Episode 172 - Vince Horcasitas

Discussing One Of A Kind New Construction In The Hamptons

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Transcript

Andrew Doud 0:08

All right, everyone, it's Thursday. I'm Andrew Dow. It's time for 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 York Title.com. We have Steve Dave and today a return guest, the hardest working man in the Hamptons, Mr. Vincent Jorcasitas. How are you, sir?

SPEAKER_03 0:30

Doing great. Feel uh very happy to be here uh today. Sunny. I always call it June 10th is when the weather turns good here in the Hamptons, and it's been uh it's been great.

Andrew Doud 0:39

It's been a good, it's been a good start to summer, weather wise. I mean, we've had some really nice days, nice weekends. Uh huh. It like it just feels feels like we got a good season going on, and you've got a great year going on. I mean, you you always look, you're always in the office, you're always cranking, always working on the next project, the next listing, the next sale, the next rental, whatever it is. Um, but you've had a great start to the year. So tell us a little bit about uh what your year's been like, what you have going on as far as the market, and uh a couple, then we'll get into some of the listings that you have.

SPEAKER_03 1:09

Well, I really feel that the market's starting to heat up. I just uh phones are ringing a lot, a lot more appointments are starting to happen on a lot of new construction that I'm representing. Um so uh year to date, I've sold 18 homes. I have about 12 in contract. Um so we're having you know already uh surpassing what I did all of last year and the first six months of this year. Um we've done about 50 rentals already this year as well. So um pretty pretty excited about it. It's it's uh it's rolling. That's that's awesome. So I'm trying to make it rain in real estate. I'm trying to make it rain.

Andrew Doud 1:47

You always make it rain. Um, yeah, man, he's he's always got something going on. So look, you're you this year for some reason. I mean, look, you've always been you know had a hand in the new construction game, but you just seem to represent a lot of new constructions with a lot of different builders, a lot of amazing properties. Uh let's highlight a couple. What do you got getting built now close to completion? What are some of the properties you want to talk about?

SPEAKER_03 2:11

So let's talk about 200 Rose Hill Road, um Watermill. Which is done. Yeah, Watermill South that it's just been completed. Yeah, love this property. This is one of the most amazing properties that I've ever been associated as a broker in my 24 years as an agent. Um, it's about 18,000, close to 19,000 square feet in total on two and a half acres, backing up to a 65-acre reserve facing west. So the sunsets are amazing, and the house is amazing, just the architectural design of it. Um, the you know, the build-out. No one builds like Paolino development. Okay. This is uh you're talking 14-inch uh concrete walls going from the basement all the way to the roof. Wow. Um, and concrete uh floors, uh you know, the glass on the first floor is an example. It's floor to ceiling, it's 12 feet with these uh cascade doors that you know go into the wall, and just you know, it just it's it's this house has it all.

Steve Glick 3:10

It has pool, tennis, your pool house, the lower level with uh with a sauna, a gym, a movie theater. I mean, it just literally checks all the boxes, and it's this is a good thing.

SPEAKER_03 3:20

The grounds are really just amazing. Uh uh what uh Paolino development did is they had all these uh amazing trees, 25, 30 foot trees that were there, and they moved them around on the property. Some of them they kept where they were at, so they built around the site, they built the house around this landscaped um uh plot that just it just um unless you walk around on it, you can't really uh it's a work of art, man. And the bases west, right? Yeah, play court, yeah, bases west, um, seven bedrooms, eight baths on the on the second floor. They have the uh Imperial Suite that's up there, his and her bathrooms. That's wild. Yeah, with a great balcony off of it. It's got a rooftop deck, it's got an elevator that goes to all four floors, goes up to the rooftop deck, has uh a VIP suite on the first floor, an additional two bedrooms in the lower level, golf simulator room, movie theater, gym, massage room with a sauna. I mean, it just checks off the boxes.

Andrew Doud 4:18

I feel like a golf simulator is one of those things that you wouldn't know you wanted in a house until you had it. You know what I mean? It's kind of like uh like some cars have like really nice little amenities, like a heated seat or a heated steering wheel, right? I didn't know that I wanted a heated steering wheel in a car until I had one.

Dave Rattiner 4:34

I think it's good if you're really bad at golf and you just want it in private food. Yeah.

Andrew Doud 4:39

Yeah. You know, work on your game. It would definitely get better.

Dave Rattiner 4:43

Listen, yeah. You're so bad you won't even go to the driving range to practice.

Andrew Doud 4:50

I like this place because it's got like that that sunken tennis court, you know what I mean? And the and the the spa or I guess it's a hot tub, right? On the attached to the pool. Yeah. Right? So you're just and you're looking west, you got that reserve. It's just you gotta see this thing. It's it's amazing.

SPEAKER_03 5:04

When you look up to take a look at it, when you go online, 200 Rose Hill Road and look it up if you haven't seen it yet. It's uh it's super spectacular.

Steve Glick 5:12

It stands out. Like you can't miss this property. You look at all the properties that are available in the Hamptons, and this one is a one of one.

Andrew Doud 5:19

It is. So that's that's that. You also have uh 82 Halsey, which is just completed. It is done.

SPEAKER_03 5:25

Just completed, yeah. It's getting done this week. We're gonna take new photos. Uh that's about a 6,100 square foot house on three levels. Um, it has a pool, uh, uh detached garage. Um Bridgehampton South. Bridgehampton South. Right there, Halsey. Listing price is six, four, nine, five. Um, it's pretty special. It's uh it came up quick and and it's like it's nice that it's ready for the season. That'll go.

Steve Glick 5:49

So this is built by Connor Development, and they have a couple other properties that you represent too, right?

SPEAKER_03 5:55

Yeah, so um uh 73 Jericho in uh in East Hampton South is being framed up as we speak. Um that's uh um a great property. It has uh five bedrooms, huge master suite uh on the second floor, um junior master on the first floor, and um uh a a large room level.

Steve Glick 6:19

That's that's your East Hampton village, right?

SPEAKER_03 6:21

East Hampton, no, south of the highway. It's south of the highway, it's right outside.

Steve Glick 6:25

It's right outside the village.

SPEAKER_03 6:26

It's outside the village.

Steve Glick 6:26

It's right there, though.

SPEAKER_03 6:30

It's it's south. I don't know. When I when I think when I think village, I feel like you're like, you know, in the village. This is not in the village, but it's uh it's it's definitely south, closer to the beach than it is to the to the village.

Steve Glick 6:41

And this one is under construction, right? Just got framed up, it's underway.

SPEAKER_03 6:45

And that's gonna be April of next year.

Steve Glick 6:50

I see that.$13.5 million in East Hampton Village. Very nice. Now Connor also, so this is more of a traditional home that he's building here in Jericho?

SPEAKER_03 7:00

Yeah, with a transitional uh interior finish.

Steve Glick 7:03

Okay. But we noticed that Connor also developed a property on Jobs Lane, which is would you call it a modern home? What would you call that?

SPEAKER_03 7:11

Yeah, that's definitely a modern home. That's a modern that's a flat roof contemporary in front of Ludlow Farm. It's done, completed. Um, that's about 8,600 square feet in total. Really uh fine construction. You got two an inch quarter doors, eight foot across all the you know, across all the um uh floors there, and just you know, uh you name it, another checks off all the points. It's one is 20 by 50 gun eye pool, 10 uh 8x8 spa.

Steve Glick 7:42

This one's completed. This one you can move in tomorrow. It's listed for 12,995,000. Looks like you're having open houses this weekend if you're around in the area 33 Jobs Lane, Bridgehampton South. And what's the beach, Dave, right down there?

SPEAKER_03 7:55

You take Jobes Lane, Meacox Beach and Cameron Beach. Yeah, yeah.

Steve Glick 7:58

All right, thanks, Dave. Meacoxy You gotta be on your A game here when you're dealing with Vince. An acre.

Andrew Doud 8:06

This is a cool place.

Steve Glick 8:07

Yeah, this we had a we had a party there a couple weeks ago to kick off the summer from Memorial Day, and it was spectacular. Well over a hundred people enjoying it, taking photos. I'm sure you've seen it on Instagram. 33 Jobs Lane, right there in Bridgehampton. And Vince, talking new construction. You also have a good one on 418 Butter Lane. Talk about 418.

SPEAKER_03 8:28

Mercer Construction, very special. I like this house. Yeah, this has uh got a completion date of August 10th. Hold this one up. Um has a lot of unique uh features that you're not gonna see in a home. It has one of the only roofs that I know that is a solar roof that you can't see the solar panels. Uh it's built into the roof. It's about a$250,000 expense to have that. Wow, that's cool. Um, it's also got a louver roof in the back that you can, like the U.S. Open, you can retract the roof all the way across. Yeah, yeah. You can open that. That's cool. Very cool. Um, it's got some very nice place, very unique things. I gotta get over there. What it's got a wellness center in the basement with a cold plunge. So um you really have some very uh unique things. You're right there uh off of Butter uh close to town. I would call that a village Bridgehampton town location because you can get it. I love that action.

Steve Glick 9:20

Butter Lane, you know, it's just like it's like butter. Man, perfect. So this one you said is connected to the vegans live on Butter Lane, and the price is ten point eight million dollars built by Mercer Construction. So you you that's that's three builders right there that you're working with. I know you work with a lot of others, but it's pretty it's a pretty impressive roster of um of clients that you work with.

Dave Rattiner 9:41

Well, they go to him because he can he understands construction. Yeah, you know, he understands it the whole way, the whole process.

Steve Glick 9:48

And another property you have this one is not new, but it's an amazing value. 235 Roses Grove. What is that?

SPEAKER_03 9:58

So that is really um turned out to be um so this house was built in 2015. It's um uh it's it's 11,000 square feet total. Um the price now is six point nine million dollars. You could never reproduce this property for the value. The construction is that true?

Dave Rattiner 10:19

So break down the math because this looks like a mansion. This is a friggin' mansion.

SPEAKER_03 10:25

It's done beautifully, 14 foot ceilings on the second floor. It it's on six and a half acres.

Steve Glick 10:31

Six and a half acres?

SPEAKER_03 10:33

Yeah, tennis court is a little bit of a couple of things.

Dave Rattiner 10:34

Oh wow, it's all the way down there. Yeah.

SPEAKER_03 10:40

It has gated, you know, long driveway to get up to the house and uh totally private. Yeah, totally private. Uh master has us, you know, you can see the great p paconic from the upstairs um balcony, and just you know you're at like one of the highest points. This thing, this this property, if this thing doesn't sell in the next two weeks, I'd be shocked. This is such a good deal.

Dave Rattiner 11:04

Can you can you break down the math? So what what was it again?

SPEAKER_03 11:06

So it's eleven thousand square feet at eight hundred to a thousand a foot. So add that up, and then you have a piece, a parcel of land that's six and a half acres uh of land there, and that's another three to four million dollars probably for that type of a property. Um so you're well over ten million dollars for a replacement value on this property that they're asking six point nine million dollars.

Steve Glick 11:31

This is steel. This is a this is an awesome looking house. It's it's definitely unique. You know, you gotta check it out. It is another one that is a one of one. This is something that we're not gonna see replicated at this price, and it's not that traditional uh home that you see here in the Hampton. It's something special. I'm into this. If you're looking for something special at a an at a great price with a lot of acreage and tennis and all the amenities, this is it. 235 Roses Grove Road, right there in Watermill. All right.

Andrew Doud 12:01

So that's all right. So let's still let's take a little bit of uh look at the numbers now uh overall since we have a lot of things.

Steve Glick 12:07

All right, let me give you I'll give you the data this past week. Over the past week, there were 20 listings that went into contract. Last year at 23, that's a decrease of 13%. Two years ago in 2022, there were 18, so it's an increase of 11%. And the breakdown of the 20 transactions this week, there is one between um 15, uh 10 and 15 million, two between five and ten million, five between three and five million, five between two and three million, four between one and two million and three under a million. The dollar volume this past week was seventy-one million, last year it was ninety-three million, that's a decrease of twenty-four percent. And two years ago, the dollar volume was fifteen million, so that's an increase of forty-two percent from two years ago. New listings that came on to the market, there were thirty-two, so that increases the inventory by twelve listings, and the new listings that came on, there was one over a hundred million dollars, there is one over twenty million dollars, four between ten and twenty, two between five and ten, five between three and five, twelve between two and three, six between one and two, and only one under a million dollars this past week. The inventory is uh stands at nineteen hundred and sixty-eight total listings, so we're close to two thousand, and we have fifteen hundred and twenty-five active and four hundred and forty-three in contract. So um, you know, twenty is a little twenty's been, you know, I haven't seen a dip below twenty going into contract in a long time. So twenty is you know, should be the bottom, and hopefully we we see more in listings go into contract as we come into the end of June. And look, more listings are continuously coming onto the market, and you know, a hundred million dollar property came onto the market here in the Hampton. So it's pretty special.

Dave Rattiner 13:47

What's a hundred million dollar buyer like? They're usually nice, friendly, friendly people? They don't fly um they come in by helicopter, they don't fly commercial.

Andrew Doud 14:00

Sometimes Steve and stuck with the cattle.

SPEAKER_03 14:02

Let's start there.

Dave Rattiner 14:03

Every now and then Steve and I will have lunch together and we'll talk about like how we would be if we were like insanely wealthy like that, like all of the ridiculous things that we come up with, some pretty creative.

Andrew Doud 14:16

That's funny.

Dave Rattiner 14:18

I would 100% have my own driver. I see these guys driving themselves. I'm like, I can't believe people don't have I can't believe that's just not normal.

Andrew Doud 14:28

It's called a pilot.

Dave Rattiner 14:29

Yeah, no, I'm talking about a car. Like they like driving, you know. You know, it's funny it's interesting.

Steve Glick 14:34

The values of homes rising here in the Hamptons. It's good to see a property on the market, you know, for over$100 million. Yeah, it's exciting.

Andrew Doud 14:42

Crazy.

SPEAKER_03 14:42

Uh I think I think people forget still what it was like in 18 and 19 when we used to have four to five thousand units on the market, yeah? And that's in land, commercial, and residential, and now we're dealing with eighteen hundred units on the market still with fourteen hundred of them that are available. That's that's the you know, people are always quizzing you on what's going on with the market. What's going on in the market is we're low on inventory and we still have a lot of buyers.

Steve Glick 15:08

Well, you know, we were talking about new construction, and I think we ran the numbers. I think you represent about you know close to 20 new construction properties, you know, being completed this year and to next year. So this is all new inventory that's gonna that's coming on to the market. So new constru it's good to see that the builders are investing in the Hamptons and they're still building these homes. And seeing 20 new construction properties is just a great site, and it's an amazing to see that, you know, that there's still value here in the Hamptons, there's still opportunities to purchase land and develop properties and for everyone to make money on there.

Dave Rattiner 15:40

Well, you'll you wake up this time of year, you know, the like the winter is so rough, and it's like then you get through the spring, and then you're just like, but I felt the energy in the last couple weeks. Like I've just been like, oh man, this is the Hamptons. This is what the Hamptons is all about. The boat, the boats are out, the cars are out, you know, people are you know all dressed up, and it's just like, okay, yeah, all right, still here, you know.

Andrew Doud 16:05

Hey, take it from there. What do you got going on this weekend?

Dave Rattiner 16:08

Um, oh man. Well, do you have the stomach for it? You want to go to the palm tree music festival this weekend? Do you know what that is?

Andrew Doud 16:14

Is that the one in West Hampton?

Dave Rattiner 16:15

It was in West Hampton. Now they're doing it at the Shinnecock Indian Reservation because they didn't get approval because it gets so rowdy, I think. Uh-huh. But it's the Swedish House Mafia. Huge, huge band. Never heard them.

SPEAKER_03 16:31

House Mafia's playing the game.

Dave Rattiner 16:32

Yeah, yeah, yeah.

SPEAKER_03 16:33

They're like my favorite band.

Dave Rattiner 16:34

Yeah, yeah. Huge uh tickets are like uh Yeah, they're huge. If you want to go, they're huge.

Steve Glick 16:40

They weren't gonna be rocking. So if you live in Southampton Village or basically bother getting in a car. If you live in Southampton, you're gonna hear this music. You probably hear it in Watermel. It's gonna be so loud. This concert's gonna be off the hook. This is like Waynesworth. All day, it's all night. It's in um Southampton.

Dave Rattiner 17:00

Yeah, in Shinnecock.

Steve Glick 17:01

Shinnecock.

Dave Rattiner 17:01

Yeah, yeah. So wonderful. June 22nd. This Saturday, you you know be there. Make sure you sleep all day before you go to this concert.

Steve Glick 17:09

And if you um are in the area, they say uh don't drive.

Dave Rattiner 17:13

Like don't are you won't have to leave your house and not going to this concert and you're in this area at night, you're you're an idiot.

Steve Glick 17:20

Like just don't drink and drive. Yeah, definitely don't drink and drive. You should never drink and drive. Even if you want to each go to the grocery store in the afternoon, it's it's gonna be a lot of traffic out in that deck of the woods.

Dave Rattiner 17:31

But and it's not just Swedish House House Mafia. You got uh, let's see, purple disco machine, Xandra, Pole. I mean, they all look so cool. I'm too old for these guys, but I've definitely like.

SPEAKER_03 17:43

And how do you get tickets for it?

Dave Rattiner 17:44

Just right on their website. You can go to Palm Beach Music Festival, Palm, sorry, not Palm Palm Beach, Palm Tree Music Festival.com or StubHub. Yeah, Kaigo.

Steve Glick 17:57

Kaigo, Swedish House Mafia.

Dave Rattiner 18:00

They're gonna be uh it's gonna be uh it's gonna be it's gonna be something. So we'll see. It's a festival, it's a festival, it's a music festival, yeah. So that is one if you want to look for a little more low-key live music, you got Gene Casey and the Lone Sharks playing tonight at 6 p.m. at the clubhouse from 6 to 9 p.m. So you can make it an early night with the lone sharks, and they're a lot of fun.

Andrew Doud 18:24

Now you're talking my language. Yeah. Early night in bed by 9:30.

Dave Rattiner 18:28

Then um on June 21st, you have Southampton, you have the Southampton Summer Soul Party that's at um 25 Jobs Lane in Southampton, and you're gonna have here a dancing, raffle, open bar, raw bar, 360-degree photo booth, and um live DJ, Ashley Keiko, Brie, Black, Tez Carter, and Lady Najum.

Andrew Doud 18:56

Okay.

Dave Rattiner 18:57

And it sounds like a good party, you know? Why not? So you can get tickets to that. Uh just go to Hamptons.com in the events calendar and look that up to buy tickets for that. And do you want to give a shout out to a restaurant, Vince? Do you have a favorite restaurant going right now?

SPEAKER_03 19:11

Uh Bill Bouquet.

Dave Rattiner 19:13

Bill Bouquet. It's like the Casablanca of the Hamptons. It's just so great, Bill Bouquet. Good one. Good one, Vince. All right, so that's what's going on this weekend.

Andrew Doud 19:25

And uh and Vince, I know, hey, he's the hardest working man in the Hamptons, right? We gotta let him go. So thanks for joining us. I know you got you got something to be at in like 10 minutes, and then something uh after that, and something after that. So thanks for joining us, Vince. Appreciate the insight. Good luck with all those great listings. Uh, we'll have you on again soon. Yeah, until then. Uh everybody enjoy the weekend. I think we got some nice weather coming in. I'm Andrew Dowd. That's what's happening in the Hamptons.