Episode 201 - Vincent Horcasitas

Discussing New Construction Homes In The Hamptons

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Transcript

Andrew Doud 0:08

All right, everyone, it is Thursday. I'm Andrew Dowd. It is time for our 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 NewYorkTitle.com. We have with us, as always, Mr. Steve Glick, Dave Retiner, and today return guest, the hardest working broker in the Hamptons, Mr. Vincent Jorcasitas. How are you, sir?

SPEAKER_00 0:33

I'm doing great. Very excited. You know, we're having some continued momentum from uh 2024 going into 2025. So uh very excited um about some uh great stuff that's already happening this year. So thanks for having me.

Andrew Doud 0:50

You have uh you have some great listings that uh I think I mean these are you when you talk about premier listings, these these are it. Uh so let's just touch on a couple of them. Uh same builder, 200 Rose Hill and Rose Way, two separate two separate roses, but uh uh and two two separate houses, but both are really something special. So tell us a little bit about um let's start with Rose Way.

SPEAKER_00 1:16

Well, so what's great about Roseway is it's about as the crow would fly, it's only about 10 houses from the ocean. Uh it's about 12,000 square feet uh of modern uh perfection. Um you know, it has tennis, uh it really has everything. Um and it's for rent also. Um it rents every summer, and um it just uh has you know glass everywhere with lots of light. It has a rooftop deck, you can see uh Sagaponic Pond, you can see the ocean, you see Meacocks Bay from the rooftop deck. Uh you smell the ocean, hear the ocean from there, and um you know, just a great listing to be associated with. And uh, you know, if you haven't seen it, we we have open houses uh almost every week in there and uh 10 bedrooms, 13 baths. Uh I I think between it's huge.

Steve Glick 2:10

I mean the the square footage on that is what's the square footage? It's over 10,000 square feet?

SPEAKER_00 2:14

Yeah, just the way that it's built. You know, on these two homes from Paolino Development uh are built like no other homes in the Hamptons. You know, what I mean by that is it's concrete construction from the basement all the way to the rooftop. So they pour concrete all the way to the to the uh rooftop, and then they put concrete floors down, and um, you know, you have uh glass throughout, you know, in this modern feel. Uh has two kitchens here. You have a prep kitchen for it, and um uh Gary Chufo did uh all the vanities, the bathroom, and the kitchen in this house, and also in 200 Rose Hill. Um so just uh, you know, just a special property sits at an end of a cul-de-sac, super quiet, but can get to the beach in moments. And um, you know, that's what's special about the property.

Steve Glick 3:03

This thing has it all. It has the tennis court, the pool house, it's the ultimate modern. So if you've seen it online, it's the house that's the the the coolest modern house you've ever seen with all the windows, the white marble, the the huge doors. It's glamorous. It's it's it's glamorous.

Andrew Doud 3:19

When somebody's like, what's what's like an ultimate Hamptons house? I'm like these are it, you know what I mean? And you would think something that's built out of primarily concrete. Like Vince, isn't it that it only it doesn't have uh wood in the in the house, like the steps are the only thing?

SPEAKER_00 3:34

Correct. And I mean you got the nine-foot doors, ten-foot ceilings, and you know, you have three levels of it here at 88 Roseway. You have a gym down in the lower level, lots of extra space, a three-car heated garage, you have two gates here, um, you know, um all you have uh you know solar on the roof, uh, you know, just generator, very efficient house to run as well, just because of uh of um the solar and everything else that comes with it.

Steve Glick 4:03

Um just both of these homes are south of the highway, right? One's in Warner Mill, one's in Bridgehampton. They both offer very unique things, but they're very similar in the style that they're built.

Andrew Doud 4:15

And the amenities.

Steve Glick 4:16

And the amenities, right? And what the pricing of them are what? What are we at now? One's at 21, one's at 24.

SPEAKER_00 4:23

Yeah, 21 21 million dollars for 88 Roseway, and 200 Rose Hill is at uh 24,950. Awesome.

Andrew Doud 4:31

Great. So uh, all right, so that's uh that's kind of a look at those two uh those two new constructions. Um, Vince, I I know you look, you're always busy, but I want to go to Steve with the numbers because we have the year-end updated numbers for 2024, right? So now we have a complete picture of what last year looked like.

Steve Glick 4:49

All right, so let's go through. I'm gonna give the year-end numbers from 2024. Vince, this just came out. The year-end numbers for the total, the median sale price continues to rise. That's the big takeaway. It was up 3% in the home sales residential, so the new median price is$1.9 million. The total total dollar volume last year was pretty pretty much in line with 2023 at$4.6 billion. Sales transactions again, pretty much the same, just down slightly 2%. So everything's been pretty steady from 23 and 24, as a year-end report is now live on saunders.com, and you can go through and see all the different hamlets. Some areas performed really well. Um, we had some a lot of significant trades and some a lot of dollar volume, and the median sale price again continues to rise. That's a story that we're seeing uh all throughout the Hamptons Hamlets.

Andrew Doud 5:46

So, Vince, what's uh what's your take on this? I mean, I know you were busy last year, you've you're off to a rock and start this year. Um, when you hear the numbers, how does that reflect what your business has looked like?

SPEAKER_00 5:58

Well, I but my our our business, our team, first of all, I've got a great team and uh now um uh I've had a good I've had a good team for a while, but I've added a few more um players to the team. And um, you know, we're just we're we're just we're doing we're doing great. I mean, I look at my numbers in 25 years of being in the business, and last year was my third best year in the business, even after you know, selling a house a week uh during COVID, basically. Those were the numbers in COVID. And now, you know, this year uh I still had an amazing year in 2024. And then just going into 2024, um, I've already sold about$35 million worth of uh of um of real estate and have about another 35 million in contracts. So you know it's just it's kind of you know, and and have new deals, new deal origination already happening and and the rentals are going again. So it's I just it it kind of feels like the momentum is really going in the right direction again.

Andrew Doud 6:56

You're one of those guys, too, that like you talk about momentum. Like, if you want to be successful in real estate, you really can't let off the gas. And and Vince, I mean, I've been here eight years, and as long as I've known him, he's he's always got pedal to the metal, you know, on relentless, man. That's how, and I think that's a lot of your success.

Steve Glick 7:12

And Vince, the future looks really bright. You represent a lot of builders, and like you just spoke about two from Lou Paulino at 200 rows and 88 rows, but the Paramount Development Group builders that you work closely with, they have a lot of projects going in the ground and they're building a lot for 2025. So the outlook in 2025 looks really bright as you bring on a lot of new construction, a lot of new homes to the market. Do you want to touch on some of those new homes that Paramount Development Group um is building this year?

SPEAKER_00 7:42

Yeah, I would I'd love to talk about that. But I I just want to finish up on we never really spoke about 200 Rose Hill, which is uh you know uh uh an amazing project. It's on 2.3 acres. And what's special about this is it backs up to a 65-acre reserve facing west. Um with the with the accessory structure that's there, it has about 19,000 square feet in total. Um this has you know 12-foot ceilings, uh floor-to-ceiling glass when you walk in. Um just the scale of it uh is uh is uh I I've never been associated with uh with a nicer home than this. Um up on the second floor, you have seven bedrooms and eight baths. The master bedroom has you know big um um uh a linear fireplace that separates a sitting room from the master bedroom, a big balcony off of it, his and her bathrooms, his and her uh closets. It's just the scale there is um uh amazing. The hallways are five, six feet with the ceiling heights on the second floor uh in the hallways are like 11 feet. You have to really see it to understand it. Big master, you know, big lower level that has, you know, all the you know, movie theater, gym, all the bells and whistles on it, has a sunken tennis court, uh clay court in the back, and just the sheer scale of that and the amount of grass, and it has all these really mature trees that have been moved around on the property from the development of it that just give it a such a uniqueness um that you know, rooftop deck, it has an elevator that goes from from the ground floor up to the uh up to the rooftop deck. And I could go on and on about this project. So um, if you haven't seen it, uh it's pretty spectacular. It's also for rent. Um so uh we can touch base now on uh on the other things, but I did want to uh give a little bit of information about that since we didn't talk about that. For sure. Awesome. Um Paramount Development is coming up with a lot of uh unique projects. Uh they have three right now, one that's completed at 165 North Main Street, which is quite unique. And it's uh three-quarters of an acre just outside the village of um East Hampton, three-quarters of an acre of lot gated with these 14-foot uh mature trees surrounding the property. You can walk into the village uh literally in two, three minutes from it. Um it's about 5,000 square feet on three floors. It has a huge master bedroom with a sitting room, uh double vanity, soaking tub. Uh, and the level of construction that Paramount does uh it just resonates through the whole house from the paint job to the materials that they're using. Um that's a must-see. Um we're in the process of completing two other projects, uh, one south of the highway in Wainscott, Seven Lee Lane, quite unique. Uh again, huge master bedrooms. Uh both of the uh this this project and also Five White will be completed in April and May of this year. Um so it's uh you know both of those are great properties to see. Um uh uh Seven Lee Lane is priced at uh eight million uh eight ninety-five, I believe, or eight seventy-five is the is the price on that. Um and five white oak is priced at four million nine ninety-five. Again, big master bedroom on an acre in Southampton, getting a lot of action on that already. Um so those are the three upcoming projects, but they also have some major projects coming on. When I talk about major, I'm talking in the top top end of the market. Um 84 Wainscott Hollow, uh, very unique property uh south of the highway, uh budding of reserve. Um uh you know, uh Peter Cook design with the architect um is is that project. Uh Trelawani 136 Trelawney, which is south of the highway, and Bridgehampton will uh commence uh construction on that as well. Um and then we also have an upcoming project in um in East Hampton 26 Jericho, which will be three 2.2 acre um homes um being built with three different architects uh involved in that project.

Steve Glick 12:01

Future is looking great, man. I love it. I love to see all that new construction by Paramount Development Group. They have price points in a lot of different categories. You're saying from$5 million upwards of close to 20, 20 plus million dollars there. So they're really building in all Hamlets of the Hamptons in all price categories, and they offer a lot of great features and amenities in each of those projects. So I'm excited to see those come to fruition in 2025.

Andrew Doud 12:28

Nice. Uh and then uh let's just also we got a rundown of the big picture from last year, but this is last week. Yep. Let's go back to Steve.

Steve Glick 12:40

All right, so last week 24 listings went into contract. The year prior there was 17. We're looking at an increase there of 41%. Two years ago, it was 19, so an increase of 26%. So over the past two years, we're looking at an increase. So it was a big week here in the Hamptons for listings going into contract. The breakdown of those 24 listings, there was four between five and ten million, three between three and five million, six between two and three million, eleven between one and two million, dollar volume was seventy-five million. Last year, the dollar volume was fifty-six million, increase there again of thirty-four million, and in twenty twenty-three the dollar volume was forty-eight million. So we're looking at an increase there of fifty-six million. New listings coming on the market, increased the inventory by one listing with twenty-five new listings that came out of the market, breakdown of those twenty-five new listings, two between five and ten, two between three and five, nine between two and three, nine between one and two, three hundred a million, inventory stands, seventeen hundred and seventeen total listings, thirteen hundred and eleven active, and four hundred and six in contract. So great week. We're seeing increases in every category.

Andrew Doud 13:47

There you go. Um, all right, let's talk about what's going on this weekend. Dave, what do you got?

Dave Rattiner 13:51

Yeah. So this weekend is Valentine's Day weekend, and all of these events can be found on Hamptons.com, which is the number one place in the Hamptons to get information about lifestyle and real estate and events. Valentine's Day weekend. You want to visit Hamptons.com. So it's Valentine's Day weekend. And there's a lot of Valentine's Day dinner, and there's a great Valentine's Day dinner guide on Hamptons.com. And among the many places that are having Valentine's Day specials, some of them include the American Hotel in Sag Harbor.

Andrew Doud 14:27

I've never been.

Dave Rattiner 14:28

It's really good. All right. Just go there for a drink. Sure. You know what I mean?

Steve Glick 14:33

Uh you might run into Justin Timberlake if you might run into you.

Dave Rattiner 14:38

Uh then you got uh Barons Cove is having a special in Sag Harbor, Almond Restaurant in Bridgehampton, as well as Pierre's, is having specials in for Valentine's Day. Uh and then over in your area, Andrew Dowd, Good Ground Tavern at the Canoe Place Inn. At the Canoe Place is having Valentine's Day specials. And then Flora in West Hampton Beach is having Valentine's Day specials. It's a very quick comprehensive guide. I encourage you to check that out. Um other things that are happening is there is a uh Valentine's Day uh ensemble uh for flamenco dancing featuring Pedro Cortez, uh, and that's taking place in Hampton Bay's VIP VIP scene is$125. Um so I guess this guy uh is a he's a renowned flamenco dancer, Pedro Cortes of the Pedro Cortez Flamenco Ensemble. Um he's internationally acclaimed, and you can go and watch this guy at the canoe place in in Hampton Bayes for a truly unforgettable Valentine's Day experience. And then I, you know, if if if you if if you're single and you know you got nobody to celebrate Valentine's Day with, I guess you can always drown your sorrows at Kid Squid in Sag Harbor. Uh Kid Squid in Sag Harbor on February 15th from 1 to 6 p.m. is gonna have live music with Chris Klein. Um and they are going to have uh Opties and Dingy's dumplings there from sorry, that's the name of the band. Uh and they're gonna be performing there from 1 to 6 p.m. And then uh uh Chris Klein is gonna be performing from 4 to 6 p.m.

Steve Glick 16:36

Really, you really solid.

Dave Rattiner 16:37

Yeah, so I don't know. Wait, did I screw this up? Hang on, I screw this up. There are actually gonna be dumplings there. So there's gonna be dumplings from 1 to 6 p.m. And then Chris Klein will be performing from 4 to 6 p.m. You make it sound like like being single's bad.

Andrew Doud 16:52

Think about the money you would save.

Dave Rattiner 16:54

Yeah, that's true.

Andrew Doud 16:55

You're not buying$100 roses at$400 dinner.

Dave Rattiner 16:59

Yeah, but it's bal it all balances out. Yeah. You know?

Andrew Doud 17:03

Yeah, okay.

Dave Rattiner 17:04

So I think my wife listens to this. Being married is a wonderful thing. Smart. All right, so that's what's happening in the Hamptons.

Andrew Doud 17:13

Okay, there you have it. Um, all right, Vince, we're gonna let you get back to work. Thank you for joining us. And um, we'll call that a podcast. Everybody have a great Thursday, have a great weekend, enjoy Valentine's Day. We will see you next week. I'm Andrew Dowd. That's what's happening in the Hamptons.