Steve Glick 0:04

It's Thursday, everyone. I'm Steve Glick, and it's time for another Happening in the Hamptons podcast, our weekly breakdown of the Hamptons Market, new listings and events on the East End. Sponsored always by New York Title Abstract, the Hamptons leading title insurance firm. Visit NewYorktitle.com or titleinsurance.com for more information. Joined today, as always, is Dave Retiner. Andrew Dowd is actually on vacation this week, but we have our guests in the studio. We have the Miller Fox team, Talia Miller and Lisa Fox. So good morning, guys.

Lisa Fox 0:39

How are you?

Steve Glick 0:40

Welcome to the podcast. Where is Andrew Dowd? Andrew Dowd is vacationing in the Cayman Islands. Beautiful. We're here on a rainy Thursday, a rainy Thursday here in the Hamptons, but nonetheless, we're here talking about real estate in the Hamptons. And with the Miller Fox team, you guys had you know it's you guys have been busy in the in the year already. It's you know, the first quarter has just ended. You guys recently put a couple deals into contract, you're working with a lot of renters, and let's just first talk about the rental market because I know that everyone's frantically looking to rent a home to get in for the season of the Hamptons here coming up in Memorial Day, and you guys have a couple properties that are still available for rent. So good morning, guys. How's it going? And tell us about your rentals that you got going on.

Tahlia Miller 1:30

Good morning. Yeah, we have a quite a few rentals that span from Southampton all the way out to East Hampton.

Lisa Fox 1:36

East Hampton.

Tahlia Miller 1:37

Um, Sag Harbor included, and they really vary in price points and size of home, size of property, amenities.

Lisa Fox 1:46

It's really something for everybody. You know, you you could have you could have a a classic estate type of feel in Southampton. You can have a little beach cottage in Sag Harbor Village, walk to a private little big beach.

Steve Glick 2:01

Great for that's fine. And these are all still available, right? Like there's not there's still time to the whole East.

Dave Rattiner 2:08

I'm looking at these listings right now. I mean, nine eyelines in East Hampton looks awesome.

Tahlia Miller 2:12

We just actually put a lease out on that. Oh no. That is gone. Um it's a beautiful home, absolutely stunning property.

Dave Rattiner 2:19

And then, but you've mentioned these classic homes like well, you have one artist colony with colonies. And that has a tennis court, right?

Tahlia Miller 2:24

I have to say, one artist colony is the best deal, rental deal in Southampton Village. Absolutely. It's an acre property, beautifully manicured, well established, private tennis court. It's a stunning home on the inside. It really is at 110,000 for July and 110,000 for August through Labor Day. It's the best deal in Southampton Village.

Steve Glick 2:44

Wow. Southampton Village. That's a that's the place you want to be for the summer.

Dave Rattiner 2:49

Well, any of the villages. It's like East Hampton Village, you know, that's in West Hampton Village.

Lisa Fox 2:55

There's a lot of great new stuff in Southampton Village. I just heard they're opening provisions.

Dave Rattiner 3:00

Oh, wow.

Lisa Fox 3:01

Yep. Where I just heard over by the movie theater.

Dave Rattiner 3:04

Oh you know, I heard that that movie theater is gonna something's gonna be crazy there.

Lisa Fox 3:11

Someone bought a suite of storefronts there, and they're trying to revitalize it. I think provisions is gonna be a welcome addition. Oh, great.

Dave Rattiner 3:18

It is strange. I will say that over in that particular part of Southampton, it's like strange that that's not like a really cool happening place.

Lisa Fox 3:26

Like completely agree, because you got the Agawan Park right there.

Dave Rattiner 3:28

Yeah, it's like you're a Southampton Village, that's Southampton Village.

Lisa Fox 3:32

Yep.

Dave Rattiner 3:32

But you know, there's like a lot of run, there's a couple of like empty stores and they're like run down.

Lisa Fox 3:36

It's gonna be different. Check it out in May. They're they're hoping to open a lot.

Dave Rattiner 3:41

That's exciting. That'll bring some excitement to area. It's it the so you have this one here for June and July for 45,000.

Lisa Fox 3:48

That's 26 Beach. It is absolutely adorable. It was renovated last year. Um finished lower level. Uh it's it's cute as a button. And you walk, or you know, it's it's a two-second car ride or stroll, about a half mile to the private bay beach in Sad Harbor Hills. You're a mile from town.

Dave Rattiner 4:10

Wow.

Lisa Fox 4:10

Um it's great for kids. There's a trampoline in the backyard.

Dave Rattiner 4:14

You know what I'm noticing as she's talking? Rentals, being an exclusive rental agent is as challenging as a sales agent.

Lisa Fox 4:21

Oh, yeah. Sometimes more.

Dave Rattiner 4:23

Yeah, you know these properties inside and out. That's interesting.

Tahlia Miller 4:27

Sometimes more because sometimes your clients are really depending on you for that income stream for them. And so the phone calls come.

Steve Glick 4:35

They're stressed. They really need to be able to do that. Well, they want to they want to get it rented. I mean, there's a time frame. Like, you know, when you have a sale listing, you have a 12-month exclusive, right? And it's like there's no has to be sold by Memorial Day with these with these renters, it has to be rented by the season. Like, you know, we only have a couple months left, so the pressure is on.

Tahlia Miller 4:54

Um I think we look at dates differently than our than our landlords do because for us, it's only April 4th. For them, it's already April 4th.

Dave Rattiner 5:03

Oh my god, it's April and it's not renting yet.

Tahlia Miller 5:05

So exactly. And so then where we feel like I think the consensus as agents is that the season has really shifted from July through Labor Day, and so it expands our the rentability time period another month, right? We get another month of people still showing, people still pulling triggers, people still signing leases through May. And for our landlords, they're nervous come April, early May.

Steve Glick 5:32

I can I can see that. I mean, look, a lot of to keep their them at ease, they're coming back up from Florida from the South. I'm seeing the traffic pick up already. It's been getting busier here in the Hamptons. So I think like now that you know we we just had the Easter break, the spring breaks are happening, we're starting to see the migration back up from the south coming into the Hamptons. So people are already starting to think about all right, what are we doing this summer? We need to start looking at rentals now. You know, I know the rental season, some people got ahead of it and started in January, but there's gonna be another rush, which is gonna happen April and May.

Lisa Fox 6:09

As Talia said, I I I I agree with you. Um it used to be people I remember, you know, clearing snowy driveways in in January and February, making traipsing all over the place. And it's it's it's a little different now. People people wait.

Steve Glick 6:27

So let's talk about some new listings. Um you know, you got inventory is always low. We keep talking about the inventory coming up. Um, coming up in the next couple months, you guys do have a handful of listings that are poised to come and hit the market in all different types of categories, too, which is pretty unique. Uh so tell us about some of those.

Tahlia Miller 6:46

We do. We have a couple coming up in Sag Harbor Village. So we have really a fixer, which would be ideal for first-time homebuyers looking to get in at the fact that fixer, first-time homebuyer in Sag Harbor Village. If you're looking to get into that part of the market, right? So you're a first-time homebuyer, you're you're constricted by your budget and you have the ability to fix it up over time. Getting into Sank Harbor Village is a great opportunity for you to to grow as your family. Yeah, you know, your the school district. What's that? What's that price point?

Steve Glick 7:16

What's that?

Tahlia Miller 7:17

1.5.

Steve Glick 7:17

1.5. That's it. It would be good. It's a wonderful. That's good.

Tahlia Miller 7:21

I mean, but Sack Harbor Village. Yeah, it's really great. And then also a piece of land in Sag Harbor Village that's gonna come up around the same time. So that for an investor or somebody who's looking to build their dream home in the in the village, walking to the village.

Dave Rattiner 7:35

I love Sack Harbor Village, man.

Tahlia Miller 7:37

Yeah.

Dave Rattiner 7:37

I just go there sometimes just to walk. Like I'll I'll literally drive there, walk around. There's just it's like walking through Manhattan. It's like there's so much going on, you're so excited to be there, you know. Well, it's not like walking through Manhattan.

Steve Glick 7:50

There's nothing like Manhattan.

Dave Rattiner 7:52

Yeah, that's true. Just the fact that you could walk. It's just like I feel excited when I'm there. You know, a lot of other people in the street when you're walking in Sack Harbor Village.

Tahlia Miller 8:02

No, it's nice, it's a wide sidewalk.

Lisa Fox 8:03

There's fun little doors, there's fun little places to go get a snack. The new restaurant I'm looking forward to is where Sag Harbor Kitchen is. Sag Harbor Tavern is coming in, and those are the owners of Red Hook Tavern in Brooklyn, which is outreach. Oh, cool. Wow. So it's gonna be like a tavern-y type of place. Yeah I'm really excited for that.

Steve Glick 8:24

Wow, Lisa, you're really into it. You know all the new restaurants and things that are happening. This is good. We're getting that good.

Dave Rattiner 8:31

Nobody reads the newspapers.

Steve Glick 8:34

I didn't read any of that. That's you gotta be in the know. But um, so this is good. So I guess advice is follow the Miller Fox team on Instagram, follow them online, subscribe to their emails to get ahead of these new listings coming onto the market because it sounds like the price point you're talking about, these are gonna get a lot of activity as soon as you make them live. I mean, like one and a half million dollars in Sag Harbor.

Dave Rattiner 8:59

Well, they could reach out now. I mean, a lot of our listeners are real estate agents. Oh yeah, we could reach out.

Lisa Fox 9:05

Uh in a couple of months. Perfect. Yeah, and it's adorable. It's you know, you can it's turn it's move in or you can fix it up or you can do whatever you want.

Steve Glick 9:15

But what's your outlook on this summer? You know, the summer is coming up in a couple months. Are you starting to see an uptick in the inventory, uptick in sales? Where do you think it's it's gonna go?

Lisa Fox 9:27

I I we are seeing an uptick in inventory, which is good, which is nice. Yeah. You know, we're seeing new more and new listings coming on every week. And you know, when you're searching for for customers, it's awfully nice to see some new new things. And my hope is that that trend continues. I I feel like buyers are restless and they want to buy and encouraging people to buy now. Um when rates start to drop and the prices go up, that's usually the way.

Steve Glick 9:55

And do you see that do you in your sense do you think that the rates are gonna drop?

Lisa Fox 9:59

I think they're gonna drop. I don't know when, but at some point this year I think we will start to see a reduction.

Steve Glick 10:05

That'll be great. When it happens, it's just gonna be gonna light up.

Tahlia Miller 10:07

I think we're primed for a very intense next 18 months. Yeah. Because we've got the election coming up, we're gonna see like the traditional 60-day outside the election, we're gonna see a little bit of a slowdown, and then it doesn't matter who gets in, right? They're gonna be fighting for lower interest rates because they're gonna want to drive the economy. So it really doesn't matter what happens because it is going to be full force.

Steve Glick 10:30

How can we make it better than they are now? People like to know like who what's going to happen. They don't like the uncertainty. So once we get through the election, okay, that's the president. Let's move forward with life and you know, transact, you know, because when the people don't know, that's where people like you know shy back a little bit. But why but why is what caused the uncertainty? They just they just want to say it's just like a mindset thing, like uh, you know, uh, I don't know what's gonna happen tomorrow. Let's just wait and see what happens tomorrow. And then once tomorrow happens and they have a definite answer on who the president or whatever decision is gonna be, fine, great. Now let's just move on and proceed with life.

Tahlia Miller 11:09

And the drive forward is going to be to improve everyone's everyone's life, right? So that's good, that's the big push forward is can we make everyone's life better? Can we make our buyers have better buying power? Can we make our sellers happier in this market? And that everyone's gonna be fighting for those things. So do we hope that the interest rates drop? Absolutely.

Lisa Fox 11:30

Yeah, well inflation's you know is is really is being reined in, and that's that's the dri that's the I think big driving force around that, you know.

Dave Rattiner 11:38

And I think we're really close to the point where you know where I really feel inflation is food.

Lisa Fox 11:44

Oh my gosh.

Dave Rattiner 11:48

It's why even in barriers. Really? Nowhere else.

Lisa Fox 11:51

Even at Costco.

Dave Rattiner 11:52

Yeah, but food, it's like, huh. Why is that thing of strawberries $14? Yeah. I feel like it's annoying.

Steve Glick 12:01

I know.

Lisa Fox 12:02

Absolutely.

Steve Glick 12:03

Um so let's talk about the data this week because I know we're talking about inventory and where everything is is going. So the data this week, 24 new listings went into contract. Last year there were 34. That's a decrease of 29%. In 2022, there were 38 listings, that's a decrease of 37%. So listings going into contract is year over year decreasing a little bit. Um, and the breakdown of those 24 transactions, there was three between five and 10, 3 between 3 and 5, 5 between 2 and 3, 11 between 1 and 2, and 2 under a million. The dollar volume this past week was 65 million. Last year was 149 million, so that's another decrease of 56%. The year prior was 107 million, decrease of 39%. But the good news, it's always good news in my market data. Um, and that's the new listings coming onto the market. 33 new listings came onto the market. So the overall inventory increased by nine listings. So you're right in what you say. You're starting to see more listings come out of the market, and this week is no different. To break down of those 33 new listings, there were there was two over 20, one between 10 and 20 million, five between five and ten million, seven between three and five million, five between two and three million, nine between one and two million, and four under a million. So all different price categories we're seeing listings pop up. Inventory stands at 1,847 total listings, 1,395 active and 425 on contracts. So we're constantly seeing the inventory stand at around 1,400 active listings in the Hamptons. So that's not a not a big number, but it's increasing slowly and still activity every single week.

Dave Rattiner 13:43

Well, what I like about the act, that's I think that's the key word is activity each week. You know, it's not like yeah, it's not still things go off. You know, it's not like we're like stuck in this, oh, there's 1400 listings and none of them are selling. Right. No, there's nothing new is coming on. You know what I mean?

Tahlia Miller 14:00

That's another reason why it's really important to work with a knowledgeable real estate agent because they can help you help guide you to an actionable and informed decision about when is the appropriate time for you to buy. It might be when real when interest rates are high and there's less competition, or it might be when interest rates are low and there might be more competition that you're you know fighting for.

Steve Glick 14:22

Yeah, but you can't. Or it might be just like that's the house, we love it. Don't don't worry about the interest rates. You know, just buy it. If you love it, buy it now, you can refinance it. Yeah, you can refinance, or if you have cash, then the interest rates don't matter. So what are you gonna do? Um Do you think it's all like is it's all just like a head game? A lot of it is, it's all psychology, a lot of it's psychological.

Dave Rattiner 14:41

When you think about the people like 30 years ago, and you know, they bought, and I'm sure it was difficult for them to do it at that time. And then if you can just you can't, if you could get in the time machine and travel 30 years into the future, I mean, in all likelihood, it's like I mean we just heard it the other day. Somebody said they lived on Meadow Lane, and you were like on the bayside or the ocean side, and they were like the bayside, and you were like, oh, and they should have bought the and he was like, I I should have bought on the ocean side. Correct. And it's like, but it was a lot of money at the time. It's not it's not anymore.

Steve Glick 15:17

Shoulda, coulda, woulda, you know, yo, it's but you can never go wrong in Hampton Drill Estate over if we look at the trend lines year over, you know, the 10 years, the five years, it's always goes dips, but it always trends upwards. So if you invest anywhere from you know Shag Harbor Village or Southampton or just get in, you know, to one of these condo units, over your time, over time it will turn out to be a great investment. Um, so Dave, let's talk about the weekend. What do you got?

Dave Rattiner 15:44

It's what is it first weekend in April. Oh, it's the first weekend in April. Oh, I love how there's a celebration about every weekend.

Steve Glick 15:51

Through March first quarter is over, we're starting the second quarter, and it's April. It's April. What do we got?

Dave Rattiner 15:58

It's May. It's almost almost May. It's almost Memorial Day, but it's so we're through we're through the month I hate the most, which is March.

Steve Glick 16:04

Okay.

Dave Rattiner 16:05

But April's a happy month, but it's also cold in the beginning. April showers. Yeah, exactly.

Steve Glick 16:12

There you go.

Dave Rattiner 16:13

Exactly.

Steve Glick 16:13

So what do you got, Dave?

Dave Rattiner 16:15

So I don't know. Let me let me pick one. Well, so here we go. So we got the long we got Long Island Restaurant Week that's running all the way through April 14th. Um, this is a program that kind of goes where all the restaurants get together and offer discounts and price fixes, so you can check them all out. There's a bunch that are involved. I'm not gonna read all of them off here. However, you can look at the entire list by visiting Hansons.com and on the homepage, there is literally a button that says Long Island Restaurant Week. Um, my second pick is I'm gonna say we have Keb Moe at West Hampton Beach Performing Arts Center on Sunday, April 7th. Keb Moe from 8 p.m. to 10 p.m. Do you know who that is?

Lisa Fox 17:04

Phenomenal. Oh, yeah, I've seen him.

Dave Rattiner 17:06

Oh, really? And that's phenomenal?

Lisa Fox 17:08

Phenomenal.

Dave Rattiner 17:09

I'm really you know, I picked that just like randomly. Yeah. It's a good thing. Because how do you go wrong? Lisa knows everything. How do you go wrong with the West Hampton Beach Performing Arts Center?

Tahlia Miller 17:18

Don't. That's such a great venue. And also it's a great, another great village to walk around. West Hampton Village is really, it's stunningly beautiful.

Dave Rattiner 17:26

I was just there, I got my hair cut there. I went there on Tuesday. There you go. Butchers, what's it called? Mad Butchers. Mad Butchers. Not a great name for a barber shop, but he is an unbelievable hairstylist. His name is Diego. And prior to going, there was a I was like I walked, I parked all the way at the end of West Hamden Beach, and on my way up to his barber shop, there was a coffee shop called Caffeine, which I thought was appropriately named.

Tahlia Miller 17:54

It's from the city. They do the draft, yeah, the draft and lattes.

Dave Rattiner 17:59

And they had this thing. I had to buy it. It was a can of hot chocolate, but it was cold. It was like, I don't know, I forget what the name was, but it had 400 calories. It was a small can. And I was like, oh my god, I gotta try this. And it was like it was just like drinking like liquid chocolate. It was really good. And then I had coffee and then I went completely insane. I was gonna say sugar caffeine.

Lisa Fox 18:25

That's all you need.

Dave Rattiner 18:26

Um, so yeah, so you could do that. Live like me, you know. So, anyway, so then we also have Cliff Black and friends at the Steven Talk. You know them too? On Friday? Yeah. Oh man, jeez.

Lisa Fox 18:37

Cliff's been around forever. Wow, amazing guitarist, and his band is always I'm hanging out with you this weekend.

Dave Rattiner 18:44

You know it all. Oh, this is great. That's at the Stephen Talkhouse.

Lisa Fox 18:47

I've been around these parts for quite a while.

Dave Rattiner 18:48

I guess so. That's awesome. Well, so speaking of which, um, so those are good picks. I mean, there's a couple more I could say, but I always like to ask, you know, what's a go-to restaurant for you? And then we can highlight that restaurant, and then hopefully the restaurant hears it and they like buy you a drink while you're there or something.

Tahlia Miller 19:04

Oh, that's a really good idea.

Dave Rattiner 19:05

Yeah, kind of it's like my little story.

Tahlia Miller 19:06

I'll go first. Uh my favorite date night restaurant is sitting at the bar at Stone Creek in East Quag.

Dave Rattiner 19:16

Never been there.

Tahlia Miller 19:16

And Jess, who's behind the bar, is absolutely fantastic, and she's wonderful to chat with. The food is absolutely fantastic. It's an awesome atmosphere. You should go. If you haven't been there, take the drum away and go to Eastquag.

Dave Rattiner 19:32

You got one?

Lisa Fox 19:33

Oh, it's difficult, but I'm gonna put a shout out to Cove Hollow Tavern.

Dave Rattiner 19:40

Cove Hollow Tavern. Where's that? Very good.

Tahlia Miller 19:43

They own Vine Street on Shelter Island.

Dave Rattiner 19:45

Oh my god, I love Vine Street. Where's Cove Hollow Tavern?

Tahlia Miller 19:48

Cove Hollow is right on Cove Hollow in 27. Yeah. By the CBS by Buckley's.

Dave Rattiner 19:56

What? Well, it's a good you like that restaurant? That's a really good restaurant? I've never been there.

Lisa Fox 20:00

It's where Cafe Max used to be for anybody who was around East Hampton. You know, Cafe Max was there forever. But anyway, the inside is gorgeous and rustic. They completely did it in this gorgeous, it's very cozy. The food is is great. You can get a hamburger, you can get steak.

Dave Rattiner 20:16

I'm getting hungry.

Lisa Fox 20:18

Lovely.

Dave Rattiner 20:18

Oh, this is you you had me all messed up because you said buckleys. This is in East Hampton?

Lisa Fox 20:23

Yeah. And the dessert.

Dave Rattiner 20:24

I've never been here.

Lisa Fox 20:25

The desserts are insane.

Dave Rattiner 20:26

Cove Hollow Tavern. So Oh, I remember this place. This used to be like an oyster, it was called oyster bar or something a long time ago. Or Cafe Max. But that was like a you keep okay, yeah.

Lisa Fox 20:38

Yeah. I know.

Dave Rattiner 20:39

I know what that is.

Lisa Fox 20:40

Say hi to Matt. He's the manager there, he's a doll. And you'll enjoy it.

Steve Glick 20:44

Wow.

Dave Rattiner 20:45

Wow. I love these recommendations. Really unique.

Steve Glick 20:47

Yeah, these are two great recommendations.

Dave Rattiner 20:49

This is great. All right, so that's what's going on this weekend. I'll see you at Cold Hollow Tavern.

Steve Glick 20:54

All right, guys. Um, Miller Fox team, anything you want to add to the podcast.

Tahlia Miller 21:00

Well, 53 days away from Memorial Day, so bring on summer. Yeah, yeah, bring on summer. Ready for summer sunshine.

Steve Glick 21:08

All right, Dave, what do you think? Close it out. That's a podcast. That's a podcast, I think. All right, we'll see you next week. Thanks for tuning in, and Andrew Dow will be back next week. Take care.