Andrew Doud 0:07

Alright everyone, it is Thursday. I'm Manager Dow. 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 Retiner, and today a return guest, Mr. John Healy, who is also joined by son Jack Healy. Welcome on. First time. Make sure you talk nice and close to the mic. You can't mess this up. It's a good conversation. It's nice and easy. How are you? I'm doing good. Good. So you are uh you guys are team now, right? I mean, father-son, working together, working together.

SPEAKER_00 0:47

We're working together, correct? I like it.

Andrew Doud 0:49

Um, how did how did that come together? How how did you guys decide we're gonna we're gonna make this a family business?

SPEAKER_03 0:54

Well, I mean, growing up and going back and forth between school, play dates, and whatnot, there's always a pit stop with John. So it's either an open house or checking in a agent or someone who's already moved into a home. So this has kind of been a part of my life since I mean Forever. Forever. Forever. So um hopping into it is is pretty comfortable. You know, it's it's easy to step into what is already known. Um and you know, knowing my dad, he just makes everybody else feel confident, and I think that that's something to step into and having the confidence and communication is is key and it's seen out here. And and growing up and knowing it, learning it, it's easy to transfer that. He's saying a lot of nice things about you.

Andrew Doud 1:35

You gonna buy him lunch today?

SPEAKER_00 1:37

I I I'm shocked. But I'm very happy to be able to do it. But I'm just proud breakfast is coming up. You know, I'm super proud that how many, how many uh first of all, my career, I'm really happy because I'm I was able to jump into a career that I really enjoy and turn into a you know a full-time career, not a hobby. Um, and it's it's been excellent. It's it's really been fun. But then to be able to bring in a family member, uh, your son, your oldest son, uh, and and have him kind of already in the beginning move through it quite fluidly and easily, and and it's true, you know. I I I there's a lot of pit stops that I make whenever we go anywhere with the kids. I think we all can recognize that if we have children, you you get them to uh to go to you know Home Depot with you, but then there's four stops somewhere along the way on the way back or whatever, and that's when they're like, you know, you didn't tell us this. Sometimes you don't, but sometimes you do. And uh depends on what's at the end, you know. If there's ice cream at the end, then they don't really care. Everybody could be a bot. But I did do probably a lot of pit stops that involved real estate because you know there was an open house there, or someone wanted to open the door real quick during the day, and I just said, Hey guys, I gotta run over to this. So both my kids were really involved in in just seeing that. And and I think that for Jack, he picked up on um the interest of real estate, real estate investment. Um it's proven it's proven it's worth out here, obviously. For sure tenfold, twentyfold, yeah, depending on how long you've been doing it or how long you've been involved in it.

Andrew Doud 3:13

That's great. Um, let's talk a little bit about what you guys got going on business-wise. I mean, what have you seen as far as sales? Um, you know, we're we're into summer now. You know, it's like Memorial Day is coming gone. So what are you seeing? Are you are you seeing more showings? Are people interested in buying, selling? What's kind of the vibe as we get into June?

SPEAKER_00 3:31

I think listing. I've got more people that uh are preparing their house to list, whether it's you know, the third quarter of the summer, you know, late July, August is always a good time to put your house on the market while you still have the people here. Um and uh you know, you're gonna expect to close in the fall anyway. So putting your house uh in some respects, putting your house on the market, you know, today you're gonna get a lot of showings, but obviously you're gonna anyone that really loves it and jumps on it, they're they're gonna have to know they're not gonna jump in there until fall time because no one no one really wants to give up their home middle of the summer. Um and if you're buying, you've probably already rented or planned your summer out anyway, so you're kind of locked into something else. Right. But I do think that um it's a lot of prep work now. This is obviously the best time to take pictures. Yes. All of the blooming flowers and everything, and and and you don't want to wait until August when a lot of the stuff is is died off. So you you it's important to get that prep going, and I see that now where I've got a couple of other people that have called me that we spoke four months ago and now said, let's do the photos, let's let's get this going. Yeah and we'll start rolling listings out during the summer, hopefully late summer. Um but I I and rentals, you know, there's still there's still the rental market was a very up and down market for the year. We had we had we had some peaks of real busy weekends, and then we had some slow period, and everyone was like, hey, what's going on with the rental market? Then it would come up again, you know, and it's interesting, it kind of, you know, we had a political change this year, so I think a lot of that uh plays into that up and down plays into that, of course. And we still have a lot of people now, but as as we spoke a little bit a little bit ago, you know, making decisions quickly on rentals this time of year, I don't think people feel the pressure that they have to make a decision fast. Just because there's other options out there, there's other options and you know, there's there's it it just uh it's frustrating for us sometimes because you you really want to not lose the opportunity on a couple of good houses, but you just have to sit and wait and and and you know stay in communication with your your customer and and hope that they're ready to roll.

Andrew Doud 5:42

What's your advice if somebody wants to rent their house? They've had it on the market, maybe they you know, like what what's wrong? Is it the price? Is it the furniture? Is it like what why would it maybe not move from the other?

SPEAKER_00 5:52

I would go I would say I think landlords should continuously pop into some open houses when they can of the competitors. That's good advice, and then that way they can see how other people are setting their house up. Are they updating the kitchens, bathrooms, so on and so forth? Even just you know, you know, window treatments and and couches and and fabric. You've got to stay competitive. And if you don't know what the competition is doing in any business, it's gonna be hard for you to compete.

unknown 6:22

Right.

Dave Rattiner 6:23

Are people expecting perfection with rentals? You were saying prior to the podcast. I thought that was interesting.

SPEAKER_00 6:29

Yeah, some people some people are. I mean, I I I because there's more options, probably because you listen, development has continued over the years, we have more houses built. COVID was really a big boost to get more ownership of houses, and now some of those people have put their houses on the market for rent. If it's a relatively new construction house, that's the bar you've got to catch up to. And if you've been renting your house for 15 years and haven't done anything to it, you're probably gonna either reduce your income because you're gonna have to take less, or you're gonna have to put some money into it and renovate and get it up to speed. But I do think people do want they want the nicest possible house for the money, obviously.

Andrew Doud 7:11

Kind of a balancing act. I mean, if you have a house, uh a rental, uh you really need to stay on top of it. You can't just like take the money you make and like pocket it. You gotta set some aside and be like, okay, I made X this year, I'm gonna take a certain amount and replace the furniture, yeah, like fresh paint, whatever the case is.

SPEAKER_00 7:27

But in the late 90s and most of 2000s, you just you didn't. It was a machine, and you just said thanks for the money, and then you might every three, four years paint. But there were a lot of houses I've gone into where you know your your mattresses, your box springs, your setups like that are st are 20 years old. And you you people don't feel that's it. You gotta step that up at least. And maybe your linens and your towels, and you you you gotta brighten it up and make it look fresh. That makes a big difference. And it's not a lot of money considering what your right your income. You should always, I think you should always look at it and say, take 10 to 20 percent of what comes in for income and put it back into your house after the rental so that you're ready for next year that's brought up to snuff.

Andrew Doud 8:10

It's good. Let's talk listings. What do you guys got? I know you got the one on Ocean Road.

SPEAKER_00 8:14

Well, Ocean Road is our are is the one we're real focused on now. Um as we've there's been some trades, uh competitive trades that happened recently. So it's kind of putting us in a in a brighter light, which is good. Um it's a phenomenal property, incredible landscaping in a great location, right across from the uh Bridgehampton Golf Club. But uh that's one, and we've got a couple new um uh really neat listings coming up. Uh a nice waterfront, a really a really special waterfront coming up. So I'm looking forward to to presenting a couple of new listings coming out. Um and Jack has been working feverishly on rentals and even commercial uh commercial leases. So he's um he's been keeping himself real busy.

SPEAKER_03 8:57

Diving right in. No, it's it's it's a nice intro and going back to kind of where you're feeling out the rentals just coming into the summer. Um coming from someone who's a little maybe more boots on the ground than dad right now. It's it's a little bit slower, coming a little bit later, but in what's happened, it's it's still moving. You know, um I'm new to this and I'm still getting action and and deals done. So I still see that there is that movement. Yeah. Stop getting it. There's probably a lot of young people.

Dave Rattiner 9:23

There's probably a lot of young people or there's probably a lot of people that uh are interested in what you're doing, just you're you're beginning your real estate career. It's sort of a fantasy for a lot of people to get into real estate. You see all the shows and stuff. Has it been everything you thought it would be, or is it a little bit more difficult?

SPEAKER_03 9:43

It's that and more. I mean, uh like I like we know I've I've seen it my whole life. It's kind of been that fantasy job, but it's always been if you're coming back here, this is what you're gonna be doing. So if you're gonna be here, buckle down and and grind on it and make it your lifestyle, understand it and live and breathe it.

Andrew Doud 9:59

I think growing up around it helps because if you're just watching like HGTV and you're like, oh my gosh, like it's so easy to get a $10 million listing. People just call you all your side on the road, and it's like, no, you gotta like network yourself, make connections, you gotta meet people, you gotta be out, you gotta be in the office, you gotta be thinking from home.

SPEAKER_03 10:15

Six years ago you're watching you know YouTube videos in college, and oh, look at this, you know, $30 million home in Hamptons, and you look back and say, Well, I I could sell that. I could do that. You know, I could do that. I've seen that happen multiple times.

Andrew Doud 10:27

A lot of people haven't though, so it's like it's I think I think you gotta leg up, you know, being around your dad and growing up and and being fortunate enough to grow up around here and be involved in real estate, and I think that's gonna uh work out well for you as you get further down the line.

SPEAKER_03 10:40

Thank you. Thank you.

Andrew Doud 10:42

Um we're on listings and numbers and data of the week of Memorial Day.

Steve Glick 10:51

So this is the week of uh May 20th, so that leads into the Memorial Day weekend. There are 21 properties that went into contract from West Hampton and Montauk. Last year, there were 26. So we're looking at a decrease of 19%. Two years ago, there were 29 listings, that's a decrease of 28%. The breakdown of the 21 transactions, there was one over 20 million, one between 15 and 20 million, one between five and ten million, one between three and five million, six between two and three million, seven between one and two million, and three under a million, the dollar volume was fifty-seven million dollars. Last year was 140 million, so it's a decrease of 59% in dollar volume. Two years ago it was 83 million, decrease there of 31%. But um the one key factor this week, which is positive, is there were 37 new listings that came onto the market. So it increases the inventory by 16 listings, and the breakdown of 37 new listings, there was three between 10 and 15 million, nine between five and ten million, seven between three and five million, six between two and three million, nine between one and two million, and three hundred million. Inventory stands at 1977 total listings, 1,535 active, and 442 in contract. So a great week to see new listings coming on every week now for the past almost three months. We've been seeing 30 plus new listings every single week come onto the market. And this one is this week there were 21 listings, wins a contract, so we're staying above 20, which is good to see. Um, still a little low from last year, but hopefully that picks up as we get into the season.

SPEAKER_00 12:25

Okay. I think if if we get in the next four to six months a reduction in interest rates, you'll see we'll be happy to have all the new listings because they'll start to move quickly. Because it seems like every time we get a quarter point or something, uh it it gets it gets people going. There's a lot of people on the fence. There always are, it seems like out here.

Steve Glick 12:47

They need that one little thing to change their mind, and that, like you said, like a small reduction in the case.

SPEAKER_00 12:51

And it'd be great during the summer because that'll get people really moving and looking.

Dave Rattiner 12:56

Yeah. What's your overall view on the Hampton's real estate and the the the macro economy?

SPEAKER_00 13:02

You you were mentioning uh still the best place to invest. Yeah. By far. By far. I mean, how how do you you just as long as you've looked some people are lucky that within a year they can turn their their their investment over and do really well timing-wise, but no matter what, I think if you're gonna sit for four years, six years, you're gonna come out ahead. It's it's proven in at least my 30 years of doing it. I it's a great investment. And you do get the double whammy if you've got a good house and and and and as you were saying, Andrew, the the paying attention to your your rental and making sure you reinvest to keep it up to date, you have that double whammy that not only can you when you do sell it, you're gonna hopefully do very well, but in the meantime you can rent it even for a month or two weeks and and make some some uh income on it. So it's it's a fluid investment that if you do it right should really produce for you well.

Andrew Doud 13:59

I just Steve mentioned uh I think it was uh I don't know if it was in contract or new to the thing, uh new to market, but it was under a million, and it was I think three. Yeah. That number five years ago, seven years ago, was way higher. You could find under a million, and every year we get, you know, it's like harder and harder to come by that like eight, nine hundred thousand dollar house. So it's like, man, wish I bought something five years ago, you know what I mean?

SPEAKER_00 14:27

We're gonna we're gonna we're gonna surpass the million as the the low bench. Right, for sure. And it's not gonna take long unless it's a really small or old cottage or something, maybe, and and it needs a complete you know gut renovation or teardown.

Steve Glick 14:40

But some of these some of these under a million is could be land too. It's not necessarily a house. Like we're looking at you know, three listings under a million went into contract, and three new listings came on under a million. Okay. So it's like they come on, they come off. They come on and they come off.

SPEAKER_00 14:54

It could be a piece of land or like John said, like a small, small cottage, you know, that you know, you're treating it like land because if it's old enough, you know, there's still a lot of those older cottages around. And if they're on like a quarter acre, um, but here you are seeing stuff like we did if you see there was a uh a pending right now um on Summerfield Lane, I believe, and it was uh asking price was over eight million dollars, and it's one one one acre in change. Oh, yeah, I'm looking at it. That that you know, we used to talk we used to talk four million for an acre south of the highway was a standard not too many years ago. And now we're seeing eight million. Um that that's that's quite significant, and it just means that we are really running out of land. Not making any more of it.

Andrew Doud 15:44

I mean they always say that it's like it becomes cliche, it's like buy land or not making any more of it, but it's like well, but also when you're getting to the point where like the land with the house is valuable and you're just like buying the house which is gonna be bulldozed. I mean, yeah, that that kind of says it all.

Dave Rattiner 16:01

Um I mean the magic question is is you know, will my house be worth more, you know, in the future? Yes and that's what everyone I think that's what pr prevents most people from buying something that they want to buy.

SPEAKER_00 16:13

Yeah, you know, and well look at the general steward in in Sagaponic. Yes. The pricing is through the roof, but they're packed. Right. They're they're they're they're selling. You know, Bibliokay's steak is 69 bucks, and it's packed, and people are buying it.

Dave Rattiner 16:31

That sounds cheap.

SPEAKER_00 16:32

I think it might be more than people are spending the money, so you know, obviously that just feeds into the investment here. It just feeds into the investment here for sure. That's true.

Dave Rattiner 16:42

Good stuff. Good stuff.

Andrew Doud 16:43

Dave, what do you got this weekend?

Dave Rattiner 16:45

This weekend, party time.

SPEAKER_00 16:46

It's gonna be nice.

Dave Rattiner 16:47

Oh, good question. I'm trying to become one of those weather people. All right. How do you know that? You check your phone my weather all the time.

Andrew Doud 16:58

Every day.

Dave Rattiner 16:58

All right, you just look at your phone.

Andrew Doud 16:59

He's gotta know what he's doing before he goes out to show a property. Like, how am I gonna paint this picture?

Dave Rattiner 17:03

Are you gonna be I gotta make that habit? I gotta make that habit. Um, but this weekend in the Hamptons, all good things. You're gonna celebrate two local legends at the clubhouse in East Hampton, honoring Bonnock's own Howard and Kenny Wood. The Clubhouse has announced that they will celebrate local legends, Howard and Kenny Wood, members of the exclusive Suffolk County Hall of Fame, on Friday, May 30th from 5 to 7 p.m. Guests will enjoy complimentary small bites while conversing with friends and sharing great stories. So you can go to that. That's from 5 to 7 p.m. at the clubhouse. Um and then Kids Squid in Sag Harbor is launching a new beer, uh, which should be cool. So there's a brew for the bay release party that's Friday, May 30th from 5 p.m. So Kid Squid is great. You can always go there for a good time in Sag Harbor. And I like how they do it kind of on the early side. Um so you can go there and try out their bed by nine. Yeah, try out their new beer. And it's a family-friendly place. There you go. It's a family family place. And then speaking of kids, if you have kids, there's the eighth annual block party at CEME. So the children's museum, the children's museum of the East End has announced they will host their eighth annual block party on Saturday, May 31st, from 10 a.m. to noon. Admission is free, and the day of fun will feature block building activities, crafts, and community partners, stomp rockets, chalk art, and more. So you're going to that, right, Jack?

SPEAKER_03 18:36

Yeah, I'll be there. I'll be at the door. I'll take tickets. Yeah, yeah, yeah.

Dave Rattiner 18:39

So that should be fun. Um, and you know, that's I always like to ask the guests what their favorite restaurants are. What's your favorite restaurant out of here?

SPEAKER_00 18:48

Probably Bell and Acre. Oh my god, we got that.

Dave Rattiner 18:52

Oh my god. How did I know?

SPEAKER_00 18:55

It's consistent. It's consistent.

Dave Rattiner 18:57

How did I know?

SPEAKER_00 18:58

Consistently good. Sam is their chef, and uh, we I've known Sam for a long time. But he's um they really put out good, consistent food, and you you you can't go wrong going there, and it's a nice atmosphere. You know, it if if it's just two of you sitting at the bar, it's great. Um but it's popular, that's for sure.

SPEAKER_03 19:20

I think I think Cheetah Nova in East Hampton is really you like it there. Is a staple. Yeah. I mean, you know what, from playing uh T-ball at Pantiago and coming back and having the whole baseball team go in there and grab a couple pizzas to even now go in there for a nice casual dinner date. You know, it's a it's just it's a welcoming environment. I like beating there a long time. It's a good staple, yeah. It's a great staple, and the m you know the menu hasn't changed because yeah, everybody loves what's on it. You know, their specials come through, they did the price text this past winter. It's a good thing. It's easy. It's easy, and you see a lot of the people who you know. It's it's a nice environment, I think.

Dave Rattiner 19:55

You're like an East Hampton guy.

SPEAKER_03 19:57

It's it's that was home when I was in East Hampton. Living in East Hampton, that was let's go peel off the Cheetah Nova, grab a quick pizza, and run home real quick. But you know, they're always welcoming families and baseball teams.

SPEAKER_00 20:09

It was the gelato that got the kids when they were.

Dave Rattiner 20:12

The gelato did stuff was a big deal there. Well, this weekend was I mean, you know, it was Moral Day weekend. I don't think I've ever seen it so busy, you know.

SPEAKER_00 20:20

It was like it was crazy, but you know, it wasn't exactly perfect beach days. There was a couple, but when it was everyone had no place to go, but in the village, the villages were packed.

Dave Rattiner 20:30

That's what it was. I think that's I think you're right there.

SPEAKER_00 20:32

Yeah, you can't go in the water yet, it's too cold. So I mean, even if it's sunny, it was a little breezy. So in town was the place to be there. A lot of people dining out, you know, uh out on the street, out, you know, Al Fresco dining.

Dave Rattiner 20:44

You know, but was you know what was sort of weird? I noticed on Monday I went to Seg Harbor, like there was no one there. Everyone left. Uh Monday, they were all in Southampton.

SPEAKER_03 20:53

They went to Southampton, that's for sure. Yeah, they were in Southampton.

Dave Rattiner 20:56

They loaded up to launch out, yeah, because uh even Hampton Bayes was completely packed on the Yeah, because we were walking around uh we we went to get uh went to Butaberry, and it was live, it was like, you know, I mean it was busy, I guess, but it wasn't like packed, and I was like, oh, I guess everyone's going back already, you know?

SPEAKER_03 21:13

Saving 30 minutes by eating in Southampton. Yeah, yeah, yeah. That's funny.

SPEAKER_00 21:17

By the way, don't forget to look for the celebrity sighting tonight at the Knicks game. Steven Glick will be there on the court. Representing Go Nix.

Andrew Doud 21:27

Get your Saunders gear on.

Steve Glick 21:29

Yeah. Nixon 7. I think they're gonna win Saunders hat in a way. I think they're gonna win.

Andrew Doud 21:34

Um deal. Good podcast. We'll have you guys back on again. Um good luck this summer with everything you guys got going on in your new career. Um, Steve, enjoy the game tonight. Thank you. Um, Dave.

Dave Rattiner 21:47

Enjoy the weekend, I guess. Just be dick.

Andrew Doud 21:51

All right, everybody. Uh, we'll call that a podcast. I'm Andrew Dowd, and that is what's happening in the hand.