Andrew Doud 0:08

It is Thursday, everyone. I'm Andrew Dowell. 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 by New York Title Abstract, the Hamptons leading title insurance firm. Visit NewYorkTitle.com. Steve Glick, Dave Retiner, and today, return guest, Drew Green. Welcome back. How are you, sir?

Drew Green 0:29

Very well, thank you.

Andrew Doud 0:30

It's beautiful out. It's the time of year. I mean, like, it's it feels like this season. I feel like I've waited a long time to say that because it's just like the winter's so long. But here we are. We got beautiful weather. The houses are looking great. The pools are open. The trees are in bloom. Everything's looking good. The unmistakable sound of lawnmowers and leaf blowers going relentlessly is all about. But let's talk a little bit about the market. What do we have to cover today? We're going to talk about the market. We've got a couple listings for you, Drew. So we'll get to all that in just a little bit. But let's just talk a little bit about. We're wrapping up the first quarter. Heading into Q2. Steve, you can probably talk a little bit more about this. We're waiting to release the official number.

Steve Glick 1:20

Yeah, so there's a lot, there's been a lot of market reports coming out for the first quarter numbers. If anyone's looking on the Saunders site and trying to see what the Saunders report looks like, that is coming out next week. So be on the lookout for that. Why we wait six weeks after the market closes? Because we just want to make sure after the quarter closes, I'm sorry, because we just want to make sure that all numbers are recorded. The longer you wait, the more um listings get recorded with the 10, right? So we wait six weeks, and then that's when we pull the numbers and we post a report. So we're pulling them tomorrow, actually, and it will be posted by um next Wednesday on our website. And but for preliminary numbers from the others that are reporting, it did look like a uh a positive in the dollar volume transactions and a median price all increasing. So it was good numbers to see across the board. But for the full report, we're gonna look at it for that next week.

Andrew Doud 2:09

And Drew, what are you saying from your from your perspective? I mean, how's the market and how's your outlook? Um we're heading into the summer, which is great. Second quarter, what do you how's business?

Drew Green 2:18

I think business is looking up. I I think the interesting thing on uh real estate in general is that um you know, with the stock market going through this ebbs and flows over the last few months, uh real estate I think actually has become quite appealing in the sense that with you know with the stock market going up and down, I think a lot of people, and I've seen this in the past, where uh people want to put their money into tangible items like real estate. Uh for example, when you know when the stock market was roaring, everybody would assume, okay, the real estate market should be tearing it up. What the reality is I think that the a lot of uh customers and clients were saying, well, why would I want to take my money out of uh the stock market when it's doing so well? Why would I want to put it into real estate?

Dave Rattiner 3:04

That's so interesting. Yeah.

Drew Green 3:05

So so the reality is that I uh what I've seen in in uh years past is that when the when the stock market goes through z go through goes through its uh you know downturns at times, real estate sometimes becomes a safe bastion for for people's money. So I'm very uh I'm very bullish on the on the s on the real estate market right now.

Dave Rattiner 3:25

If you think about it, you know, real estate is is like a bond, or you know, it's it's it's like a it's it's like a super safe stock market investment, but you're not gonna be able to do Hamptons. You have the asset. Well, Hamptons real estate is what I mean. Yeah, yeah.

Drew Green 3:40

Well the the the reality is they're not making any more of it. Yeah. It's just it's just a finite uh finite product.

Dave Rattiner 3:48

But it's interesting what you're saying about you know something that you can hold and is real, you know what I mean? I think that uh when you look at things like Bitcoin or you know, the you know the stock market, it's like it's so volatile and you can't touch it, you know. It's just something that you kind of look at on a computer screen, right? And you know, there is some there is a safety feeling to having real estate that it that I feel a lot, right? Do you feel that way about like do you think other people can't? Absolutely, yeah.

Drew Green 4:20

Absolutely, no, no doubt about it.

Dave Rattiner 4:21

Yeah, interesting.

Andrew Doud 4:22

Are NFTs still a thing? Obviously. No.

Dave Rattiner 4:26

Remember, remember when we were talking about that? That was like that. The office was just crazy about it. People were buying NFTs? Oh God.

Andrew Doud 4:32

Stick to what's stick to what we know, right? And that's real estate. Um, speaking of real estate being a finite item, Drew, um, you know, they're not they're not making any more land. They're not, you know, if you want to build in a certain area and there's a house there, you either got to knock it down or modify it. But you have uh a couple lots on Noyak Path that really represent a wonderful opportunity for somebody that wants something fresh, something new, and is available. So what do you got?

Drew Green 4:57

Yeah, it's an estate sale. Um there the properties are 120, 126, 150, and 170 Noyak Path. The parcels range in size from one to two acres. Oh wow. And two of the two of the parcels uh overlook a big 57-acre field. Checking all the boxes, right? Yeah, checking all the boxes. Unbelievable location. Three for land. Three of the three of the four parcels have room for tennis, and the fourth parcel, the one-acre parcel, has room for pickle. Um, we have contracts out currently on two of the parcels, 170 and uh 120 Noyak Path, but the other two parcels remain available, and it ain't a deal until the contract gets signed. So in reality, they're all still available.

Andrew Doud 5:41

That 126 looks like a nice offering. I mean, you got two full acres. Yeah. There's the reserve you can get overlooking there.

Drew Green 5:48

And some people actually like it for the the house that's currently on there. Um there is a there is a um uh mid-century modern home, uh modest, modestly sized home, about 2,200 square feet, three-bedroom, two-bath uh house designed by a uh somebody who trained under IMP, who was the architect who did the addition to the Louvre Museum in Paris. Uh it's a it's a really cool house. Uh it's the most symmetrical house I've ever seen. You got the the living common living spaces all in the middle of the house, and on the four corners are three bedrooms and the kitchen.

Steve Glick 6:23

It's incredibly so is someone keeping that house or are they?

Drew Green 6:27

I I've had I've had I've had parties interested in it certainly from from development, no question about it. Uh but there are a lot of people who are preservationists who really uh appreciate the the uh contemporary element of it. It's it again, it's a it's a really good example of uh mid-century modern architecture. And uh like I said, I've had some people interested in the property.

Steve Glick 6:49

Let me ask you a question. Uh on this land, who's buying these properties? Are these developers that are inquiring about these landlots and building a home? Or is it an end user that's saying, look, I I want this is where I want to be, and they're hiring their own builder?

Drew Green 7:03

Most of them are developers. Uh there are a handful of end users that have been interested in it. Once again, people interested in saving the house lot on 126 NOAC path. And we've had a couple of interested parties also uh as end users uh for the mix? Yeah, it's a mix. It's mixed. Primarily developers, but uh some end users.

Dave Rattiner 7:24

Can I just say something? I I want to uh educate the listeners here because when I first looked at this uh offering and I saw Noyak, what I Noyak Path, what I thought was Noyak Road. Right. And I was like, oh man, what where where could this possibly be on Noyak Road? You know? So has anyone ever has anyone ever been like oh Noyak Path?

Drew Green 7:45

Yes, yeah, yeah. Some people have gotten confused on exactly where it is.

Dave Rattiner 7:49

These parcels are it's like right, it's in it, it's like in a in an amazing location, but it's not a whole road and you know the whole spot.

Drew Green 7:56

Surrounded by fields and uh and watermill. Um they're a little bit north of ahead of Pond Road and a little bit south of uh Cook's Lane, which is really one of the most spectacular settings in all the Hamptons. The when you overlook Cook's Lane. Nice, beautiful.

Andrew Doud 8:12

Um, okay, so some great options there from uh from Druce. Uh Steve, let's go back to you with uh kind of a breakdown of the numbers since we were talking about that a little earlier.

Steve Glick 8:22

Yeah, great. So we've been seeing a lot of 20s going into contract every week. This week we hit uh a high mark. We had 32 listings that went into contract from West Hampton and Montauk. Last year it was 26, so it's an increase there of 23%. And two years ago, 25 and one week, so we're looking at an increase of 28%. So a good solid week of listings going into contract. The breakdown of those 32 transactions, there was one between 15 and 20 million, one between 10 and 15 million, five between five and ten, three between three and five, eight between two and three, nine between one and two and five hundred million. The dollar the dollar volume was pretty steady with $111 million in dollar volume compared to last year of $108 million, increase there of 3%, and two years ago was $87 million, so increase there of 28%, and 31 new listings came on to the market. So again, over 30 coming on, which was great to see women every single week. There were high 30s, even in the 40s. So um this obviously decreases the inventory by just one listing, but the breakdown of the 31 new listings, there was one between 15 and 20 million, four between ten and fifteen, three between five and ten, five between three and five, nine between two and three, eight between one and two, and one and one under a million, and the inventory is at nineteen hundred and forty-six total listings, fourteen hundred and ninety-five active, and four hundred and fifty-one in contract. So great week of data. There you go.

Dave Rattiner 9:51

Steve, you know, your voice is a little lower and a little raspier. Well, what's going on over here?

Steve Glick 9:56

Uh, if anyone's been watching the Knicks play basketball, you can understand why I don't have a voice the past two games. They beat Boston both by one point. So, as you can imagine, if you're a Knicks fan, you probably don't have a voice from all the cheering, yelling, and screaming, and go Knicks. I'm starting to believe. Yep.

Andrew Doud 10:16

Exactly.

Steve Glick 10:17

That's funny.

Andrew Doud 10:18

Um, Dave, how about you? What do we got?

Dave Rattiner 10:21

Yeah. Well, I wanted to ask Drew, you know, the wet because the weather has shifted and it's so nice out. And I was walking my dog on the beach the other day. I felt like I was in Hawaii. And just like as little as two weeks ago, it was like the darkest of dark, it was like miserable. And I was a you know, you're always yeah, you're always wondering like what the heck, what the heck am I doing here in the wintertime? And Drew, what I wanted to ask you, we were talking about it earlier, is is when you have customers, you know, prior to the break in weather, can they grasp, like, does your do you're do you find that it's a lot easier now to sell people on Hampton's real estate versus the wintertime? Or are people sophisticated and smart enough and and for have the foresight to say to themselves, well, maybe since everyone else you know probably is going to jump on things in the spring and in the in the summer, you know, I should look more actively in the winter.

Drew Green 11:16

I I think your average person can't help but be influenced by the great weather out here. I mean, there's no question that every property out here looks a lot better in June than it does in February. Um, that said, I think investors, uh, people who play the game of monopoly and real estate out here in the Hamptons, uh, you know, I think appreciate real estate at all times of year. But again, for your your average person who's buying their first property out here in the Hamptons, they again they can't help but be influenced by uh the great atmosphere and the weather out here when the weather's good.

Andrew Doud 11:56

Interesting.

Dave Rattiner 11:57

Um if you have nice weather, here's what's going on in the Hamptons. All right, so uh it's Mother's Day weekend.

Steve Glick 12:05

Oh, Mother's Day weekend. Happy Mother's Day to all the mothers out there.

Dave Rattiner 12:08

You gotta go to Hamptons.com, the number one website in the Hamptons for lifestyle and events going on in the Hamptons, which is where I get all this information. But I am telling you, I've never seen so many Mother's Day restaurant offerings in my life. I mean, just for going down the list, the Baker House, you got Fresno, you got uh Bell and Anchor, you got Navy Beach out in Montauk is now open, you got afternoon tea at the Baker House for Mother's Day. Uh it's it's unbelievable. Just go to Hamptons.com. I kind of want to take my wife to San Ambrose on Saturday because that place is super special. But um, for Mother's Day this weekend, I can't choose, just go to Hamptons.com and pick any one of these restaurants. They're all fantastic and they all have unbelievably good specials. Um, then there's another uh article on Hantons.com that says is by Shay Siegel, and it says the top three vineyards to go to in the Hamptons. So after you have a nice Mother's Day lunch or dinner, you could go to the go to a vineyard after the fact, either right after lunch or I would say before dinner. So anyway, um, you got Wolf for Estate Vineyard, is you know, doors are open, they're ready to rock. Um, Channing Daughters, which a lot of people I feel like miss out here because they don't really market themselves that much. But they're in Bridgehampton, the private vineyard, um, super professional, super elegant, and super quiet over there. And then um for a more like family-friendly place, kind of a much easier place to go to in terms of just uh you don't really have to make any reservations or call ahead or anything like that. Uh, you have Duckwalk Vineyards and Watermill, which is fantastic. So I guess my root my weekend recommendations, because everybody's everybody's going out there for Mother's Day, would be to schedule a Mother's Day, schedule a Mother's Day, lunch, dinner.

Steve Glick 14:06

And the weather looks great. Sunday, you know, obviously we have some rain coming in. It's Friday and Saturday, but Sunday the clouds are gone, the sun is out. It looks like it's gonna be a 66-degree beautiful weather day for that Sunday afternoon with your mom.

Dave Rattiner 14:19

If you want one more, I'll give you this one. They're doing Jimmy Buffett Day at the clubhouse. So this is fun for Jimmy Buffett fans or uh, you know, you know, family, families, you know, but it's Jimmy Buffett Day, so you go in in in uh tropical attire and just go go all out on your Jimmy Buffett gear. That's May 7. Uh oh no, oh sorry, that's May 17th. That's May 17th, sorry. That's uh not this weekend, the following weekend from one to five.

Andrew Doud 14:48

I went to a Jimmy Buffett concert when I was in Charlotte, and it was like an impulsive thing. Some friends were already up, like it was north of the city, and they're like, hey, we got we're going in, we can get you a ticket if you want. Like we'll scalp a ticket or whatever. And I was like, get me a ticket, I'll come right after work. And I was the only person at a Jimmy Buffett concert in a suit. Wow. Because I just like I was dressed like, well, you can't see me now, but like it was like button-down shirt and khakis. I was like set when people were like, What's the like who is this guy?

Dave Rattiner 15:13

He was a celebration, you know, every now and then, like, you know, an older celebrity dies, and you know, you you're like, oh well, you know. I was legitimately sad when he when he died. I I felt really bad. I was like, oh, it sucks.

Andrew Doud 15:24

Timeless music, it'll live on. He's amazing. Um, Drew, anything else before we let you go?

Drew Green 15:29

Nope. Just enjoy the weather today. And uh Sunday, enjoy your mother's day. Treat your mother well on Sunday. That's it. Call your mom.

Andrew Doud 15:37

That's it. There you go. All right, guys. Uh, we'll call that a podcast. Everybody have a great Thursday. I'm Andrew Dowd. That is what's happening in the Hamptons.