SPEAKER_02 0:07

Good Thursday afternoon, everyone. I'm Mandy Down with Stoners and Associates. It is time for another Happening in the Hamptons podcast, the Memorial Day edition, our weekly breakdown of the Hamptons Market new listings and events on the East End. The Happening in the Hamptons Podcast is sponsored by New York Title Abstract, the Hamptons leading title insurance firm. Visit newertitle.com or titleinsurance.com. We are joined by Steve Glick, our Senior Vice President of Advertising and Marketing. Dave Retiner, Vice President of Digital Marketing and Technology, and today, Ed Gagens. Ed, thanks for joining us. Great to be here. So, uh, yeah, so it's Memorial Day weekend. This is this is the weekend out here.

SPEAKER_01 0:42

I mean, this kicks everything off. I am so frigging excited about Memorial Day weekend. It feels like Memorial Day weekend.

SPEAKER_02 0:48

And what's nice is it kind of feels, I mean, things are sort of moving. I mean, this time last year, right? Memorial Day weekend everything.

Steve Glick 0:54

Yeah, it wasn't even a thing. We weren't even looking forward to Memorial Day weekend. This is a completely different, you know, Memorial Day weekend, a completely different summer than last year. And it's gonna be it's gonna be rocket. Yeah.

SPEAKER_01 1:04

Everyone's making their plans, you know, everyone's so committed to having a good time this weekend.

SPEAKER_03 1:07

Pent up demand for a good time.

SPEAKER_01 1:09

Yeah.

SPEAKER_02 1:09

There you go. So speaking of a year ago, and this is Ed, you have kind of an interesting story. You got into real estate uh about this time last year. I mean you're coming up on your morning anniversary.

SPEAKER_03 1:18

Actually, in uh July and August of last year.

SPEAKER_02 1:21

So we were full swing into this pandemic, and you make kind of a a whole career change. Yeah. Which a lot of people did, I mean, the last year. I think a lot of people have kind of re-evaluated things and and sort of shifted careers. So uh how did you come to move to real estate?

SPEAKER_03 1:33

Well, I mean, I was always involved. I was I ran a brokerage firm, an energy brokerage firm in uh in New York for a major Wall Street firm. Um I I was always involved in brokerage, and I just thought it was a natural extension to be to be out here and to be with Saunders. I mean, Saunders was the pinnacle of what I could what could be out here. I know a lot of my friends have big builders out here use Saunders exclusively, and I was happy to get a shot to be here.

SPEAKER_02 1:59

You've had you've had a pretty good year, good first year, right? I mean, I know you pretty good. Something unbelievable. I'm I'm trying for a rookie for a let's talk him up. So what does an unbelievable year look like? Yeah.

SPEAKER_03 2:09

A 58-year-old rookie. That's pretty that's pretty funny.

SPEAKER_01 2:12

Listen, man, I've never seen a guy. This guy comes in, he is so relentless. It's just such a good uh example of somebody that puts in the work and then has success. He's just like like a perfect example of that. I mean, he's here early in the morning, he's here late at night, and he's just always on the phone, answering his clients, servicing his clients, asking questions, giving answers. I mean, the guy's a machine.

SPEAKER_03 2:36

Yeah, I mean, I think the the only way to be really good at this business or any business is you have to put others first. You have to put your clients ahead of you, your need your clients' needs are ahead of yours always 24-7.

SPEAKER_02 2:47

So, what has been maybe the biggest challenge for you then making that shift, especially during a year like the one we had last year?

SPEAKER_03 2:54

I mean, obviously you can't have as much face-to-face with people. Early on, you couldn't meet people, you'd have to speak to people, or you have Zoom. But I mean, now as things have opened up more, I mean, I think, you know, I like to use my personality, I like to meet people. I mean, I'm I door knock people for expireds. I I I I I want to talk to people. I want to be in front of people.

SPEAKER_02 3:14

So you're cold calling, you're just on the phone, you're going up people's doors. So you when you say you you door knock, what are you just like going up and like, hey, I'm Ed.

SPEAKER_03 3:21

Well, I mean, before I cold call, I check to do not call us, of course. That's the first protocol. And if I'm door knocking, you know, I'm going to do it from expired listings where I know people have had listings on, and I will knock on their door. Sometimes I'll bring them a little uh scone or a croissant or something. You know, when I tell them when I tell people what their land is worth, someone who's had land for 30 years, they are shocked. I mean, I had one one client who lived in Florida when I called her her up and asked her about her land, she uh she almost f fell off out of her change.

Steve Glick 3:51

Well, they don't even know what they're sitting on, and they also don't know what they could do with that land as well. They don't know can I build a house, can I put a pool? Exactly, exactly.

SPEAKER_03 3:58

And uh and a lot of the people have had it, you know, they bought it as an investment in the 70s or the 80s, and then maybe they had wanted to at one time to build their dream house, and it just it's gotten away from them, and they've paid the taxes over it over the years and years and years, but now something that they paid 50,000 is worth a million and a half.

SPEAKER_02 4:16

Which is crazy.

SPEAKER_03 4:16

And it's it's it's it's really those numbers that are just just insane.

Steve Glick 4:20

So ahead. So what does it take to sell Hamptons real estate?

SPEAKER_03 4:23

Well, I mean, it takes We all know that answer. I won't give you the Glen Gary, Glenn Ross answer, but I'll tell you I'll tell you what it does take. It takes having a firm like Saunders that when you need help to to to to visualize what someone can do with their land. I mean, going to to the photos and marketing department and having them lay out something for you, it it opens up just this plot of land to people to what they what they can do with it. And it's and it's helped me unbelievably so.

Steve Glick 4:56

Thank you. I mean we enjoy you know working with you and all agents, and it's and it's right. I mean, we do a great presentation to the to the homeowners of what we're gonna do for the property, how we're gonna market it, how we're gonna put it out there in a different way to really showcase to the agents and to and to the community at large what what's the value of the property and what you could do with the property, and working with you um makes it a lot easier because you're it's it's an enjoyment to work with you. Uh the team works really closely with you and um and all agents, and we and I feel that you know, as a new agent coming into the firm, um my I I think the team like really tries to help the new agents, you know, try to get their brand out there, really uncover what it is that makes you stand out. And I think that you know, you have a lot of values from your old past um experiences working on Wall Street, working in development, and we work close to you to try to uncover that and put that that messaging out there. And I think it was very successful. I mean, how many deals have you transacted in the first you know, 10 months of being in real estate? 14. 14 deals.

SPEAKER_02 5:58

How many of those were landless?

SPEAKER_03 6:00

Uh I think there's probably 80% were landless things.

SPEAKER_02 6:05

So, okay, so 80%. So when you you talk about you know door knocking, call, calling people, and you and kind of painting that picture for them, you know, I think traditionally people say, all right, real estate, there's a house for sale, people walk in, you show them, you talk about what it is, what it offers. You need to paint a picture of what it could be.

SPEAKER_03 6:21

Absolutely. I mean, and I think you know, you when you, you know, when you when you market land, you have to be more creative and you have to be you have to know do your homework and know what can be built there. You just can't say, oh, I you could do a 5,000 square foot house when you clearly can't, you know. And the fact that you can have something to have it visually, you know, on the listing of what can be there with with the marketing department helping you with that, it it makes it so much easier to do.

Steve Glick 6:46

And the statement is know what know what you're selling, know what it is that you're selling before coming to. Exactly. And you know, working with New York Title, working with the marketing department. I mean, it's really important because right in this hot market, the second Ed's gonna make a listing go live, he's gonna get immediate calls on the property. Exactly. And he has to have the answers right away because that those are deals, you know, those are the leads right there in front of him. Exactly.

SPEAKER_03 7:08

And one of the great things about New York Title is that when you get a when I get a land listing, some of some of the covenants and easements and restrictions in some of these lands, people just don't know. You look at a piece of land, you say, oh, it's a nice rectangle. But the building envelope may be maybe prohibitive to building, or it may be, it may be, it be it maybe may afford a better house or or a worse house in an in an area. And the fact that we have New York title, it just it it's it's it puts us f far behind uh ahead of everyone else. It really does. It's an amazing, amazing asset to have.

SPEAKER_02 7:39

Steve uh Steve mentioned that you used to be on Wall Street. Uh how how does your time on Wall Street help with what you're doing today in real estate?

SPEAKER_03 7:47

Well, I mean it it's it was the same thing. I mean, you you you put always put others first, you always put your client first, and you you if you come from that you know that mindset, you'll do well. And I will, you know, the guys, you know, I I ran a brokerage firm that had 20 people, and my biggest thing was leading by example. You had to be the one who was out there doing what you know what you wanted others to do. And that's why, like with Andrew, like you I come to Andrew, Andrew's always working. And I mean, I'm not the first one in the morning, it's Andrew's the first one in the morning, you know. And I and and and I I and honestly, I could tell you that's been a value to me because my half hour or so just talking to Andrew in the morning has helped me immensely.

SPEAKER_01 8:28

The energy is infectious, people with high energy. You have this very high energy personality, Andrew has that same personality. Definitely, and it it really kind of just creates an environment that's just good for business. I I agree, I agree.

SPEAKER_03 8:43

I mean, listen, I you I could easily work out at, you know, you have my laptop, I live down a block, I could work out out of my my apartment. But I want to come here. I mean, even in like the dead of the winter when it was snowing like crazy and the offices were closed, you know, I snuck in because I I like being here. I like be and I know like the people like like Vince Vince Washacitas, who's always in here, I get energy from him, you know, and and and the people the lineup of people here. I mean, the Terry Cohns, the Roma Romain, I mean, you know, these people are amazing, and it's like they're the best of the best. And the fact that I can work with these people is it's amazing to me.

SPEAKER_02 9:19

He hustles too.

SPEAKER_03 9:20

Yeah.

SPEAKER_02 9:21

Man, it's great. Good energy, and he's always hustling. All right, so let's talk a little bit about the numbers, Steve. So uh what are what's the real estate business looking like last week?

Steve Glick 9:28

Yeah, we're coming into you know the summer season now. We have numbers from the past two weeks. So the past two weeks there were 85 listings that went into contract from the West Hampton to Montauk area. Compared to the same two weeks last year, there were 58 listings. So it's an increase of 47%. The breakdown of those 85 transactions, one between 10 and 20, one between 8 and 10 million, 7 between 6 and 8 million, 6 between 4 and 6 million, 22 between 2 and 4 million, and 48 listings over 2 million, just over the past two weeks. We're also looking at the listings coming onto the market. Inventory, you know, we put it out there time and time again, inventory is an all-time low. And I think people are are realizing that and starting to list their properties. We saw 85 listings um going into contract and 87 new um new listings coming onto the market. So that's that's that's that's an increase of two listings. So we are seeing the inventory start to um trend upwards, which is which is good to see. It's a healthy market. Um, out of those 87 new listings that came onto the market, nine were between 10 and 20 million, nine listings. Uh four between eight and ten million, five between six and eight million, five between four and six million, nineteen between two and four million, and forty-five new listings hitting the market under two million. Um we also want to look at we finally have the first quarter numbers finalized um from the first three months of uh 2021. So looking at the first quarter of 2021, as you all know, 2020 was a record-breaking year in the Hamptons. Um we eclipsed over 8 billion in total sales um as the year end uh came to a close. And this year is looking no different. The first quarter of 2021 has um sales transactions up 13%, median sale price up 36%, and the dollar volume up 22% compared to the three months last year in 2020. So certainly the the 2021 came off to a roaring start, and um the numbers show that it's gonna continue in into the second into the second quarter. So we'll have those out, you know, once those second quarter closes. But um, it's looking healthy, and we're looking forward to the summer season. Here it is, Memorial Day weekend in the Hamptons. Go ahead.

SPEAKER_02 11:47

I was gonna say, not for anything. You talk about the the inventory being you know such a high demand for for stuff. Maybe give Ed a call, you know, instead of instead of buying, build, you know. Absolutely for you.

SPEAKER_03 11:59

I that's that's the one thing. I think you you can always when you build your own house, you have what you want. You know, you're not you're not buying other things, you're buying what you want, or you're building what you want, and you're building where you want. That's a nice thing.

SPEAKER_01 12:11

What's your outlook with the way uh this market has been going and it's just been roaring or do you do you see this continuing? Do you see?

SPEAKER_03 12:18

I mean, I don't I think I I don't think markets go you know parabolically straight up like that. I think there's always room for it to come off a little bit, and I think that's healthy. You know, I think that that possibly in September we may see you know back to our seasonality. I I think that you'll see where you know maybe things will calm down from September and October, and then people November, December will start looking to buy again. But you know, I I think we're gonna have some normalcy back to where we were. Um but I think I mean a little a small correction could be okay. And I think you know when you see the trend change and the inflection point of getting more listings than than deals, it's the first sign. You know, if you could graph it as a as a graph or a chart, that's kind of an inflection where where where where the the number of listings start to creep up on the on the number of uh uh exclusive soldier.

SPEAKER_01 13:10

Do you think that the relationship between COVID and the rally out here, do you think that that is going now that the vaccine is out, do you think that that's gonna totally subside, or do you think people now have in the back of their mind, you know, hey, I really need to have uh a home base that I I really enjoy that's outside of the city, and that's it, that's now a priority.

SPEAKER_03 13:31

I think it's a priority, and I I think I think uh more of it's interesting because you know, from 2016 to 2020, sales were not fantastic, right? And we had a really strong stock market, and I think what people change their minds about, they look at their 401k or they look at their investments, and they're just numbers, they're just things. But when you have a house, you have experiences, you have your life there, you have your family there, and I think people going forward are gonna say, you know what, here's this pandemic. Like, what am I really doing? What's I'm I'm looking at my money in my account? No, let's have a house, let's it let's enjoy our time. And I that's why I think people are gonna still be out here. They may be back in the city, but they'll be here.

SPEAKER_02 14:13

So let's talk about this weekend. Uh, this is, you know, every every week we do a happening in the Hamptons, and this is the weekend where things are happening in the Hamptons. So what's going on, Dave?

SPEAKER_01 14:22

This is this is absolutely the weekend. I am so excited it's Memorial Day weekend. I walked outside today and it felt like it was what? What was it today? 75, 80 degrees out. It's nice. It's actually been a nice couple of weeks. Beautifully sunny. I know that the weather outlook isn't all that great for Memorial Day weekend, but I do not care. At all. I am so excited for Memorial Day weekend. So I'm gonna give you my top three picks for this weekend. Okay, so for my first pick is the Southampton Social Club's Memorial Day weekend DJ line. That's this Friday, Saturday, and Sunday from 5 p.m. way into the wee hours of the early morning. Um, and I don't know if you've ever been to the Southampton Social Club, but it's just a beautiful space. It has an outdoor uh space that you can hang out in with an outdoor bar and a beautiful indoor space, um, and you can enjoy uh dinner and grab a drink and dance the night away. So that's the Southampton Social Club all weekend long. My second pick is Wolfort Estate Vineyards Yoga in the Vines. So this should be really cool. So you spend you spend a night out at the Southampton Social Club, and then you do yoga at Wolfort Estate Vineyards early in the morning from 9 a.m. to 11 15 a.m. and you can enjoy a training session bright and early all weekend long. So plan out your morning that way where you get hang out at yoga, uh hang out at Wolfort and do some yoga in the morning. And then I don't know if you're gonna partake in any wine drinking at 9 a.m. I hope you're not, but you're definitely gonna be looking out at the beautiful vineyard. And then my third and final pick uh is actually not happening this weekend, but I want everyone to prepare for it. It's the Mata Trova X Hamptons New York style shopping event. And that's on Tuesday, June 29th, from 11 a.m. to 5 p.m. And everyone just needs to mark their calendars and make sure that they go to this. The online fashion retailer, Motrova, and fashion stylist Lisa Frolick of Hamptons New York Style, are hosting a one-day exclusive summer shopping experience in the Hamptons uh from 11 a.m. to 5 p.m. Um and then you can get beautiful summer dresses and uh swim and resort wear, jewelry and accessories, and so much more. And there will be a complimentary personal styling from Lisa Frolic, who will be uh totally available at the event. So I really encourage you to mark your calendars and to R S V P to that today. You can R S V P at R SVP at modatrova.com. That's again that email address is R S V P at M-O-D-A-T-R-O-VA.com. And you can check out the full event at happeningandhehampins.com. And that's what's going on this weekend.

SPEAKER_02 17:24

You're the man, Dave. Uh Ed, what are you doing this weekend? You relaxing or you're gonna be working?

SPEAKER_03 17:28

I would work. Yeah, I uh what I do is I do some uptime over on um during the week uh weekend over in in Southampton. So I go out there. I like I mean I like to be in front of people, so you know I'll do my I'll do my calls over there and I'll get out there for like three hours in front of people in Southampton.

Steve Glick 17:42

Sanders offices opened up, every office is wide open, welcoming customers to come in. Southampton office right there, 14 Main Street. It's amazing, it's amazing. So many people come by, it's just people have to do it.

SPEAKER_03 17:55

I do, yeah. If a trade slowed down, I talk to it.

SPEAKER_02 17:57

So it's like I like that. I want to end on that. That's cool, guys. Thank you so much. And thanks for joining. Thank you very much. Um check out all of all of our listings, go to stonders.com and once again the happening in the hand of the podcast is fun by Newer Title Abstract and the Leading Title Insurance Firm, NeurTitle.com or TitleInsurance.com. Thank you all so much for listening. Have an awesome Memorial Day weekend. I'm Andrew Dow, and that is happening in the handle.