fun. Uh you think that'll get rained out September 16th? May or may not. No, no, no rain. Yeah, well we'll we'll see.

Steve Glick 22:43

No rain this weekend.

Dave Rattiner 22:44

And then finally, the 2023 SAG Harbor Harbor Fest is back. That's running all weekend, weekend of six September 16th and September 17th. It's running every day from 9 a.m. to 5 p.m. So tons of stuff to do in SAG Harbor all weekend long, lots of vendors, lots of cool things, you know, for everyone really.

Andrew Doud 23:06

Nice.

Dave Rattiner 23:07

Yeah, so it looks like a fun weekend, I think. That's your uh that's your weekend in the Hamptons.

Andrew Doud 23:11

There you go. Anything else to add there, Mr. Alfredo?

SPEAKER_02 23:16

You know, uh I think uh this weekend is the Mexican independence, so I'll be celebrating. Is it really? It is September 16th.

Dave Rattiner 23:25

September 16th?

SPEAKER_02 23:26

Yep, yeah, yeah.

Dave Rattiner 23:26

I'm surprised I don't know that. I feel like that would be like you learn something new every day. Yeah. So what happened? I'm gonna have to Google this later.

SPEAKER_02 23:34

What do you mean? They got independent, they they were independent from Spain.

Dave Rattiner 23:39

From Spain. Oh, wow. Oh wow, crazy.

SPEAKER_02 23:42

Yeah, yeah, yeah. So we're probably gonna be hitting the verano.

Dave Rattiner 23:46

Oh, that's cool. That's the place to be though on the 16th. That's the place to be on the 16th. Oh, 100%, 100%. That's cool. That's cool.

Andrew Doud 23:54

Nice. All right, good deal. Just dropped my phone. All right, Alfredo. Thanks for joining us. Uh everybody, let's have uh let's have a great weekend. Enjoy uh in what I think is the best month out here, September. I love it. Um I'm Andrew Down. That's what's happening in Manhattan.