SPEAKER_02 0:07

It's Thursday, it's time for another happening in the Hamptons podcast. I'm manager Danawitz, owners and associates, and this is our weekly breakdown of the Hamptons Market, new listings and events on the East End. We are sponsored today by NeuroTotal Abstract, the Hamptons leading title insurance firm. Visit NeuroTutle.com or titleinsurance.com. With us today is Steve Glick, Dave Retiner, and Ed Gachins. Joining us for this is the second time, right? Second time, yeah. Second time on the podcast. So so what's up? What's going on? I mean, we're out of the summer months. We're about to move into the next quarter. Fourth quarter starts tomorrow. Fourth quarter. Okay.

SPEAKER_03 0:44

So what are you seeing? I mean, the crazy frenzy of last year when I when I first came into market is has definitely it's tempered a bit. I mean, last week's numbers were high for 50, historically, but still it's down from 80, and that's that's a huge, huge drop. But there are people that want to be out here and people that want land out here. That's what I've been noticing.

SPEAKER_02 1:08

And you've been moving a lot of a lot of dirt.

SPEAKER_03 1:10

Stuff has been stuff has been moving quickly, and if it's even halfway decent. And I'm not talking about south of the highway pieces. I'm talking about things in Northwest Woods, Springs, you know, um Bridge Hampton North. Who's buying this land? Well, I can the Is it end user? It is a combination, and what I've noticed recently is we've had a huge influx of up-island buyers, up-island builders coming out here to want to be in our market. And and I've seen it with them, what the demands that they want. They're coming out here and they want plans and they want permits, they want it all ready to go, and it's not so easy to have that. I mean, no one has land that that's been permitted and ready to go, but they're asking for it.

SPEAKER_02 1:56

Is the permitting process still taking a while? Because at one point, especially during the pandemic, you know, things were backed up.

SPEAKER_03 2:02

Yeah, south Southampton is probably a four to six month wait, and Board of Health could be three to six months. East Hampton's been better.

Dave Rattiner 2:09

That's crazy. So if you buy a piece of land, you can't even break ground for six months. At least.

Steve Glick 2:14

At least if they're lucky six months. But who's buying this land? So if someone they're looking for houses, they can't find a house, and then they so now they're gonna say, well, let me look at land. Is that what's happening? They say find the land, then they have to find the builder. It's a whole process, right?

SPEAKER_03 2:30

From what I've seen from end users, they actually have plans that they've engaged with architects over the pandemic because there was no new construction for them to look at for almost a year.

Dave Rattiner 2:42

Right, because everything was everything went.

SPEAKER_03 2:45

I mean, I recall when I first got in the business going to these places with new construction, there were lines out the door that brokers were FaceTiming their customers and they were bidding on this new construction stuff via FaceTime. And it just via FaceTime, and it just went. It was gone. Now you have a situation where I defy you to show a customer new construction now that hasn't been sold. So these people had no time to look at at new construction, and what they did was they engaged architects, they engaged builders. That's a great idea. They worked on it, and they have skin in the game.

Steve Glick 3:22

So they developed their perfect house, they have the plans ready to go. Exactly. So now they're on the hunt to find the land that's right that fits their house. That's right.

SPEAKER_02 3:31

You're saying that the land even the areas are are they're expanding the areas, it's not a good thing. Unbelievably so.

SPEAKER_03 3:36

Unbelievably so. I mean, people are doing you know, spec homes in springs. They're doing uh spec homes in in Lions Head in these areas, and that Northwest Woods where where people didn't didn't spec on it. And the end users also, the ones who are out here who've engaged an architect and spent 75 to 150,000 in plans, they're not going to throw that money away when when they find a piece of new construction that a builder has. That's just the way it is. And they're they're in it. They're they're all in it, and they need the land, and that's what I'm trying to supply to them.

Steve Glick 4:10

That's great. I never heard of that happening where they're already hiring the architect before they even found the land.

unknown 4:15

Absolutely.

Steve Glick 4:16

So that's a great idea. I mean, you're you eventually delaying the inevitable, so you might as well do that parcel.

SPEAKER_02 4:22

You'll still need the the approval from the town. So you can you can say, All right, I have my my acre, acre and a half, whatever the case may be. Here's what I want to build on it, and now can I?

SPEAKER_03 4:31

Right. But I mean, the people who would be really delayed with somebody who says, Okay, I want to buy a piece of land, and now they're gonna go find an architect. Good luck finding an architect that's gonna have time for you. Especially architects out here. And especially a talented one, yeah. Exactly. The talented ones out here are in such demand because let's just face it, you know, you have a New York architect, you know, versus an architect out here. An architect out here knows what's going on, he knows the system. The New York architects they're gonna they're gonna design something beautiful for you, but they don't know the game out here. And people who who have who've done their homework and and and put the time in and have that, they're in a at a huge advantage.

SPEAKER_02 5:10

Well, and depending on where you buy, I mean, you might have clearing, wetland, all these other restrictions that an architect that you know works out here would know about exactly design accordingly. But uh that's really interesting.

Steve Glick 5:22

So where do you see the fourth quarter going now? We entered the we we just we're ending the third quarter today, so tomorrow starts the fourth quarter. Do you how do you feel like it's gonna be?

SPEAKER_03 5:31

It's strong. I it's it is it's absolutely strong. And yeah, like I said, it's strong without the frenzy. You know, you don't have the people lining up where they feel they have to have something immediately, but there's a lot of people that want want what they want, and if we have the inventory, they'll they'll take it from us.

Dave Rattiner 5:47

Has the world totally changed? I mean, uh do you do you think that this is just the new uh normal where people would rather be out here than living and working in the city? You know what I mean?

SPEAKER_03 6:00

I think the dynamics has changed. I mean, the the people who I knew from my my my career on Wall Street, a lot of them have changed where they don't have to go in, you know, you know, five days a week. They can be in two or three days.

SPEAKER_02 6:13

And that's fine.

SPEAKER_03 6:14

And that's fine. Yeah, it's working.

SPEAKER_02 6:16

It's working. So, Steve, as far as numbers, I mean, what are we seeing in the last week?

Steve Glick 6:20

Yeah, so we're entering the fourth quarter. So I just want to round out first what happened in the third quarter. So the third quarter consisted of July, August, and September. In the third quarter, in 2020, we ended up doing 496 listings in contract. In 2020, in 20, that was 2021. In 2020, we did 1,047.

unknown 6:45

Wow.

Steve Glick 6:45

In 2019, there were 313 in contracts. Okay. So let's compare 2020 versus 2021. That's a decrease of 53% of listings going into contract for the third quarter alone. If you compare 2019 to 2021, it's a 58% increase of in contracts. So you could see that it's still a strong market. Um, not as strong as 2020, but still much stronger in versus 2019 and the years prior to that. This past week there were 50 listings that went into contract from West Hampton to Montauk. So I think last last week it was around 50 as well. So now we have 50 again, another strong week. Um, this time last year there were 70 listings. So we are seeing a year-over-year decrease of about 29%. Compared it to 2019, there were 30 listings that went into contract. So when you compare it to 2021 to 2019, it's increase of 67%. The breakdown of those 50 transactions this week, there was one between 8 and 10 million, two between 6 and 8 million, four between um 4 and 6 million, 19 between 2 and 4 million, and 24 listings under 2 million. Inventory this week, we we said last week really wanted to pay close attention to because if we recall last week there were 50 new listings that came out to the market, which was high. Now this week we're back down to 22 new listings. So it decreases our inventory by 28 listings. And when you compare it to the overall inventory of the Hamptons, it decreases the overall inventory of the Hamptons by 2%. That's a lot. The breakdown of those 22 new listings that came onto the market, there was two between 10 and 20 million, one between eight and ten million, four between six and eight, two between four and six, four between two and four, and nine under two million. So all price categories, there's new listings coming onto the market, but not as many as we as we hope, and it's still um historically low inventory in the Hamptons.

SPEAKER_02 8:43

So the moral of the story continues to be that if you want to sell, now's the time. Now's the time? Yeah.

Steve Glick 8:47

Now's the time. You did not miss the boat, and it's gonna continue.

Dave Rattiner 8:50

Things were coming on the market last week, though. Like we've got to.

Steve Glick 8:52

So yeah, last week it was we had 50 new listings. Look, the selling season's gonna continue all the way to the end of October in the first week of November. And then once, you know, people start the calendar turns and they see Thanksgiving and the holidays in December and the New Year's, that's where things start to slow down and people start moving, going, you know, away for the holidays. If they're going to Aspen, they're going to Palm Beach. You know, the focus is going to be a little bit off the Hamptons. There's still deals that are going to happen. Phones are still ringing on Christmas Eve, and phones are still ringing on Thanksgiving Day, believe it or not. It's crazy. So don't think it's a complete stop, but it certainly slows down around that time period.

SPEAKER_03 9:30

I mean, Columbus Day weekend is always a big in two weeks.

Steve Glick 9:34

We're going to have Columbus Day weekend in October, and that is the four-day weekend, and that's the time to really, you know, come out to the Hamptons, enjoy the Hamptons, do the Pumpkin Town. And I'm sure Dave has great things leading up to Columbus Day weekend, but that's a great weekend to come out. Um, they're always an abundance of open houses that weekend as well.

SPEAKER_02 9:51

Ed, if you if you if somebody calls you right now and they're like, look, I'm looking for a piece of land I want to build, or you know, what what do you say to them? Because if they're if they're competing with people that already have plans in place or they have uh at least architectural plans, design drawn up, like what do you tell a new client that wants to build something? Where are you suggesting they use?

SPEAKER_03 10:09

Well, I would tell them to buy land now and be patient for how long it's gonna take you to build it out.

SPEAKER_02 10:14

The value is still gonna go up, I guess, in the long run anyway.

SPEAKER_03 10:17

You know what? I mean, uh it it's really hard to pick the tops or bottoms of markets. I mean, if you buy a piece of land that you like and buy a piece of uh land that you're gonna build something for you, your family, and enjoy it.

Dave Rattiner 10:29

Think long term.

SPEAKER_03 10:29

Think long term. Don't don't think about mark to marketing every month. I mean, uh that's why Zillow has been so such a terrible thing in so many ways, because people look on Zillow and they see what their value is and they worry about the value of their neighbors. Think about your land as where you where you're you're gonna build your home. And you it's gonna be a a place where you're gonna have good times enjoying your friends and family.

Dave Rattiner 10:51

You know, Ed, I was looking at your profile just today, and I noticed you you have like twenty twenty listings or something like that, or I I can't remember what it what it was. It was almost twenty twenty listings, and I'm just trying to figure out you came into this market a year ago? Yeah, about a little bit over a year, year and a month. And you just like really hustles. Hustled it out. He really does. And now you have 20, you have 20 listings. How do you get the energy?

SPEAKER_03 11:21

Well, I learned something on Wall Street, and it stayed with me. You're only as good as your last deal. And uh, if there's anything that I've learned is that you know, you know, you you gotta keep moving, you know. I thought you were gonna say yoga. I thought you were gonna say yoga is what gives you the energy. Well, yoga gives me a lot of energy.

SPEAKER_02 11:42

Uh so Dave, this weekend. Yes, what do we got going on? You know what? Any yoga together?

Dave Rattiner 11:48

I don't have it here, but because Ed is here and I know you do Hampton's Hot Yoga. I do do Hampton's Yoga Yoga. My one of my picks is you should go try and do Hampton's Hot Yoga. I think it's amazing. Sounds very difficult. How hot is hot yoga?

SPEAKER_03 12:01

It's hot, but it is so good. And let me tell you something, when you are done with it, you feel refreshed, energized, cleansed. I cannot tell you, like, I guess I'm not the prototypical guy you would see doing yoga. You're not. That's why I'm not. That's why I'm but when I'm in that when I'm in those rooms, I I I enjoy it. I really enjoy it, yeah. Yeah.

Dave Rattiner 12:22

Alright. I have to give it a try. I'm gonna do Hampton's Hot Yoga at some point. Um so this is a cool pick though. Uh West Hampton Beach Performing Arts Center is gonna is presenting the magician Justin Wilman. Um, and he is the star and creator of the hit Netflix Netflix series Magic for Humans. And I don't know if you've ever seen this guy, but if you Google him, his magic tricks are so funny. Like he had uh Jimmy Fallon put like Coca-Cola on Jimmy Fallon's head and then made it disappear, and Jimmy Fallon just his mind was blown. So this should be cool. This is on Sunday, October 3rd, 7 p.m. to 10 p.m. I strongly recommend you Google the guy, Justin Wilman, to uh look at some of the uh tricks that he does, so those are pretty cool. Um another one is the Gide Up 5K and Sagaponic to support Sea Tree, which is the Center for Therapeutic Riding of the East End. This is a beautiful 5k run, so Dowd, you might be interested. I might I might be interested in that. You do a 5K?

SPEAKER_02 13:33

I could do it. It's a little over three miles.

SPEAKER_03 13:34

You can knock that out too. I can knock that out. You can knock that out. And no, we know Dow Dow could do it on his hands. I I could knock out a 5k.

Dave Rattiner 13:40

A 10K, I don't think.

SPEAKER_03 13:43

Steve, you you've driven that for you.

Dave Rattiner 13:45

You can do a 5K. You've driven that four, right? You know, I feel like I could do it. You know, I'm actually intrigued by this. It's for a really good cause. Uh the Center for Therapeutic Riding of the East End is, you know, that's such a really nice thing for um uh, you know, people with disabilities. And uh it's right in Sag it's gonna start right at Sag Main Beach uh from 9 a.m. to 12 p.m. And that's Sunday, October 3rd. And then finally, I got the Conga Cartel Live Band. No, the band Conga Cartel, which is playing live at the Steven Talkhouse, which is still going, you know, that's still. What kind of music is this?

Steve Glick 14:30

What is this cartel band?

Dave Rattiner 14:31

Okay. This is a high-energy, polyrhythmic Latin fusion band. The lead singer is Carolina Cohn, and she has a sultry and sophisticated vocal vocal, while her Venway her Venezuelan father-son percussion duo uh play along to contagious vibes. That sounds amazing. Does this not sound like it sounds like a lot of energy? Dave wrote that description here. Incredible. Um it's it's melodic magic, the Conga cartel. Melodic magic. So Steven Talkhouse. You're not gonna want to miss us. No. This is Saturday night, 7 p.m., the Stephen Talkhouse and Amigansett. Right on. That's what's happening in the Hamptons.

SPEAKER_02 15:21

It's way too bad.

Dave Rattiner 15:21

It's amazing. Don't we want to bring this up too? The maze. I gotta make it. The corn maze? The corn maze. That's the best one you have. It is the best corn maze in the Hamptons. Yes. There's a corn maze at Meekox. It is open. You walk through the corn maze, you get lost. It's a real exciting adventure for you and your family. Hours of fun. It's hours of fun. It's helpful.

SPEAKER_02 15:44

You just put the drone up to see what it spells out. Yeah, that would be fun. It's like a cheat sheet. You know, like a man.

Dave Rattiner 15:50

And then they also have this thing where it's like a it's like a cannon. Uh where they can. Oh, yeah, they put the corn in there. They put the corn husk in it and the corn. You can win like uh like a free donut or something. And then you shoot it at a barrel and then.

SPEAKER_03 16:03

And if you put it in, you give it a free donut. Yeah. Oh wow, I never tried that. Oh, yeah. And they got potatoes.

Dave Rattiner 16:08

I gotta go with that. It's nice. They got potato chips that are like deep fried, made from fresh, you know, the local potatoes. You know, it's a whole too. Sounds amazing. It is fast. It is so wonderful. Go after hot yoga.

SPEAKER_03 16:21

Yeah, go after hot yoga. You have to have this hot yoga. You got a hot yoga. Right. You got a hot yoga. Then you go to the corn base. You shoot the corn gun. You shoot the corn gun. Cannon. Cannon. Right.

Dave Rattiner 16:30

And then you'd like to get some apple cider with some with some fried chips or whatever.

SPEAKER_03 16:37

And an apple cider donut.

Dave Rattiner 16:39

And an apple cider donut.

Steve Glick 16:40

You get to go.

Dave Rattiner 16:40

Yeah.

Steve Glick 16:41

And then the next day you gotta run the 5K with the buff, you know?

Dave Rattiner 16:46

Right. And then you go to the Stephen Cockhouse. Yep. And then right after that, you go to the magic show.

SPEAKER_02 16:52

Sounds like a great weekend. That's uh Edge Weekend. Table beat all these events. Oh my god. Um, alright. Thanks guys. That's good stuff. Ed, thanks for joining us. Great to be here. The uh the Happening in the Hamptons podcast once again is sponsored by Neur Title Abstract Hampins Leading Title Insurance Firm. Once again, visit NeurTitle.com or titleinsurance.com. I'm Andrew Dallas. Thank you all so much for listening, and that is what's happening in the Hampins.