Andrew Doud 0:08

Alright everyone, it's Thursday. I'm Andrew Doud. Time for our Happening in the Hamptons podcast, our weekly breakdown of the Hamptons Market, new listings and events on the East End. We are sponsored today by New York Title Abstract, the Hamptons leading title insurance firm. Visit NewYorkTitle.com. Joining us today as always, Steve Glick, Dave Rattiner, and today, my better half, a very talented real estate agent, Sarah Doud. Good to have you back on the podcast.

Sarah Doud 0:33

I was gonna say we've done this a few times. I was wondering if you were gonna come up with something, you know, my beautiful wife, Sarah Doud.

Andrew Doud 0:40

Um yes, so I obviously work in marketing. Sarah is a real estate agent, she's very good, and she's joining us today. So it's good to have her back on. And we'll start with, we got a lot to cover today, but I want to start with this new listing you have in Hampton Bay's, three North Shore Road. It's gonna be our featured listing on Hamptons.com this week, uh, which is great. So tell us a little bit about this place.

Sarah Doud 1:04

So the house itself is amazing, but what you really have to focus on is the fact that there is almost two miles of private access to this beach that just goes on to enjoy and catch the sunsets, and um, it's just across the street from the driveway. So while you're one row back from the water, you really have this waterfront community, waterfront lifestyle. Um it's surrounded by nature preserves, so it's just really peaceful, really beautiful. The location is superb, and it's definitely a corner of Hampton Bay is that in 10 years people are gonna say, Oh, I should have bought there.

Steve Glick 1:39

What beach is this? What area is it?

Sarah Doud 1:40

So it's a private association, the Red Cedar Point Association, and you can't get there unless you own in the neighborhood or you are for some reason coming in by boat. So just very private, very exclusive, luxurious and surrounded by nature. So very special. And then the house is four bedroom, 2.5 bath, heated saltwater pool, and there's a rooftop widow's walk, kind of like those houses in Seg Harbor where you know, the in the olden days, the widows would go up and wait for the ships to come in. So you've got this third story, um, just opportunity to make this just a really cool space for bird watching, astrology, um, even just enjoying the water views.

Andrew Doud 2:19

So and you can see, I mean, we we shot this house a couple weeks ago. You can see the water. Like you can walk out your front porch and look across the street and you have water views, and then you have this deeded access, right? To basically walk out your driveway, make a quick ride down the street, and you're there.

Sarah Doud 2:35

Yes, and there's three points of access too. So you can enjoy some of this two-mile stretch and then circle back to the house. So it's just a great community. Uh my family actually has property in the neighborhood, so I can say from experience, it is one of the best neighborhoods and definitely a spot. My family knows real estate. We've we've done real estate really well for generations out here, and it's a spot that caught our eye a couple decades ago. So it's definitely something that I would suggest people take notice to.

Andrew Doud 3:03

There's this like point. It's hard to explain without peninsula. Yeah, peninsula. Yeah, looking at it.

Sarah Doud 3:08

Are always good.

Andrew Doud 3:12

You can like walk out there or kayak out there. We've kayaked out in that area of water before. It's it's a great, it's a great location. And it's it's great.

Steve Glick 3:19

I I've never been over there. I'm looking at it on the map and it's really cool, really special. And that's a whole community right there. So everybody in that in that community do they have a name for this community?

Sarah Doud 3:28

The Red Cedar Point Association. And then you also can get through the town of Southampton mooring rights for a boat. So there's a lot of people that have sailboats or you know, water boats in that area as well. Um, and then Hampton Base is awesome because you can get to all those waterfront restaurants. So if you are a big boater, um, that's something that's just really happening.

Dave Rattiner 3:45

That is such a secret about Hampton Bays that I think people that you know stay Southampton to Montauk, like there's just so much water in Hampton Base. It's ridiculous. I think it's one waterfront restaurants.

Sarah Doud 3:57

I think it's got the most waterfront out of any Hamptons.

Dave Rattiner 3:59

Yeah.

Sarah Doud 4:00

Not mistaken.

Andrew Doud 4:01

Water fronted. Yeah, there's something about that that's the most water frontage, or most waterfront restaurants, or most water something.

Sarah Doud 4:08

It has a lot of water.

Dave Rattiner 4:09

It has a it has almost a Montauk feel sometimes when I'm there, you know? It's like it's like a fishing montage, huge fishing thing going on there.

Andrew Doud 4:16

And yeah, they still got the f commercial fishing docks and stuff, but it's awesome over there. Um and this house, I mean, this is a nice house. It's like you can move in tomorrow or and and update it if you wanted to, but it's a it's it's clean, it's beautiful, it's totally turnkey.

Sarah Doud 4:30

Um, there might be a few changes that someone would want to make, but because of the price point and the fact that these are real sellers and motivated sellers, there's room there to not overimprove. There's room there to do a little bit of work that you still might want to fancy it up, make it your own taste, and you're not going too above and beyond the price point that you should make.

Steve Glick 4:48

What's the price of this?

Sarah Doud 4:49

It's 1,975,000.

Andrew Doud 4:52

I think you're right.

Sarah Doud 4:53

In five five years, ten years, somebody's gonna scoop this up and be like, man, well, Hampton Base is obviously trending up, and there's people who's who ten years ago bought and they're very happy right now, and it's heading heading in that direction. So if you see something like this, especially close to water, it's a good thing to grab.

Andrew Doud 5:08

We bought Hampton Bay's six years ago, and I'm really glad we bought that. Look at that. So, all right, so let's let's shift to to rentals because I know you do a a lot of rentals and you're always very, very busy with them. So, what's what's going on in the rental market and what are you seeing this time of year?

Sarah Doud 5:27

So for me, rentals are all year long, and it's really important that as soon as Labor Day kind of ends, we're right back to it with getting organized for the following year for the winter rentals, year-round rentals, and also the season coming up. So already we're seeing winter rentals happening right now very quickly. They're kind of going off the shelf, and then you have year-rounds that are even booking through the 2024 season. And the summer months are starting.

Steve Glick 5:54

So, with the winter rentals, are you seeing an uptick this year different than last year, or has it just been the same?

Sarah Doud 5:59

Um, it's about the same. Um, I would say there's just more competition because more people maybe are listening to podcasts like this and getting a good idea to do it. Um, but there's just a little bit more competition, and I think there's a lot of people that didn't rent last year because all of my stuff rented. Um, but I think there are people in the Hamptons that didn't rent last year that now are saying, Oh, I need to rent this winter. Um, and so there just happens to be a lot of competition.

Steve Glick 6:23

Because we've been hearing a lot of chatter, people, you know, with what's going on in the world, people are not traveling, their travel plans to travel overseas have changed, right? So now they're thinking, hey, here we come into November, we have Thanksgiving and the holidays in December. Maybe it's best that we stay local. And so we're we're seeing like more people come out here in the Hamptons, you know, on the weekends. So I'm just curious to see, like, are people saying, hey, I want to rent just for the the winter season?

Sarah Doud 6:47

I think there's a little bit of a misconception when I get a client or someone that we've just bought a house and they they're going for the rental program and they say, Well, can you just rent it for the holidays? And I think that's the wrong approach. I don't think people come to the Hamptons truly for just Thanksgiving or just that holiday December break. Okay. Um what I find to be successful is the October through May winter rental so that you're getting a solid chunk of winter taken care of, all your bills are getting paid. And those people tend to be in between buying or doing construction, so they need something solid, so they can still come out for the off season. Uh and there's a there's a good market for it.

Steve Glick 7:27

And there's great opportunities here. I'm sure the cost is significantly less, right? Obviously, if you're not renting in the summer season, it's the off-season, you're not utilizing the pool or the outdoor facilities, but there's still a big, beautiful home in the Hamptons that you can get for a great price, right?

Sarah Doud 7:41

Let's be honest, we enjoy it out here all year round, so there's still plenty to do and enjoy. Definitely.

Dave Rattiner 7:45

So now that I think about it, you're one of the I would say few real estate agents out here that really embrace rentals. Like uh, you know, you're an exclusive rental agent. You're a go-to for exclusive rentals. You take the rental market super seriously. And do you want to comment on like how that like why you're you're you allow yourself because you can make so much money in sales, but you definitely put the same amount of energy just in my observation in in rentals.

Sarah Doud 8:17

So for me, it's just relationship building and it's the rentals on both sides, the tenant and also the landlord are are two important relationships that eventually turn into more in the real estate business. And so it's also about the referral network, and so doing a great job on rentals and and caring on that level. Um obviously you care at at every level. Um, so it's just a good a good thing to be involved in just for the network and the relationships and the aspect of doing real estate actually.

Steve Glick 8:50

So let me talk about summer rentals. You know, are you already seeing people secure in their summer rental season now?

Sarah Doud 8:56

It's just starting. It's just starting. So even though we've been ready and we're organized and we're prepared for it, the focus has been the winter and year round. And now it's starting to find that interest for summer, the very serious people who always come back year after year.

Steve Glick 9:10

I think it's a smart if you know, like, hey, I'm gonna be here this summer, just secure it now. Get it out of the way. You you find the house you want. Um, are you updating your? I know you represent a lot of exclusive rentals, you have a lot of custom clients that you represent on the rental side. Are you already updating those rates for next summer?

Sarah Doud 9:26

Everything's ready.

Steve Glick 9:26

Oh, everything's already updated. Everything's ready. That's good because we're I know here at the firm we we we have a big push, like I think around now, just do we start calling our renters and saying, what's the price gonna be? And it's best, you know, as advice for people renting their home is to up call your agent, call Saura, get your rental listed, get it updated now because people are looking now.

Sarah Doud 9:45

And I really feel like the prices are the same this year. If it worked last year, like I said before, a lot of people didn't rent, my stuff did. If it worked last year, hold that pricing for the coming year. Um don't fix what's not broken. And um, you know, there is a lot of competitive inventory for rentals.

Steve Glick 10:03

Yeah, we talked about like people, we saw a lot of articles saying, oh, the rental market's down, it's slow. We experienced at the firm a solid rental year, I think even up from last year. But the issue that like was out there was that there were so many other rentals. Just the inventory of the rentals exploded. So it looked like there was an imbalance of what was actually happening, but in reality was we were right on par with with the amount of rental business we were doing, right?

Sarah Doud 10:31

So that's what and you just had to do a great job to get it done, yeah.

Steve Glick 10:35

Exactly.

Sarah Doud 10:36

Price.

Andrew Doud 10:37

Price it right.

Sarah Doud 10:38

You know, I mean it's like with rentals and sales. And have great photos and great drones and video.

Steve Glick 10:43

What period are they looking for? Are you seeing because we noticed you know, traditionally it's Memorial Day to Labor Day, I'm talking summer rentals. Are you seeing that happen, or are you seeing some people now go, oh, I'm gonna offer it in one month or I'm gonna go two weeks.

Sarah Doud 10:55

When a landlord says, rent my house and I'm open to everything and anything, and bring me all the dates and possibilities. Um, because that you can just have the most success when you have this wide open approach to it. It becomes harder when owners want to use it for, you know, 4th of July, two weeks, and they're just open the last of July. And so the more open you can be, the more flexible you can do. More flexible, right?

Steve Glick 11:20

Yeah. Because Memorial Data Labor Day is, you know, that used to be the norm. That was it. Memorial Data Labor Day, right? That's it. That's what I'm doing. Now it's like we're seeing like, hey, offer it just for July, offer it for August, be flexible on the dates. Do two weeks here, two weeks there.

Sarah Doud 11:34

Um I still think there's a really healthy number of people looking for that solid traditional Memorial Data Labor Day, Hamptons.

Andrew Doud 11:41

I love it. That's the best. The the problem though is you just don't want to be if you get too picky too close to the season, you know, it's like you have the conversation now in November, you're like, I want to try to have it for July 4th and maybe around June and August, and then you know Oh, it's a landlord, yeah. Yeah, and then then people are like, Well, I really want the whole summer, and then they're like, you know, that's their sticking point. Then it gets to like April, like, oh, my house hasn't rented yet.

Sarah Doud 12:05

Like, I don't know. And work your own vacation around maybe maybe it worked out that someone just wants July and August. Right. So you're coming out in June.

Andrew Doud 12:15

That's good advice, actually. Work your vacation around what you want to do. And that's for people who are really trying to turn a profit.

Sarah Doud 12:21

There's other folks that really just want to enjoy their houses, and and that's the the goal. And look, you're here to make memories and enjoy the Hamptons too, then then that's great.

Steve Glick 12:29

So there is a big market for off-season rentals because people think, oh, it's all about the summer, but no, you can still make money renting your home off-season. You know, it's like don't forget about the best months of the year, which are now.

Dave Rattiner 12:40

In a way, yeah, in a way, you're just doing the reverse.

Sarah Doud 12:42

You can had one family that because they made so much money in the off-season, it became a little bit of a tradition that they don't have to rent August. They can actually be here to enjoy August because it was rented for for the off-season.

Steve Glick 12:53

Now, what about year-round rentals? Do you represent a lot of year-round rentals or no?

Sarah Doud 12:57

Well, year-round is always traditionally harder to find. Um I can imagine. Obviously, the higher price points, um, there's just more of those, but the affordable year-round stuff, um, it goes very, very quickly. And so I do have several of them, nothing available now. Wow. They come and go very quickly. Wow. Um, if you can buy one, then there's always someone there to rent it. So it's a good market to be in to be a landlord.

Andrew Doud 13:19

Yeah, for sure. That's that's great. Um big picture, Steve. What are the numbers for this for this week?

Steve Glick 13:27

All right, here we are rounding out October. Um, and there were 23 listings that went into contract from West Ham the Montauk. A little bit of a decline from last year. There were 26, so that's a decrease of 12%. In 2021, there were 44 listings that went into contract, so that's a decrease of 48%. The breakdown of the 23 transactions this week, there was two between five and ten million, two between four and six million, seven between two and three million, six between one and two million, and six under a million. The past week the dollar volume was fifty-six million compared to last year of 70 million, so that's a decrease of 20%. In 2021, the dollar volume was 115 million, so that's a decrease of 51%. Again, new listings coming onto the market have it has increased the inventory. There were 33 new listings, 23 going into contract. That increases the inventory by 10 listings. So we're constantly seeing that week over week now for the past two months, an increase of inventory listings every week. And the breakdown of 33 new listings this week, there is two between 10 and 20, 7 between 5 and 10, 8 between 3 and 5, 7 between 2 and 3, 5 between 1 and 2, and 4 under a million. So those four listings jump on those. Call Sarah if you want to see those. Those under a million listings do go fast. The inventory stands at 1,896 total listings with 1,465 active and 431 in contract. There you go. Kind of uneventful at the end of the day. What I got now, it's you know, it looked there's there's some listings under a million. Last week there was none. So those four, I'm sure, are gonna be.

Sarah Doud 15:02

They'll probably be gone by the time we tell next week. The those, like you said, go so so fast. Uh people just keep checking in and saying, what does that market look like? And it's lines out the door at the open houses, multiple offers, um, put your best put foot forward.

Steve Glick 15:14

So the advice is to call Sarah because you want to know about them before they hit the market, right? That's that's always a good time. That's what I always say. You know, you got to call Sarah, you gotta work with an agent because if you want a certain home under a million dollars, agents sometimes get a leg up. They do, they know about it before you get signed in the offer.

Sarah Doud 15:33

First you fall in love with the house, then you've got to actually get it.

Dave Rattiner 15:35

So in Hampton Bay's, you can find some things significantly under a million. Um I'm looking at a couple of things.

Sarah Doud 15:46

Wow. Great deal. Seven Fold Sack Street.

Steve Glick 15:49

So how long was that on the market for?

Sarah Doud 15:52

Um they didn't have a sign out yet. So it was looking on the market pretty quickly, yeah.

Steve Glick 15:56

750,000 turnkey.

Sarah Doud 15:58

Turnkey. So that was a good deal, and that's a good deal. Don't go together, wow. Don't expect that every time. That was a good one.

Andrew Doud 16:04

Don't sell yourself short on this. Only because, again, we're married, so I I kind of have a little bit of insight into this deal. Uh I mean, this is a client that you've been working with on the buy side forever for years, right?

Sarah Doud 16:14

I mean it's also someone who was outside of, couldn't be in the neighborhood that they wanted, so they bought their starter house in another neighborhood as the step, and now they're getting back into the neighborhood that they want. So just because it's not the dream house to start, start with something. Just get into the market in general and then you know move up.

Andrew Doud 16:30

I mean, that just kind of reinforces the point that like working for somebody then wait 30 years and you have a house paid off.

Dave Rattiner 16:39

I feel like if you go in with that mindset, you can't lose. That's why I always say that. Because if you if you if you're if you're going in with that mindset as the backup plan, like it's good to go and play the game.

Steve Glick 16:49

You can't lose anywhere. If you buy a home in the Hamptons, no matter if it's not the dream home you want, it's to start a home, and you end up being in there for like you said, 30 years, you still you're gonna come out ahead. Yeah.

Sarah Doud 16:57

So our associate Alexander the other day, where he said that the Hamptons, obviously it always trends up, but when things do shift around, the Hamptons goes up first and most and goes down last and least, which I thought was just genius.

Andrew Doud 17:09

He's smart guys.

Dave Rattiner 17:13

He's like a he's like a owl, you know. Yeah, he's like a w he's like a w a wise man, you know.

Sarah Doud 17:20

And he always he always has a good catchy like one-liner.

Andrew Doud 17:23

Yeah, he's got a thousand one-liners. Um Dave, what do you got going on this weekend?

Dave Rattiner 17:28

Well, it's finally a little chilly. It's cold out. The winter's here. Yeah. Winter's here.

Andrew Doud 17:34

Yeah.

Sarah Doud 17:34

The ponies have their blankets on. We have ponies at the house, and they're all bundled up now.

Steve Glick 17:40

That's when you know what's going on.

Dave Rattiner 17:41

I think it's unique to me, but I am annoyed by wearing a jacket. Is that weird?

Steve Glick 17:47

Yeah, it is weird.

Dave Rattiner 17:49

Like, I get genuinely annoyed when I put my jacket. Like, I I don't really wear a jacket. I just go from my house to the car and from my car to the place guy.

Sarah Doud 17:59

The jacket in the car.

Dave Rattiner 18:00

Because you're an office guy.

Steve Glick 18:01

You're not gonna be a good one.

Dave Rattiner 18:02

Like, I understand a jacket if I'm in in Manhattan or something, but I'm just like I see people wearing jackets. I'm like, are you really are you really out in the cold? Can you auto? Are you really such like they have like north face on, like you know, like which one? Oh, the goose. The yeah, the goose. The it's like, are you really out there in the in the goose jacket? Is it really the sub-zero going from your car to golden parents in Canada to your car?

Steve Glick 18:31

Yeah, the Canadian goose.

Dave Rattiner 18:32

So I have a point. Yeah, okay. So everyone else is crazy and I'm normal, and it's normal to think the jacket is not a big deal. It's definitely more of a fashion statement than anything else. Whole new fashions. In my view. Anyway, that's what's going on in the Hamptons. Oh, there you go. So uh, all right, so real quick, so we have open mic night at Hampton Coffee Company. Is this a comedian? Comedian. Are you gonna be on it? Is that what you're trying to sell us, Dave? You're gonna be in the open mic. Yeah, I'm gonna do my stand-up. Open open mic night. It's gonna be it's Dave's dad jokes. Yeah, yeah. So Friday. And what's the deal with Jack? Exactly.

Steve Glick 19:11

Testing out his material on this podcast.

Dave Rattiner 19:14

This is exact that's exactly what I'm doing. So, no, I won't be doing it. It's an open mic night, but it's like for teenagers and kids, you know what I mean? So it's like a family event, 6 p.m. to 8 p.m. Where is it at? At the Hampton Coffee in Southampton, not the one in Watermill, you know. You know the the gigantic Hampton Coffee that you would think is the busier one, but for some reason Watermill's the busier one. Because the world, because nothing makes sense anymore. So that's the first thing. And then this and then the second thing, I thought this was kind of cool. Uh you have well, first let me let me bring this up. So you have the Saunders donation drive to benefit local food pantries. So this is great. If you go to any of our social media outlets at Hamptonsrealestate.com, or if you go to Saunders.com or Hamptons Realestate.com, you will see a nice little graphic that says the Saunders and Associates 10th Annual Thanksgiving donations drive. And for the last 10 years, Saunders has been donating a ridiculous amount of money and raising a ridiculous amount of money for the local food pantries out here, which is like such an important but also like no-brainer charity. It's like you're buying food for people that can't afford food, you know? Or they can afford food, but they need better quality food, and it's a really nice thing to do, and there's multiple food pantries out here, believe it or not, and there is a real serious need for it. So if you go there, you hit the GoFundMe link and you can donate right on your phone. You just push a button and like magic, money goes in, and you've bought a lot of good people some food. So I highly recommend that you do that today or tomorrow or anytime. Um, but do it as soon as possible. The second you heard this, open it up and just do it. Okay, so that's number two. Is that is that like an event? That's like an event. Okay, fair enough. Okay, and then I also have almond restaurant that has the world-famous karaoke, and it's back to Saturday nights. So that's every Saturday starting at 9 p.m. So I guess you get there kind of late. And then you know, when you're having a high end dinner afterwards, you can get up there and sing, you know, the piano man or something. Could do that. So that's kind of cool.

Andrew Doud 21:52

Is that your go to karaoke song?

Dave Rattiner 21:55

Uh yeah.

Andrew Doud 21:56

You seem like a journey guy.

Dave Rattiner 21:58

No, I I actually Do you have one? What is it? Do you have one?

Andrew Doud 22:03

No. Okay.

Dave Rattiner 22:05

It's been a long time since mine was Under the Bridge by Red Hot Chili Peppers.

Andrew Doud 22:10

Okay.

Dave Rattiner 22:11

Because it's like low. You know, how does it go? How does it go? I don't know. Can you I don't know how that one goes.

Steve Glick 22:16

Can you can you sing it for me?

Dave Rattiner 22:17

No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no. Okay, maybe. You ready? No. I don't know. It's not happening. It's not happening. So yeah. So that's what's going on. And that's your Friday, Saturday, Sunday in the Hamptons.

Andrew Doud 22:35

All right. That sounds good. There you go. Any anything else to add before we wrap it up?

Sarah Doud 22:41

It's wonderful. This has been a pleasure.

Andrew Doud 22:43

Good having you back on on the show. And then I'll see you later today. Um, that's our podcast for Thursday. Thank you all so much for listening. Have a great weekend. I'm Andrew Doud, and that is what's happening in the Hamptons.