Episode 164 - Vincent Pescatore

Discussing How To Get Started In Real Estate

About Happening in the Hamptons Real Estate Podcast

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Transcript

Andrew Doud 0:08

All right, everyone, it's Thursday. I'm Andrew Doud. Time for a happening in the Hamptons Podcast, our weekly breakdown of the Hamptons market, new listings, and events on the East End. We are sponsored today by New York Title Abstract, the Hamptons leading title insurance firm. Visit New Yorktitle.com. We have Steve Glick, Dave Rattiner, and today, Vincent Pescatore for the first time. Is this really your first time on the podcast? This is my first time. All right. Well, welcome. So yeah, you're gonna talk into the mic. There you go. Perfect. He's got it through. We're ready to roll. So so what are we talking about today? Let's let's talk a little bit about you. First of all, you've kind of been you've sort of done everything in the real estate game, right? Now you're obviously an agent. You've got some great listings. We'll get to those in a little bit, but you've been at Saunders for a long time and you've kind of learned from the best, right? I mean, you've you've sort of done it all from administrative stuff to learning the game, getting your license, now you're selling. now you're a podcaster. So we can add that to your resume.

Vincent Pescatore 1:05

That's it.

Andrew Doud 1:05

So how'd you how'd you get into this? And where'd you get started?

Vincent Pescatore 1:08

Yeah, so I had the you know, I had the opportunity to start working with Saunders, you know, right out of college. actually in my summers, I used to intern at the company and I did you know multiple things from you know some marketing. Well, I started as a as a intern. Yeah.

Dave Rattiner 1:27

It's a quick one.

Vincent Pescatore 1:28

I was getting I was getting I was getting the coffee order. Organizing the files. but you know it was it was it was all great. I I learned the business business inside out. You know, from there I went into you know some marketing, administrative work, and then most importantly, I had the opportunity to work with some of the top agents at the at the company and also you know, probably in the country.

Steve Glick 1:50

Uh that's smart. I mean, most people just dive into real estate and they think they could just tackle it on, but you you really have to learn the business, and you've done it, you know, you started from the bottom, and now you're here, and now you're here. So I would say, look, you you know, you're in the intern, you worked in the marketing, you work in administrative, you worked alongside, like you said, some top agents, and now you're on your own and you're a successful agent. I mean, you represent over you know close to 20 million dollars in active real estate listings. I mean, kudos to you at doing it. And um, so what advice would you say you give to young agents starting out if you had to think? Like, what would be the one thing that have you learned or what that you've done the right, correct?

Vincent Pescatore 2:34

Yeah, I mean, what's what's the most important I would say is just learning, you know, everything you can, you know, get get as much knowledge, you know, ask ask questions, um, show up, you know, get things done. I mean, that's really it's important.

Dave Rattiner 2:50

You know what though I noticed about you, Vince, is is that you really absorbed it, absorbed it from the beginning. No one really I I can't really say anyone took him under his wing or anything. He really was his own guy, you know, right out the bat in a lot of ways.

Steve Glick 3:03

He was very aggressive. I mean, he looked you're young, you're aggressive, and it really just you know, it now translates into being successful, you know, into the real estate. And you just took on that internship really well. I remember when you're working with us in the marketing department, and remember when you were in an admin as well, and all those times you just kept learning, and it was all about and you're very humble, asked a lot of questions, and now it's it's pretty it's pretty cool.

Dave Rattiner 3:32

To see where you're from here.

Steve Glick 3:34

Still humble. And you're still humble, and you're still and you're still learning. I mean, I learn every day. You know, I learn from my team, I learned from my peers, I learned from the agents, and it's a great business, and you just you're always learning, and you just you're just keep growing, you know. This so it's good for you.

Dave Rattiner 3:51

But this is something that I've always kind of found because I remember when it how long ago were you an admin? Like five, like not that long ago, six, seven, five, five years ago?

Vincent Pescatore 4:00

Yeah, I mean, I I I went into real estate right before COVID. so sorry. I went into sales right before COVID. That's right, I learned the bottom of the market.

Dave Rattiner 4:10

But let me ask you this did you when you were when you were an admin, like did you were you just like really into real estate at the time? Like did you know what I'm saying?

Vincent Pescatore 4:19

I've always I've always been fascinated by it. I've always you know gone the extra mile to try to learn things. I mean, when I was an admin, I was like reading reading the contracts. I was like trying to understand every single part of it. you know, looking what other agents were doing, uh, you know, looking what investors are doing. I I I become friends with a lot of my buyers and I and you made a move.

Dave Rattiner 4:43

You bought a house, you bought a house.

Vincent Pescatore 4:44

Yeah, yeah. I bought a house, I've I've been involved in some you know development projects. and so you know that that part of it has been also helpful because I'm I'm able to see a property not not just as a house, but I can see what we can do with it to you know take it to the next level to get that you know that equity, you know, to you know, for it to be the right investment. So, you know, finding the right deal, you know, it doesn't it doesn't matter what the rates are, it doesn't matter what the market is. If you buy the right property, you're gonna be in a good place.

Steve Glick 5:16

So what's that's so is that your advice? So if you're looking at homes and someone's like, I don't know, should I buy it now, the rates, the market, you're saying what?

Dave Rattiner 5:25

Well, he's saying he'll advise against buying a property that isn't good.

Vincent Pescatore 5:28

Yeah, well, that's where we hire a good agent, you know. you know, we we're doing this every day, you know. I'm looking at at properties every day, you know. We have off-the-market properties, and so we're gonna we're gonna guide you to make that right investment. you know, if I can think of the all the properties that I've sold, all of them, all of them are worth a lot, a lot more money right now. I mean, I got my buyers amazing deals, but it's like it's it's a full package. Well, that's the thing I'm in the property, negotiating it to you know, purchasing it, purchasing it.

Steve Glick 6:02

That's the thing in the Hamptons when you look at the you know the longevity of the market, it's always trending up. And if you you've seen a lot, I mean you like you said, you started on sales on your own right before COVID, so call it, you know, whatever, 2020, 2019. But before that, you're also working in the business for multiple years. So if you've seen a couple cycles, I would say you've been working over over 10 years in the in the real estate, probably around 10, 12 years, and you've seen some cycles already, but you just said all the transactions you've done, and you go back and look at the values, they all have gone up. They all have gone up and it's gonna continue. So when you say like you find the right deal, buy it. Don't worry about where the interest rate is going. Don't worry about the inventory market levels right now. If you find something you like, you love it, work with and work with Vince, he'll get the right deal for you, buy it, purchase it, and then it will go up.

Vincent Pescatore 6:56

So I just had this uh, I just had this this this I just listed this house on 115 Harrison and I felt I felt I had a day of show and I felt like it was a little moment of of COVID. I had like 10 people there.

Andrew Doud 7:12

Like lined up lined up, ready to see the house.

Dave Rattiner 7:15

Well, this is priced at 1.39 million dollars with the pool, and it's a great shot of the house. Like it was very clever the marketing the because the the second shot of the house is not as impressive, but that deep underground it's is is it like a lower level split? Or what does that call it?

Vincent Pescatore 7:34

Yeah, you have like a walkout makes it look so much big.

Dave Rattiner 7:37

It makes it look so much bigger.

Steve Glick 7:39

Great property you got here, Vince. One, let's talk about it for a minute. 115 Harrison Avenue. This is gonna go quick. Harrison's a great street. You have an open house there this weekend from this weekend, what on Saturday and Sunday, one to three. You got four bedrooms, three full baths, 2,600 square feet, one acre with a pool, right? Two-car garage, and you are in East Hampton off Acabonic Road.

Vincent Pescatore 8:07

Yeah, it's look, it's it's you know, price to sell, um, and uh, just to show the you know the inventory situation in the Hamptons, right? I mean you know I'm slowly getting more inventory, but you know, when when you know there's opportunities like this that you can get to, you know, having the right connections with the code.

Dave Rattiner 8:26

Well, people, I mean, and it's kind of kind of maybe it's like an insider thing, but people do not realize that at the end of Harrison Avenue, like you can if you ride your bike, you can ride your bike up Red Dirt Road, and there's these unbelievable trail systems right through Red Dirt, right, Red Dirt Road. And then if you're a little brave and you want to go for like a really cool bike ride, going up Old Stone Highway and then taking that bike ride all the way through Amiganset and then to the beach is just like a dream bike ride.

Vincent Pescatore 8:56

Yeah, it's beautiful, man. It's beautiful.

Dave Rattiner 8:59

It's like a dream bike ride. Nobody knows East Hampton. And on the way back, and on the way back, it's a lot easier because it's all downhill.

Vincent Pescatore 9:05

Yeah, yeah. Access to the base, my type of bike riding downhill. Five minutes into the village there. I mean, it's a it's a great property. I also have another one on here in Southampton. It's probably the best deal for new construction in Southampton right now. This is 237 North McGee price at 4950. Is the builder is Horizon Construction in Southampton Village. He's just doing an incredible job. I mean, he's he's not taking any shortcuts, he's buying expensive materials. you know, this in terms of you know the offerings, this beats anything that's out there for new construction, five minutes from the village. It's how far along is that you have the tennis court, you have the pool, you have you know, ensuite bedrooms. It's it's there. So we're we're we're closing it right now. but the property is there.

Steve Glick 9:57

Wait, this has tennis?

Vincent Pescatore 9:58

This has tennis. Get at it. Yeah. So find tennis in Southampton. New construction, you're gonna be looking closer to six. Yeah, this is this is a deal. Yeah, this is definitely something and then I have a few other properties, you know, in in in other areas, North Haven.

Dave Rattiner 10:17

you're like a real listing broker.

Steve Glick 10:20

You sell West hampton to Montauk. You're you're out there, huh?

Vincent Pescatore 10:24

Yeah, yeah, yeah. I've I've he hustles, man. Even Rensenberg. I've sold Rensburg Rensenberg like like a few weeks ago.

Dave Rattiner 10:32

Nice. How do you most people aren't able to do that? So how do you how are you able to cover like such a large I I start my day early? Well you great dance mileage. You kind of you're you're from here, you so you know all the different towns as well. Like you don't have to specialize.

Vincent Pescatore 10:50

I I like what I do. I like I like to work. It's really not work for me. I I really enjoy this, and so I I spend I spend a lot of time on it. This is this is this is my my main priority.

Steve Glick 11:02

I what time do you start your day? So you get up in the morning. So I'm a little crazy.

Andrew Doud 11:07

He wakes up at four, takes a cold plunge, go for the bed.

Steve Glick 11:09

Yeah, morning of Vince Pescator.

Vincent Pescatore 11:13

Uh yeah, you guys, you guys are not far off. So yeah, so I I start my day at at my CrossFit at five in the morning. Nice. And then straight from there, I take a shower, I go go into the office and get going. Actually, those few hours in the morning are like my most productive hours of the day. It's just like zero distractions, wide awake. I still don't do the the cold plunge, but I want to try that out.

Steve Glick 11:36

What's your evening routine? I do like a medium cold shower. When when you stop working, you don't stop. You go home, laptops.

Vincent Pescatore 11:42

I don't stop. Yeah, this is this is my excellent, this is my my laptop. I take it everywhere I go.

Dave Rattiner 11:48

I remember when you bought that.

Steve Glick 11:50

You just got a new one. Yeah, it's brand new.

Vincent Pescatore 11:51

I just I had to get a new one. My my last one just died after seven years I had it.

Dave Rattiner 11:56

Yeah.

Vincent Pescatore 11:57

So hopefully Apple will send me a new computer.

Andrew Doud 12:01

So you're so you're always helping, man. That's awesome. So, all right, let's go, let's go big picture with Steve. What do you got as far as the numbers? All right, well, this week time to shine.

Steve Glick 12:11

This week, this is the week. All right, so this week we have 25 listings that went into contract from West Hampton to Montauk. Last year there were 34 listings. We're looking at a decrease of 26%. In 2022, there were 31 listings. We're looking at a decrease of 19%. The breakdown of the 25 transactions, seven between five and ten, ten between three and five, four between two and three, three between one and two, and one under a million. However, the dollar volume was 102 million. Last year was 94 million, so that's an increase in dollar volume again of 9%. And in 2022, the dollar volume was 67 million, so it's an increase of 52%. So increases year over year for the dollar volume. New listings coming out to the market. This was a big week. There were 49. 49 listings that came out of the market. So that increased the overall inventory by 24 listings.

Dave Rattiner 13:05

Yeah. That's huge. 49 is huge.

Steve Glick 13:07

A lot of new listings coming on. Spring, spring has sprung. So the breakdown of those 49 listings, there was five over 20 million, two between 10 and 20 million, eight between five and ten million, seven between three and five million, eight between two and three million, sixteen between one and two million, three hundred and a million inventory stands at 1900 and 16 total listings, 1,457 active, and 459 in contract. So again, we're seeing uh a little low amount of listings going into contract, but high dollar volume and increase of new listings coming on the market. Overall, this is a healthy week. it continues to be busy here in the Hamptons.

Andrew Doud 13:48

There you go.

Dave Rattiner 13:48

Very cool.

Andrew Doud 13:49

And what's the moral of the story? Talk to Vince. We'll find you a deal.

Dave Rattiner 13:53

What's your view on the market, Vince?

Vincent Pescatore 13:56

Yeah, it's look, I mean, this this numbers are amazing. I mean, the Hamptons is an incredible place. it's it's a place that I would buy over and over again. It's changed my life. And uh, you know, if if you're you know looking for the right representation for you know for sale or to purchase, I'm I'm I'm your guy. I will not take no for an answer. I'll get it done. Oh, there you go.

Dave Rattiner 14:19

I like it. I love it. I just love this guy. He's the man. You know, what do you got going on? You know what I love, but he's just like a happy person. He is a happy person.

Andrew Doud 14:28

He's been up since it's lunchtime.

Dave Rattiner 14:30

He's always been like that.

Andrew Doud 14:31

He's been up for eight hours already.

Dave Rattiner 14:33

Since he's a kid, he's always been like that.

Andrew Doud 14:34

What do you got, Dave?

Dave Rattiner 14:36

All right, this weekend, what do we have? We have Ladies' Night. We have Ladies' Night every Thursday.

Vincent Pescatore 14:44

Yeah, by the way, I'm single. No, ladies Night. He's going.

Dave Rattiner 14:48

He's single ladies with a house in the Hampton.

Steve Glick 14:51

You can find him at VP at saunders.com.

Dave Rattiner 14:56

Yeah. Wouldn't that be amazing if like you know he got married? Stranger things have happened. I heard you on the podcast.

Steve Glick 15:02

I heard you represent $20 million in listings.

Dave Rattiner 15:04

And I'm interested. Yeah.

Steve Glick 15:06

Like to know more about your services.

Dave Rattiner 15:09

That would be great.

Steve Glick 15:10

no, we're gonna keep saying it. No, we're not cutting it.

Dave Rattiner 15:15

Definitely not.

Steve Glick 15:16

talk about Ladies' Night.

Dave Rattiner 15:17

Ladies' night. So every Thursday from 5 to 7 at Wolfer, they have wines by the glass for 10 bucks, which is a pretty good deal for Wolfer. And they have a featured cocktail called the Pink Lady for 12 bucks, which is raspberry, gin, lemon, and mint. That sounds good.

Steve Glick 15:34

Raspberry gin. Lemon and mint. One big lady for a day.

Dave Rattiner 15:39

And then they got small plates for 15 bucks. they got the flatbread. So anyway, so it's a good deal from five to seven. I would call it more like a Wolfer Estate happy hour, right? Okay. On Thursday nights.

Vincent Pescatore 15:52

That sounds amazing, yeah.

Dave Rattiner 15:53

Also, Friday in Bridgehampton at Topping Rose, they have a very popular happy hour that I went to that I was it was very cool. It was very cool. So Topping Rose is also a great happy hour. People should go to that on what was it, Friday that I went? It was Friday. Friday is a great happy hour at Topping Rose. Anyway, then moving on, we have at the longhouse, we have meet the maestro at the longhouse. So that's exciting. You get to meet the maestro. Remember the maestro episode of Seinfeld? Anyway. Anyway, so this is Saturday from 5 to 7 p.m., and you will meet Maestro Michael Palmer.

Andrew Doud 16:31

Okay.

Dave Rattiner 16:32

And he's the artistic director of THFM. And then you'll also hear a very special immersive concert performance by Amy Kang, who is a visual artist, cellist, and member of the American Sinophonietta. Sounds exciting. So Thursday night you can take whoever's listening. Yeah. Thursday night you can take whoever's listening to the happy hour. And then Saturday night you could go see a live cello concert.

Steve Glick 17:00

Amazing.

Dave Rattiner 17:01

What's better than that? then you also got it. At the Stephen Talk House Saturday night from 8 to 10 p.m., you have a band called Jetty Coon, which is a local acoustic groove rock original band. It's $30 at the door. and I heard they're a lot of fun. I haven't seen them, but I've heard they're a lot of fun. And then the featured restaurant of the week. Steve Glick is 75 Main. 75 Main. 75 Main is the featured restaurant of the week. Zach Erdom and HBO Max is the he's the celebrity guy. He's got that show, and the food's very good. So I recommend going to that restaurant this week.

Andrew Doud 17:47

Okay.

Dave Rattiner 17:47

That's what's going on in the Hamptons.

Andrew Doud 17:49

What are you doing this week? Working, right?

Vincent Pescatore 17:52

I'm working.

Andrew Doud 17:53

There's always you got open house or anything going on this weekend?

Dave Rattiner 17:57

You're doing it all? Open house. What's your favorite restaurant? Where do you like to go?

Vincent Pescatore 18:01

I like I you know, I'm in, I'm in I'm at the Southampton office, at the Sonder Southampton office, and so I like to, you know, Argento. I feel like you like Argento. Yeah, you like Argento. That's a good place. San Ambrose. I mean, there's there's so many good good restaurants all over the place. Definitely there really are.

Dave Rattiner 18:19

We're very we're very spoiled with the restaurants out here.

Vincent Pescatore 18:23

Absolutely.

Dave Rattiner 18:25

Hits the wallet a little bit. It does. Yeah.

Andrew Doud 18:27

Yeah. But a $10 wine night. That's like, you know.

Dave Rattiner 18:32

You go in, you just get a glass of water.

Andrew Doud 18:34

That's yeah. Tap play.

Dave Rattiner 18:36

That's only like $38.

Andrew Doud 18:39

well, Vince, I can't believe this was the first time we had you on the podcast, but we'll do it again, right?

Vincent Pescatore 18:44

Hey.

Andrew Doud 18:45

Let's do it.

Vincent Pescatore 18:45

So great to be here, and I love you guys, and thanks for having me.

Andrew Doud 18:49

Vince, uh, Vince has a lot of great listenings. Check him out. What's your email?

Vincent Pescatore 18:53

VP at Saunders. How can you do that? I'm the VP, baby.

Andrew Doud 18:56

VP at Saunders.com. There he is. All right, Vince, thanks for joining us, man. That's it. Everybody, have a great weekend. I'm Andrew Dowd, and that is what's happening in the Hamptons.