Welcome And What We Track

Andrew Doud 0:08

All right, it is Thursday everyone. I'm Andrew Dow. Time for a Happening in the Hamptons podcast, our weekly breakdown of the Hamptons market, new listings and events on the East End. We are sponsored as always by New York Title Abstract, the Hamptons leading title insurance firm. Visit NewYork Title.com. We have Mr. Steve Glick, Dave Retiner, and today return guest, Augie Horner. How are you?

SPEAKER_03 0:29

I'm great. Happy to be back.

Andrew Doud 0:30

Happy to be back. And listen, uh, we had you at like at the beginning of the summer. Now we're at the end

US Open Rentals And Real Demand

Andrew Doud 0:35

of the summer. Beginning of the summer, we were talking all things golf, US Open. You were running around. I know you're a big golfer, big golf fan. Um, and obviously you were very busy with rentals. So take us back to what that looked like, how business was, and you know, did the uh did the hype promise uh the hype the hype really promised on the golf course because it went down to the last hole, the last putt.

SPEAKER_03 1:00

Okay. You know, so that's good. There we get a great champion and Wyndham Clark. And um what happened is very misjudged as far as rentals. Everyone was expecting the big payday. They held off putting their homes on the market, uh they had people coming out uh to look at homes. You know, so it put we were a little blocked there. So you know, as the numbers in the second quarter were were not as many uh transactions. Transactions that should turn around.

Steve Glick 1:33

So yeah, I agree. Like there were rentals for the US Open, but so many people put their homes up for rent, expecting, like you said, this big payday and this big opportunity to rent your home for the influx of people that were coming out here, because you said there was what how many people didn't know.

SPEAKER_03 1:48

Well, they were expect they were saying 45,000 tickets, but it ended up being 25,000 tickets.

Steve Glick 1:53

Oh wow.

SPEAKER_03 1:54

Price of the tickets went up.

Steve Glick 1:56

Um I mean, it was packed. I mean, I went to I went I went to one of the days, I went to the last day, and it it was it was wild. It was a great thing to see, to experience. It was awesome how they converted the Shinnickot golf course into something completely different, you know. And then you drive by it now, and it's it's like it's back to normal.

Andrew Doud 2:14

It took them all summer to get it back to normal. It's very normal, it's very peaceful. Yeah. Like during the open, putting up bridges.

Steve Glick 2:20

Incredible. It was incredible. So now what you're so what you're saying is okay, they people were hopeful to try to get their rental. They're they didn't rent the property, or maybe they did, and now the house is freed up again, and now you're you're seeing an influx of listings coming on the market from.

SPEAKER_03 2:36

Even people that would go look at homes, you know, they were rented, they couldn't get in. Correct. Yeah, sure. The activity, the amount of cars on the road, it was it held things up.

Steve Glick 2:47

So we see that every year. US open or not, we do see that typically this time of year, all the time, where okay, they did their rental for July or they cleaned up their house this summer, the summer's coming to an end. Now they want to list it to capitalize on that tail end of the summer season. So uh because the crowds are still out here enjoying, you know, the Hamptons. So we're starting to see a lot of new homes come on the market. And I think that will continue all the way through uh September and October.

SPEAKER_03 3:13

Yeah, I work with Vince Pescatori, and you know, we're very active now, people looking, you know, what's on the market. It's limited inventory, but we do

Q2 Sales Drop As Prices Rise

SPEAKER_03 3:22

see there are more and more listings coming on the market. So we're excited about that. And you know, this is the time, hopefully, more completion, some new homes.

Andrew Doud 3:30

There you go. Um, so second quarter numbers, Steve. Let's just talk a little bit about that because I think I mean we're talking about inventory and what's coming on. So what what do you have? What are we seeing?

Steve Glick 3:41

Yeah, we put out our second quarter report, which also includes the first half of the year. And Augie, you're what are you seeing on there before I read my numbers? I know you're you were looking at that report. What's the one key takeaway that you noticed?

SPEAKER_03 3:53

Oh, it's it's a total number of transactions, but it you know, in the second quarter.

Steve Glick 3:58

Yeah, we see the second quarter transactions just in the second quarter alone, down 31% in sales transactions. And dollar volume was down 24%. However, the median price rose 27%. Wow. What does that mean? What does that mean? Right?

Dave Rattiner 4:16

Anybody is it because the Bueller? Is it because the super high-end went up so much?

SPEAKER_03 4:22

I think people have waited, waited, waited for interest rates to come down. They've maintained the same level. You know, the economy, you know, you can say inflation or not inflation, but people are starting to accept this is this is the new norm, and it's been that way for a while.

Steve Glick 4:38

Look, and they're willing to pay for a property that's well priced. Obviously, you can't still price aspirationally, you have to price for the market. Um, there are limited opportunities, and that's been the norm. However, the people are willing to pay for a property when they find something they want. They want to be here in the Hamptons and they're willing to pay the price. And the median sale price rose from uh in the second quarter to $1.95 million to $2.48 million, so almost $2.5 million. And then the full year, the first half report, that minion sale price went from $2 million to $2.45 million up 23%. So that's something we've been seeing quarter over quarter. This is a significant jump. A 23% increase has been really high, I

Turnkey Hampton Bays Listing Spotlight

Steve Glick 5:21

mean, it really high to see. I'm curious to see how that's gonna flatten out um as we round out um the second half of the year.

Andrew Doud 5:29

Augie, you got a a couple listings, uh, a couple good ones that you wanted to talk about.

SPEAKER_03 5:34

Yeah, one 105 Old Riverhead Road, which is right across the street from Red Creek Park. It's an acre of property in Hampton Bay's, it's a million four, four bedrooms, re you know, it's been completely redone and uh it's ready to go. Ready to go.

Steve Glick 5:51

This thing is it's turnkey, it has a pool. It's one acre with a pool. Like, where can you find one acre completely renovated? That's kind of pretty much reads brand new with a pool for 1.39 million dollars. I mean, this just seems like a home run.

SPEAKER_03 6:08

So um it should go. We have open houses coming up, we've had them, we have a lot of interest, and uh yeah, but just uh with Hampton Bays, you know, Hampton Bayes.

Steve Glick 6:21

Yeah, talk to us about Hampton Bays. What do you think?

SPEAKER_03 6:22

Well, I'm still see it, you know, at the the uh at the end of the rainbow is there'll be a revitalization of downtown Hampton Bays.

Steve Glick 6:33

That's what we've been hearing. And Hampton Bays is a great place if you want to, you know, start out in the Hamptons, right? If you're looking for a home that's a million to a million and a half, you can find it. You can even find homes under a million dollars in Hampton Bayes.

SPEAKER_03 6:45

Yeah, very few. Yeah, um, and especially if there's a little bit more than a quarter of an acre or something, very if it's a half an acre. Um this is beautiful.

Steve Glick 6:57

They do exist. Obviously, the story goes every Hamlet sells transactions down. Um, and that's the same for Hampton Bayes, but again, the median price is on the rise in Hampton Bayes, up seven percent for the first half of the year. Um, but transactions were down 39%. There were only 59 trades in Hampton Bayes compared to uh this time last year of 97. So it's the same story with the lack of inventory uh in all the Hamptons, but this is a great opportunity. And you you said you host open houses, so anyone could just go online, call, give you a call, or check it out when to see it. I'm sure you're having something going on this weekend.

SPEAKER_03 7:32

Um definitely do. And um, yeah, well, as you know that there are more and more listings coming on the market now. You know, that we were we will log jam there a little bit at the end of June, going in July, August.

Steve Glick 7:46

We're seeing it every week. There's like 40 plus listings hitting that market. Even though there's a good amount going off, there's always an increase in the uh listing um inventory that comes on each week.

Southampton Commercial Site And Permits

Andrew Doud 7:56

Um Augie, I want to that's almost that's a great segue into the numbers, but real quick, I I know you wanted to highlight um a commercial listing.

SPEAKER_03 8:03

Yeah, 715 County Road 39. It's uh as you it's one of the first properties you see as you come into Southampton. It's one of the last properties you see going out. We've had full last offers, but it what what happens is to to get it prepared to get the C of O and permits and that has been a real lag. So that's just about cleaned up.

Andrew Doud 8:24

I'm sure the property will it's a great location, right across from the uh the driving range.

SPEAKER_03 8:29

Multi purpose purpose.

Steve Glick 8:31

Yeah, it's surrounded by golf all around. It is surrounded by the gun. You know, across the street, behind you, next to the city. It's an acre, you could put 50 cars in the back of the So what can you do with that property? So what do you think would be a good business for that?

SPEAKER_03 8:42

Well, it's something in the car, you know, a tire shop. Uh you know, right now there's uh a tenant in there that has three beds doing car repairs. Yep. And they're they'd love to stay. They'd love even if you raise their pro their uh rent to stay. Uh there you go.

Steve Glick 8:58

I mean, that's that's not and it's uh maybe Southampton Golf Club will buy it because it's you know, well, even a car collector, there's so many car enthusiasts out here, and to have that garage and to just showcase your car. I know what I would do with that place. I do love that. You love that stuff.

Andrew Doud 9:13

If that was my place, I would have like glass doors in the front that'd show off my collection and have somebody in the back on those three bays you're talking about, storage in the back. You could park project cars in the back. He's thought about it.

SPEAKER_03 9:23

I just don't have the money to get it, but but it's not a you know, it's not a it's a three and a half million dollar property. It's not uh which it's not nothing.

Andrew Doud 9:32

I mean, you can definitely use it for the business side of things, but if you're a collector and you just want to show off what you got, I mean there is no better place in town to do it. So not that I've thought about that.

SPEAKER_03 9:42

Uh car collections these days.

Steve Glick 9:43

Yeah, exactly. There is, I know, and like it's been a thing out here trying to find that space, a storage space, and this is a great opportunity to just showcase what you have, you know. Right there on the highway. I love it. I think it's a great, uh, great opportunity. And the address again is what is that? 715 County Road 39?

SPEAKER_03 9:58

715 County Road 39.

Steve Glick 9:59

All

Weekly Contracts New Listings Inventory

Steve Glick 10:00

right, in Southampton. Can't miss it. Big signs going up this weekend. There you go.

SPEAKER_03 10:03

The gateway to the Hampton.

Andrew Doud 10:05

All right. So uh all right, so let's circle back to the numbers this week. What do we got?

Steve Glick 10:08

Yeah, this week, um a little slower than norm. 26 listings went into contract. Last year there were 41, so a decrease year over year of 37%. Two years ago it was 29 listings, so a small decrease of 10%. The breakdown of the 26 transactions, one between 15 and 20, one between 10 and 15 million, three between five and ten, five between three and five, five between two and three, seven between one and two and four properties under a million dollars. The dollar volume was ninety-six million. Last year it was two twenty-nine million with a decrease of fifty-eight percent. Two years ago, the dollar volume was 137 million with a decrease of 30 percent. Now, uh we just talked about this earlier. New listings coming on the market. 42 new listings came on the market that increases the inventory by 16 listings. So prices um listings in all price categories: two over 20 million, one between 15 and 20 million, one between 10 and 15 million, seven between five and ten, seven between three and five, fourteen new listings between two and three million, seven between one and two, and just three properties under a million dollars. Inventory is at 1,785 total listings, 1,387 active, and 398 in contracts. So just still uh the same story every week. But um, like Augie said, we're starting to see more listings come on, and I think that's gonna continue for the next two months.

Andrew Doud 11:31

Uh, so we have that, and as I look at the calendar, David, next week. Next week's September, man.

Dave Rattiner 11:39

This is this is it for August. This is it.

Andrew Doud 11:41

This is the last weekend in August. That is wild. So uh what's going

Weekend Picks Movies Horses Montauk

Andrew Doud 11:46

on?

Dave Rattiner 11:46

Well, last night I went and saw this movie Tony. You have to go to the Sag Harbor Cinema. It is so nice. I love it. Um, but if you're an Anthony Bourdain fan, we went to go see this uh movie called Tony. It's about Anthony Bourdain's life. I saw the directed by Matt Johnson. A really like legit movie. Like really legit. Like people clapped at the end of it. Um, and then at the Sag Harbor movie theater, you can go upstairs and you can um get like a drink at the bar up there, and there's an outdoor space that I didn't know. And then there's also like this indoor space with TVs and couches and like a lounge area that I also didn't know about. Because the last time I was there was the winter time, so the outdoor space wasn't there. So it is cool. It's like it it was a cool spot. It feels like you're like in Brooklyn or something up there. Um, so I definitely recommend doing that. Then, of course, you have the Hampton Classic this weekend, but the big thing is this Sunday, which is the what is it called again? The Grand Prix.

Andrew Doud 12:42

I think there's a a way to say the Grand Prix. Yeah, you know what I mean?

SPEAKER_03 12:45

There's a there's a certain amount of elegance that I think you have to play in for $400,000 uh dollars prize money.

Andrew Doud 12:51

$400,000 prize money will get you like a month of boarding for one of those horses. Those horses are like a million dollars. It's crazy.

SPEAKER_03 12:58

Well, it's probably gonna be 1,200 horses out there. There's 200 participants. That's crazy. Eight days there'll be 50,000 spectators.

Andrew Doud 13:06

So it's uh how many years have they been doing this? 51. 51 years. I think I think last year was 50, if I'm not mistaken.

Steve Glick 13:14

All right, well, if last year was 50, then this is a big, big draw to Bridgehampton.

Dave Rattiner 13:20

Very, very big draw. But what what uh the other thing that's cool is you've got to get to that tent. You gotta figure out how to get into that VIP tent on something. You gotta know a guy that knows a game. Everyone can if I can figure it out, you can figure it out. You've got to meet somebody. I think a tape is like 15 grand or something. 20 to 30. Business expense, my friend. No, it's a business expense. It's a write-off.

SPEAKER_03 13:44

But it is the ha happening of the Hamptons. It is the social event.

Dave Rattiner 13:47

Oh, it's a lot of fun. It's definitely you can feel the energy on that day for sure. For sure. Um, and then all the way out in Montauk at the Surf Lodge, you have a Rhodes performing. And he I hope I'm pronouncing that right, but he's like a big DJ. He starts at four and goes forever, and you can buy tickets on their website. Um, and that's what's going on, man. It's it's September. September next week. It's crazy. Unbelievable.

Andrew Doud 14:10

It's nuts, right? It's good though.

Dave Rattiner 14:12

You can feel it in the weather. It feels good.

Andrew Doud 14:13

I know, I don't want to talk about it. I noticed that a couple leaves are starting to fall as I'm mowing the grass. I'm like, oh, here it comes.

Dave Rattiner 14:18

It feels good. It feels good.

SPEAKER_03 14:19

It's all right, though. But it's good for real estate too. Everyone says right after the Hamptons, the rentals are over. Yeah. And they'll be out looking at props game time. So stay positive.

End Of August Wrap And Sign-Off

Andrew Doud 14:29

That's it. Um well, Augie, always always a pleasure to have you. Anything else before we let you go? You got golf today?

SPEAKER_03 14:35

I have golf today. There you go. I'll be on the course for you.

Andrew Doud 14:38

That's what we'd like to hear. Enjoy. Uh good good luck uh this afternoon. Um, enjoy the weather. I mean, this is this is the time of year to be playing, and uh we'll be back next week, everybody. Enjoy the last weekend of August. Until then, I'm Andrew Dowd. That's what's happening in the Hamptons.