Andrew Doud 0:08

It's Thursday everyone. I'm Andrew Doud. 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 New Yorktitle.com. We are joined as always by Steve Glick. And today, in for Dave is David Andrews. Welcome, buddy. How are you doing? Dave Rattiner is in Disney, I guess. So we have another David from Hamptons.com who is going to share with us what's going on. But first, we want to get to Mr. Vincent Pescatori.

Vincent Pescatore 0:46

What's going on, guys?

Andrew Doud 0:47

Return guest. How are you?

Vincent Pescatore 0:49

So is is is this the second time that David's David is back in Disney? Disney?

Andrew Doud 0:54

I don't know. He's a Disney guy, you know. Go down there and I guess. Well, I don't know. Is it a good time to go to Disney? Is it still hot? I don't know.

Steve Glick 1:02

I think it's a good time. It's October, so the weather's like, you know, moderate down there.

Andrew Doud 1:06

I wouldn't go in August. Yeah. well, good to be back. Good. Yeah. So what are we talking about? You got man, you got a lot going on. You got a couple things in Southampton, Hampton Bayes, you're in East Qual, you're like all over the place. Staying busy.

Vincent Pescatore 1:18

Yes, sir.

Andrew Doud 1:19

Where do you want to start?

Vincent Pescatore 1:20

Yeah, so we could start with you know some of the new listings that I'm gonna be putting up. this are you know some new constructions in Hampton Base. Specifically, I I want to talk about this really cool one on 19 Shinnecock Road.

Andrew Doud 1:35

Okay. I drive by it routinely. I've literally watched the progress. It's a great looking house.

Vincent Pescatore 1:41

I I've seen you there running, practicing for your training for your Iron Man, which you did pretty good on, right?

Andrew Doud 1:48

Did pretty good. It's behind us. We're gonna we're gonna pump the brakes on the on the biking and running. So I'm not gonna be I'll be passing in the car in the in the near future, going by that house. But yeah, tell us about this place.

Vincent Pescatore 1:57

Yeah, so I picked up so I so I purchased this house about a year ago, and you know, since we bought it, we've been re- completely rebuilt in the house from the from the basement up you know to the two stories. so we you know we redid the basement, we lowered, we lowered the the level of the ground there to make the ceilings higher. So we got 10-foot ceilings there.

Steve Glick 2:22

Wow.

Vincent Pescatore 2:22

Really cool. reframe most of the structure, you know, to create an open concept. we have two bedrooms on the first floor there. really cool 12-foot sliding door that I added there. So it's like a nice open concept to the backyard. 45-foot long lap pool.

Steve Glick 2:44

you added that in? You added the pool in?

Vincent Pescatore 2:47

We put we put that in, yeah.

Steve Glick 2:49

So you don't just sell Hampton Bayes, you actually also invest in Hampton Bayes. So you're you're a believer in the Hampton Bay's market.

Vincent Pescatore 2:56

Yeah, so I love I love the Hampton Bay's market. I think it's a great market for it's it's a great intra market into the Hamptons. You can still find decent deals there. you know, either finished products like what I'm offering right now with Night and Shinnikuk, which which you know we're gonna be listing around 1.6.

Steve Glick 3:14

Okay.

Vincent Pescatore 3:14

Or you could pick up a project that if you want to put in the work, you know, right now you could still get something around 800. Wow, you know, 750.

Steve Glick 3:25

And there's opportunities there. If someone wants to purchase that project for 800 and invest, they could renovate it like you're doing, and still there's money to be made.

Vincent Pescatore 3:32

And there's still money to be made, yeah, exactly. so it's it's it's nice to have that that to be able to bring that to the table with my clients. I have the you know the expertise of you know knowing how to build a house. and so you know when we're looking at new projects, when we're looking at you know just when we're looking at any property, I can give them my feedback on you know what they can do with it. What you can do with it.

Steve Glick 4:01

And you live in Hampton Base, right? How how many years have you been living there?

Vincent Pescatore 4:04

Yeah, I live in Hampton Base, I've been living there for a good 12 years. Okay. this 19 Shinnecock Road house that I'm listing, it's literally a few houses from my house. That's cool. I think I think one of the biggest things with this house that I love is the location. I would not move anywhere else in I wouldn't move to Southampton, I wouldn't move to West Hampton. I love that location. We're we're I mean Andrew can tell you because that's his run, but we're like you're less than two miles to the beach. Less than two miles to Pongcook Beach, which is an incredible beach in Hampton Base with the bathrooms, the you know, the shop, but you're also real close to the bay, down the street to the bay, down the street to really cool waterfront restaurants, the you know, the seafood shop, Hampton Coffee. Hampton Coffee is a few houses right there.

Steve Glick 5:00

It's awesome. Oh, I'm looking at that on the map. Yeah, so that's a great spot. That's a new Hampton Coffee right there, right?

Andrew Doud 5:05

Yeah, it used to be the Hamlet. Okay, like last summer, and then I think Hampton Coffee up in there this winter. And it's been packed. It's jammed every day every day. Really? Yeah, yeah. So it's it's like almost right next door.

Vincent Pescatore 5:20

So there's this cool energy in this in this location right now. For me, the number one thing that I'm looking at when I'm buying real estate or when I'm looking for real estate for for my clients is you start with the location. It's all about the location. And the title of this of this listing is A Plaza Location, because that's that's what I think it is. You know, you're you're you're buying into a location with like great energy down the street to every amenity. something just actually happened across the street from that property. The town just bought three acres over there, which they're turning into a park. No way, really. So across the street, you have three acres of protected land, you know, from from the town, and they're gonna do that into like a little park with water axes there.

Andrew Doud 6:08

Yeah, I think you can put like paddleboards and stuff in.

Vincent Pescatore 6:10

Yeah, with like a launching.

Andrew Doud 6:12

Oh, that's awesome. It used to be a like I don't know if it was like a hotel or a motel, and it had fallen into disrepair and it sat there for a number of years. It was like it fenced off, and then the town bought it, knocked it down, and they're just gonna turn into a green space, which I think is incredible because you know, anything by the water out here, it's like scooped up and built up. But so it'll be really cool to have easy access to to get into the bay and get into the bay, right? It's gonna be for the community to get you know get the water access.

David Andrews 6:42

Well, and it shows that the town saw something similar in that area and property that you saw when you're looking for a place to to build a new property. And if the town is putting in a new investment in a park to get people out there, that really is you know evidence that this area is getting getting a lot of good attention.

Vincent Pescatore 7:00

Absolutely, yeah. To the to to for the town to see the value of that. Another thing for that point is that they're adding sidewalks almost from every street, they're adding sidewalks all the way to the beach. Because everybody is so huge. Everybody's walking there, everybody's like taking their bikes, so the town is investing in into you know Hampton Bay's in that area.

David Andrews 7:22

I know when I interviewed you, that was something you talked about that there really is a you know kind of a year-round vibe in Hampton Bay, and that it is a a place that has a real community and not just a summer renter vibe. Do you think that that's what this location and I know you said you live in that neighborhood? What's it like in the fall?

Vincent Pescatore 7:42

Yeah, so absolutely. So it's it's a mixed crowd. , you know, some year-round and some you know just summer residents there, but it's it's is definitely more active through the winter than other towns out here that are that just you know because well the restaurants remain open, right?

Steve Glick 7:59

The rema restaurants remain open. Oh yeah.

Vincent Pescatore 8:01

The rest don't get me talking about the restaurants. I mean, we have in Hampton base, I think. I mean, we can we can check this, but I think we have the most amount of waterfront restaurants out of any of the towns here.

Steve Glick 8:14

I can fact check that.

Vincent Pescatore 8:15

Yeah, let's fact-check that. I I I can name I can name you like 10.

Steve Glick 8:18

It's pretty accurate. I I'm it's safe to say, yeah.

Vincent Pescatore 8:21

Yeah, we have a lot of incredible. What's your favorite one?

Steve Glick 8:24

What's your go-to spot?

Vincent Pescatore 8:26

So this summer it was Amalfi.

David Andrews 8:29

Amalfia. I've heard that so many times. People love Amalfi.

Vincent Pescatore 8:32

Yeah, this summer was fun. That was the spot to do. You can get in. They had like a waiting list. Yeah.

Steve Glick 8:40

See, I went there like two years ago and it was it was it was still like up and coming. Now it's like, forget about it. You're a tough critic, Chris, Steve. Yeah.

Vincent Pescatore 8:47

It was it was nice because they had like on the weekends, they had like a DJ outside. They had the chef is is is actually pretty good.

Steve Glick 8:56

He's the guy that runs the Italian restaurant, right?

Vincent Pescatore 8:59

Yeah, it's Italian background on the church.

Steve Glick 9:01

Centro, Centro. Oh, really? He's from Centro.

Vincent Pescatore 9:03

I think from I think from there they moved there. Yeah, yeah. It's the same same group. You go. So if you go there, I recommend the Bronzino. That was like that's what I order. I share that with someone. Just the full fish. Did you share it with? I I shared it with a lady. Nice specifics. We'll fact check that too.

Andrew Doud 9:25

How many drinks did you have? That's funny. sounds good. Yeah, so good location. all right, so so is that on the market now or it's coming on the market? What if people want to do that?

Vincent Pescatore 9:36

It's coming on the market. Stay tuned. It's gonna be priced to sell. I'm following the the listings in Hampton Bay's, and you know, a lot of them, they're they're putting them up and they're getting, you know, 40 saves, 50 saves on potential buyers. And so, you know, something is happening. I think you know, things are turning.

Steve Glick 9:58

well, have you seen like an uptick? I know that the interest rates went down a little bit, and they're saying that hey, they may go down even more by the end of the year. Has that recent in decline in interest rates saw an uptick in the Hamptons over the past month?

Vincent Pescatore 10:10

Yeah, so I think I think for the smart buyers, right? Because there was a drop on the interest rates. It was just it was it was small, it was a quarter of a percent, uh-huh, but there was signaling of potential more drops into next year. Got it. So if you're smart, if you're a smart buyer, this is the time to buy because this is when the sellers are the most motivated. they have been doing price cuts, you know, and the rates are gonna drop, but you know what happens when you know, if they you know, once we get to the next drops, there's gonna be more buyers. So right now is the time to go out there, negotiate the deals, and you know, like that's good advice.

Steve Glick 10:52

We're right in that sweet spot, you know, in between.

David Andrews 10:54

Less buyers have have caught on to the lower interest rates, so you're not there's not as much competition at the price point right now.

Vincent Pescatore 11:01

Right now, yeah. So right now it's like look, sellers, you know, builders, you know, they they want to they want to sell their houses right now. I don't want to sit on their empty houses through the winter. They're motivated right now. , you know, I put some deals recently with.

Steve Glick 11:16

So are you a motivated seller with this house?

Vincent Pescatore 11:18

I'm a motivated seller, so I'm pricing this house to sell. I don't I don't mess around with that. You know, I I know the numbers, I follow numbers every day, and I've been waiting a few days, and and now I think I'm I'm gonna be ready to put this up at a competitive rate. Yeah. But yeah, if you're if you're a buyer, call me because I'll negotiate the deal for you. Because, you know, that's that's what's going on right now, and you'll pick up a good deal.

David Andrews 11:41

That's so awesome, Vince. It's good. Well, let's talk about big picture. What do you got, boss? What are we doing?

Steve Glick 11:47

I've seen a lot of increases this week. 38 listings went into contract from West Hampton and Montauk, 25 last year, so it's an increase of 52%. Two years ago, there were 22 listings that went into contract, so it's an increase of 73%. Breakdown of the 38 transactions, three over 20 million, two between 10 and 15 million, six between five and ten million, seven between three and five million, nine between two and three million, nine between one and two million, and just two under a million. The dollar volume was two hundred and seven million dollars. Last year, 91 million, so it's an increase of 128%. Two years ago it was only 65 million in one week, so it's an increase of 218%. There were 28 new listings that came onto the market, so that just decreases our inventory by 10 listings because there were 38 that went into contract. But the breakdown of the 28 new listings, there was one over 20 million, three between 10 and 15 million, four between five and ten, five between three and five, four between two and three, nine between one and two, and two new listings under a million. The inventory is just over two thousand total listings with two thousand and sixty-four, fifteen hundred and sixty active, and five hundred and four in contract. So a great week. 38 listings going into contract. That's that's pretty high. You know, that's good to see.

Vincent Pescatore 13:07

I I was like, I was pretty amazed at our last meeting, our company meeting, that you know, some of those listings that the our brokers are talking about, they're going on and they got like multiple offers. Oh, yeah.

Steve Glick 13:18

It's well the number there's two factors, right? It's price and representation, right? So if you price the property right, you're gonna get immediate response because that shows that there's buyers out there. I mean, 38 listings going into contract, there's buyers every week. So pricing is key. And then representation as well. You can launch a property but have poor representation, and those properties will sit on the market regardless of the price. And that's why at Saunders we do a great job, as you know, Vince, marketing these properties and representing them. But it all comes down to like the numbers, right? Like you said, you pay close attention to your numbers and you're pricing your Hampton-based property really well. And I wouldn't be surprised if once you put this live on the online, you'll get immediate responses, and that's how you know that it's priced right, you know, and that could be from under a million to over 20. It doesn't matter. Like, if as long as it's priced right, there's buyers. As you can see, this breakdown here, in every single price category, there's there's people transacting.

Vincent Pescatore 14:13

So, yeah, that's yeah, I was gonna say that. like multiple of the agents that you know on the firm, different price points, multiple offers, and it's great. Some of the listings, and I'm like, wow, okay, good. It's wild, it just feels good.

Steve Glick 14:26

Like it's you know, it's and people are getting the sellers like understanding, like, hey, listen to your agent. You know, if they're telling you something, don't try to like you know price it too high, you know, just price it right, and you wouldn't be surprised. You may even get a bidding award. And I've seen a couple of these listings go over-ask, you know, which is oh, did the agent price it too low? No, they priced it just right, and it was an attractive property, and multiple people are bidding on it. It's like psychological. Like if you price it too high, they may not even throw an offer, you know, and so it's like a balance, you got to be right in that sweet spot, and that's the job that the agent is to really go through the data, sit with the homeowner, and just determine, hey, what's the best value for this house? Like, how's it? What are we gonna do?

Vincent Pescatore 15:06

The number and just marketing the best you can. Yep, yeah.

Steve Glick 15:09

A great presentation going forward, you know, get great photos, get the drones, get the videos, put it online, make sure the ad copy is right, the headlines, you know, everything, everything plays an integral part in launching these listings and getting immediate responses.

Andrew Doud 15:22

Well said. , David Andrews, your time to shine, man. What do you got going on this weekend?

David Andrews 15:27

You know, I'm a longtime listener, first time here. I I'm I'm excited to fill in for Dave. I think he always has some kind of, you know, he's a Hamptons dad, always out with his kids doing that thing. So I'm bringing a little different energy to this. , so this is the Hamptons International Film Festival is this week, Friday to next Wednesday. Definitely make sure you check out Hoops, Hope, and Dreams, story I didn't know about about Martin Luther King using basketball to help generate social change. It's the New York debut of this film by Glenn Kano. So I'm excited for that. Wow. , we've also got the Southampton Fest, October 3rd to 5th, which is a great community event. I'm sure that there will be a lot of people out there. Dowd, are you going to that?

Andrew Doud 16:15

I'm out of 10 this weekend.

David Andrews 16:16

Okay.

Andrew Doud 16:17

All right.

David Andrews 16:18

Well, there will definitely be a lot of people out there out and about. Great. , if you're in Sag Harbor, the church at it's not a church, it's the museum at the church has their Knowledge Friday series, is coming up with Mayor Tom Gardella. He's got a great story. It's a really cool speaker series. If you're into speaker series, check that out. And then got it plug the Springs Fest, second annual music festival, great time, heart of Springs. If you love the Springs, you're gonna love Springs Fest. And Springs people will get on me. I'm saying the Springs Fest, not the Springs Festival. I know it's not the Springs, but all right, that's just my spiel. It's not the Springs, it's not the Springs.

Steve Glick 17:00

It's the Springs, huh?

David Andrews 17:01

You know, I I I don't want to have any like stolen local valor or anything. I'm not I'm not a deep springs guy like Dave is, of course, but I will say that that if you Yeah, now he's a Southampton guy, but he he if you really if he's being honest, he'll let you know that he's from Springs, Deep Springs.

Andrew Doud 17:23

The former former backup quarterback of QBT. that was really well done. Man, look at that. Informative, concise, energetic. I'm ready to go. Can you take heart beatings in my man? That's very calm, collected. I love it, I love it. You know, Dave's gonna be upset. Dave can see in Disney. Yeah, yeah, yeah. He's gonna be like, you should have called me in. We could have conferenced Andy.

Vincent Pescatore 17:52

We miss you, we miss you, Dennis.

Andrew Doud 17:54

that's great, man. , all right. So, well, we already covered your your your go-to restaurants, I can't even ask him that question. But what do you got going on this weekend? Open houses?

Vincent Pescatore 18:03

You do see with with with real estate. So I also have you know another great listing that I just put on the market. Touch base on that quickly is great commercial property with you know the best number one you know visibility and traffic out of any property. It's like right across from the minigolf on on the highway there, just past Mercedes-Benz.

Steve Glick 18:29

So, what can you do with this property? This is a highway business, right? So this is a highway business. Currently, what a car?

Vincent Pescatore 18:35

Yeah, so currently he has a car dealer and and a mechanic there. it's it's a great building with high ceilings, so you got the lifts and you have all the mechanic equipment, plenty of parking in the front, and you know, in the front, probably for like about 20 cars, and then in the back, you could probably fill that lot with another 40 cars.

David Andrews 18:58

Dowd, you could use that.

Vincent Pescatore 19:00

This is this is the perfect property for Dowd his car projects.

Andrew Doud 19:05

All the car enthusiasts. I need a three and a half million dollar commercial property now to upgrade. Yes.

Steve Glick 19:11

But Vince, if you tell Sarah, if you if you're not a car enthusiast, you can use you can do anything with this.

Vincent Pescatore 19:16

Yeah, so highway business allows you for you know multiple uses for the Southampton Code. I you know I can share more information on what those uses are. Sure. but just as is is just just a great investment. You know, he's got you know some good rental history there, a good cap rate, and just a building with a lot of potential. So if you're looking for a you know commercial investment opportunity, I would you know definitely reach out and look into this this this property because there has been some you know some good good sales in the neighborhood and and this is positioned pretty good.

David Andrews 19:56

There you go. That visibility is just unmatched, unmatched.

Vincent Pescatore 20:00

I mean, every person that comes in and out of the Hamptons drives in front of that building. You cannot miss it.

David Andrews 20:06

Yeah. You gotta find the DOT and find out what that number is because I'm sure they know roughly how many cars come in and out. I mean, it's gotta be hundreds of thousands of eyeballs every day. Yeah.

Vincent Pescatore 20:16

That's a I mean, that would be something interesting to find out, honestly. That would be a good point. , good listening.

Andrew Doud 20:24

All right, good deal. Well, all right, let's call that a podcast today. Vince, good luck with everything. You you're super busy, which is awesome. David Andrews, outstanding. We'll have you fill in the next next time David Routiner goes to Disney. And Steve, we'll see you next week. So, all right, everybody have a great weekend. I'm Andrew Dowd, and that is what's happening in the Hampshire.