Episode 253 - Sarah Doud and John Savarese

Discussing Interest Rates and The North Fork

About Happening in the Hamptons Real Estate Podcast

Happening in the Hamptons is powered by Saunders & Associates, the #1 locally owned real estate brokerage in the Hamptons, and Hamptons.com, the Hamptons’ leading lifestyle brand for what to do, where to go, and what’s happening across the East End.

Each week, Happening in the Hamptons covers the people, properties, market trends, events, restaurants, local businesses, charity happenings, arts and culture, and community stories shaping life on the East End. From Hamptons real estate and homes for sale to weekend events, waterfront living, village life, and local lifestyle coverage, the podcast brings a grounded, local perspective to one of the most iconic markets in the world.

Subscribe to Happening in the Hamptons wherever you listen to podcasts.

Join the conversation and follow for all the latest in Hamptons real estate!

YouTube
Instagram
LinkedIn
Facebook
TikTok

Transcript

Andrew Doud 0:08

It is Thursday, everyone. I'm Andrew Dowd. 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 by New York Title Abstract, the Hamptons leading title insurance firm. Visit NewYorcTitle.com. We have Mr. Steve Glick, Dave Retiner, and today Sarah Dowd, a return guest, and a first-time guest, right? Mr. John Savarese with MT Bank. Thanks, guys, for joining us.

SPEAKER_02 0:32

Super punch to be here. Thank you.

Andrew Doud 0:33

Um, so we're gonna start somewhere. We don't usually start, Sarah, but uh let's talk about the North Fork. You've been Why not? Yeah, why not? Let's take a drive. I love the North Fork. Usually we talk about it when it's in the fall and pumpkin picking season, but hey, we're getting into the spring and uh you've got some action up there. So what's going on?

SPEAKER_02 0:50

And interestingly enough, too, uh there were some other headlines out this week about North Fork and kind of some quiet money moving to the North Fork and you know, billionaires kind of seeking residence over there. Um, so I don't think I'm the only one who's feeling this. But for me personally, the North Fork has been really hot lately. Um, I do a lot of work, even though I'm from the East End by Bridgehampton. I'm in Hampton Bay's uh with my family. So being able to swing both ways to the North Fork-South Fork is really nice. Um, horseback riding on the North Fork these days, and I've got two listings that came on, and I have to tell you, out of the gate, both of them were on fire. So, so one uh within a week, the first showing, good thanks to some uh digital marketing, that one went into contract and you know is no longer active and available on the market. Super efficient, uh, super successful. And then I have another one that has contracts out, which is really a personal favorite one of mine. And John has been instrumental in kind of uh the setup and the research of that property. So I want to thank him for being a part of that. Um, but three houses on 1.85 acres, room to build, uh, just listed under 1.4. You're not surprised that there's three houses for three houses. I mean, you're not surprised when I tell you there were multiple showings, we had multiple offers and contracts around.

Dave Rattiner 2:08

Some people just want the roof over their head, you know what I mean? Some people want the land, yeah.

SPEAKER_02 2:13

The land and and the rent roll to rent roll three houses while you do plans to build a new construct construction house. So that one, no surprise, has been a crowd pleaser.

Andrew Doud 2:21

So, what was John's role in in that deal?

SPEAKER_02 2:24

It's interesting. Uh, introductions, you know, personal relationships go really, really far in this business. Um, you can do all the marketing in the world and all of that matters. Um, but at the end of the day, I think in real estate, personal relationships go and trust go a long way. Um, I had known this property already, he knows the owners of it, um, and just doing work together and growing our relationship, things came full circle. And he can probably explain a little bit more on that. But um, and then just working the numbers so that when buyers came to the open house, you know, I could have information to hand them and an expert to hand them to say, here's the rent rule numbers, this is what this is how this property can perform. And it's just great to have information and be equipped out of the gate with that with an expert like him.

Andrew Doud 3:06

Nice. That's great. Um so let's talk a little bit about um some current world situations and maybe how they how they impact um what's happening. John, can you give us some insight as far as um rates and things and where where things might be going and how you know, look, this is there's no crystal ball to any of this, but um but what do you see happening as far as maybe inflation rates and how that can all be impacted in the real estate market?

SPEAKER_00 3:34

Yeah, so um the first quarter started out where it appeared as if rates were coming back and lowering, and we were seeing that psychological area where we were getting down under 6% as a benchmark, and that seemed to spur a lot of activity in the market. And you mentioned uh world pressure, stock market pressure, all of those things psychologically have an impact on both buyers and sellers where they're not certain of what's going on in the world climate. You see things like oil and gas prices rising, you see the stock market taking a hit as far as everyone's 401ks and retirement and whatnot. So, where people into the first quarter were thinking, now might might be the right time, rates are rolling back, get my house on the market, or look for that next step in a property, or re-enter as a first-time home buyer. It's given a little bit of a pause right now, where it has almost gone back to that wait and see kind of uh expectation as to what happens in the world, what's happening with the wars, and how it affects us locally is really not all that impactful. How it affects people psychologically is a big difference. And and that puts it on a little bit of a pause where we're gangbusters for the start of the first quarter, and things have trailed off a little bit into the the late end of the quarter. So it's a wait and see as we get into April.

SPEAKER_02 5:08

I would argue that uh even with uh kind of these world circumstances going on, good real estate is good real estate, and and it's still the time to move. And I think we saw that on the North Fork with uh great price houses and good properties. What would your advice be?

SPEAKER_00 5:23

Yeah, so um, you know, just as an example with that property that we worked on together, um, this was a couple who I had known through some previous deals, and they were very disenchanted with the uh relationship they had with a previous realtor. Um MT is thrilled with the partnership that we have with Saunders. We serve the communities out here, SAG Harbor, all of the Hamptons, Bridge Hampton, and and the the work that we do together, community-based. I brought this to Sarah and I talked to her and I said, Look, I've got clients that are going nowhere. They've got some economic pressure on this home. She knew the properties, she knew that with some marketing, both digital as well as some great, great photos and a great write-up on it. It was like night and day as far as the client's experience. And they're doing backflips as far as both the exposure and the opportunity with the both the open houses as well as people that have traveled through that are are now making offers where this property was languishing for the better part of the last nine months, and they really felt some economic pressure on it. So it's been a wonderful overall experience.

Andrew Doud 6:35

I think that goes back to this idea that you you not only the marketing standpoint, but like you you were able to paint the picture as far as the numbers, right? People came and they're like, What can I do with this? And you're like, you can do A, B, C, D. You know what I mean? There was a lot of options, and you outlined it for everybody. So um, and you know, and then the offers are, I think, a direct result of a clearer picture of what the future can look like for that property. Um to that point about this uncertainty. Um, Sarah, do you want to just give us some insight on what you've seen also maybe on the South Four? Because you have a couple listings down here, but um kind of what the activity has been like um from your perspective as far as what you're seeing for buyers or sellers at this point?

SPEAKER_02 7:15

When we discussed kind of the pause and people taking a pause, I feel that on the higher end, uh, three million and up. But when you're talking about um those, you know, quote unquote more affordable price points, you know, two million, one million, anything under a million, it moves. And this is the spring market, and the market is alive and people are making offers. And again, if it is a great house priced correctly, with the rates that we did see, that good improvement that we did see going into the start of the year here, I think people are really excited. And um, if they need a house, they're buying a house right now. And so maybe if it's a second or third home and it's really like this luxury buy that they're gonna do, they might be kind of sitting and waiting. But I find that um the bulk of the people are still pretty excited about where rates are now compared to two years ago. Um, and and I do have sellers that are continuing to list and and put their houses on, and they're excited too to have uh the proper results and a success story.

Andrew Doud 8:11

To that point, Steve, let's talk big picture. What do you got as far as the numbers for the week?

Steve Glick 8:16

Yeah, so um it was a steady week. 19 listings went into contract last year. This time there were 30 listings, so a decrease of 37%. Two years ago it was 34 listings, a decrease of 44%. So I wouldn't be too alarmed with the number. There's still plenty of activity going on in the Hamptons, and there's still um a little bit of lower inventory, but we are seeing a lot of new listings come on the market, and I'll get to that get to that in a minute. Um the breakdown of the 19 transactions, two between five and ten million, two between three and five, eight between two and three, five between one and two, and two opportunities went into contract under a million. The dollar volume was fifty-five million dollars. Last year was ninety-six million, so a decrease of 43%. Two years ago, the dollar volume was 109 million, a decrease of 50%. But like I said earlier, 38 new listings came out of the market. We're seeing that uh uh inventory uh continuously increased. That increased the inventory numbers by 19. And the breakdown of 38 new listings, one between 10 and 15 million, seven between five and ten, seven between three and five, twelve between two and three, five between one and two, and six properties under a million dollars. Inventory is at sixteen hundred and two total listings, twelve hundred and sixty-nine active, three hundred and thirty-three in contract. So slower within contracts, but still steady. There you go. Yeah, yeah.

SPEAKER_02 9:36

That's what we're feeling.

Dave Rattiner 9:37

It's nice to see the more inventory. Is that nice for you? Do you like does that feel good or do how do you feel about that?

SPEAKER_02 9:42

Uh it really depends. I mean, I I like to see houses that are priced correctly and that are good products. So, you know. Like any price point. At any price point. Yeah, I don't, I don't, you know, a bunch of houses that are overpriced or a bunch of houses with terrible flow, you know, don't really get me excited. But when I see good houses and good real estate, I think that's what I like best.

Steve Glick 10:00

Yeah, but look, more inventory, when more inventory comes on, that gives more opportunities. So if you're thinking about selling your home, now you you look online or whatever, you call an agent, you see 10 properties that you can you can afford. And now you say, All right, I'm gonna list my home. But when you go online and you only see like two properties, you're gonna say, Oh, I don't know, why am I selling? There's nothing I I could buy.

SPEAKER_02 10:19

So it does slow people down in that in that respect.

Steve Glick 10:22

So they want to see the opportunities that exist. Yeah, so they could say, All right, I'm gonna sell my house and upgrade to this house.

SPEAKER_02 10:27

And the spring market usually presents that for folks. So that I think I think that's when buyers and sellers get the most excited. I always say we the Hamptons has a market all year round. Uh, we do put things in a contract and sell things all year round, but the spring really is, I think, a true favorite for people. Absolutely.

Dave Rattiner 10:43

Well, the spring is such a funny time because there is this like trigger moment where you get that one day of beautiful weather.

SPEAKER_01 10:52

We almost have it today.

Dave Rattiner 10:53

Yeah. I know, but there is it is so weird to see because I experience it every year, like since I was a little kid. It's like it's just dark and lonely, and there's no nothing happening, and then just like it's it's not a it's never a particular weekend or a particular day. It's just like one random day, and it's just like there's a lot of people around, it's a beautiful day. People are going to the beach, you know. It happens in May sometimes, it happens in April sometimes. We want it to happen this weekend. Yeah, that's what it's funny. It's funny, it's such a weird thing, and then everyone remembers. Oh, yeah, like the Hamptons is incredible, you know. It's just so funny.

Andrew Doud 11:35

Let's uh yeah, so that's actually a good transition. So this weekend, we do need the rain to hold off because we got St. Patrick's Day.

Dave Rattiner 11:41

Yeah, you guys have a big weekend. Yeah, you see, you have the Hampton Bay's St. Patrick's Day Parade. So talk to me about that. That starts at 1 p.m.

SPEAKER_02 11:48

Uh it's 11 a.m. step off. So if you come at 1, you can drink the Guinness. Um I guess. You can come for that, Dave. But um if you want to actually see the parade, you should be there earlier. Earlier, 11. So it starts at 11. It starts at 11.

Steve Glick 12:01

You see people should get there, like 10?

SPEAKER_02 12:03

Yeah, the the lineup actually starts at 9:30. And I think um there, so three years ago there were 40 people in this parade. This year, 89 participants. Last year there were around 90 as well, if I recall correctly. Um and I think the biggest announcement to kind of put on here today is that rain or shine. I mean, rain or shine, these guys say these these crazy Irish men are out there, rain or shine. So it's it could be really fun uh either way, and we're gonna be in it, so that'll be a good time. Yeah.

Dave Rattiner 12:32

Well, let's hope it doesn't rain. I know. If it does rain, you're gonna wear an uh uh have an umbrella.

Andrew Doud 12:36

Well, I'm supposed to be driving a classic chip.

SPEAKER_02 12:40

Andrew, I don't know. Andrew doesn't like to drive the classic chicken.

Dave Rattiner 12:43

Stand out there like a soldier, you know, just in the porn.

SPEAKER_02 12:47

And I'll be out Peppermint the Pony, uh, and he likes the rain and the sunshine, so I guess we'll be there either way. That sounds good.

Andrew Doud 12:55

How often have you seen a pony?

Dave Rattiner 12:57

In a parade? I don't know.

SPEAKER_01 12:59

You're gonna have the guy in the back scooping up the uh we actually part of the conversation how to manage that.

Steve Glick 13:06

Yeah, yeah. What are you talking to doing to do that? You're asking all the right questions.

Andrew Doud 13:11

That's a good question.

SPEAKER_02 13:11

And so we don't have the answer. I don't know if you heard, but Steve volunteered you to come, Dave, and help us on Saturday. Right? Just gotta walk around.

Andrew Doud 13:21

It's fine. We would love to have you. But it's a good, it's a great parade. It was gone for I forget, it was a year or two that they didn't have it, and then it came back.

SPEAKER_02 13:30

Yeah, and it was the co it was the COVID years, and it was, you know, um, they really have this great, great team of people that's just really rejuvenated the the spirit of it, and the community's super pumped about it. Last year was the biggest, you know, biggest and best, and this year it looks like it'll be even bigger and better.

SPEAKER_05 13:46

Can you explain your involvement in this? Because you are, I mean, there's been several nights where you are like I got a I got a parade meeting.

SPEAKER_02 13:52

Yeah, so I I am involved. There are uh a group of people that are far more involved and really carrying the load of all this, but it's been nice to be in the room and just having involvement with the Chamber of Commerce, and then um also, you know, just for business purposes being there and community purposes. So it's it's been fun to be a part of it. I've gone to the brunch, we've done the fundraising, we're a summer sponsor. Sarah Dowd Real Estate is the sponsor, one of the sponsors for it. So um, but also I want to mention, too, there's a group of 17 Irish musicians that are coming in. So they're flying in tonight, they're gonna be playing at Bookley's from Ireland Real Music. It's gonna be very authentic and and fun. So a lot of uh cool things and just good energy going on.

Andrew Doud 14:32

The guys organizing this are great people, have yeah, they're good people, and they've put a lot of work into making this one of the top parades on the East End because apparently on Long Island, uh St. Patrick's Day is a month-long celebration. Yeah, apparently West Hampton Beach, you know, and then Montag at the end. And they and they were in the West Hampton Beach.

Dave Rattiner 14:50

You know, every every pro every parade brings in people. It's great. So it's good. So each town wants to jump on it, you know. Oh, yeah.

Andrew Doud 14:56

So rain or shine. Saturday. So that's happened Saturday at 11. Dave, what else you got this weekend?

Dave Rattiner 15:01

Um well, so in uh if you want to, if you have kids, you can jump over to the spring equinox party at the Children's Museum of the East End. Uh that's on March 21st. 10 a.m., I guess. Spring this weekend.

Andrew Doud 15:15

My daughter was telling me, she's like, it's spring this weekend. I'm like, it is?

Steve Glick 15:21

Okay.

Dave Rattiner 15:22

You know, and so you can bring your kids. You you and I both love to see me, or we all do, I guess. Um you can explore science of spring by learning about the earth, moon, and how the seasons happen. So you could do that with your kids. And then wanted to highlight a wonderful lunch special. Steve and I went to this yesterday. It was incredible. Crispy Taco in Southampton has for the lunch. I have not been there yet. Instead of$14 tacos, they have seven dollar tacos.

Andrew Doud 15:51

$7 a taco?

Dave Rattiner 15:52

Seven dollars. I'm telling you, these tacos, you could get one and you'd be good.

Steve Glick 15:56

You get two tacos for$14.

Dave Rattiner 15:57

Two tacos for you. But you can get away with one. Okay. No problem. Where is it? Where's the two? And the castilla. If you get that case, the castilla is seven bucks as well. Okay. The castilla hands down is totally fine for the whole for the whole lunch. Yeah, like you can get away with uh a sit-down with a restaurant in the Hamptons in a nice place for like 20 bucks, including the tip.

unknown 16:19

I don't believe it.

SPEAKER_02 16:20

In the village, I swear. I swear.

Dave Rattiner 16:22

That's like South Hampton Village. All right. So that's that's my that's my that's kind of a secret too.

SPEAKER_02 16:28

I didn't know about it.

Dave Rattiner 16:29

I kind of regret secrets. I kind of regret just doing that. Maybe not too many people will go, hopefully. Um anyway, so and then we like to highlight restaurants. So if you want to uh talk about a restaurant that you guys like, you know, go ahead.

Andrew Doud 16:44

Yeah, where's your go-to spot, John?

SPEAKER_00 16:47

So I'm what's considered an up islander. I'm back westway there. So um we go out, we do uh uh game night on the weekends, like on a Saturday, and we'll pick different restaurants in the area just to check them out and try.

Dave Rattiner 17:01

Game night.

SPEAKER_00 17:02

And uh one of the ones that we've we've tried recently was a restaurant called uh Mavi, who does a kind of uh an Eastern grill, which is a combination of some Greek foods and uh some Mediterranean foods, which is really, really neat. Nice.

SPEAKER_02 17:20

Yeah, you and I, we're going to lunch. Okay.

SPEAKER_05 17:22

Um how about you?

SPEAKER_02 17:24

We're oh goodness. Just think about tacos now. I mean, let's go like Rumba's got great tacos. Let's stick to the taco train. Yeah, they've got great tacos, and I'm ready. I'm ready for you know the bay breeze and maybe taking the boat over to uh in the boat parties. They deliver to your boat, which is always kind of fun. We don't have a boat, so but if it's cool you can buzz over there.

Dave Rattiner 17:44

We we looked at a house uh that where you could you could you can buzz over to Rumbah. And I just love that that you can uh I love that about Hampton Base, that there's all these waterfront spots. Destinations for sure. So cool. That's what you got super that's what I got.

Andrew Doud 17:59

All right. Well, we're gonna let you guys go. But that was a great podcast. Great insight, John. Thank you so much for joining us and for uh for your expertise. Sarah, thank you so much. We will of course have you on again. Uh until then, everybody, we'll see you Saturday, rain or shine, hopefully at the St. Patrick's Day Parade in Hampton Bay is 11 a.m. And uh until next week, I'm Andrew Dowd. That is what's happening in the Hamptons.