Happening In The Hamptons - Real Estate Podcast
Happening in the Hamptons, the weekly podcast from Saunders & Associates, offers a local perspective on the people, properties, events, and real estate market trends shaping life on the East End.
For more than five years and over 250 episodes, the show has become a trusted resource for Hamptons real estate updates, luxury property insights, local events, and East End lifestyle coverage. Hosted by Steve Glick, David Rattiner, and Andrew Doud, each episode highlights recent transactions, market movement, and the best things to do across Westhampton, Southampton, East Hampton, Sag Harbor, Shelter Island, Bridgehampton, and beyond.
Featuring top-producing agents from Saunders & Associates, the #1 local brokerage in the Hamptons, along with industry experts and established real estate professionals, Happening in the Hamptons combines big-picture market analysis with granular, hamlet-by-hamlet insight powered by Saunders’ advanced analytics. For buyers, sellers, renters, investors, and anyone following East End life, the podcast is a smart, timely guide to Hamptons real estate, local market data, luxury lifestyle, and the communities that define the region.
Happening In The Hamptons - Real Estate Podcast
Episode 3 - Mark Greenwald
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Discussing the Southampton Village Real Estate Market with Expert Real Estate Agent Mark Greenwald.
About Happening in the Hamptons Real Estate Podcast
Happening in the Hamptons is powered by Saunders & Associates, the #1 locally owned real estate brokerage in the Hamptons, and Hamptons.com, the Hamptons’ leading lifestyle brand for what to do, where to go, and what’s happening across the East End.
Each week, Happening in the Hamptons covers the people, properties, market trends, events, restaurants, local businesses, charity happenings, arts and culture, and community stories shaping life on the East End. From Hamptons real estate and homes for sale to weekend events, waterfront living, village life, and local lifestyle coverage, the podcast brings a grounded, local perspective to one of the most iconic markets in the world.
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Good Thursday afternoon everyone. I'm Andrew Down of Stoners 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. Joined as always by Steve Glick, our senior VP of Advertising and Marketing, Dave Rettiner, Director of Digital Marketing and Technology, and today we are joined by Mark Greenwald, our Southampton Village Expert here in Southampton. Guys, thanks so much for joining us. Steve, I want to start as always with the numbers. Let's take a look at the latest. Last week, the total number of sales were down slightly, and we kind of talked about what that may be said about the market. This week though, Steve, we're seeing that numbers are back up. So what's happening?
Steve GlickYes, Ted, good morning. And yes, Andrew, you are absolutely right. Last week we reported 42 properties going into contract, which was low when compared to the three-month average of 75 properties. This week it was a big week as we all were paying close attention to the in-contract data. So over the past week there were 65 listings that went into contract from West Hampton to Montauk. Compared to the same week last year, there were 23 listings that went into contract. So certainly the market has come back from last week with no problems in sight. This week East Hampton was once again the most active Hamlet with 18 listings going into contract. So today, since we're in Southampton Village with the Southampton Village expert Mark Greenwald in the studio today, we're looking closely at the data for the Southampton Village market. Southampton Village has always been a very desirable area. And as we look last year, 2019 compared to 2018, we noticed there was an increase of dollar volume of 21%. However, the sales transactions decreased by 15%. This data tells us there was less properties that have sold, but but the ones that have sold were at higher prices, which is why we're seeing the median price last year increase by 19%. As we look back at the data over the past 10 years, the height of the market we're seeing was 2014, in which in Southampton Village the dollar volume exceeded 600 million. Now, as we move forward into 2020, the first half data showed the dollar volume already of $385 million, which certainly is projected to surpass the highest, the high point of the market of 2014. The increase in dollar volume compared to last year is already up 99% from the first half of 2019.
SPEAKER_00Well, so some of the increase in dollar value, uh dollar volume, um, you know, comes from uh metal lane and gin lane, uh, where uh oceanfront estates um have been selling uh you know consistently and rapidly. 1050 metal lane sold in January for 42 million. Um we have 980 metal lane that's sold uh within the past 10 months for 29.5 million. And of course we have uh the Calvin Klein estate uh that recently um traded at 85 million. And what's interesting about the Calvin Klein estate is that um I was working as a broker uh out here in Southampton Village when Calvin Klein bought what was regarded as a teardown for $30 million in 2003. Um everybody thought at that time that was uh overpaying uh for property. Uh but it turns out that um he built an estate um and enjoyed it for 10 years and then uh sold it for twice as much. So um selling for 85 million uh in hindsight looks like a great investment of his time and effort. Um otherwise we're we're running into an inventory problem in Southampton Village right now with so many sales recently. Um there is uh just a more difficult time finding the best properties.
Andrew DoudMark, I'm curious, uh just for some perspective, you said that the listings that are coming on on, say, Gin Lane and Meadow Lane, they're selling rapidly. So when a house is listed in maybe one of those areas, what's the time that it is typically sitting on the market versus what how how long it's taking to sell at this point?
SPEAKER_00Well, well that that's the thing. What I what I meant to say exactly was that properties that were sitting for a while, um that were uh priced um in the uh $30 and $40 million range, uh in the past 10 months, uh most, if not all of those have traded. Um so what we're seeing right now on the ocean front um is that um as as um spectacular as this might sound, if you're looking for uh a teardown, um you might not be able to find a teardown uh on Metal Lane or Gin Lane uh for less than $30 million. Um and um you know I I realize in saying that that that's a spectacular number, but that is in fact uh you know the situation right now. The newer homes, you know, for instance, uh the the Calvin Klein home that that just traded um at 85 million is is um is being seen as a new benchmark. But you will see if you drive down metal lane, you'll see some spectacular 18,000 square foot estates uh being built, uh, which will also, you know, if they were ever to go on the market, and I'm not saying they will because I believe they're being uh built by end users, um, but they could sell in that um uh $80 million range. Um any anybody who's driving down metal lane right now uh will see some of the most amazing estates in the world.
Steve GlickAbsolutely energy. I mean um Mark, you spoke about the market and the listings coming on them coming on in Southampton Village and also going and selling at a rapid pace. In the past three months there were 60 properties that came onto the market in Southampton Village. There were 70 properties that went to contract. This statistic illustrates the strength of the market primarily in Southampton Village. I know at Saunders is here, uh you we recently put 270 Ox Pasture Road located in the sec estate section of Southampton Village into contract with a last gaskin price of 9.95 million. Mark, you represented both the seller and buyer of this 2.7 acre property, um, which was a premier property and as I noted in the estate section, which is uh very desirable. Also, Mark, you have just listed um a new property on Flying Point Road in Southampton Village. You got a new construction home with a pool and tennis on 1.6 acres, um complete with eight bedrooms, ten bathrooms with over 7,600 square feet. I believe the finishing touches are just about to be completed, and it looks like landscaping is going in this week. This property is listed at 7.995 million. Mark, what what makes this property so unique?
SPEAKER_00Okay, so when we talk about flying point, first, you know, new construction is is um the most desirable for for numerous reasons. Uh the building materials have improved dramatically over the past five years. Uh the uh architectural style of construction um has evolved uh dramatically um in the past few years. And this house at 71 Flying Point um you know represents the best uh use of construction materials and architectural design currently available. Um we also have um tennis uh on a little less than two acres in Southampton Village. Uh there are a limited number of properties in Southampton Village who can accommodate that can accommodate tennis, and and this is one of them. So we priced it to sell at just under eight million dollars. There are plenty of comparable sales uh for substantially more, um, but we do want to move this as quickly as possible.
Andrew DoudSo I want to talk a little bit about why this is all happening. I mean, there's obviously been a huge push for people to come out to the Hamptons to not just make this a seasonal destination, but perhaps a year-round destination. Um, and for a lot of people that means working from home, uh buying out here and making that their home office. Mark, you have uh a similar situation that that brought you out here. Uh you you wanted a better, I guess call it a work-life balance, right? That you moved from the city out to the Hamptons and obviously that's worked out pretty well for you.
SPEAKER_00Well, absolutely. What I was doing uh years ago uh was working as a real estate uh lawyer for um for two of the uh bigger law firms in Manhattan, Schulte Roth and Fried Frank. And um the pace of work um was um uh just fantastic. You had very little time for yourself, um, and combined with urban living, where again it's fast-paced and hectic, um, I needed a balance. Um so I purchased uh my home uh out here, and it evolved that I wanted to spend more and more time uh in Southampton. But that I think is what what we're seeing now. Um we're seeing uh people at a certain stage in their careers who are able to work from home and finding it more enjoyable. They're finding that they uh without the commuting time can free up some time for themselves and still be productive. Many of my customers are working from home and they are saying that they are just as productive, if not more productive, uh than when they were working in the office. But uh they're enjoying their lives more.
Dave RattinerSo they're happy are they happier? Are the people you're dealing with, are they happier?
SPEAKER_00They're absolutely happier, and they're they're you know, in many cases, they're um they're it it's possible now to spend more time uh with their children and with their families. So they're setting up home offices, but because of the technology that we have today, between Zoom meetings, between uh uh being able to transmit uh documents uh via um the internet, being able to uh sign documents now, they're able to work from home. And um they're they're absolutely happier. So I I think this is this is a trend that will continue.
Steve GlickWe're seeing more companies do that announcing that they're working from home. We just read an article yesterday we're talking about Dave and Microsoft, right?
Dave RattinerMicrosoft, they're all every all the employees are gonna permanently work from home. So it's just kind of interesting. You were like a pioneer. Yeah, for data.
Andrew DoudLike that's the new normal.
Dave RattinerYeah, the new normal for them. But you were like a pioneer. You came up with the uh you came up with this whole idea years before.
SPEAKER_00I think it was always a trend that that that people uh you know, my father was was a uh you know uh moved from from an urban area to uh uh to Long Island Great Neck. I think it was always a trend to see if you could uh live outside of Manhattan and still either work in Manhattan or or continue to be productive without going into Manhattan. So yes, I you know I I I did this years ago, but um I think this trend has has always been uh uh something desirable to be able to live uh where there's open space and nature um and still be productive.
Andrew DoudI don't think anybody would tell you that they don't want more hours in the day. You know what I mean? And this in in so many ways, this effectively gives you just that. As soon as you take away the commute into the city or wherever you're commuting to, I mean that's that's a couple extra hours for you to do with it whatever.
Dave RattinerYou mentioned this inventory problem. What what's your advice to a buyer that's you know anxious to make this move and to and to live this lifestyle? What's your advice to a buy a buyer as as they're facing uh you know such serious uh headwinds with you know their options in terms of uh the inventory out here?
SPEAKER_00Well, well the the the customers that I'm working with, they're looking at two additional options which they might not have looked at before. The initial preference was to buy a brand new house. Now you have the option um to look at a house and perhaps renovate it. Um or in some cases, my customers are looking at houses um as their land value and they're willing to knock them down as long as they're in a wonderful location and work with a builder to create you know their own brand new house. But those are the best you know two options right now. If the exact house that you're looking for is not available, then find something to renovate or find great land, you know, on which you can work with a builder and architect and build your dream house.
Andrew DoudSo you see the Hamptons being more of like a suburb going forward as opposed to just like uh a summer getaway?
SPEAKER_00Well, that's what I've been talking about with with my customers, the idea that that they can still um maintain their offices in New York City but work from here. So they're starting to refer to Southampton as perhaps the new suburb. Um they don't have to go in as many days during the week um as they might have in the past. Um so they may only go in two or three days, um, but it's it's only 90 minutes away.
Andrew DoudRight, right. So so you're out here um living in Southampton. Southampton is such a beautiful village, by the way. I mean, this is just a lot to do, particularly during the summer. Um, but the fall is a great time of year, too, and so I want to toss it over to Dave with what might be happening in Southampton this week.
Dave RattinerYep, I'm gonna tell you what's happening in the Hamptons this weekend. But this week we're gonna focus more on Southampton Village, since of course we're recording today in the village. As always, you can go to happeningthamptons.com, sponsored by Saunders and Associates. So check out what's happening in the Hamptons. You can also sign up for our newsletter by emailing happening at Saunders.com. And we'll scribe you to our weekly email blast that will give you everything you need to know that's fun to do in the Hamptons. So, as usual, I'm going to give you my top three things to do this weekend. So let's get started. My first pick is a lot of fun. You guys know the movie Ghostbusters, right? The best. It's a great movie. I absolutely love that movie. Well, this weekend you can become a Ghostbuster yourself and do ghost hunting at Rogers Mansion in Southampton Village.
Steve GlickWell, no way.
Dave RattinerSounds like a good event for kids. Uh, you can join the crew of the Long Island Paranormal Investigators. I'm sure they're an interesting crew of guys, and explore the 1843 Rogers Mansion in Southampton and find out what it really takes to be a paranormal investigator. You will get to participate in paranormal experiments. I have no idea what that means. Test various paranormal theories, and of course tell ghost stories. The event sounds hilarious and is taking place this Saturday from 8 p.m. to 11 p.m. through October 24th. Every Saturday through October 24th. You can find out more at Southamptonhistory.org. The second pick for Southampton Village is the farmers market at Agawan Park. This place takes place on Sunday and starts at 9 a.m. And obviously, this is all outdoors and it's a great opportunity to get local goodies, including honey from East End Apiaries, homemade soaps from the Hampton Soap Teak, and great cheeses from Meacox Dairy, and a bunch of other great stuff. If you're waking up on Sunday and you're asking yourself what we should do today, this is a really nice thing to do, and it's a good way to support small businesses.
Steve GlickYeah, I think there's something for everyone there. I was there with my kids. They were playing in the park, then we bought some honey from there, then there was some food with some pickles we picked up, and then some. Oh, pickles, yeah. There's a little bit of everything.
Dave RattinerIt's definitely you you can't go home empty-handed. The pickles are the best. Um, okay, so my and my final thing for Southampton Village, and this is the biggest one, is the outdoor dining in Southampton Village. Uh the entire street is just so vibrant out here, and it's still not too cold. Uh, and the restaurants here are very much open, and all summer they were thriving. And of course, social distancing. Uh, San Ambrose, uh Mark, you mentioned Argento's.
SPEAKER_00Argento just opened and it's doing very well.
Dave RattinerYep. You they took over the silver space, uh, Les Charlotte, uh, Union Burger and Bar, and many others. Uh, they're all open and they are absolutely wonderful. Uh, of course, every all the social distancing is in force, and it's just a great opportunity for a great night art, and we highly recommend the restaurants in Southampton Village.
Steve GlickYeah, I think Southampton has one of the best restaurants out of all the Hamptons. You know, there's so many options to choose from, and such great food. I think they do a great job of opening up the streets and allowing all this additional outdoor dining in Southampton Village. It really helps. Yeah.
Andrew DoudMark, you're a Southampton insider. What's your your favorite thing to do here?
SPEAKER_00Well, no, we just we love being outside, and and I take the kids and and you know, we stroll through town, we go to Lake Agawan where we run around, and and um, you know, it's basically just a a great place to uh enjoy the outdoors. Especially during the fall. I think. You can still go onto the shoreline, it's beautiful on the shoreline. You can go by Cooper's Beach or walk along any of the beaches. There are numerous beaches, and and uh they're beautiful this time of year.
Dave RattinerUh bike riding down Meadow Lane is just it's like a whole magical experience. It's like bike riding through a story storybook. It's amazing.
Andrew DoudThat's awesome, guys. Thanks so much uh for joining us. Mark, great insight. Uh, really appreciate you taking the time to join us today. The Happening in the Hamptons Podcast is brought to you by New York Title, the leading Hamptons Title Insurance Firm. And of course, now we are on Apple Podcasts and Spotify, so please subscribe and follow along each week. To see more on Mark's listings and all our listings, be sure to check outstarters.com. I'm Andrew Dallas. Thanks so much for listening. That's Happening in the Hamptons.
