Episode 236 - Alfredo Barreto

Discussing Momentum and Opportunity in the Hamptons Real Estate Market

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Transcript

Andrew Doud 0:07

It is Thursday, everyone. I'm Andrew Doud. 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 by New York Title Abstract, the Hamptons Leading Title Insurance Firm. Visit NewYorkTitle.com. We have Mr. Steve Glick, Dave Rattiner, and today Alfredo Barreto joining us. How are you, sir?

Alfredo Barreto 0:27

Good morning, guys. Always a pleasure uh joining this podcast and talking about real estate in the Hamptons.

Andrew Doud 0:34

You are always busy, always in the office, always moving and shaking. So, what do you got going on? I know you're I know you got a lot going on. So, what do you want to talk about today? You got a couple new listings, a couple exclusives, the market. Where are we starting?

Alfredo Barreto 0:47

Well, I'm just excited about this market, you know, the high-end market that leads the pack. It's been super busy with high trades here in the company with a couple of our brokers and uh our team, uh, the Jorge Citas team. We're always busy putting deals together about four properties in contract last week.

Steve Glick 1:05

Uh listing just wait on just last week and last week alone, four properties?

Alfredo Barreto 1:10

Yeah, yeah. It it's it's really it feels like it's a healthy market. Uh people is excited about the interest rates, and you know, I think all over the place things are moving. If they're well priced, um they go.

Andrew Doud 1:24

Last week you said four in contract. What's the the the price point of those? Is that like the two million, five million, ten million?

Alfredo Barreto 1:30

You know, they they're there's all over the place. You know, we we had properties in the in the middle of the fours, uh a property for you know, a million in change, uh a couple others in the twos. So, you know, it's it's just all over the place. It's it's a pretty healthy market.

Andrew Doud 1:48

I know you yeah, I know you guys deal with um you're not like one specific price point, right? It's like a million dollars, twenty million dollars, whatever the case may be, land, new construction, renovation.

Alfredo Barreto 1:57

You guys are the Horkassidas team is from West Hampton through Montauk, all price points, nothing is too small and nothing is too big for us.

Dave Rattiner 2:06

But let me let me pick your brain for a second. So it does seem like the 15 million plus, like the super, super high end, there is real action on it, and those properties are known to sit for a long time. So what is what is the catalyst now? And like you would think that maybe those people are the smartest people in the world that are buying those things, so or and also the most in the know. So it's like, what are they what are the like what's cat what's what is the poll what is getting them to pull the trigger now?

Alfredo Barreto 2:39

That's exactly what excites me, you know. People that are on that level of of economics and and that understand real estate, putting their money here uh tells how secure our market is and how it continues to to bring equity to whoever jumps into this market. So I think once people see that these billionaires and millionaires are making those moves, they they feel more confident about they follow up. Uh they follow up. Yeah.

Dave Rattiner 3:08

Yeah.

Andrew Doud 3:09

It's interesting. Um, let's talk a little bit about some new listings you have.

Alfredo Barreto 3:14

Um so the the the listing I I really want to do.

Andrew Doud 3:18

I was gonna say, I didn't know if what we have I have 55 long ones and on. And is this a new exclusive or is this something it's it's been for a couple weeks in the market?

Alfredo Barreto 3:27

We have a lot of action. It's such a beautiful property, um, really well done in all aspects. There's uh it it sits on an acre on a really quiet street with beautiful homes backing up on three acres of reserve, and really the the house is just so elegant and and peaceful, and it's really like a retreat. It's a it's a beach home where uh people would really love to spend their summers or even be here for a year round. You know, it has three bedrooms, two baths, uh a beautiful mahogany deck uh surrounding around the pool, really well uh landscape manicured throughout with over a hundred trees of evergreens, and you know, I think it's it's the perfect home for for whoever wants to spend a nice summer out here in the Hamptons, is the definition of a Hamptonian home.

Andrew Doud 4:25

We did a nice video there a couple weeks back, and that was like the sun was coming through the trees, it was like that backyard's amazing, you know, with the pool area, it's it's a nice spot, it's a great place to entertain.

Dave Rattiner 4:36

What's cool about uh Longwoods also is is just really you could first of all you can walk that whole street uh with your you know with your family or whoever, and it's like it's just like a really nice street to walk down. But at the end of the street, right across the street, is a beautiful restaurant, you know. So it's like you can pop in there, it's like you have your this little universe on Longwoods, which is really nice.

Alfredo Barreto 4:58

I mean, uh the springs has been the new chic spot in the Hamptons where people, young couples and and you know, families and and everybody's is is really enjoying all the marinas and and high-end restaurants in the area, which you know I think becomes very attractive. You're close to beautiful bays out there, and it's year-round living, you know.

Steve Glick 5:25

That's the thing up there. It's like you gotta look at it like what towns are still active in the off-season, and the springs are is it, you know, it's it's got life throughout the whole year. So if you're looking to be there year-round, it's a great place. But even over the summer, there's a lot of things that are just for the summer, and there's so many uh water sports and and places to visit, and it's just a beautiful area. And you see more and more is upcoming. Like people come on this podcast, agents are always talking about it. That market is hot, you know. That's a good area.

Dave Rattiner 5:54

It's weird seeing uh hearing you say that because growing up in the springs, man, it's like that is not the case this time of year.

Alfredo Barreto 6:01

It really feels what it really feels live now. Yeah, it feels like it's like what happened to Montauk, to be honest. And and the internet used to be something that was really bad, signal and whatever. And I've been spending some time on Clearwater Beach, and and really you get great reception. They I guess they put a satellite on the internet.

Steve Glick 6:20

Yeah, the infrastructure because people are there now, and um there are opportunities for homes under a million dollars in that area, and that's a thing that's like drawing people want to get not many, not many there are Gardner Avenue. But so you just got that list. What's that price point of Gardner's? Because that's a good turn.

Alfredo Barreto 6:42

We just listed it yesterday, and my phone is is really blowing. I had three showings yesterday, I have another showing today. I'm sure I'm gonna have a bunch during the weekend if the weather holds up. But I I have a feeling it's it's it's uh So now what is this?

Steve Glick 6:57

Is this like would you say this is a good starter price point for somebody trying to get into the Hamptons to purchase at 1195? 100%.

Alfredo Barreto 7:06

But also the house really it's it's it's right to move in. Um has you know three bedrooms, three full baths. It's perfect, nicely renovated. I mean, it really is uh a nice home. This is it for a million bucks.

Dave Rattiner 7:22

This is it's a little over a million bucks. It's like classic Hamptons live in too, like uh like Americana, because you know, if you have kids, your kids can wake up and they can walk to school. The school's like right around the corner there. You know, it's nice delis to have breakfast. Yeah, yeah, there's a nice deli. The Montauk deli, it's called, even though it's in Springs.

Andrew Doud 7:41

But Dave's our residents.

Alfredo Barreto 7:44

All right, yeah, yeah. Can you get a pool?

Steve Glick 7:46

Can you get a pool in this one?

Alfredo Barreto 7:47

You can. You can uh it's probably gonna be on the side of the property. We're trying to find out what size of a pool, but uh good enough for me.

Steve Glick 7:57

I mean, be able to have some type of place to dip in and out, hey man, it's good to go.

Andrew Doud 8:02

So let's just say you wanted to build something, you have a land listing up in that area too.

Alfredo Barreto 8:07

So we just listed this very rare piece of land on an acre. The whole street on Bayview is half acres or even quarter acres.

Steve Glick 8:18

Okay.

Alfredo Barreto 8:19

This property uh it's one acre, 20 Bayview Avenue. And uh it's just in the village fringe, so you don't get the spring taxes talking about the springs, and you know, your super your stroll to to the to the village. How much this is one point one. So talk to us about land.

Steve Glick 8:40

Like there's there's not a lot of land available, right?

Alfredo Barreto 8:42

Not a lot of land available, not a lot of one acre properties with this amount of clearing. Right. Um obviously the the rules change with the town of Southampton, but you're still gonna get a nice envelope in this property. You're gonna be able to put a sizable home with pool and and pool house. And wow, the house across the street was uh was completed, I think, a year ago or something. It's it's a pretty nice new construction. And you know, again, um the the whole area is is is really changing and and and you know this is a good spot. It's a great spot. What is that?

Andrew Doud 9:19

Three mile harbor, I think it's up the street. You're not far, yeah.

Alfredo Barreto 9:22

You have Daymar's Delhi, and you're close to uh Round Swan Market.

Dave Rattiner 9:28

Yep, it's that going up there. It's just crazy how large that is, you know.

Alfredo Barreto 9:32

What a lot? It's it's a great lot. It really it really is. The topography of it has a little uphill uh at the in the back of the property, but it's pretty flat. I mean, and and and it's not filled with with with um with trees. So so someone can come in there with a shovel and clear 100% clear? It's not 100% clear, but uh but you know the clearance in the village fringe is is a little different than in more woodsy areas. So uh we're gonna have all the information soon. Our company New York title is already on the works to provide us the land use report, and and that way we can give more specific answers to that. But uh very excited about that listing as well, getting already calls and developers interested in it, and you know, we'll see what happens.

Andrew Doud 10:24

But uh, I feel it's like a great listing. Staying busy. Um, all right, big picture, Steve. What do you got for the numbers this week?

Steve Glick 10:31

All right, so this week there were 19 listings that went into contract compared to last year of 33. So we're looking at a decrease there of 42 percent. Two years ago it was 23 listings, so a decrease of 17. 19 is like, you know, kind of low-ish. Um, hearing that they're so busy in the market. Um, I'm surprised that it it was below 20. But um could it could have just been just a slow week in general. The 19 transactions, there was one over 20 million, four between five and ten, four between three and five, five between two and three, and five between one and two. The dollar volume was 108 million. Last year it was 121 million, so it's a decrease of 11%. Two years ago, the dollar volume was sixty million, so an increase of eighty percent. But this week, thirty-five new listings came onto the market. So another week of plus over thirty listings coming onto the market. This increases the inventory by sixteen listings and the breakdown of the 35 new listings. There's they're in all price categories, one between 10 and 15 million, 10 between 5 and 10 million, six between three and five million, seven between two and three million, seven between one and two million, four properties under a million dollars. Inventory is at 1965 total listings, 1469 active, and 496 in contract. So we're rounding out October. Um, we're obviously in the fourth quarter, and look, there's still activity going around. So keep an eye on the market as we come out to New Year, but I'm expecting in the next couple weeks more listings will be going into contract. And um, you know, we're we're looking forward to um these these numbers over the next week.

Alfredo Barreto 12:15

Just to jump in there, I mean, a couple of the biggest trades we we we had this week with uh some of our brokers were not mentioned on on those trades, so probably are gonna come for next week's podcast. So there's you know, there's one what for 49 million, and the other one was like, yeah, I mean, I don't know what it went for, but I know that's what they were asking.

Steve Glick 12:37

Yeah, there's some big trades. So yeah, there's some, you know, when I say over 20, that could be anywhere from 20 to 100 million, but um certainly, you know, um the 40 million is is something that we're we were excited to be a part of, and you know, we're looking forward to the rest of the year. We're still in the selling season, you know. People, you know, start moving around out of the city and and the Hamptons to go down to Florida around, you know, for the holidays, you know. Thanksgiving holidays, you know, we turn the page in a couple days and it's gonna be November already, which is crazy. And then we start thinking about Christmas time, the Thanksgiving season, the Christmas. I'm already thinking about Thanksgiving. New Year's.

Dave Rattiner 13:15

I've got every month figured out except February and March.

Andrew Doud 13:19

They're the wild cards, man.

Dave Rattiner 13:21

I just I have to figure out how to enjoy February and March. Every other month, I am so excited. I'm so excited about Thanksgiving. I'm so excited about Christmas. All kinds of plans happening. And then January, I'm excited. I got a plan. But February What you plan in January? January going to New Year, New You? Yeah, we were just talking about it, the that concert.

Andrew Doud 13:42

Oh, yeah.

Dave Rattiner 13:42

I'm thinking about it. I haven't booked it yet. But I'm thinking about it and I'm excited about it. You know what I mean? But you know, February is tough.

Andrew Doud 13:50

Well, what do you got this weekend? Anyway, it's a Halloween this weekend. It's Halloween tomorrow.

Dave Rattiner 13:53

Yeah, yeah. Halloween is this weekend, which is crazy. What are you gonna be? Let me guess. Cowboy. No, it's race car driver.

Andrew Doud 14:00

So my daughter's going as a race car driver. So I got like a little pit crew crew cheese thing. I got it.

Steve Glick 14:06

I'm I'm pretty lovely.

Andrew Doud 14:08

Yeah, yeah, yeah.

Dave Rattiner 14:09

Well, you're like the mentalist. That's what you're like. Afraid of your going as real estate.

Alfredo Barreto 14:17

What a great guest. Um I'm um I'm actually my my daughter, my seven-year-old, she's gonna be the police officer. Oh, yeah, and uh and the rest of the family were thieves.

Steve Glick 14:27

So nice.

Alfredo Barreto 14:29

I love I love the group costumes.

Steve Glick 14:31

My daughter's going out as a police officer as well. That's cool. Yeah, sounds cool. They're bossy, you know. They're bossy. Yeah, you gotta watch out for those.

Dave Rattiner 14:41

Um, yeah. So I'll well, first let's talk about the Saunders and Associates annual Thanksgiving donation drive to benefit local food pantries. And this is this is in its 12th year. Um and God, we've we've really raised a lot of money for these uh food pantries out here. Um you can do it all through our GoFundMe page. You can find it on Hamptons.com. Um, and it will be matched dollar for dollar by Andrew and Colleen Saunders, who of course own Saunders. So if we raise $20,000, they'll stroke a check for $40,000.

Steve Glick 15:16

Yeah, another 20.

Dave Rattiner 15:17

Another 20. Which will be in total will be 40. Oh, they'll stroke a charge. So the goal this year for 20.

Steve Glick 15:22

Yeah, the goal this year is to raise $50,000 in total, so $25,000 from donations from the community, from anyone who wants to donate, and all the monies goes to the food pantries from West Hampton all the way out to Montauk. So there's over a dozen or so food pantries out here, and we take the monies and we divide it up equally and um distribute the checks in December to all the food pantries. They're able to purchase the foods um in bulk, right? They're able to buy food in bulk because they're you know non-for-profit organizations, and they're also to be able to buy fresh produce and deliver um poultry and and produce fresh to the families that need it. So the dollars really go a longer way than dropping off a can of food. Um certainly they'll take any type of food donations, but you know, at the end of the day, they all want the money so they could buy. The buying power is real, and yeah, the dollar really goes a long way. So we set up this GoFundMe page, like Dave said. This is our 12th year. Um, and it's anyone could donate and just know that the money will 100% be going to these food pantries.

Alfredo Barreto 16:26

Check, check out our social media, we'll be all over the place, guys, and uh we'll make it easy for you. But it's a great cost for sure.

Dave Rattiner 16:35

And it directly benefits locals.

Steve Glick 16:37

I mean, it's a season of giving, you know, here we go.

Dave Rattiner 16:39

Benefits the area. Um, it's a wonderful thing. Okay, so for Halloween in the Hamptons, here are the list of parties. So there's Halloween at Carissa, Kalissa. So there you're gonna have a watermill there. Yeah, in Watermill. You're gonna have DJ dancing cocktails and seasonal specials.

Steve Glick 16:55

Is this all happening Saturday night? Is that like the night, right?

Dave Rattiner 16:57

This Friday. Oh, Friday, October 31st. October 31st. Um, this you also have uh if you're gonna go out to Montauk, they're having a Halloween party that starts at 8 p.m. at the Montauk Yacht Club, which should be cool. Then uh the Steven Talk House is gonna have a Halloween party, uh, and Hello Brooklyn the Band is gonna be there. Um, and then you're also having, let's see, what did I what did I miss? Also at the clubhouse, you're gonna have a Halloween party. And it's just five dollars to get into that one. So you're gonna want to do that. That sounds like a good time for a Halloween. Um are you gonna go to any of these parties?

Alfredo Barreto 17:38

Maybe the clubhouse. It's it's a good spot, you know. Maybe I'll do that too.

Dave Rattiner 17:43

It's kind of a good idea. Yeah, go to the clubhouse with the kids. Ah, great idea.

Steve Glick 17:47

I don't think it's a kids' thing.

Dave Rattiner 17:50

No? Yeah, it's a kids' thing. The clubhouse in East Hampton?

Steve Glick 17:53

For for Halloween?

Dave Rattiner 17:54

Yeah, I mean you just go you go there, you know. We gotta leave it later.

Alfredo Barreto 17:57

Yeah, we we gotta find out because I do know that they have a big um kids' costume party costume party. Halloween party.

Steve Glick 18:03

You want to make sure you're bringing the kids to the right party. Yeah, yeah.

Dave Rattiner 18:07

You can go there with kids, I think. I think. Just go there earlier. And then if you want to stay later, you go there for the Halloween party at nine nine. Late, late, late, late, late, late. Um, okay, so what else do I have here? That kind of covers all of the Halloween this weekend. That's kind of like all that's really happening this weekend, too. Um you have Saturday, November 1st, the day after Halloween. You're gonna have dancing, raffles, bites, and sips supporting the scholarship fund for our fabulous run by, and it's the our fabulous variety show. Uh, and that's gonna be at 75 Industrial Road in Wainscott. And I don't know if you've seen the variety show, but it's a it's a pretty cool show. Tickets are just 45 bucks um or 80 bucks per couple, and you can also do that this weekend if you would like. And that's what else we like to talk about favorite restaurants.

Andrew Doud 19:08

Favorite restaurants, at least right now. Obviously, that can change.

Alfredo Barreto 19:13

I gotta say, I had a great experience at Dolpo. Dolpo, great pasta, great pizza, and impressed by their wine selection by the glass, without having to get a bottle. Uh, you really can enjoy a uh a good quality uh glass of wine there.

Dave Rattiner 19:32

So I always get it confused. Is that the little little spot or is that the big spot?

Alfredo Barreto 19:37

It's where uh is where uh uh World Pie used to be. It's uh right across Hampton? Yeah, here in Bridgehampton, right across from uh from Bobby Bans.

Dave Rattiner 19:48

Yeah. Oh cool. Very cool. Yeah, that is pretty good.

Alfredo Barreto 19:52

I haven't been there in a while. It's a good spot. It's a really good spot, and what else is good right now these days? I mean, the canoe plays in Hampton Base, actually, they always have some type of event and happy hours, and the food is pretty good too. So those are my to go restaurants right now at the moment.

Dave Rattiner 20:14

I agree with you though. That's what's going on.

Alfredo Barreto 20:18

All right. Anything else before we let you go? Sounds like you got a busy night. Thank you for thank you for having me and um and for waiting for me because I was a little late, but um, you're good.

Andrew Doud 20:27

Hey, you're busy. It's good to be busy. All right, guys. Thank you. Everybody, have a great day. I'm Andrew Down, and that is what's happening in the Hamptons.