Andrew Doud 0:08

All right, it's Thursday, everyone. I'm Andrew Doud. It's 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. We have Steve Glick, Dave Rattiner, and today return guests, Talia Miller and Lisa Fox of the Miller Fox team. How are you guys?

Tahlia Miller 0:33

Good morning. How are you? Good. Great.

Andrew Doud 0:35

What's to not be good about? I mean, like, we're how many days? 75. 75 days until Memorial Day weekend.

Tahlia Miller 0:42

Beautiful day in Bridgehampton.

Andrew Doud 0:43

That means the seasonal depression is slowly melting away. It means no, no. Yesterday was the day.

Dave Rattiner 0:49

Yesterday was the first day that you were like, oh, no, no.

Steve Glick 0:53

This is what it means. It means the traffic is picking up. I noticed that. Coming out here this week, the traffic's already been backed up. Ramping up. Gotta get those uh spring cleanup.

Lisa Fox 1:03

And the leaf the leaf blowers are starting to.

Steve Glick 1:06

Yeah.

Lisa Fox 1:06

Along with the with the birds.

Steve Glick 1:08

But that means there's no more snow. Like the snow is over. I mean late March.

Lisa Fox 1:13

The landscape is already cleaning up. Cautiously optimistic about it.

Andrew Doud 1:17

So, yeah, so things are picking up as we get ready for the season. You have been busy, which is great. So tell us a little bit about business, what the first uh part of the year has been like for you, and I know I understand you got a couple listings coming on, so you're just staying staying busy.

Tahlia Miller 1:32

Yeah, we did. We we opened the year with a double-digit trade, which was great. Where was that? That was Montana. It was uh Sagaponic South. Oh wow Yeah, 98 Wilkes Lane traded at 11 million.

Andrew Doud 1:43

Wow.

Dave Rattiner 1:44

Now, is a double-digit trade? Is that just as challenging as a as a like a single digit trade?

Andrew Doud 1:51

Honestly, every deal is different.

Tahlia Miller 1:53

Yeah, but I will tell you this one was a bear. It was a bear, it was a mountain to climb. It was it was not easy, this one. But we got it over the finish line. Yep, you know, closed.

Steve Glick 2:03

That's a great way to start the year. Come on.

Lisa Fox 2:06

And we ended 24 with a couple of good ones. We had another substantial trade off-market. Off-market um East Hampton Village. Wow. And that was a bear too, but we got that one over the finish line.

Andrew Doud 2:19

So this is why you need the right agent, though. You know, and so you guys, speaking of East Hampton, I mean some of these listings that you have coming on are in that area, right? East Hampton, Sag Harbor, you're kind of like um that part of town. Yeah, right?

Tahlia Miller 2:31

I think they kind of spread both of the of the hamlets, but Clearwater, which is a great area, which is fantastic. Great area. Fantastic. We were there yesterday, it's beautiful.

Lisa Fox 2:42

Um the East Hampton Village. I'm sorry, excuse me, Sag Harbor Village. Yeah, Sag Harbor Village.

Tahlia Miller 2:49

We have a land listing coming on, and then adjacent to the land listing, the there's a house that's coming on that's like a full gut reno. So for a builder, good for an end user, price is gonna be right, but it's gonna be a commitment for whoever's gonna be.

Dave Rattiner 3:04

Talk to me about the land listing. So when you bring this land listing on, is obvious is it gonna be attractive to a builder or is it only attractive to like another?

Tahlia Miller 3:14

So I think that's part of the market that needs to be adjusted a little bit because everything can't be priced only for an end user, right? We have to be able to to make it make sense for a builder. Make sense for anybody who can come in and really make the neighborhood more beautiful than it already is. And if that's an end user, fantastic. And if that's a builder who's gonna build a beautiful house and someone's gonna be able to move right in and the ease of living there is gonna be right for them, then I think that's great too. So I think it's learning how to bridge that gap between end user prices and price. But everybody wants to be able to do that.

Dave Rattiner 3:52

What I don't totally get is is doesn't the person that buys the land, let's say you're an end user and they want to build, aren't they hiring a builder anyway? Yeah, of course.

Tahlia Miller 4:05

But the bill but they're paying, they're then paying they pay a premium on the land. On the land and they pay a builder fee. Or they, you know, depending on how wherever that's structured, they pay the builder fee. So an end user ends up usually paying a substantial amount more than what a builder would pay.

Andrew Doud 4:24

The good news though is that if you are buying it, you build what you want. Yeah. And if you look at, you know, the Hamptons market, yeah, but if five years so hard, whatever. It's so hard.

Dave Rattiner 4:33

And if you're a and if you're if you're an amazing builder, I mean some of the houses out here that are amazing construction, it's and you know the builder behind it, it's just like you couldn't do that. You know what I'm saying?

Tahlia Miller 4:44

Well, you have to be very committed to the process. So it's not only are you you have to be committed for 15 months of building, right? That's just that just building. That's before you get any permits, that's before you get any applications and plans approved. It's crazy, all of that stuff. And then not only do you have to like the layout of the house, but then you have to pick all of your fixtures, all of your textures, all of your tile and rough plumbing and finished plumbing, and you know, all of those things. It's a huge commitment.

Dave Rattiner 5:15

Yeah, you can just hire somebody. It's a huge commitment. It is a huge commitment.

Andrew Doud 5:20

Look, I we just, you know, we last year we finished up like a whole renovation in our house. I mean, just a renovation, not even a complex one, but like takes months, takes time, takes everything. And it's it's it's a lot of work. It's a lot of money. Yeah. It's whatever.

Dave Rattiner 5:33

Um, do you guys want to hear my new construction joke?

Andrew Doud 5:36

Yes. Sure. Did this come from that book? Did you post a book on Instagram about like dad jokes? Yeah. Yeah.

Dave Rattiner 5:41

It didn't come from the book, though. Gotcha. Well, I'm I'm still working on it. Okay. I'm still working on the joke.

Lisa Fox 5:48

Okay. That's the joke.

Andrew Doud 5:54

Anyway. That's funny.

Steve Glick 5:58

I'm still working on it.

Tahlia Miller 6:00

Still working on it.

Steve Glick 6:01

Not quite done yet.

Dave Rattiner 6:03

All right.

Andrew Doud 6:03

So, all right. So that's right. So that's I don't know how to transition from that. Uh let's talk, uh, let's talk a little bit about the numbers, Steve. What do you got as far as numbers? Because uh, you know, they've been busy. What's the market saying?

Steve Glick 6:16

Yeah, this past week 28 listings went into contract. Last week there were 26. That's an increase of 8%. Two years ago there were 29 listings, so a small decrease there of 3%, but pretty steady over the past two years. Breakdown of 28 transactions. There was two between five and ten million, four between three and five million, eight between two and three million, ten between one and two, and four under a million. Dollar volume this past week was 70 million. Last year was 90 million. That's a decrease there of 22%. And 2023, the dollar volume was 79 million, a decrease there of 11%. Um, but the big thing this week, 38 new listings coming onto the market. I know you guys mentioned you're bringing on some new listings, but that seems to be the trend out here in the Hamptons. More inventory keeps coming on the market. The 38 new listings that increases the inventory by 10 listings, and the breakdown of those 38 new listings, there is four between 10 and 15 million, eight between five and ten, nine between three and five, seven between two and three, six between one and two. There's four deals there under a million. Inventory is at eighteen hundred and nineteen total listings, thirteen hundred and eighty active and four hundred and thirty-nine in contract. So new listings are in. This is like a it's like the third week in a row, they're over thirty. And you guys got a couple coming on. I know uh you want to talk about a couple of those.

Lisa Fox 7:34

Yeah, so uh the listing in Clearwater is gonna be coming on very soon. I would say within the next couple of weeks. We're just kind of finalizing pricing and paperwork, and paperwork, and they're clearing out some stuff that they need to clear out in there. And then the one on high ridge could be coming on very, very soon too. I'm gonna have more clarity on that uh over the weekend.

Steve Glick 7:56

What's the price range of these?

Lisa Fox 7:58

Uh so uh high ridge is gonna come on um at in the high twos.

Steve Glick 8:02

Okay. And clear water under Clearwater under two million dollars. Yeah. Great. I mean, looking at the inventory, the bulk of the transactions happened between under three million dollars. Yeah.

Lisa Fox 8:15

You know, this past week there were sweet spot for both.

Steve Glick 8:18

22 of the listings that went into contract this past week were under three million dollars. Wow. So there's 28 went into contract, 22 were under three million. So we're looking, that's the sweet spot of the market. So those listings they're coming on. I'm sure people will probably be calling you after this podcast to see what they're all about.

Dave Rattiner 8:34

That's why we do it.

Lisa Fox 8:35

So that's what we want.

Dave Rattiner 8:36

Well, people love Clearwater, man.

Lisa Fox 8:39

It's a lovely, it's a beautiful area. You have your private marina and beach, and you know, there's so many great restaurants up in that area, and it's just gorgeous up there, you know.

Dave Rattiner 8:47

So, how does that work? So, if you have a house in Clearwater, you get a a slip automatically, or it's a discount.

Lisa Fox 8:53

I think there's a wait list, but yes, I mean it's it's it's exclusive to the Clearwater community.

Steve Glick 8:59

Got it. Is it gated the beach over there? Yeah, so that you get like a key pass or code or something like that, and you can access it. Do you have to pay like an association?

Lisa Fox 9:06

Yeah, it's like $33 a year. Oh, wow. It's like a month or something. It's not that super small, super inexpensive.

Andrew Doud 9:12

That's sweet.

Lisa Fox 9:12

That's great.

Andrew Doud 9:13

You should have never sold your boat, Dave. Should have never sold your boat. Do you live in Clearwater?

Dave Rattiner 9:18

No, I used to, but no, I used to live. I lived in Springs. I used to have a house and gardener. But um, I was I'm always like uh scouting out places where you can keep a boat for an inexpensive amount of money. Post days is over. There's always a way.

Steve Glick 9:34

You gotta buy it's always a way to clear water, but you go to Mauritius. You gotta go out there.

Dave Rattiner 9:38

There's always there's always a plan. There's always something you can do.

Tahlia Miller 9:41

Yeah, but going west is super popular now. I feel like that part of the market is that's where it's at.

Dave Rattiner 9:47

It's not just a feeling, it's that's statistically. We were discussing that a few weeks ago about how the um just statistically the price increases uh past Hampton Bay's Hampton Bay's West.

Steve Glick 9:58

My neighborhood, we just they just put a house up on the market for a million dollars in my in my neighborhood. And I bought in there, you know, five years ago. Yeah, it was like $80,000. $650,000. Yeah, no, you know, so five years it's you know gone up uh like 40% in just my one development, but that's same house.

Dave Rattiner 10:18

Same house, same house.

Tahlia Miller 10:19

Same with me. We bought in the mid-sevens, and we're almost probably worth double that now.

Andrew Doud 10:24

Where are you? Are you still in Hampton Bay's? In East Quag. East Quag. Yeah, yeah, yeah. Yeah, uh that's another hot one, East Quag. Yeah, East Quag's great.

Tahlia Miller 10:30

Um honestly, I feel like it's living in East Hampton and South and in Hampton Bays and in East Quag, like I am happiest in East Quag. I think it's the best small, still small town feel in like the Hamptons communities for sure. West Hampton's so close to the city.

Steve Glick 10:46

So East Quag, the kids your kids go to high school in West Hampton Beach.

Tahlia Miller 10:49

A feeder district to West Hampton Beach in seventh grade, the kids transition from elementary to middle. Got it and then through high school.

Steve Glick 10:56

That's great.

Andrew Doud 10:57

There you go. Um so did we cover all your listings? Is there anything else you wanted to talk about as far as what you have coming on the market? Or what do you I mean, just from from who you've been talking to and the people you've been dealing with, I mean, what do you attribute this this kind of increase in inventory, this consistent increase of the case? Post-election, you know. You know what I mean? Like why think people are I think people are tired of waiting.

Lisa Fox 11:19

Okay. You know, oh the rates are gonna come down or this is gonna happen. I mean, and it gets to a point where it's like, you know what, we we want to move on with our life is gonna move on with our lives in one way or another. And I just think there was a lot of waiting from the pandemic, you know, since like, you know, let's say pandemic, because people were holding out here then because everyone was coming out of it. Right. And um, so yeah, I just think people just they want to move on.

Steve Glick 11:43

It's crazy. You talk about the pandemic. Today is um, you know, March 13th. Oh, wow. It's like five years. This is exactly five years ago from when like the schools shut down. Oh, really? It's crazy. I know, because it's my it's my daughter's birthday today, and like she left school on her birthday to come home and say, hey, look, you know, the next day we got the call. School's gonna no school for two weeks, no school for a month, no school for the year, but it all happened around this March 13th date, and now that was 2020. Here we are at 2025.

Tahlia Miller 12:13

We had to cancel my son's birthday party next weekend, five years ago. Yeah, yeah, it's unsolvable.

Andrew Doud 12:18

Also random. It was during the pandemic, like at one point we started the podcast. Right now we're on episode two of the 200 and something.

Dave Rattiner 12:25

Remember, we did the podcast with the masks on the masks on in the East Hampton office.

Andrew Doud 12:29

We're like, I don't know if this is gonna take off. Let's just see how it goes. It's it's pretty well.

Steve Glick 12:33

You look back five years and like so much has changed, and it's it's we have a new marketing building now. Yeah, it's didn't have this. Yeah, that's cool. Uh but like you said, you know, people were you're waiting, you know, they were holding during the pandemic, waiting for the rates to go down. Now it's like they just gotta move on. They gotta do that.

Tahlia Miller 12:52

I think people need to understand they just you date the rate. Listen, when you buy a house and you need to take out a mortgage, it doesn't mean that that's your final mortgage for that particular house. You know, there are ways to refinance, you know, there are different types of mortgages that you can take out that allow you a little bit of flexibility. So talking to not only getting the right real estate agent for yourself is really important, but getting the right mortgage agent for a broker. You and this and whatever situation you're in is really important.

Andrew Doud 13:19

That's good. Life goes on. Life goes on. Um, speaking of life, David, your time is trying. What do you got? Yeah, well, this week's a good transition. I felt good about that one.

Dave Rattiner 13:28

This weekend is the St. Patrick's Day Parade. So you got the Hampton Bay's one, which is back next weekend. That is, oh, just kidding. Yeah, that's next weekend. So screw that up. So put on your put on your calendar, March 22nd is the Hampton Bay's St. Patrick's Day Parade. But this weekend, March 15th, is the West Hampton Beach St. Patrick's Day Parade. So that's at 12 p.m. uh to 3 p.m. and then it runs down Main Street in West Hampton Beach. Uh, and so you gotta go to that one. That's a great one.

Steve Glick 13:59

Yeah, stop by the office, the Saunders office. We have a lot of giveaways uh for your St. Patrick's swag, I guess you call it. And then um, I think there's like cupcakes and cookies is a great, a great time. So everybody's Irish on Monday.

Dave Rattiner 14:13

That's right. And then so do you remember that you knew you like the bands. I feel like you this is your your band, Sublime. Do you like Sublime?

Tahlia Miller 14:21

I remember. Well, I mean, that was like had to listen to in high school in East Hampton.

Dave Rattiner 14:26

Okay, exactly. So a band called Lou Dog, which is the Sublime Trib, which is a Sublime Tribute band, is gonna be playing at the Steven Talkhouse at 8 p.m. and also at 10 p.m. on March 14th. So you gotta go do that. Uh tomorrow. Yeah. So uh members of the band include uh member members from Littlehead Thinks, uh Local Motion and Landline, as well as the talkhouse legend Mike Maz. I don't know who that is, but he's a legend, apparently. Uh all right, so you gotta do that. Then you have uh I guess this is cool. You got the surfrider and canoe place uh in present a free screening of plastic people, which is all about plastics in the ocean and stuff, so you can learn all about that. It's very uh frustrating.

Tahlia Miller 15:22

What is the new canoe place in?

Dave Rattiner 15:24

The canoe, yeah, the canoe in Hampton Base. Yeah. Have I been there? Yeah. I've just strolled through.

Tahlia Miller 15:30

It is really it is really cool. It's really cool. They have like an uh special like room to the side that's feel you feel like almost like you're in a boat. It's very dark, lots of wood. It's really a cool place to go get a cocktail. Yeah, you go there a lot, right, Andrew?

Steve Glick 15:47

Can you place in? Um don't you go there? Don't you go there for drinks? He's definitely he goes there all the time. Not all the time. Oh, okay. You go there a couple times.

Dave Rattiner 15:54

Oh, yeah. Oh, yeah. Well, whatever. You gotta watch plastic people. I mean, you know, plastics are in the soil, it affects human health everywhere. Yeah, all of us have too much plastic in our bodies. Yeah, all right, we get it. You know, it's not good.

Steve Glick 16:07

We get it. You know, plastic is bad.

Dave Rattiner 16:10

Don't don't drink out of plastic water bottles.

Andrew Doud 16:12

Don't get me started on the list, but go ahead.

Dave Rattiner 16:14

All right, so that's March 14th at 7 p.m. at Canoe Place In. And then Steve, I feel like I gotta do this one for you. Also, March 14th at SYS Southampton Youth Bureau Bureau is a three-on-three basketball tournament for grades five to twelve. Nice. So uh if you want to register for that, it's 15 bucks a player. Um, and the Southampton Youth Bureau is you know, 1370 Majors Path in Southampton. SYS. That's what's going on this weekend.

Andrew Doud 16:46

Great. Nicely done. Uh anything else before was that.

Dave Rattiner 16:49

Oh well, we like to ask them what are your favorite restaurants? Yeah, yeah, yeah. We always try to do that.

Tahlia Miller 16:54

Oh, hands down, favorite restaurant is Stone Creek in East Kawak.

Andrew Doud 16:59

You're not the first person to say that comes up a lot. It's been a while since I've been there.

Tahlia Miller 17:02

I love it.

Andrew Doud 17:03

I've only been there once. What do you order there? What's the best?

Tahlia Miller 17:05

I mean, you go Marcus and I order a lot of food when we go out. Like we're like self-proclaimed fat kids when we go to the bar. Um, but so but we also eat everything, and they're really good about changing up their specials menu too. So there's always something interesting that's on the menu. So we really like. I don't know if I have a favorite food. So you shake it all up, you get all the good stuff. We always order different stuff.

Andrew Doud 17:31

I like to try to get something I wouldn't cook at home. Like whatever it is.

Tahlia Miller 17:35

You're not getting roasted chicken on the menu. Right.

Andrew Doud 17:37

Like yeah.

Steve Glick 17:39

Lamb. What do you think, Lisa? Lamb, yeah. I usually get lamb or something.

Dave Rattiner 17:45

Well, don't think too hard.

Lisa Fox 17:47

No, I know. I uh for a nice meal out close close to home. Um, I think the Bellin Anchor always does a really nice job. Oh, okay. That comes up a lot. Also comes up a lot. Really, really consistently do a terrific job there.

Dave Rattiner 18:03

It's definitely a local spot, Bell and Anchor.

Lisa Fox 18:05

One of my all-time like favorites is Inlet in Montauk.

Dave Rattiner 18:09

Oh, it's amazing. I haven't been there in like 15 years. It's amazing there.

Lisa Fox 18:12

Just love, I just love the vibe there. That one does not come up with it. And they make great sushi. It's off the grid, man.

Dave Rattiner 18:17

It's kind of hard to get to, but it's beautiful. It's beautiful.

Steve Glick 18:20

Okay. That's good. I gotta get it.

Andrew Doud 18:22

I gotta bring it up there. Um all right. Well, we'll let you guys get back to it and enjoy the increasingly better weather as we get ready for the Royal Day weekend. Uh, we'll be back next week. Everybody, thank you for listening. Until then, Major Down. That's what's happening at the Hamptons.