Andrew Doud 0:08

Hey everyone, it's Thursday. I'm Andrew Dowd, and it's time for our Happening in the Hamptons podcast, Breaking Down 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. We have Steve Glick, Dave Retiner, and today a return guest, the hardest working man in the Hamptons, Mr. Vincent Jorcasitas. How are you, sir?

SPEAKER_01 0:30

Good to be here.

Andrew Doud 0:31

It's good to have you back on. You know, that's kind of like your tagline, the hardest working uh broker in the Hamptons, but you really are. I mean, Vince is that every time I'm doing a shoe with him at a listing, that phone's ringing, he's answering questions, he's taking phone calls, he's doing text messages. You got a lot going on. You always got a lot going on. Um so so what is going on? How are you doing? I mean, you've had a busy year to start.

SPEAKER_01 0:54

I'm feeling good. I feel the market is strong. I feel like we I can really see the turn in the market right now. Um we were talking about that the other day when we were at that uh things were it seems like a lot of people are on the fence and now they're transacting.

Steve Glick 1:06

Yep.

SPEAKER_01 1:06

Super busy. Uh sold 10 houses already this year. We're 10 homes?

Steve Glick 1:10

Sorry, so we're six, wait, eight, ten weeks into the year. And you said ten homes.

SPEAKER_01 1:17

So you sold it Well, ten homes. So there's some land in there too. Okay, so one one a week. Yeah. So it's it's pretty good. Pretty pretty excited. Uh I have 14 in contract. You know, we have uh a lot of uh new construction that I'm super excited about, you know. We have uh such a dynamic team here at Saunders, and and I'm working, you know, the team that I've uh created here with between Alfredo, Alba, and Elliot uh helping me out with you know open houses and just uh running around. There's a lot of details to new construction because we're taking it at a uh a different phase, and I think that's really what our company does better than any other company out here is that you know we we get the f floor plans done. We you know, there's a lot of moving parts on uh uh uh to get it to get it right.

Dave Rattiner 2:02

How did you become such an expert in new construction? Like how did how did you you really are just uh a huge resource for uh major developers out here um in terms of representation. How did you become that person? What do you say to them?

SPEAKER_01 2:17

Well, thank you, Dave. I appreciate the compliment. Um, you know, I I built my business off of selling land to developers. So um, you know, I've uh over 24 years of uh doing real estate, you know, you you get to, you know, you're walking around enough job sites, you get the understanding of how to build a house, and you become good at you know that task. And that task is really, you know, it's an A, a B, and a C. It used to be, you know, a third, a third, and a third, but things have changed uh with the prices of construction and the prices of land have gone up so much over the years.

Andrew Doud 2:53

Um You're like a development coach for for this thing. He's like I have a I have a piece of land for sale, right? But just because you have it doesn't mean somebody's gonna come in and be like, oh, I know exactly what to do here, right? Sometimes you might be able to paint the picture for them, be like, look, here's the price, okay, here's what you can build, here's what you can fit on this land, on this building lot, um, here's what we would recommend. And you bring in, you know, whoever, whoever it's on this can help with that.

SPEAKER_01 3:18

Exactly. Well, that's what I'm saying, but it's not only me, it's the team here. We have a great title company that we a lot of times we're running these land use reports, we figure out what you can do, and then then it always helps because there's a lot of moving parts on a new construction. You have to know what the comps are, um, you know, uh, and a lot of times those are changing all the time. So it's uh um it's uh you got to attack it from all angles.

Steve Glick 3:41

You know, you really have to understand what you could do with the land. Like like Vince said, what are the comps are? What's what am I gonna put in? What am I gonna get out of it? And then when you identify the property, um, we have the team here at Saunders that can look at your floor plans, look at the style of home you're building, and figure out well, what's trending, what's selling? Is a is a modern selling right now? Is it a traditional? How what type of roof line? What type of materials are the buyers looking for today? Because you want to make sure that whatever you build, it's gonna appeal to the masses. So you, as a developer or investor, you're gonna be able to get as much money, pull as much money as possible out of the deal.

Andrew Doud 4:14

I think a lot of people too go in, and I'm sure you probably coach them through this, is like you don't want to overbuild the area, right? It's like, oh, a house in this area would look really great, and you're like, Yeah, but you're not gonna get that price for it. Exactly. So I can help you.

SPEAKER_01 4:27

That's a great point where a lot of a lot of times that happens where all of a sudden the budget just gets out of whack, and the next thing you know, they're looking at you, you're like, hey, I didn't tell you to build a 10,000 square foot house, I told you to build a six thousand hours.

Steve Glick 4:38

Just because you can build a 10,000 square foot house doesn't mean you should. Now, Vince, um, this year compared to last year, already you're saying you have 10 sold, 14 in contract. How does that compare to last year?

SPEAKER_01 4:49

Well, last year I didn't, I hardly did a deal until June. So I mean it's like a big it's a big difference. So it's a huge difference. Yeah, I I really think our, you know, when we really look at the first quarter numbers this year, I think we're gonna be uh quite a bit ahead than the first quarter of 23. Um just based that there was just such a blockage, and a lot of these houses that were in contract said, no, let's close in 2024. So I really think um we're gonna see a a big jump up uh this year.

Steve Glick 5:15

Now talk to me about new construction. You know, uh there was a period of time where new construction came to a halt. Materials were so expensive, there was no one was purchasing, no one's really investing. But now you said you have not you currently represent nine new construction homes and you have five more that are poised to come onto the market later this year. You know, what what has been the biggest change and why are we seeing all those new construction homes coming onto the market?

SPEAKER_01 5:39

You know, I just think that you know that like I said, these interest rates, you know, it's a combination of stock markets through the roof. Uh, you know, whenever, you know, it's kind of like when New York sneezes, we catch a cold. So and it's you know, when you when you see when you see that uh going on, it's it it it gives uh confidence to the market. Sure. You know, they're talking about two small interest cuts, interest rate cuts this year, and and probably three or four next year. So that's uh kind of you know, given the market uh that extra push, I think.

Steve Glick 6:07

And has materials like leveled out? Like I know there's a lot of people.

SPEAKER_01 6:10

I think materials have come down, it's still expensive, but they've they're not as as high as they were.

Steve Glick 6:14

Yeah, because there was a period of time where it was just it was crazy. It was crazy. You couldn't even get like you couldn't get your windows or your doors for over a year, the price of wood and manufacturing and then finding laborers, uh laborers to work on the properties. That has all changed. It's now semi-normal, but a little bit higher than it has been, would you say?

SPEAKER_01 6:32

Yeah, I would say it's it's it's down for definitely. I mean, I'm not in uh granulating it that much, and I don't have uh uh you know the price on a bundle of uh shingles, what that what it's gonna came down, but it's definitely lower than it was. Uh is it 20 or 30 percent below that? Uh I don't know. I'm not positive about that, but I I would say I would say definitely it's uh you know, there's a lot of workers that are looking for I have a friend of mine building a uh a home for himself right now in in East Hampton. And uh he's he's you know, there's a lot of people looking for that job, you know.

Steve Glick 7:04

So sure. So Vince, I would say I don't think there's any other agent on here in the Hamptons that represents more new construction homes than you and your team. I would call you, you know, the leading new construction team in the Hamptons. You said you had nine new construction homes. Tell us about some of these homes that you have available on the market. Like what who's building them, what makes them unique, where are they located?

SPEAKER_01 7:24

Okay, so 7 Lee Lane is uh is a paramount new construction that's gonna start. We're waiting for the permits on it. So that'll start that's coming in at 8 million, four ninety-five. Um, that'll be brought to the market in a couple months. Um then we have uh 15 Summit Boulevard in West Hampton Beach, that's a new construction, about 5,000 square feet, um 2,995. Okay. Um we have 30 Park Place, which is a commercial building in East Hampton. Uh that is we're gonna have our first open house on Saturday from 12 30 to 2 there. Um that's been uh a single standing building that has full medical.

Steve Glick 8:05

And um And that's rare in East Hampton Village to be able to have a standalone building with full medical. I feel like that's beautiful. That's something beautifully renovated.

SPEAKER_01 8:22

It's a jewel.

Steve Glick 8:23

I mean, I we call it like a the East Hampton Village jewel. And it just it shines, it stands out, it's pristine. Um okay, keep going. What else?

SPEAKER_01 8:30

Yeah, 33 Jobes is completed now, and and um we have uh Meredith Bear uh did the uh staging there at the um at the house, and that is an 8,600 square foot house on on three levels on an acre across from Ludlowed Farm. Connor Development is the uh builder on that. That's a modern, that's a really flat roof modern, modern ten-foot ceilings, lots of glass, all the amenities that you could want in a house like that. 20 by 50 gun eye pool, and that's across from uh Ludlow Green. It's probably you know less than a mile and a half from the beach. Beautiful.

Andrew Doud 9:03

Yeah, hop on it, hop on your bike, you write down Joe. That's beautiful.

SPEAKER_01 9:07

Uh then we have 66 Hillside Drive uh is a new construction. They just demoed the house. Uh they're getting ready to put the uh foundation in the ground there. Uh that's listed at 4 million,995,000, right outside the village of uh of uh Sag Harbor. Um and then um a new one by Connor Development, 73 Jericho Road. Uh that is on the market for 13,05,000. Uh that's gonna be a 5,000 square foot house uh on the first two floors with a couple thousand square feet in the lower level. Um and that will be done in about 10 months from now. Uh Ryan Kestner was the uh uh architect on that as well. Uh 82 Halsey Lane, right here in the in the village of uh Bridgehampton, 6,050,000 um Connor Development as well. Um and that uh that that is gonna be done June 1st. I've just been watching it go up and it's uh it's really uh 20 by 40 Gunnight pool as a uh single standing uh uh garage there, 6,000 square feet on um on three levels, 12 foot ceilings in the basement, eight foot doors on all three levels. So uh that's gonna be great, right? Here we go.

Steve Glick 10:23

So all these homes are checking off all the boxes. Like you're obviously, I could tell you're advising them what needs to happen. You need those high basements, you need certain doors, certain window packages, you know, uh it's just little amenities that are a must in these new construction homes. And it sounds like the developers are listening to they're listening to the market, listening to you and the request, and they're building a permanent.

SPEAKER_01 10:44

No, it's like you know, when I go into these houses, I take a look at some of these new constructions, and when I go through them, and you know, they're really getting them right. But every once in a while you'll go in here and you'll see some like, you know, six-foot door on the second floor of like this beautiful house that they done. You're just like scratching your head like you did everything right except put the right door heights in the in the room.

Steve Glick 11:04

It's the details, it's the little details like take take it to the extra mile, and you'll definitely um get the money that you're looking for. So you have it sounds like you have a lot of new constructions in the world.

SPEAKER_01 11:14

I actually have 10 on the market. I left out uh yeah. What's a great one is a new Paramount House uh 165 North uh Main Street in East Hampton. Flag lot right there in the village. Uh that's listed for 4,850,000. Um that'll be a beautiful, uh, beautiful home, traditional, uh, you know, with the modern feel inside. Um what else do we have? 200 Rosehill. 200 Rose Hill will be finished here in the next couple months. That is uh 2.5 acres on a 68-acre reserve facing west, um 18,000 square feet, golf simulator, movie theater, you know, uh 12-foot ceilings on the first floor, sunken tennis court. You press a button and all the doors uh go into the walls that are 11 foot of glass. I mean just stunning. Um and then we have 418 Butter Lane, Mercer Construction. Uh that is right here on Butter, uh backing up to reserve on an acre. Uh that'll be done uh for July, and that has some really cool features on it. That has um they're coming up with these new roofs that the solar panels are in the roof, so you don't even see the solar panels, they're just in the roof.

Dave Rattiner 12:29

Oh, cool. Yeah, it's the shingles of the roof.

SPEAKER_01 12:31

Yeah, he's also doing a louver, uh a louver backyard out the outside kitchen uh where the where the roof is sort of like the U.S. open where you can open it up and close it. Yeah, like a louver. Yeah, so very cool features in some of these homes.

Steve Glick 12:46

So you rambled off probably about a half a dozen, if not more, developers that you represent, you know, on these properties. So it really fills the full gamut. And the these properties, the first one of them you mentioned from West Hampton. So you have something in West Hampton Beach, all the way out to the Wainscott area, and in all different price points. I think Rose, 200 rows is you know, 24 million dollars of give or take, and then you have a new construction home for about two and a half million dollars. So it really rained. You have every area, every price point, every builder. I mean, it's it's impressive. So I it's easy to say if you're looking for a new construction home in the Hamptons, call Vince and his team, they'll get you into the right ones. And he knows what's behind the walls and how they're being built. So you can see that.

SPEAKER_01 13:33

A couple of really special properties coming to the market that just put into contract. Um, one is 84 Wainscott Hollow Road. Uh Peter Cook Design is doing it, which is uh uh Paramount's gonna be building it. That'll come to the market June 1st, which is gonna be super special. I looked at the uh renderings on that house. It's about an 11,000 square foot house on uh 1.5 acres overlooking a reserve facing west with tennis. Um gonna be super special. Um and um that's great, Vince.

Steve Glick 14:05

You really it's impressive, and it's good to see for like the market in a whole that these developers are purchasing the land, investing their monies into these new construction homes. It just shows that the Hamptons continues to develop and continues to expand. And it I love seeing new construction homes. That means that the market's gonna be here, it's gonna be for a long time.

SPEAKER_01 14:25

I think the bottom line that we always we didn't mention in this conversation, but you know, we're still on low inventory. If you really look, you know, at you know, back uh you know, prior to COVID, we had you know four to five thousand units on the market, and now we're you know, we're whatever, we're at eighteen hundred or seventeen hundred with about four hundred of them in contracts. So we're still at thirteen hundred units.

Dave Rattiner 14:46

But they're even and out though, they're coming on, coming like things are coming on as well.

SPEAKER_01 14:49

Yeah, they're coming on or the market is not. Coming on and coming off.

Dave Rattiner 14:52

Coming on, coming off. Yeah.

SPEAKER_01 14:53

It's it seems like you know, it it just you know, the new construction is is back to selling some of this new construction before it's even built.

Andrew Doud 15:01

Nice. And if you listen to Vince, I mean just talk you you can hear his expertise in the way it like he was just on it. You know what I mean? He's like, here's the here's what we got. He knows his inventory, he knows his listings, he knows he knows it all. He's the man. Thank you. Speaking of somebody that knows a lot, Steve, what do you got for the numbers?

Steve Glick 15:17

All right, over the past week there were 24 listings that went into contract from West Hampton and Montauk. Last year there were 29, so we're looking at a decrease of 17 percent. The year prior in 2022 was 45 listings, decrease of 47 percent. But the new uh listings, the oh, I'm sorry, but the breakdown of the 24 transactions this week, there was two between 10 and 20 million, one between five and ten, three between three and five, eight between two and three, seven between one and two, and three under a million. The dollar volume was eighty-three million. That's an increase of five percent from last year of 79 million, but a decrease of 25% from 22, which was 110 million. But the new listings coming onto the market, there were 38 new listings coming onto the market, so that increases the inventory by 14 listings. The third the breakdown of the 38 new listings, there is one between 10 and 20 million, three between five and ten million, five between three and five million, nine between two and three million, thirteen between one and two million, and seven under a million, and the inventory stands at eighteen hundred and fourteen total listings with fourteen hundred and one active and four hundred and thirteen in contract. So another good week. Um remaining steady with in contracts over 20 week over week. Inventory continues to slowly increase.

Dave Rattiner 16:36

It does seem like the last couple of weeks, without a doubt, in contracts are just ticking up. Yes, sir. You know.

Andrew Doud 16:43

Well, look, we're we're we're talking to not just Vince, but like all these agents every day. You know, you got them coming to the office, I'm doing shoots with these people, these uh these agents.

Dave Rattiner 16:51

Some agents are coming out of the woodwork that you never really knew about, or you know, were you thought were fading away, and all of a sudden. Now they're back.

Andrew Doud 16:59

Back in action.

Dave Rattiner 17:00

It's great.

Andrew Doud 17:01

Um what do you got this weekend?

Dave Rattiner 17:04

You know, spring is in the air. It is. It is St. Patrick's Day, right? It's kind of nice. St. Patrick's Day on Sunday. Yeah. So here we go. I have a list of Irish food spots for St. Patrick's Day. I think this is pretty comprehensive. I'm gonna start with Buckley's and Hampton Bays. Good start. That's good. Then we're gonna say Southampton Public House in Southampton. Then we're gonna say Rowdy Hall in Amigansett, and then does Shippies Count?

Andrew Doud 17:31

Yeah, I haven't been there yet, but it looks awesome. I think they renovated that, right?

Dave Rattiner 17:35

It's like German, but it's also Irish. It's Irish, it's like an Irish bar. Okay. 100%. And then you got Fellingham's in Southampton, and then in Sag Harbor, you have Murph's Tavern. I don't know if you want to go there for food, though.

Andrew Doud 17:48

Is that the place more like a bar?

Dave Rattiner 17:50

The the like maybe go to corner bar for the food for for the food.

Andrew Doud 17:54

Oh, wait, wait, is Murph still open?

Dave Rattiner 17:56

Oh, yeah. Murph's is still open.

Andrew Doud 17:58

Yeah. That was one of the first places I went when I came to visit uh up here.

Dave Rattiner 18:02

Yeah. So then if you want to do something, you know, a little more fancy, you have Ladies' Night on Thursdays at Wolfer. Uh, and that has that's gonna go on all summer long. So Wolfer Vineyard's gonna have wines by the glass for$10 from 5 to 7 p.m. on Thursdays. They're gonna have a featured cocktail called the Pink Lady for$12, which is a raspberry, gin, lemon, and mint cocktail. And then you have small plates and hors d'oeuvres for$15. These are all pretty good prices considering you're going to Wolfur. It's normally double that. So that's on Thursday night. Okay. And then you have uh the U2 Concert Experience at the West Hampton Beach Performing Arts Center. This is a U2 cover band from 8 p.m. to 11 p.m. on March 16th. And if you're a YouTube fan, everyone's kind of secretly a YouTube fan, right? You go to the West Hampton Beach Performing Arts Center in West Hampton Beach. And I was just in West Hampton Beach, and I am stunned by that town. That town is lovely.

Andrew Doud 19:13

Yeah, it's great.

Dave Rattiner 19:14

That is a lovely town. Um, and then Sag Harbor Cinema. If you have kids, they're having the New York International Children's Film Festival uh this weekend, the 16th and the 17th, all day at the cinema. So there's uh short programs for kids ages three to six. There's gonna be three animated feature films, and there's gonna be a QA with the directors of Kensuke's Kingdom, which I guess is a children's animated thing. Uh you can learn more about it and register to attend the films and workshops at sagharbortcinema.org. And then you can go see Dune 2, I guess, also while you're there. Okay. You drop your kids off and then take them back and then double back and go see Dune 2. All right. That's what's going on this weekend in the Hamptons.

Andrew Doud 20:05

Well, look, we've been talking for 20 minutes, and uh, while you were reading that off, Vince is already getting phone calls and text messages. So we're gonna let him get back to work because he's he's a busy man. But thank you for joining us. We will absolutely have you on here soon. Um, any new construction, he's he's the guy to call. You're interested in building, buying, whatever. Vince Orcasitas, give him a ring. Until then, everybody, thanks so much for listening. Have a great weekend. I'm Andrew Dowd, and that's what's happening in the Hamptons.