Andrew Doud 0:08

Alright everyone, it's Thursday. I'm Andrew Dowd, and 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 by New York Title Abstract, the Hamptons leading title insurance firm. Visit NewYork Title.com. In a similar, but not a repeat of last week, we have Steve Glick Davertiner and joining us once again, Mr. Vincent Jorge City.

SPEAKER_00 0:31

How are you?

Andrew Doud 0:32

Very excited to be here in the world.

SPEAKER_00 0:39

It's amazing. It went by close to nine months already. It's unreal. It went by in a blink of an eye, right?

Andrew Doud 0:45

Crazy. I know. We're already talking Florida. I mean, not too soon, but like, you know.

Dave Rattiner 0:48

But isn't Labor Day really the end of the summer? It's a good September's the best. I love it. Yeah, yeah. You know what I mean?

Andrew Doud 0:53

This is a good month. It's definitely a little cooler.

Dave Rattiner 0:56

Yeah.

Andrew Doud 0:56

I just can't believe Labor Day is here. Yeah. Labor Day weekend. This is it.

Steve Glick 0:59

This is the big, the last hour.

Andrew Doud 1:01

But look, I think, you know, now we're going to start talking about going into the next selling season, right? We like the fall, things always pick up. And we were having a conversation before we hit the record button. Vince, you were saying that, you know, in talking with people in the industry, some people are saying the market's not moving or it's a little softer, whatever the case may be. You have a different take and you're seeing things differently. You're also working nonstop. So what are you seeing as far as how busy you are and the numbers?

SPEAKER_00 1:30

Well, I really think it comes down to price. I mean, if you price the property right, it trades. I mean, if you look at the numbers this week, I think 38 homes went into contract. You look at these homes that when they get reduced down to the right price, they sell quickly. And if they're priced right, this property on nine Cody Way that just traded for, you know, was in contract for nine, uh what if the asking price was 9 million 950. It lasted two weeks on the market.

Andrew Doud 1:54

Because it was priced, right?

SPEAKER_00 1:55

It was price perfect.

Andrew Doud 1:56

Isn't that crazy?

SPEAKER_00 1:58

But super excited. You know, I try to do 100 transactions is my goal every year when I start the year, and uh nearing 100 transactions for this year. The team is kicking butt, and um we're uh you know, we've we have a lot of properties that we're listing, and um I think we've sold or in contract this year 34 homes already. So it's uh it's it's it's rolling into a good year.

Steve Glick 2:22

Um and you're selling it all from under a million to over 20, right? You do it all the whole gamut, right?

Andrew Doud 2:27

Whole gamut. He sells real estate. Doesn't matter where it's priced, he just wants to move the real estate. You know, I was uh when we first met, this is like nine years ago, I was talking to you. You know, you're a tennis guy, you're a competitive guy, and you're like every year I look at it as like a competition, right? Like it's a game. Am I gonna be better than I was last year? I'm gonna improve on my performance. You know, you got like an athletic mindset towards real estate, and I think that goes a long way when it comes to working with your clients and and the hustle it takes to be successful in this business.

SPEAKER_00 2:55

Yeah, so uh two of the three of the members on the uh on the team are tennis players.

Andrew Doud 2:59

Right.

SPEAKER_00 2:59

Yeah, they're all you know, so it's it's good. You can take a loss, and that's what real estate's about. It's about taking losses. You get in there, you get close to doing the deal, and the deal blows up, and you can't, you know, you can't cry, and you just have to start over.

Andrew Doud 3:12

That's it. That's it. Um let's talk a little bit about you've got some like monster listings, um, a number of them with Paramount Development Group, which builds a fantastic home. Um talk to us a little bit about Paramount and some of these uh these listings that you have coming on market. I think three of them are under construction right now.

SPEAKER_00 3:30

Correct. So we have um three magnificent locations and properties. Uh we have a waterfront property on 33 Mashmock Drive in uh in Northhaven, elevated lot. Uh the house has been torn down and construction has started. Uh my phone's been ringing off the hook on this one. That's a good one. Uh it's uh got a sandy beach, uh bulkheaded, deep uh long dock with a uh an electric dock, which uh is hard to come by. Uh it's gonna be a contemporary style home uh with nano doors that bring the outside into the inn. And I'm really looking forward. Brian Glasser is the architect on that. Um really super excited about that property.

Dave Rattiner 4:14

Um I really think that is one of the uh most ultimate luxuries is to have a waterfront home with the dock that you can have like a yacht level, and you just get out, you get on your yacht, you go tool around, you go have dinner, you come back, and then you step into your you know unbelievably modern 7,000 square foot house with an insane view. I think that's such a luxury.

SPEAKER_00 4:36

Yeah, and and you can take a buoy, I guess, to the to the to Sack Harbor. Literally, you don't have to take a car, you could be there in five, seven minutes by boat, you know what I mean? Yeah, it's kind of kind of kind of neat.

Andrew Doud 4:46

The the school as it gets a boat for the average person, but for like I don't want to take the yacht tonight.

Dave Rattiner 4:52

But it's like the four magical because you can step out and then you go shelter island's right there, North Forks right there, Greenport's right there. There's all these waterfront restaurants all over the place. Not just in Sag Harbor. It's such a beautiful house. Uh it's that's gonna be a great one.

SPEAKER_00 5:07

This is a good one. What else you got for us, Vince? Okay, so we have 84 Wainscot Hollow Road, which I went by the site the other day, and that's super special for a bunch of reasons. Uh, you know, they changed the codes in East Hampton, so you'll never be able to get this size of a home again. Um Peter Cook design, and um it's on 1.4 acres, and it uh uh uh abuts a uh large reserve in the back of the property. Um we're going we're gonna try to get a Padel court on the property. Right now it's uh it's it's it's it's zoned for pickleball. Um price is$23,995. It's a eight-bedroom, eleven bath, two half bath house, eleven thousand two hundred and eighty-seven square feet in total. Um heated gun eye pool, has a viewing deck up on the top. I mean, this thing is out of sight. Talk about every amenity. Every single amenity. You have to look at the renderings if you haven't uh pulled it up yet. Look at it. It's uh Peter did an amazing job on it and super, super excited to see this built. But anyway, they're uh put the deck up, I believe, on the property now. Uh I saw it with the foundation being backfilled. So they're they're they're in motion. And these these are homes that are gonna be delivered in February or March of next year. So we're um that's that's gonna be uh and also there's uh the town bought the the the farm across the street, so that's uh uh that's a reserve as well. Um so nice super excited about that property. Um and then what's our last one? Last one is uh 136 Trelawney Road, which is here in Bridgehampton, close enough to be right in the village. Uh as far as getting to the village, you you could actually walk there. Um and uh that sits at an end of a cul-de-sac, uh 2.4 acres. Um again, has all the bells and whistles on this house. Um uh seven bedrooms, eight bass, two half bass, uh 10,586 square feet in total. And that one is uh already, the roof is already on on that. Wow. And um that's gonna be uh spectacular. 1999 is the price on that. And um, you know, already getting showings on that property, already, already getting a lot of action on that.

Andrew Doud 7:19

That's a cool, that's a cool place. They're moving fast because we were there like uh a week or two ago. It was like barely finished.

Steve Glick 7:25

Those are prime, these are all prime key A locations. Yeah, exactly. South of the highway on the Wainscot and Bridgehampton, obviously Mashomot, you know, on in North Haven. I mean, these are prime time, prime time real estate.

SPEAKER_00 7:38

They have two houses that are finished, so I've been having people like wondering, you know, what level of construction. I mean, Paramount builds a house, the quality there is just uh, you know, you have you have to see it to understand it. I go through a lot of homes, show a lot of different properties, and when you when you walk into a Paramount home, this is uh Seven Lee Lane is completed. Uh has industrial windows in the front, super uh, you know, kind of a modern barn outside, but uh very uh very very transitional inside. Uh Gary Chufo did all the uh cabinet inside from the kitchen to the vanities uh to the laundry rooms. Um that is finished, and uh we're having open houses every weekend on that. And then in Southampton we have five white oak that's completed as well. Uh listing price on that is$4995, and that is done as well. That's uh a 5,000 square foot house, seven bedrooms, five baths, one half bath, uh heated Conite saltwater pool on a full acre. Um, that uh again we'll have open houses this weekend.

Andrew Doud 8:41

Does this guy know his stuff or what? He just like he gets it. Always go always on. I love it. Um all right, so that's some great offerings from Paramount. Some currently available, others coming up uh in time for next summer. Never too early to start thinking about that. Uh but big picture. Steve, what do you got for us as far as numbers?

Steve Glick 9:00

All right, another busy week in the Hamptons. 38 listings went into contract from West Hampton and Montauk last year, 27, looking at an increase there of 41%. Two years ago, 21 listings went into contract. That's an increase of 81%. The breakdown of the 38 transactions this week, one between 15 and 20 million, four between ten and fifteen million, nine between five and ten million, nine between three and five million, six between two and three million, seven between one and two million, and two under a million. Over the past week, the dollar volume was two hundred and ten million dollars. Wow. Last year it was 107 million. That's an increase of 96% in one week. Unbelievable.$210 million in one week is pretty pretty impressive. Two years ago, the dollar volume was$77 million, so it's an increase there of a whopping 173%. 37 new listings came onto the market, so that just decreases the inventory just by one listing. The breakdown of 37 new listings, one over 20 million, two between 15 and 20 million, one between 10 and 15 million, six between five and ten million, eight between three and five, eight between two and three, and eleven between one and two million. Inventory is a little over two thousand listings with two thousand eighteen total listings, fifteen hundred and forty-eight active and four hundred and seventy in contract. How many how many between uh five and ten? For what? Sold? Yeah. Five and ten, you're looking at fourteen. Fourteen, that's a big number. Yeah.

Andrew Doud 10:32

It just goes back to what you were saying.

Steve Glick 10:34

No, five and ten. Yeah. Nine. Nine sorry, nine. Nine, but still, it was a great week. Um, 38 listings going to the contract, it's been awesome to see. We've been seeing a lot of 30s week over week as we're coming into the selling season now. So this hopefully will continue all the way through November. There you go.

Dave Rattiner 10:50

There's two factors I want to want you to comment on. One is the lower inventory, and then the other is is uh the coming rate cuts that they keep saying are gonna happen. What do you what do you think about that?

SPEAKER_00 11:00

I just keep going back to COVID. You know, during during COVID, um, you know, there was four to five thousand units on the market, and now we have an uh 25% of our inventory is in in contract, and we only have 1,500 units. So when you think of that, and then you particularly pull up a price point, you still have a lot of customers looking on properties. They're you know, they're trying to buy the property at the right price. Um I don't know, I would say that most of my transactions on the higher end are cash or they're using um their finances from their uh portfolio at the you know what Morgan Stanley or wherever they have their have their money. Um but I wouldn't say that um I wouldn't say that a lot of these are being financed. I still think the problem with the market with the high interest rate is because the person that's selling their house between two and three million dollars that has a million dollars of equity in the deal is not selling their house because they have an interest rate of two and three percent, and they don't want to go back into the market at six or seven percent. So that's what I think is slowing up the market.

Dave Rattiner 12:06

And that's keeping the inventory lower. That's interesting, yeah. Interesting take, yeah. Yeah, yeah.

SPEAKER_00 12:10

So that's smart.

Andrew Doud 12:11

Um Dave, what do you got this weekend?

Dave Rattiner 12:15

Yeah, well, we were we were talking about Padell, right?

Andrew Doud 12:18

Not pickleball. I just found this out like a couple weeks ago.

Dave Rattiner 12:21

Yeah, it's a little the court's a little bit bigger, and the games yeah, I guess. You score like tennis. Yeah.

SPEAKER_00 12:27

I went to an event last weekend at uh East Hampton Indoor Tennis, and it was music blaring, people having fun, social event. It was it was great, a lot of fun. Real quick, because he's like a tennis pro, right? Like oh yeah, he just won something.

Dave Rattiner 12:40

Did you see what was on your Instagram?

SPEAKER_00 12:46

Yeah, that's pretty cool. That's cool.

Steve Glick 12:48

East Hampton Tennis Club Tournament?

SPEAKER_00 12:49

You look so happy. I was pretty pumped. Nothing brings more joy, my win in a tennis tournament. It's awful.

Steve Glick 12:56

So, Vince, who do you like for the men's singles U.S.

SPEAKER_00 12:59

Open? I think Carlos Alcarez is going to be difficult to beat. Center, it's either center or you know, they're the ones that are stepping above the the thing. But you like Alcaraz? Alcaraz to Alcarez to win it. Really? He's won the last two tournaments. Center was sick in um Cincinnati and um and then um center beat him at Roland Garros, but I think the last two or two times they played, these he's a center. You like Zerev, huh? All right. Zure Zarev's not gonna win. No. Wow. Okay, all right. All right. So have you played Padell or Pickleball?

Andrew Doud 13:36

Like, uh just socially.

SPEAKER_00 13:38

Just socially. I you know, I was watching the pros that were there, and it was unbelievable the you know, the way that these guys hit the ball, you know, and uh just uh you know, cracking the ball. But I haven't played like a competitive game of Paddell yet. But I like it because if the when I played it, it's the same scoring. This pickleball scoring I don't like as much as the tennis scoring. Yeah, yeah.

Andrew Doud 13:57

Okay, all right, good to know. All right, so Dave, back to Padell.

Dave Rattiner 14:01

Yeah, so there's a there's like a major event at Wolfer uh Wolf for Vineyards in Sagaponic uh Saturday, August 30th at 12 p.m. Um and they put they installed a uh a Padell court there, and it's all the pros are gonna be there. It's a thousand bucks for a ticket. Um you can get a VIP ticket, which is a cabana for six guests, that's twelve thousand bucks or thirteen thousand bucks. So is this a charity event or is this uh is a high-end.

SPEAKER_00 14:30

Is this charity or is this just a thirteen, twelve thousand dollars for what?

Dave Rattiner 14:34

No, I don't think this is a for a pickleball, you get to own it for it? You go and watch, you go and watch pickleball at Wolf and you get food and alcohol. That's what you get for a thousand bucks.

Andrew Doud 14:45

Wow.

Dave Rattiner 14:46

Sounds like a day party. Okay. You know, that's good. Well, uh, it's a two-day event. It's a two day event.

Andrew Doud 14:52

Okay, so it's five hundred bucks a day, but a bargain. Yeah. All right.

Dave Rattiner 14:56

But I don't know. It's out there, man. Pedel. That's a real thing. Um it's like the one thing making horses look cheap. You know, I made it, I kind of made this. Uh my choice is like tennis themed because of events. Yeah, yeah. He's here. So, well, August 29th. There is a special fundraising event a pro for a pro am tennis and pickleball. For pro am tennis and pickleball. That's at 9 a.m. to 3 p.m. at the Buckskill uh uh at the Hampton Racket Racket at uh 172 Buckskill Road in East Hampton. So participants will be paired with athletes in a doubles tournament with a pickleball tournament running on the side. Do you know do you know anything about this tournament at all? Uh no, I don't. Alright. This is a wonderful opportunity to reconnect with the program, spend time with Hofstra's current string athletes, and celebrate Hofstra's tenneth growth and direction, says the invite. So, you know, this this sounds pretty cool. Yeah, yeah, yeah. So you might want to check out. A lot going on this weekend. If you're looking to do something easier, you can go see Gene Casey, the fabulous singer, uh, guitarist slash band. He's gonna be playing at the clubhouse from 6 p.m. to 9 p.m. And there is no cover. That's in East Hampton, uh, August 29th. And then finally, we have, of course, we cannot forget, Andrew Dowd knows this very well. I do. The 50th annual Hampton Classic horse show is going on, and it is ending August 31st, so you gotta go see that. I don't need to explain what the Hampton Classic is, it's like everyone knows what this is. There's a lot of horses and a lot of fancy people running around. But anybody can go.

Andrew Doud 16:41

Anybody can go if you've never been, it's definitely worth checking out. Yeah, yeah.

Dave Rattiner 16:45

And if you can get a ticket for the Sunday uh event, you're probably gonna the Grand Prix, yeah. So if you get a ticket to that, you'll run into some celebrities. You know, you'll see Sophia Vargara for sure, Michael Bloomberg will be there, you know, Jimmy Fallon, Jerry Seinfeld, they all the Hamptons people, they show up to that one. Okay. So that's a good one to go to if you if you want. That's what's going on this weekend in the Hamptons.

Andrew Doud 17:10

Wow, there you go. All right.

Dave Rattiner 17:11

It's Labor Day.

Andrew Doud 17:12

It's Labor Day already. Thank you. That's it. Hey, we're gonna hit him up for a uh a restaurant.

Dave Rattiner 17:18

Oh yeah, but you got a restaurant you wanna give a shout out to that you like Labor Day?

Andrew Doud 17:21

Sure, Pierre's.

Dave Rattiner 17:23

Pierce! Nice Pierre's classic.

Steve Glick 17:25

Can't go wrong with Pierre's, man. Best food in the Hamptons. Best chicken. He does a great job.

Andrew Doud 17:30

I'm believing Pierre. All right. Vince, thanks for joining us. We'll have you back on again soon. Uh good luck with all these listenings. You're you never stop. Ever stop. Only to play tennis and win. I love it. All right, everybody, have a great weekend. I'm Andrew Dowd. That is what's happening in the Hamptons.