Andrew Doud 0:07

It's Thursday everyone. I'm Andrew Doud. Time for a 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. Mr. Steve Glick is off today, but we do have Dave Rattiner, Mr. Vincent Pescatore, and Augie Hoerrner guys. How are you? Thanks for joining us. So a lot to get to. Vince, were you going to say something?

Vincent Pescatore 0:34

Yeah, thank you for having us. Meredith. We hope he's enjoying his vacation in the Caribbean.

Dave Rattiner 0:40

The Bahamas.

Andrew Doud 0:41

Steve is definitely still more.

Dave Rattiner 0:43

He was on the uh surfing machine. I saw him on a video. Yeah, where it, you know, where it like shoots the water up and you boogie board down it.

Andrew Doud 0:51

How'd he do?

Dave Rattiner 0:52

You know, about as good as you would imagine Steve would do. Yeah.

Andrew Doud 0:56

We can listen, we can get to this. Uh, but Saturday, Saturday I'm going skiing.

Dave Rattiner 1:02

Oh, God.

Andrew Doud 1:03

Okay. And I don't I haven't been skiing in Go slow. Probably 25 years. I'm not even kidding. Maybe more than that. 35 years, right? Yeah. No. I think I went when I was like 10. So do the math. 30 years. And I signed up to snowboard. Oh, you're you're doomed. And everybody said that that's a terrible mistake.

Augie Hoerrner 1:25

So you spend a lot of time on the bunny hill. But if you went out, if you went out west in the last week, Aspen's gotten five feet of snow.

Andrew Doud 1:32

Five feet?

Augie Hoerrner 1:33

Aspen and Vale. Yeah.

Andrew Doud 1:35

Well, so the problem is Sarah snowboards. Or she's been snowboarding. So she's got a snowboard. So I was like, I can snowboard. And she's like, have you ever been? I'm like, no. She's like, so I don't know. I don't know how it's going to go, but I'll send you videos.

Augie Hoerrner 1:49

The most important part about a snowboard is wear a helmet.

Andrew Doud 1:52

Yeah, no, I got that. I got the helmet rental, I got the goggles. I'm going to look, I'm going to look the part. I'm just not going to be able to do it. Good luck, Andrew. Good luck.

Dave Rattiner 1:59

I want to talk about real estate here. You know, you two guys, you're you're sort of a you're sort of an odd couple, you know, like uh Vince, you're you know, young agent, you know, you're an aggressive agent in Southampton, and then Augie, you had a whole career in finance before you were in real estate. Numbers guy. You're both in the yeah, you're a numbers guy. You're both in the Southampton office, and the the two of you got together. And um, I'm fascinated by your success. Uh, and I'm also really intrigued to know we were talking about it right before the podcast. Your analysis of the market. Right in front of Augie is a is a is a whole analysis that he's written out specifically for this podcast.

Andrew Doud 2:38

Very neatly written.

Dave Rattiner 2:39

Yeah, I'd really like to do that.

Augie Hoerrner 2:40

So just getting started, when I talk about properties, I'm gonna talk about all properties that's houses, land, and condos, just when we use some numbers. And you know, the boom in the Hamptons came as COVID came in in 2020, January of 2020, and that's when we had our lowest interest rates. Um mortgage rates on the 30 year were below 3% in 2020. And the amount of uh properties that were sold, and I'll use general numbers, was 3,600. And then into 21, you know, the market stayed very hot. Interest rates were, you know, mortgage rates were around the same, three and a quarter, and uh 3,800 properties were sold. And then it started to wean as interest rates went higher in 22. You'd say interest rates, mortgage rates around five and a half, and um twenty five hundred homes were sold. And the last two years it's really been a a mirror of twenty-three and twenty-four. We have had interest rates from six percent to eight percent. So we'll just say seven percent, and that's where interest rates are, mortgage rates are right now. How many sold in the last two years? Roughly eighteen hundred a year.

Dave Rattiner 3:50

Okay.

Augie Hoerrner 3:51

But the one thing that's constant is the median price continues to go up year after year after year. Inventory is lower. And when you say 1800 homes were sold or 1800 properties were sold, what's how many listings do you have today? And so for the last three years in 23, 24, 25, you start the year off with about 1750 listings. And of those listings, roughly 400 are in contract, leaving you roughly 1,350 listings uh that are available. That those are the listings that are listed, and Vince will talk a little bit about off-market listings. But as you can going into 2025, um medium prices are at their highs. Uh for all of the Hamptons, going from Remsenburg to Montauk, it's um 1.82 million, and uh that's up from we'll say 2019 where it was one million. So quite an increase.

Dave Rattiner 4:58

Is west of the canal is that increasing more than than east of the canal?

Augie Hoerrner 5:03

So we uh there was a discussion last week about that, and uh west of the canal in 23, the property's uh you know median price was a million, and in twenty and the next year in twenty four it was up to a million one sixty, quite an increase. Where east of the canal uh and when that's the Shinnecock Canal, they've stayed pretty stable at 2.1 million.

Andrew Doud 5:28

Right. Okay. And where do you guys focus most of your attention?

Vincent Pescatore 5:32

I think like the most amazing part of all of this is what like as August said, the median price in the past five years, there hasn't been a year that it hasn't gone up. I mean, when you look at all the Hamptons in general, you're looking at about you know 33% up over the past five years. And then you focus on specific markets. So we we focus a lot in the Southampton village, that's where office is located, and Hampton Base. We we do a lot of business in these areas, and just Southampton over the past five years, Southampton Village, 77% up in the median price.

Dave Rattiner 6:06

No way. In the village in Southampton.

Vincent Pescatore 6:13

And there's opportunities to be found, you know, and in different areas. And so um, you know, Hampton Base is another example. It's consistently gone up. There hasn't been a year that it's gone down, it's been um, you know, close to 35% over the past five years um in in general numbers. So your house that was 600 now is close to 900 um in the general median price.

Dave Rattiner 6:39

Yeah, what I don't understand is is interest rates, and Augie, you could maybe you could explain it because I I've been kind of struggling with this. You know, I get that inventory is low, you know, after COVID, but interest rates were low during COVID, you know. Like I I think Andrew Dad and I both got our houses around three percent mortgage rates, and we're sure that we're not going anywhere. You know what I mean? And so it's but now we're seeing these higher interest rates, but you're not seeing the median price go down. And I think a lot of people are struggling with that, with that. Why why do you think that that is the case?

Augie Hoerrner 7:12

Well, that's that's the the new buyer is but you know that that's the 30-year mortgage. So people c come in with adjustable rate mortgages where they'll adjust after five years, right? Where you're you know, playing the mortgage rate game where you so date the rate. Yeah, so there there's ways of getting around it. Um and um what I think is that m many people that bought homes in 2021 because it's COVID, and they had to be out here in the Hamptons, and they were they didn't know when if they'll ever go back to work, right? Are now back to work, and I think we'll see some of those, even though they're three percent mortgage, that their price of their home has gone up so much and that they'll take profits and they'll become renters rather than owners.

Dave Rattiner 7:57

Right.

Augie Hoerrner 7:57

But we are in the mecca of of golf courses and the mecha the greatest beaches in the the country. So right, it helps.

Andrew Doud 8:05

It's not it's a nice place to come stay if you got a house out here.

Dave Rattiner 8:08

Well, it's like you know, the phones now with social media they give you a window into the most beautiful places in the world, you know, and the most expensive places in the world. And it's like everyone on the earth can understand where the Hamptons is. Whereas, you know, before when it was just print, like you would uh the Hamptons was like a whisper. You would hear about it in the city, or you know, you might read about it in the Times or whatever, but you know, not everyone in the world that had money knew about the Hamptons. And now everyone in the world knows about the Hamptons, everyone knows about Aspen, you know, everyone knows about Dubai. And you know, I always thought think it's kind of funny when people talk about uh you know the olden days when the Hamptons was, you know, more of a mom and pop town and and all that. And it's like it's a gift that you know we live in this place that you know where the entire universe wants to be. It's a it's like the beaches are incredible. Yeah, I know.

Vincent Pescatore 9:09

This is an incredible place. I mean, look at the proximity to New York City, how beautiful this you know area is. There's not they're not making any more Hamptons, they're protecting a lot of the land in the Hamptons, supply and demand. Then, you know, you look at our rental market, strong rental market, our taxes, low taxes. It's just a perfect storm for you know, the reason why this median price keeps going up.

Dave Rattiner 9:34

We noticed in the we're gonna get to the weekly numbers uh in a second, but we noticed that inventory increased a lot this week, but it also increased a lot last week. Are you gonna do you guys notice that during this time of year, like you know, is the best opportunity for someone to sell their home or they're more likely to sell their home because it's the winter time?

Vincent Pescatore 9:53

I think it's gonna keep increasing as we go into the spring. We have a few listings, uh homeowners that are prepping the houses and they want to show it the best possible. And so this spring we're gonna be listing them. Uh so you know, that could be a reason why it's you know steadily going up right now.

Dave Rattiner 10:08

So it's they're preparing to list it for the spring for the selling season.

Augie Hoerrner 10:12

Exactly. And I I think builders on the other side are just looking for properties to build houses. Right. You know, they did so much building, and the market is quite a down for them. For example, I live in my backyard Shinnicot golf course, and one block away, roughly a half an acre came on the market, came on the market at a million one twenty-five. There are five builders going into a bid off and final on that piece of property. Now that piece of property in um 2000 uh we'll just say 17 sold for 700,000. You know, this is offered at uh a million one twenty-five, and so it could probably go to a million two, up five hundred thousand dollars.

Andrew Doud 10:55

And the land hasn't changed, it's still the same dirt, it's just worth more.

Dave Rattiner 10:59

You you were mentioning off-market listings. So does that become a powerful thing as a real estate agent that if you have an off-market listing, you can present that to a builder or a potential investor that you kind of just know about?

Vincent Pescatore 11:11

Yeah, this is something not a lot of people know about, but a lot of the transactions in the Hamptons, a portion of the transactions in the Hamptons happen off the market.

Dave Rattiner 11:19

What does that mean? That just means that they were enlisted on the internet.

Vincent Pescatore 11:24

They were enlisted to the public. Exactly. They were enlisted in the in in the internet, and you get to those listings through, you know, working with an agent that's you know that you know works the area and has the connections.

Dave Rattiner 11:39

Like me, like I would probably sell my house for like three million dollars.

Vincent Pescatore 11:42

Exactly. And if you if you want to buy David's house, contact Vincent. Yeah, like you may not want to you might not want to. But somebody's gonna give you the right number, and you're like, well, all right. So like we have like multiple, you know, builders that we work with, and the one the ones that are getting this off-the-market properties, the first ones to see them, it's gonna be our clients. And so, like, right now, recently we traded, we we sold one on Georgica in East Hampton, and Augie, that was uh that was incredible because uh it was one of the record sales for a half an acre lot south of the highway, which it went for three three and a half, three, three. So that's one example of an off-the-market property in a prime Southampton, uh East Hampton South location, right? One of the best areas in East Hampton. Um, you know, multiple properties that we have in Hampton Base also, uh on the market and off the market. Um so you know, great opportunities.

Dave Rattiner 12:43

Do you want to speak to any of your listings? I mean, you guys are a powerhouse. You have a lot of listings. So the one thing that just being with you guys, the one thing about being a broker is you got to stay on it.

Augie Hoerrner 12:52

You know, it's not a three-day-a-week job, or yeah, you could be if you wanted to, and you get a listing here or a listing there, but to see everything that new things come into the market every day.

Dave Rattiner 13:02

Right.

Augie Hoerrner 13:02

And things leave the market every day. To stay on the market, you know, the New York Stock Exchange only open five days a week. It's all listed what's for offered, what's for what's for uh sale. This market, you have to stay on top of. That's why we have four eyes on it rather than two.

Dave Rattiner 13:17

Well, and I noticed, you know, can you talk about this for a second? You guys really utilize the office in the village, you know. When I walk in there, you know, it's so cool. Like Vince is there, he's got like two screens. It looks like he's like really deep in it. Like, I'll say hello, what's going on? Augie, you're always out there with your you got paperwork going, you're always like scanning through things, uh, you know, looking at listings. And I'm just, you know, is there any what is the the value of being together in the office? You know, versus being on the.

Augie Hoerrner 13:54

So if you're there part-time, you're only gonna get part-time information. If you're there full-time or whatever, you know, the more you're there, the more you hear. And that's how one brick uh that's how business is done. Yeah, communication.

Andrew Doud 14:09

Yeah.

Vincent Pescatore 14:09

Um we love we love our Southampton office, and we're we're there almost, you know, every day. So all right, stop in and say hello. Every time I'm in there, I love seeing it.

Augie Hoerrner 14:20

That are there to assist are fantastic. So it helps. It helps with full service.

Andrew Doud 14:27

That's it. Um, all right, let's talk about the numbers. I'm gonna do my best uh to fill in for Steve here. I'm prepared. All right, the Hamptons real estate market data for the week of 211, 2025. Over the past week, there were 24 listings that went into contract from West Hampton to Montauk. Compare this to the same week last year, 2024, there were 24 listings that went into contract, which is a change of 0%. Uh, the same week in 2023, there were 23 listings that went in the contract compared to this past week. That's an increase of four percent. The breakdown of these 24 transactions, one between 10 and 15 million, one between five and 10, one between three and five, six between two and three million, and fifteen between one and two million dollars. Over the past week, the dollar volume was sixty-five million dollars compared to the same week last year in 24, the dollar volume was 214 million, which is a year-over-year decrease of 70%. However, this large decrease was due to an expensive listing on Gin Lane in Southampton that was listed for $150 million. Without that listing, the dollar volume for 24 was $64 million, which represents a year-over-year increase of 2%. This same week in 23, the dollar volume was $74 million compared to this past week. It's a decrease of 12%. This past week, there were 47 new listings coming onto the market with 24 listings going into contract. This increases the inventory by 23 listings. The breakdown of these 47 new listings are one over 20 million, one between 10 and 20 million, five between five and ten million, nine between three and five, fifteen between two and three, that's always a sweet spot, and 11 between one and two million, and then five under a million dollars, which is getting harder and harder to come by in the Hamptons anymore. The overall inventory as of 218-25, 1,742 total listings, active and in contract, 1,345 active listings, 397 in contract listings. Hopefully, that was as good as Steve would have done it. Yeah, that was good. But there's the data. There's the breakdown.

Dave Rattiner 16:41

Well, what I what I like about being with you guys is you really you really digested the data just on an annual level, on a on a macro level, and then uh on a on a um specific location level. And you know, if you're in Southampton Village or Hampton Bay's, you guys are the guys to talk to. It seems like you really understand what's going on there.

Andrew Doud 17:01

Um you understand you understand what's going on. In the Hamptons.

Dave Rattiner 17:06

I understand what's yeah. Okay, there you go. That was a good transition.

Andrew Doud 17:08

Yeah, I try. Always looking for new ways. All right, what do you got this weekend?

Dave Rattiner 17:12

This kind of reminds me of you, Dad. I feel like this is up your alley. You could do this with your kids. You can go line dancing at the clubhouse in the Hamptons. You can do that. Line dancing February 22nd from 7 p.m. to 9 p.m. Uh, that's at the clubhouse. There is no cover. That is in East Hampton, that is a great family-friendly spot. Uh I'm not much of a line dancing.

Vincent Pescatore 17:34

If you can dance after the snow, you know, the snowboarding. Yeah, right.

Andrew Doud 17:38

Oh, yeah. Well, here's the thing. I tried, I tried, I went to a bar once. It was like a line dancing, like a country bar when I moved to Florida at first, and like everybody knew what they were doing. Yeah, like that was their thing. That's the country. They went line dancing. Yeah, and I tried and they kicked me off the floor.

Dave Rattiner 17:55

Yeah. As they should be. You don't belong there, you knew you New Yorker. All right, so Winter Wellness Day at Topping Rose House in Bridgehampton. Man, this sounds pretty unbelievable. It's for 275 bucks, but it runs from 8:30 to 4 p.m. Uh, and it's just like an endless amount of that wellness stuff that everybody loves. So you got yoga, you got guided meditation, you speak with a counselor about your fitness goals, you get a lunch break with a wonderful lunch, then you do empowered body sculpt with somebody named Taylor Pearl, and then you do a closing sound ceremony with a Hampton sound healer.

Andrew Doud 18:39

I like the talking to somebody about your fitness goals.

Dave Rattiner 18:43

And they got Scott's protein balls there. You ever have a Scott's protein ball? Sure have it. Well, you can get them there. All right, so you can go to the Winter Wellness Day at the Topping Rose house. Uh, and then let's see, you got a Montauk Point hike if you want to go out into the freezing cold starting at 10 a.m. I was just there yesterday. I know you were that's why I grabbed it. So you can go to Montauk, you know, give Montauk some love. It's probably a little cold and lonely out there right now. So if you can head out there at 10 a.m. and go for a guided hike, uh, and you can get all of this information and more events on the only place in the Hamptons to get this type of information at hamptons.com, the number one lifestyle website for the Hamptons.

Andrew Doud 19:32

Nicely done. Thank you.

Dave Rattiner 19:33

I've been doing this a while.

Andrew Doud 19:34

Uh I like it. So, yeah, so I mean, this weekend I'll be attempting to ski. How about you guys? What do you got going on? Selling real estate, right?

Vincent Pescatore 19:41

This weekend we're gonna be selling real estate. That's it. Nice.

Andrew Doud 19:45

Um, well, before we let you go, is there any other listings you want to touch on? Anything else you guys want to bring up? I mean, that's a very comprehensive look at the numbers, a good explanation of what's happening and what's happened over the last five years, which is important for anybody that's looking to buy or sell. I mean, you got to know where you've been and where you've got to know where you're going to be able to do about the market.

Dave Rattiner 20:01

Yeah.

Vincent Pescatore 20:01

Yeah. Um I would just say stay tuned because we're going to have a lot of new listings coming up.

Augie Hoerrner 20:05

And uh we do have buyers. We do have buyers. Buyers in the village. And you can count the number of listings that uh on on your hand of how many listings, especially in in the village going down towards the water. Yeah. You know, anything that you're gonna that's for sale there, you're gonna have to put milk a few million dollars into.

Dave Rattiner 20:25

So um, you know what's kind of remarkable about Southampton Village that I never thought about is that every single property is south of the highway in Southampton Village, if you think about it. Isn't that weird? You don't realize that, so so yeah, yeah. It's cool. Yeah, because the highway runs. Yeah.

Vincent Pescatore 20:42

I was just gonna say it's always nice to see you guys. Thank you for having us. Oh, what a guy. Thank you for the compliment. You guys are the best. What a guy.

Dave Rattiner 20:49

Thanks for coming in and not coming in on Zoom. These are real guys. Really? You guys are the best, you know.

Andrew Doud 20:55

And I guess we could have zoomed Steve in. He would have loved to have done that on vacation.

Dave Rattiner 20:58

No, he wouldn't. No, he's having a good time. Trust me, he's having a good time. Wow, while on the way forward. He never takes time off ever. He's having a great time.

Andrew Doud 21:06

I'm glad he stepped away from it. It's good. All right, cool deal. Um, we'll we'll be back next week. I think Steve will be back next week, right? Yep. So see you guys next Thursday. Yeah, thank you enough. Thank you, Augie. And Vince, we'll see you next time. We'll have you back on, of course. Until then, I'm Andrew Dowd, and that is what's happening now.