Andrew Doud 0:08

Good Thursday afternoon, everyone. I'm Andrew Doud with Saunters and Associates and welcome to another episode of the Happening in the Hamptons Podcast, our weekly breakdown of the Hamptons market, new listings, and events on the East End. Today's podcast is sponsored by New York Title Abstract, the Hamptons' leading title insurance firm. Visit NewYorktitle.com or titleinsurance.com. Joined as always by Steve Glick, Dave Ratiner, and today Patty Oakley and Brian Light of the Oakley Light team, based out of our Southampton office. Thank you all so much for joining us. As always, though, we want to start with Steve with the latest numbers. Steve, what are they? How are we doing?

Steve Glick 0:41

Good morning. Good morning. Yes. Well, last week we were talking about the numbers being a little low due to Thanksgiving weekend. So now this week we were paying close attention to the numbers. And I could say that they're back up. So over the past week there were 60 listings that went into contract from West Hampton to Montauk. Compared to the same week last year, there were 30 listings that went into contract. Which, if you could do the math, is a year-over-year increase of 100%. The quick breakdown of these 60 transactions are one over 20 million. And that that listing, that $20 million listing was listed with Saunders. It was $1,400 Meadow Lane with a last listed price of $53.9 million, just went into contract. Two listings between $10 and $20 million, two between six and eight million, eighteen between two and four million, and thirty-seven under two million. This past week there were only 25 new listings coming onto the market. With 60 listings going into contract, that leaves a deficit of 35 listings. One of the listings that we just listed is in the heart of Southampton Village. It's 70 Pulaski Street. This property is recently renovated and it looks amazing. It's priced right in the sweet spot at 2.699 million. And good morning, Brian. We have you here today. Brian, tell us what makes this house so special.

Brian Leicht 1:58

Hey, good morning, guys. Thanks for having us here today. Uh yeah, Patty Oakley and I just listed and launched 70 Pulaski Street, um, located right in the heart of Southampton Village. This is an awesome little house, completely renovated, down to the studs, all new utilities, wiring, plumbing, everything is all up to date now. It's featuring three bedrooms. Uh it's about 2300 square feet. What's really nice about this house is it's got the southern exposure in the backyard. So plenty of light streaming into this property. Um it was very nicely done. Uh we have a gamma de gore kitchen, custom kitchen. Um there's also a beautiful pool house and a heated pool to go along with everything in this house has to offer. You have a beautiful master bedroom with a gas fireplace and a Mr. Steam shower. Uh very nicely done. This house was originally done for the owners themselves. The intention was not to put this on the market for sale. Their lifestyle is changing. So somebody's gonna come in with some really nice amenities and done into this house. The location is really key because it's convenient to everything. Um you are really super close to Southampton Village, Main Street. We have beautiful ocean beaches that are really easily accessible from this house. Uh world premiere beaches, actually. Um and you have beautiful farm stands, just a really great central location on this house.

Steve Glick 3:37

The house, the house looks brand new to me. I know a lot of buyers are looking for new construction. And this you're saying is recently renovated from the studs, and I'm looking at the photos now. It looks completely brand new. So I know that a lot of people are looking for new construction homes. This one, you know, you have to take a look at. You know, obviously it was built older, but it was, like you said, recently renovated from the ground up. So this is something that if you are looking for new construction, you must take a look at this house because you're gonna be wildly impressed with the finishes and the build-out of this beautiful property on Pulaski Street.

Dave Rattiner 4:07

It really does look completely brand new. I mean it's you might as well if you're looking for new construction, I mean you might you have to look at this one.

Brian Leicht 4:15

Yeah, and you know the price point at at just under 27 is is gonna be really attractive. I think we should get a lot of play on this property.

Andrew Doud 4:24

Steve, you you were talking about the numbers just a few minutes ago. What are you seeing as far as the data in Southampton specifically?

Steve Glick 4:30

Yeah, well, since we're in Southampton discussing the Southampton market and this beautiful listing on Pulaski Street, you know, I wanted to take a look at the first nine months of the year data report. So Southampton Village has experienced a 144% increase in dollar volume and 64% increase in sales transactions. So this is compared to the first nine months of 2020 versus just the first nine months of 2019. Seven properties that priced over $20 million closed compared to last year of only two properties, which is a 250% increase. So these these 20 properties, these these seven properties that sold over $20 million contributes to the reason why there's the dollar volume of 144% increase. Another price category that stands out is the one million to two million dollar price category with a hundred and thirty-eight percent increase in sales transactions. Just outside the village. So this consists of all the other areas that are not in the village of Southampton has experienced a 41% increase in dollar volume and a 25% increase in sales transactions. The price category that stands out in this area is a two million to three million dollar price category with a hundred and six percent increase in sales transactions.

Andrew Doud 5:44

So, Patty, you and Brian obviously focus heavily on the Southampton area. Uh, I think 65 transactions so far this year, which is great. Um, what are you seeing as far as the market is concerned as we head into the winter season?

Patty Oakley 5:55

Yeah, sure. Uh you know, we've been super busy and you know every day we're getting inquiries from buyers and renters as well. So uh, you know, there's there's a big attraction to obviously being in Southampton Village, being closest to the beaches and to the shops and great restaurants we have here. Uh but all honestly, like the inventory has been a little light. We've actually, you know, had such a strong market this year that we could definitely use some inventory. Uh we're experiencing also a nice attraction to properties outside the village. And you know, we've seen that change over the last few years. You know, a lot of people are exploring areas that have a little bit more land, are still conveniently located to the village, but um, you know, their pricing affords them to just you know kind of go outside the inventory and get a little bit more for their money.

Andrew Doud 6:47

Are you seeing that that inventory is light in both the sales and rentals?

Patty Oakley 6:52

In the sales market, you know, certain price points, especially the two to four million dollar market, is a bit light. And a lot of that stems from the fact that we had a lot of new construction that was on the market that traded within the last year. So our buyers, you know, at this point with COVID existing, would really like to find a house that's newly done, move and ready, compared to maybe a year ago, where you know we were having buyers who were willing to maybe undertake a little bit of a project, you know, doing a new kitchen, doing some new bathrooms. Uh with regard to the rental market, um, we are definitely seeing more inventory coming on. And what we've noticed this year, again due to COVID, is that many people extended their stay here in the Hamptons. So the the quiet streets that we were used to seeing no longer exists, and we have many families out here who are zooming from their houses for offices, you know, for the office work and for their children in school. So um, you know, we're we're every day, again, we're seeing new rentals come on the market and we are getting calls for the 2021 season.

Steve Glick 7:59

Are you seeing the winter rentals as well? Like people come in the office?

Patty Oakley 8:02

Yeah, um, you know, there's there's so much that can, you know, happen out here again from people's working perspective in schools that you know they're getting away from the city, they're getting away from New Jersey and Connecticut. That's mainly where a lot of our people are coming from, and they're renting houses for a month. You know, we just put somebody into a house for the month of December to spend the holidays out here.

Andrew Doud 8:23

Have some of these renters expressed an interest in buying, but because of you know how light the inventory is, they're saying, okay, I'm just gonna extend my rental and you know keep an eye out. When something comes on, we're ready to we're ready to go.

Patty Oakley 8:34

Yeah. I mean I think you know, Brian and I are working with a group of buyers right now, and you know, patience is really what we're telling them to really just be mindful of because again, the inventory is just so low that you know they're renting houses. Um if something comes on the market, you know, we're on it. Every day we're looking for something new, and we call them immediately, and they they need to get out here if they're not out here. Um it's that quick of a market when things are priced efficiently, and it's an efficient market. If it's price rights, it's selling.

Andrew Doud 9:03

Are there still things available that could be a good project if people are willing to undertake that?

Patty Oakley 9:09

Sure. You know, the number one question we're getting is that if I was to put money into this house, where am I gonna be value-wise? Am I gonna be the most expensive house on the block? And and a good agent is gonna be able to, you know, direct their buyer to really fit their needs. So sometimes it's worth investing in a house that needs a little bit of, you know, some TLC, some love that makes it their own, and at the end of the day, they have the happy house they've been looking for.

Andrew Doud 9:33

I just want to change gears a little bit. Obviously, it's the holiday season, and you guys are in Southampton, you live and work in Southampton. I mean, this is a very special hamlet in itself. I think it's really great during the holidays. What do you like to do around Southampton this time of year?

Patty Oakley 9:46

Yeah, sure. Uh, you know, every year it's our tradition to go and watch the Christmas parade and the tree lighting, and unfortunately, you know, this year was a little bit different. That the tree is lit, and you know, but the stores are open. Um, you know, we're taking the time to just, you know, come into the village, uh, bring the family in, get some hot chocolate, go up to the tree. Um, you know, the stores have great inventory, and the the one thing I've noticed is that you know, when you go to other areas, a lot of the stores are sold out of things, and our village shops are welcoming and stuck with inventory. Some great sales going on. Um the weather's been great. So, you know, bring the kids down, go to Stevenson's Toy Store, you know, get your Christmas list together, your holiday list. Um you know, you'll you'll see me running through the village with our dog Coco, our Wheaton, and um, you know, we're power walking. The weather's been great. And, you know, so if you see me stop by, say hello. Um, you know, it's it's a great time to just enjoy everything that the village offers, including going down to the beaches. You know, the beaches are beautiful this time of the year. So um, you know, go up to the park, bring your kids up to the park. You know, the holiday festivities that we're used to, you know, obviously we're on a halt this year, but there's still a lot of things happening that you can take advantage of.

Andrew Doud 11:07

And that leads me right into the the section of our podcast that everybody waits for every week. Our man, Dave Retiner, with what's happening in the Hamptons. Yes, that's great. So if you're out and about, you're on that walk, you're you're out for a jog with your dog in Southampton, what what is there to do?

Dave Rattiner 11:24

Yeah, sure. Absolutely.

Patty Oakley 11:25

Yeah.

Dave Rattiner 11:26

Um, so yes, that's right. It's time for Happy in the Hamptons, where you can find out, you guessed it, what's happening in the Hamptons. It's a good one this week, gentlemen. Hanukkah is in the air, and Christmas is in the air. Patty, you alluded to it. It's the Stevenson Toys in Southampton, and they also have one in East Hampton. This is the go-to toy store in the Hamptons, and I have a feeling that some of you out there are in need of buying toys. Andrew, you were saying before we started the podcast that you were going to bring your kids there to pick out some Christmas gifts, and that sounds like a great idea to me. Masks will be required by everyone while in the stores, and Stevenson's advises on their website that they will be sanitizing the stores as much as possible. But children do handle the merchandise. So for those at risk or concerned about safety, they will, of course, continue processing orders placed on their website either by shipment, local delivery, or curbside pickup at the store. So it's like a little mini Amazon for toys in the Hamptons as well. Stevenson Toys in Southampton has that Zoltar machine out in front of it. So if you do use that, just be sure to not wish to be big. Anyone? Anyone? You got it? Did you pick that one up? I got it. You got it, Steve? Steve got it. Alright, good. And finally, it's Hanukkah time in the Hamptons. And though the holidays may look a little look a little different this year, the Jewish Center of the Hamptons will be offering plenty of virtual events to help everyone celebrate this festive time. They will be having virtual events for every night of Hanukkah, so you can join them online and celebrate. Hanukkah runs through the 17th this year, and all of the virtual events start at 5 p.m. You can view all of the details by going to the website jco-h.org slash calendar. And that's what's happening in the Hamptons.

Andrew Doud 13:09

Perfect. Dave, thank you so much. Patty and Brian, thank you. Steve, thank you. Um that was really great information, guys. Um, to see more of Patty and Brian's listings and to see all of our listings, go to Soners.com. Once again, the Happening in the Hamptons podcast is sponsored by New York Title Abstract, the Hamptons leading title insurance firm. Visit NewYorktitle.com or titleinsurance.com. Thank you all so much for listening. I'm Andrew Dowd, and that's what's happening in the Hamptons.