SPEAKER_03 0:08

Good Thursday afternoon, everyone. I'm Andrew Dow with Soners and Associates, and it is time for Happening in the Hamptons Podcast, 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 NewYortitle.com or titleinsurance.com. We are joined today by Steve Glick, Dave Retiner, and today Sarah Dow. Thanks so much for joining us.

SPEAKER_00 0:31

Thank you for having me. I'm so happy to be here, guys.

SPEAKER_03 0:33

So let's start with uh an article. You were recently featured in Hamptons.com talking about smart investing in a seller's market. What does that mean? What does it take to buy smart when there's so much demand in the market right now?

SPEAKER_00 0:47

So, first off, I think it's about choosing the right agent because uh right now there's a lot of buyer fatigue where people are just exhausted because it's been competitive, it's been competitive for a while, people are tired. So uh you need an agent that is relentless in a good way, who's gonna constantly dig for you. That's me, you want to hire me. Relentless in a good way. Relentless in a good way, yeah. And you you know you want to find things that are always gonna hold their value. You want something that's a great location, and it always will be a great location. Uh, you want something that's possibly off-market that was maybe on two years ago, they were priced high, now they're off-market, and maybe the price is right. So you need an agent who's able to find that for you. Uh, you also want an agent who can see the potential in something. I think there's a lot of value if you find something that needs some work. The cost of construction is up right now, but maybe you live with it for two years and then you renovate. So there's still ways to put money in your own pocket and not feel like you're totally overpaying for something because it is a seller's market. So there's definitely opportunities.

SPEAKER_03 1:50

I think when this market shifted and it became obviously more a seller's market, which was certainly driven by the pandemic and everything like that, uh, that a lot of people are like, I'm gonna s I'm gonna wait to buy. You know what I mean? I'm gonna wait till things slow down. And now, you know, every the the question we ask every week on the podcast is okay, so what's the future? When do things slow down? Um If somebody had bought though a year ago, two years ago, do you think that that investment would have that the value would have been there, that that still would have been a smart play? In other words, if if somebody buys now, they say, I'm still waiting for the slowdown, are you telling them, look, get in, get in now, it will still be less expensive than waiting another two years?

SPEAKER_00 2:28

So I personally was part of a team that bought during the pandemic. Uh, there was the right opportunity at the right time. I also bought a rental income property for myself. So uh just because the market was up didn't mean those opportunities weren't there. Uh and I do have people who bought last year who now are selling for more. They made money. Uh so those are all good situations to be in. And frankly, people who two years ago said, you know, I want to wait to buy, or four years ago, I want to wait to buy, they're waiting too long and they're potentially getting priced out at this point. So you've got to get in where you can, and it might not be your dream home, but get in where you can, get your foot in the door, and then two years from now, make some money, put it into something that you can upgrade to.

Steve Glick 3:06

Or turn it into your dream home.

SPEAKER_00 3:08

Or turn it into your dream home.

Steve Glick 3:09

So Sarah, you talk about location. How do you get a buyer to go in a different location outside of what they they originally wanted? How does that how does that happen?

SPEAKER_00 3:18

You show them everything. You are relentless and you show them everything from Montag to you know.

Steve Glick 3:24

They're gonna have to miss out or they're gonna get priced out of uh their dream location, I guess, at some point, and then they're gonna have to look north or or in a different hamlet.

SPEAKER_00 3:34

Honestly, I think it I think it's just about being aggressive, and I think it's about um getting the content in front of them efficiently and and honestly showing them everything, whether you're going and and sending them videos or you're just previewing it for them and making sure they really see and understand the value of all the locations. There's a lot of people who know I I definitely want to be in this hamlet or that hamlet, but there's other people who come to the Hamptons who are open and they might go west of the canal and they might go east of the canal. So you really you have to show them everything and not just put it in a box.

SPEAKER_03 4:03

I mean, have you worked with people that you know you've shown them a bunch of stuff and they go from one idea to another to, you know, I want this, to okay, maybe we can renovate to maybe I want new construction. I mean, does it sort of shift around as you start laying out all the options for them?

SPEAKER_00 4:17

I don't know if this is relevant to this room, but it's kind of like shopping for a wedding dress, like you just try them all on. So you you might walk in thinking you're getting something, and then by the time you leave, you're walking out with something completely different, but you're in love with it.

SPEAKER_03 4:29

That's yeah, that makes sense. I mean, I've never been wedding dress shopping, but I I get it.

SPEAKER_02 4:34

There's a real compelling argument what you said before, there's a really compelling argument for uh next year prices continuing to go up. We were just talking about it yesterday. There were three things. There was uh interest rate interest rates interest rates, inflation, which is really obvious. And then the materials getting from the global supply chains. Right now there's like how many ships was it? It was like six hundred ships or something. There's a lot out there.

Steve Glick 5:01

Yeah, so there's a lot of delays on materials coming in and everything, manufacturers. So those three things go into the equation, which are not going to be fixed overnight.

SPEAKER_00 5:08

It's gonna take so if you have a house that's priced right and you take those scenarios and you apply them, yes, buy the house now. There are other houses that are you know sitting and becoming stale because they're overpriced and sellers are are sitting kind of greedy. But if you do have that right priced house, there's still bidding wars happening happening right now in all price points.

SPEAKER_03 5:28

I think you also raised a good point where you said that you know, you might if you buy something now and it's not the dream home, it doesn't check every box, but it's still a smart investment for two years, three years down the line. You get it, you get in, you hold it, and you let that investment grow. We're always talking on the podcast how this is an asset you can live in. You know, you can still enjoy being out east and enjoy everything that they have that has to offer.

Steve Glick 5:51

I go back to the number one thing that Sarah said is you know, find the right agent. Yeah. You know, all this stuff, there's so much noise out there. There's the location, the potential, there's so much information flying in and out, listings coming on and off the market so quickly, bidding wars, and uh the number one thing is work with the right agent. Like Sarah, that's gonna understand the market, knows the market, knows what it has her fingers on the pulse and is able to advise you in different directions and has um the experience herself of of investing into Hampton's real estate, being able to renovate and hold on to investments, resell it, rent these properties. So she comes at it from all different angles. So I think it's you know, working with the right agent and they'll help guide you through this process. You're giving people the advice that you even have to do.

SPEAKER_00 6:34

Well, that that's kind of you know my sticking point is I the advice I give to my customers and my clients is the same advice that I would give myself. Would I do this? And here's the answer. And then then we go.

SPEAKER_02 6:46

I think. So but you need you need that a person like that in all major decisions in your life. Like if you're gonna buy a house or if you're gonna have a wedding, you need to get a wedding planner. That's right. It's impossible to do it yourself.

SPEAKER_00 6:57

It's like a well and so much of our work comes from referrals and uh that kind of you know, growing your business in that way with with people that you've worked with. So you have to do a good job because that that person then comes back and sells her house later or rents it later, and that's how my business grows.

Steve Glick 7:13

They're professionals for a reason. You do this for a living. You know, so this is the person you want to work with to help you.

SPEAKER_03 7:18

Well, speaking of rentals, which is obviously another big part of what we do here, the you've been busy with the rental market and the summer just ended. So what's going on now?

SPEAKER_00 7:30

I mean, people might look at it like, oh, you know, there's Christmas stuff on the on the shelves in the grocery store already. I don't want to think that far ahead. But you have to. So rentals, yeah, we're not even through the holidays yet, but um we're already seeing stuff for summer for getting for getting booked and people doing renewals.

Steve Glick 7:47

I think it's super smart. You know, your rentals over for this season, and you want to you know you're coming out of here next season, you you know you're gonna be in the Hamptons. Why not just lock it up now?

SPEAKER_00 7:56

Well, because if you if you don't, then you're kind of stuck with uh people who are little owners that are a little less organized, prices that are a little all over the place, the very organized landlords have their new pictures up, they have their new information updated on the website, and it's go time to a marketing perspective.

SPEAKER_03 8:13

You know, we like September is a you really busy time for our uh us as far as rentals because uh tenants move out, the summer's over. Now agents that have the exclusive rental listings want to get the fresh pictures, they still want everything looking summer and seasonal, and those are the owners that have it together. They're like, I want new pictures, I want fresh everything, I want to market this now so that it's ready to go and rent it for next season.

SPEAKER_00 8:35

Um it's some of the best rentals now that are available because they look good, they always rent, it's consistent, and so you have really great options to look right now.

SPEAKER_03 8:44

Perfect. Uh so let's talk about the market. Steve, what do you got? What did last week look like?

Steve Glick 8:49

Well, last week what it was now this data is based on what happened Columbus State weekend. We talked about Columbus State weekend is a big weekend. People come out here, it's the four-day weekend, they're enjoying um you know the time off in the fall season out here in the Hampton. So over the past week there were 41 listings that went into contract from West Hampton to Montauk. Compared to the same week last year, 2020, there are 91. So 91 is like a huge number of listings going into contract, and that shows the strength as we come off the third quarter and into the fourth quarter. That is a year-over-year decrease of 55%. But when you compare it to 2019, the number of listings that went into contract was 34 listings, so we're still seeing an increase from 2019 of 21%. The breakdown of those 41 transactions, there were two between 10 and 20 million, three between six and eight million, five between four and six million, twelve between two and four million, and nineteen listings under two million went into contract. And looking at listings that came onto the market, there are 29 new listings that came on. So with 41 going into contract, that decreases our overall inventory by 12 listings. Um but the breakdown of those 29 new listings that came on, there was two between 10 and 20, one between eight and ten, three between six and eight, two between four and six, ten between two and four, and eleven under two million. So there's definitely a lot of new inventory coming in all different price categories over the past week. Yeah, I mean 29 new listings coming on is is it's good to see. You know, once when we hit the 30 mark, you know, that's like that's a good healthy market. Um but we'll see. We'll see how the the weeks continue as we um coming into now November. Right. Still busy. Still busy, still still very active and still very busy for sure.

SPEAKER_03 10:30

So, Dave, what do you got for us for happening this week? What is happening in the heavens? Knower of all things cool.

SPEAKER_02 10:37

You know, Dad, you know, let me tell you something right now, Dad. Um kimchi is very important to me. Do you know what kimchi is? Sure to enlighten us. Okay. It's a uh it's a fermented vegetable that's good for your gut health.

SPEAKER_03 10:51

Okay. That's what's happening in the health.

SPEAKER_02 10:55

Haven't you always wanted to know how to make kimchi from the garden? I do now. Haven't you? It's good for your your your gut, unhealthy guy. Which affects all of your system.

SPEAKER_00 11:05

Well, this might be good for you, you know. You're a little under the weather today, maybe it'll be good for you.

SPEAKER_02 11:08

Yeah, a lot of water, a lot of coffee, too. What do you want from me? It's the fall.

SPEAKER_00 11:12

Alright, but how about this enchanted forest is also happening in the Hamptons at the Quag Wildlife. Um, and that's a great event to bring for your kids and the holidays and stuff like that. I love the enchanted forest. So west of the canal.

SPEAKER_03 11:25

I like both things. So learn how to make a healthy, a gut-healthy tea. Oh, I'm sorry.

SPEAKER_02 11:32

Okay, there we go.

SPEAKER_03 11:33

Okay.

SPEAKER_02 11:34

Saturday, October 23rd, from 2 to 4 p.m. The Bridge Gardens, which is located on Mitchell Lane, will have a workshop where you can make your own kimchi made from vegetables that are fermented over time. And it's a wonderful, healthy addition to your kitchen table.

SPEAKER_00 11:52

Alright, you should go.

SPEAKER_02 11:53

All you gotta do is register by calling them or by emailing them at events at beconiclandtrust.org. Try something new. And then go to the enchanted forest. You really should just go to the enchanted forest. That's really kind of the best thing. Second thing, Steve. You ready for this one? I'm I'm ready. Okay. The fall festival at the fall festival at Good Ground Park. Good Ground Park is in Hampton Bays. Yep. I've never been to Good Ground Park. It's big, it's really pretty. It's really nice. All brand new. It's brand new. I saw a picture. It's like leveled out.

Steve Glick 12:26

They got like stadium seating leveled out with the city. Great concerts. Yeah, it's really cool. Alright, so they got it.

SPEAKER_02 12:31

Fall festivals going on there. So that's Saturday, October 23rd, 11 a.m. to 3 p.m. Um, and they're gonna have a live magician there at 11:30 a.m., followed by a live country duo with line dancing lessons. That's awesome. You're gonna do pumpkin decorating, lawn games. There's gonna be an ice cream truck.

SPEAKER_00 12:51

You just made my weekend so much better. This is great.

SPEAKER_02 12:54

So much more. What's the cost for this? This is free. That's just free. That's just free. I like it. That's just life. I love it. Okay, so then the final thing is Claude's Restaurant, very luxurious restaurant in Southampton, located on 91 Hill Street. It's kind of a hidden gem. Oh, I know where that is. Um, yeah. So Claude's restaurant is they're gonna continue offering breakfast and they're award-winning brunch, but now they have started to offer dinner. So they're gonna be offering dinner Friday and Saturday evenings from 5 p.m. to 9 p.m. Um so that's kind of exciting for them. So it's like kind of almost like a new restaurant opening in a way. See?

SPEAKER_00 13:32

Because it's busy out here.

SPEAKER_02 13:33

Yeah, so well, all right, so that's what's happening. That's what's happening in the Happens. Good stuff.

SPEAKER_03 13:38

Uh all right. Thanks, guys. This was good. Yeah. Sierra, thanks for joining us. Uh, to check out all of our listings, be sure to check outsolvers.com. Once again, the Happy in the Happens Podcast is sponsored by Neurotitle Abstract, the Happins leading title insurance firm visit neurositle.com or titleinsurance.com. That's it. That's Thursday, everyone. Have a great day. I'm Andrew Dowd, and that is what's happening in the Happens.