Episode 75 - Vincent Horcasitas

Discussing New Modern Construction at 200 Rose Hill Road

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Transcript

Andrew Doud 0:08

It is Thursday, everyone. I'm Andrew Dowd with Stoners and Associates. It is time for our Happening in the Hamptons podcast, breaking down the Hamptons market, new listings and events on the East End. We are with Steve Glick, Dave Retiner, and today, the hardest working broker in the Hamptons. Ooh, Mr. Vincent Jorcasitas. Vince, how are you, sir?

SPEAKER_00 0:25

Doing great. Feeling good. You know, it's nice having the good weather out here, you know, in the Hamptons.

Andrew Doud 0:30

That's it. This is this is it. This is the time of year to enjoy it. And uh, you know, look, every whether it's spring, summer, winter, fall, you're working, man. You're in the office, you're always hustling stuff, uh, always busy, always got some great listings. So what's going on with you right now? How's uh how's July treating you? What's the market looking like for you? What are the listings you have?

SPEAKER_00 0:50

Well, it's there's still a big demand, you know. There's a lot of buyers that are still out there that you know lost out in bidding wars that are still looking around trying to um purchase something. So um I just um have two listings I'm gonna talk about today. One of them is 200 Rose Hill Road, which is um priced at 22,900,000. That's uh this amazing uh house that's built like no other house out here in the Hamptons. It's a um concrete house. It has a 12-foot basement um and the walls, the first floor, the walls are concrete, the second floor, the walls are concrete. I was just passing by it. I live on the street.

Steve Glick 1:29

So wait, wait, when you say concrete, what does that mean? So how do they do they pour it on site at the concrete?

SPEAKER_00 1:35

But what they do is they um they do a basement like a normal basement. You put up the forms, and you put the rebar and the forms and you pour the footers and the and the forms. But the difference is what usually you would do um you know, steel and wood for your walls on a normal stick built. This this they put up the rebar and they pour the forms on the on the walls and they pour concrete on the walls.

Andrew Doud 1:57

So that's like indestructible. That's like a lot of things.

SPEAKER_00 1:59

It is. It's it's it's uh it's amazing. And then like I drove by it today on my way in here to work, and they're putting the rebar going up on the second floor now.

Steve Glick 2:09

So wow.

SPEAKER_00 2:10

And the and the and the the deck and the first the the between the the roof the ceiling for the first floor and the floor for the second floor is all concrete. So now they put the rebar up, going up, they put the forms back on, they pour the concrete down on the second floor, then they put the the um concrete roof on, and you have a concrete house.

Steve Glick 2:31

Now does this take a long time? Is is this process quick? Quicker than a stick bill?

SPEAKER_00 2:35

I I think you know you have to it's it's um you know, these the the the floors and the ceiling come in large pieces that are trucked up.

Steve Glick 2:44

Wow.

SPEAKER_00 2:44

Um they're like gonna be seven seven to twenty feet long, seven to f you know, fifteen feet long, and then they you know steel rebar them together, and it's quite the construction. We have a film on it that we're doing, and it's gonna be quite uh we're putting together on the side. Wow, that sounds that's wild.

Dave Rattiner 3:01

Does that give the house we toured the site, but I was and I was just blown away by how deep the the 12 feet is deep for the uh basement. It's just like it's crazy.

SPEAKER_00 3:12

And the egresses are massive here, so you get a lot of natural light into the basement. Yeah, and just having a you know, a normal basement for what m normal people do do, Paolino Development that's building this has all his own equipment, uses all his own equipment, and is really like a hands-on type of builder. He has a double engineering degree, he's built, you know, um hospitals and and um bridges and stuff of that nature. So this this this house is being constructed like no other. I mean, it's first of all, the site. Let me just finish spit this out. The site is quite unique. The site is on 2.4 acres, backs up to a 68-acre reserve. So you have west you have westerly sunsets going down, and then on the other side you have Meacks Bay, so you're actually seeing Meacox Bay is from the front of the house.

Steve Glick 3:58

Wow. Um, tennis, we so it has tennis, has the pool, pool house, it has all the amenities you want. Now, is this a modern I'm I'm assuming this is a modern style house, correct? Very, very modern, super modern, right?

SPEAKER_00 4:08

Super modern, but the floors, it's like no other house. The first floor ceilings are fourteen feet high. You can imagine fourteen feet, the basement's 12, the second floor is eleven. Wow. Right, you know.

Steve Glick 4:20

How many bedrooms in this house?

SPEAKER_00 4:21

Is this so it's a 19,171 square foot house in in total? Um, there's eleven bedrooms, there's fourteen full baths, and two half baths. Three-car garage, you know, it's gonna be like no other house. I mean, it's got to be a little bit more.

Steve Glick 4:37

Andrew, that checks all the boxes, right?

Andrew Doud 4:38

I mean, I don't think there's anything missing from this. Checks all the boxes for you, your family, your friends, your extended family.

Dave Rattiner 4:44

Does the house last longer because it's concrete? I mean, obviously it would, right? Yeah.

Andrew Doud 4:48

You know what's interesting too, is me, we're talking about concrete walls, concrete this, but like there's a lot of windows. I mean, this is a modern house, so there's, but it's it's these walls of glass that are sort of built into this concrete um skeleton of the house, which is a lot of different things.

SPEAKER_00 5:02

Yeah, I mean, he's done a bunch of he's done a bunch of houses, um, paolino development. They did 1400 uh Meadow Lane. Um, one of the most recent ones was 374 Paul's Lane, which broke a record for the area and um, you know, uh sold in in a very short period of time. So this house is just you know, 200 mile an hour hurricane windows, uh just it's gonna have a rooftop deck that's gonna be uh, you know, where you're gonna see it's an elevator going to all four floors. That sounds a one of a kind. It goes on and on about this. There's gonna be there's really no house out here. I I'm not just saying that about totally unique that totally unique that's constructed in this fashion because no one's doing this kind of construction.

Andrew Doud 5:46

I wanted I want to talk real quick about this other listing that you just had come on, and I think this is something that makes you special is that I mean, look, 200 Rose Hill, that's$22 million. It's a very high-end house, very high-end build. Um, and that's certainly one part of the market, but you you you're all over the place. I mean, you you deal with all sorts of price points uh all over the Hamptons, you know, from West Hampton Beach, you'll take a listing all the way out to Montauk, you know, whatever comes up, um, you're there to to um help with the sale, help with the buyer, and and give everyone your full attention. Uh so you just had this 155 Halsey Lane that just came on, complete opposite end of the spectrum, special in its own unique way. Uh, but this one is, I mean, by all standpoints, kind of like a um a historic home in Bridgehampton. Um it's uh listed for 4295, four bedrooms, four full baths, uh 3,200 square feet. Really nice house. Tell us a little bit about this listing.

SPEAKER_00 6:41

Yeah, so this this house was built in uh 1906 and then totally got renovated in 2018. So it it shows great because it it's it's a brand, you know, it's technically really like a new home. And um it's lightly been used and um it's got a massive you know, it's 3,000 square feet, but the way that the house, the layout of the house, it has a very large master on the first floor, which caters to a lot of buyers. It also has, you know, a soaking tub and a shower and a double vanity on the first floor master, um radiant heated floors, huge closets on the first floor. When you go up to the second floor, it has vaulted ceilings. What they uh did in this house is use some of the exposed beams from the 1906 property, and they have them throughout the house, which gives it a nice different touch. There's also an additional three bed uh two other bedrooms upstairs that um share a bath. Um so there's really four bedrooms and three and a half baths in the main house. There is a basement and they have a pre-existing non-conforming pool house that is 350 square feet that has its own bath and has heat and air conditioning in it, and a very a large pool for the location. Now, this is south uh south of the highway in Bridgehampton, and my phone is ringing off the hook on this one. It's really uh you know, people talk about the market you know being softer, and the reason our market is softer is that there's only 900 homes that are on the market, and when you take the 500 that are in contract, we're only dealing with 400 homes on the market.

Steve Glick 8:21

Wow.

SPEAKER_00 8:22

So when you when you deal with that, the our our numbers might be low because uh compared to 2020 and 21 because we have no inventory. Right.

Steve Glick 8:30

So and how is the how's the summer been how's this year been for you? I mean, you say there's no inventory, but we see we see the in-contracts, the sole listings coming from you, you know, every single day. How have you been?

SPEAKER_00 8:42

You know, it's been a great year for me. I I I uh just keep uh crossing my fingers and keep things moving along. Uh I've sold um 28 homes this year. Um 15 in contract, wow, a couple hundred million dollars in real estate. You know, we throw those numbers around like they don't mean much, but a hundred couple million dollars.

Steve Glick 9:03

You know, you talk about you know, you have like over 120 million and sold and another hundred million coming into into contract in a in a market where there's no inventory and you still have buyers. Like you're you have buyers, every agent has buyers. There's still a lot of you know, business to happen. All we're waiting for is the inventory to just come onto the market so we can transact. But it's impressive to see how much business you have transacted in a in a market where there's a tight, limited amount of inventory. It's it's impressive and kudos to you to be able to uh just work every angle and put these put these deals together. I mean, it's it's hard to do, and you do it better than anyone I know.

Dave Rattiner 9:43

What's some advice that you would give to real estate agents that to be at your level? I mean, you really are at the the highest echelon in the ham in Hampton's real estate out here.

SPEAKER_00 9:51

Yeah, like how do you put a deal together? Yeah. Well it starts off when your phone when your phone rings, you have to answer it. Let's start there. Second thing you have to show up. So those are the two of the most important things in real estate. You gotta show up and you gotta answer your phone. Second thing is you gotta think a little bit outside the box. Okay, so you gotta sell properties that you know um anybody can uh sell real estate in a hot market. Sure. It's it takes uh it takes a lot of uh thought process and and um creativity to uh put deals together in a down market. We're not in a down market though. See everybody from everybody tries to bring the market down, the New Yorkers, the tri-states. It's a low inventory market. We're not in a down market. We got plenty of buyers. There's uh market's still very high, and uh lots of transactions. I just sold a house in 27 days. The list price for uh 145 sandpiper is uh 9 million nine ninety-five. It went into contract in 27 days.

Steve Glick 10:50

Like I said, there I I we talked to many agents on this podcast in the office. Everybody has buyers, everyone's looking for that special property, and everybody is just waiting on the sidelines for these inventory numbers to just tick up. But you said it's not a down market, it's a low inventory market.

Dave Rattiner 11:07

Yeah.

Andrew Doud 11:07

I want to I want to tell a quick story that that puts them to perspective. When Vince says answer your phone, the man answers his phone. When I first started here, before Vince even met me, uh Andrew and Colleen, when they were like, hey, you know, what can you do for us? Let's see some examples of your work. They were like, you know what? We want you to do an agent profile with one of our top guys. His name's Vince. Here's his number. Give him a call. And I was like, okay, sure, no problem. So I call him up, and I mean, the second ring, he's like, Hey, this is Vince, what can I do for you? Now he doesn't know my number, he doesn't know anything about me. I'm like, hey Vince, my name's Andrew, you know, Andrew and Colleen, how many easy, yeah, yeah, yeah. So let's get it on the calendar, let's book it, you know, let's get it done. You know, what do you need from me? Just like that. He was like ready to get it done. And and that was me reaching out for a video request.

Steve Glick 11:54

Like, how many takes did you do that video with his phone ringing all the time? I'm sure you have actually had the outtakes somewhere because like so.

Andrew Doud 12:00

We finally sat down the interview and he's like, I was like, all right, Vince, tell me a little bit about yourself. He's like, Yeah, so you know, I got in the real estate and it's like he's like, hang on, and he's like, hang on, I gotta take this. And and I get it, you know, he was like, he never stops.

Dave Rattiner 12:12

It's funny, it is funny going to like we'll go to lunch with Vince or whatever, and we'll be at lunch. And then just like in the middle of lunch, he'll be in the middle of a conversation. He takes a call right there.

Steve Glick 12:22

We're just sitting here right now.

Dave Rattiner 12:23

I think probably he's like shaking.

Andrew Doud 12:28

We can't take him, we can't keep him too long on the podcast. We have to go back. We have to get this one.

Steve Glick 12:33

Get this one moving.

Andrew Doud 12:35

Uh so let's uh all right, so let's move on to the numbers and let's talk about the market.

Steve Glick 12:38

Sure, let's talk about the market. Like we just said, low inventory market. Um, over the past week there were 16 listings that went into contract from West Hampton and Montauk. When you compare it to last year, there were 32 listings. So it's a year-over-year decrease of 50%. 16 is low. Um, this was coming off the week of July 4th weekend. We had an extended weekend. Um, so hopefully, hopefully, what we're looking to next week to see things tick up with the end contracts. When you go back to 2020 record-breaking year, there were 78 listings that went to contract um that same week, which is a decrease of 79% compared to this year. The breakdown of those 16 transactions, there was one between 10 and 20 million, one between 8 and 10 million, one between 4 and 6 million, 3 between 2 and 4 million, and 10 under 2 million. The dollar volume this past week was$50 million. Compared to last year, it was$118 million, which is a decrease of 57%. Going um back in time to 2020, the dollar volume was 183 million with a decrease of 72%. This week there were 41 new listings that came onto the market, which is great to see. We have 16 that went into contract, so it increases the overall the overall inventory by 25 listings. The breakdown of those 41 new listings that came onto the market this week, there was two over 20 million, four between 10 and 20 million, five between six and eight million, five between four and six million, nine between two and four million, and sixteen listings under two million dollars. So um it's good to see new listings coming onto the market, and we hope hoping that trend continues um over the upcoming weeks.

Andrew Doud 14:10

That's it. Um let's move on to Dave. What do you got this weekend?

Dave Rattiner 14:13

Yeah, it's it's gonna be a good weekend. There's a lot of cool things going on. Um Do you guys know this comedian Mike Brabiglia? Have you ever heard of him?

Andrew Doud 14:23

I haven't. He's funny. But I know him from like a like a show or something.

Dave Rattiner 14:27

Yeah, he's got like a Netflix, he's on Netflix and you know, he's funny. He talks about like his family and stuff, but he's at Bay Street um uh this weekend. He's there Friday, July 15th, and Saturday. Um the j the Friday night shows from 8 to 10, and the Saturday shows from 5 to 7. That's right on the Long Wharf. Everyone knows Bay Street Theater. But he's a great act. Um, and you tickets are available, you can get the tickets on Bay Street.org. It's not.com, it's dot org. Okay. Um then uh also this weekend is the Hamptons Greek Festival, um, which is super cool. It's uh at the Greek Orthodox Church of the Hamptons, which is out in Southampton, way out in Southampton, Steve. No, that's right. And uh now it's a beautiful church. Uh I've been there a bunch of times, and it's like they got the gyros, they got the leg of lamb, they got the Slovaki, they got the Greek pastries, they got the baklava, they got the you pronounce it really well, dude. I know. Thank you. I uh I feel Greek. I'm not Greek, but I feel it. Um they got the live Greek music, um, so it's always a good time there. Is it all weekend or is it just Saturday? It's uh all weekend. So it's from four, uh Thursday through Saturday from four to eleven, and then Sunday it's from twelve to nine p.m. Nice. That's it runs like the whole time. That's a fun time. And you can you it's a family thing, but it's not just like for kids. Like you can just you can go, like I used to go there when I was like 20. I would go for the food. It sounds like this amazing food there.

Steve Glick 15:54

Is it located?

Dave Rattiner 15:55

It's right at the uh Greek church in Southampton. Southampton, right by the college over here. Yeah, it's like uh on Hill Street. Like a dome-shaped kind of church. Yeah, way out by the college. And then, of course, if you want to go to Amiganset on July 15th, the Montauk Project, which is a pretty cool band, um, kind of a great local name, the br the Montauk Project, is playing at the Steven Talk House uh July 15th from uh just for one hour from 7 a.p.m. But I know there's a lot of fans out there of the Montauk Project, so you gotta give him a shout out, and you gotta go and enjoy the Stephen Talk House. All right. That's your Friday, Saturday, Sunday there, Andrew.

Andrew Doud 16:33

Uh right on. Okay, so before we let Vince get back to work, anything else you want to touch on?

SPEAKER_00 16:38

Because I know you're gonna get the last thing I want to talk about is that you know, you asked me how I put the numbers that I put up, and you know, I think that you have to really look at the team. I always talk about the team. It's not just one person, it's not just myself. You know, I have some I have several agents that work with me that are great at what they do, and also I have a team around me, which is Saunders, right? It's you guys, it's uh it's Andrew and Colleen, and you know, they built this building in the back as an example to cater to the agents that are here. And you know, I look at 55 Halls E Lane as an example. We took that, we put that listing up and got it up and active like in three or four days. We did a video, we did floor plans, we did photos. It came out beautiful. Oh, yeah. We did an aerial, we got a coffee truck there. I mean, it's just uh you know, I mean, it's uh you know, you gotta tip your hat uh in all directions, and it just doesn't uh happen from me. It's it's uh I have a great team around me.

Steve Glick 17:32

Well thanks, Vince.

SPEAKER_00 17:33

Thanks for instead.

Andrew Doud 17:34

Yeah, nice. All right, I'm gonna end on that though, because that's a good one. It's a good positive one. Um Vince, I'm gonna let you get back to the work. He's got a lot of phone calls to return. Um, everybody, thanks so much for listening. I'm Andrew Dowd. Have a great Thursday, have a great weekend, and that is what's happening in the Hampen.