Episode 275 - Ed Gaetjens and Nick Hemby

Discussing The Real Estate Investment Opportunities in Bridgehampton

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Welcome And Sponsor Shoutout

Andrew Doud 0:07

It's Thursday, everyone. I'm Andrew Dowd. It's 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 as always by New York Title Abstract, the Hamptons leading title insurance firm. Visit NewYorktitle.com. We have Mr. Steve Glick, Dave Retiner, and today Eddie G, Ed Gageens, and Mr. Nick Hemby. How are you guys?

Ed Gaetjens 0:28

Doing all right. Fantastic. Always good to be here. Yeah, happy to be here.

Andrew Doud 0:32

Um, so what are we talking about? We're gonna go, we're we're talking Bridgehampton, right? We're in the Bridgehampton office today. You guys are always out here working around the Bridgehampton area, you know.

Steve Glick 0:41

Bridgehampton experts, these two guys. You can always see them in Bridgehampton every time you're out and about.

Ed Gaetjens 0:47

I'm a I'm a transplant here, but but my partner Nick is is born and raised here.

SPEAKER_01 0:52

Born and raised here.

Steve Glick 0:53

Born and raised in Bridgehampton.

SPEAKER_01 0:55

Yeah, in our lane. I sold my family house, what, a year and a half ago?

Steve Glick 0:58

Good for you. Nice.

SPEAKER_01 0:59

Yeah, so I'm born in Bridgehampton.

Steve Glick 1:01

So tell us how has Bridgehampton changed over the many years?

Growing Up In Bridgehampton

SPEAKER_01 1:05

Oh man, um I wouldn't ride a bike around here anymore. We used to ride our bikes to the beach uh with no fear, but now it's a little more scary and a lot more people. Um but I still feel it's the best place to be. Yeah. I love it here. My heart's here. Uh great real estate. Yeah, it's a bridge to everything.

Steve Glick 1:25

Yeah, what about the town, the village? Has it always been this bustling and this busy, or was it pretty scary?

SPEAKER_01 1:30

It's changed over the years. I mean, we've always had like a little ice cream shop there. I mean, TCBY was here.

Dave Rattiner 1:35

Okay. Um, TCBY. Remember TCBY? Um We're just talking about Caldor, you know, like yeah, just look around.

Steve Glick 1:46

Like now you're gonna have a target coming into Bridgehampton. Target's coming. Who would have thought, you know?

Ed Gaetjens 1:51

Yeah, 90,000 square feet. Think about that for a second. I think it's amazing.

Steve Glick 1:55

They're gonna have it's gonna be a Friday night, man. Let's go to Target. They're gonna have another Starbucks inside, and it's just gonna bring so many more job opportunities to Bridgehampton. I mean, they're hiring.

Dave Rattiner 2:05

They are, yeah. They actually reached out and um they wanted us to tell people that they're hiring.

Steve Glick 2:10

So I think it's great. I mean, in Bridgehampton or in the Hamptons general, to go to like a big box store like that, you have to now travel you know further uh west to Riverhead, you know. So bring being able to bring Target here in the Hamptons and making it more of a destination, I think it's a great great, wonderful site.

Andrew Doud 2:26

Do you, Nick? Speaking of the evolution of Bridgehampton, do you know what that the Bridgehampton Commons used to be back in the day?

SPEAKER_00 2:33

A drive-in movie theater.

Andrew Doud 2:34

Yep.

SPEAKER_00 2:35

A drive-in movie theater. And did you go to that drop? I did. My dad actually worked there. Oh, wow. Oh, wow. Wow. Old school. I'm really I'm like the salt of the earth here.

Steve Glick 2:43

So you talk about changes. Yeah, that is that's amazing. That's amazing to see. And it's evolving, you know, over time. And even the land and the houses, I mean, you guys represent a lot of new construction homes, and you're starting to see these streets and these areas in Bridgehampton, especially Bridgehampton North, starting to get developed and and get a lot of money, right, for these homes. Ed, what do you think about that?

Ed Gaetjens 3:06

I mean, I you know, we just sold and closed 54 Sawasset, right?

Steve Glick 3:10

Okay.

Ed Gaetjens 3:11

Which, you know, people told me people told me you're not gonna get above 5.2 million over there. We got almost six million.

Steve Glick 3:18

Uh, broke a record. This is a breaking record.

Ed Gaetjens 3:20

Broke a record for for for some.

Steve Glick 3:21

And what was the record over there?

Ed Gaetjens 3:22

Uh it was like 5.5 or something like that. It was nothing like nothing near that. And everyone was doubtful you were gonna get it. And now, you know, that's gonna be the norm over there. And there's not a lot of property available in that area. You know, when I look at that area that borders Lumber Lane, narrow lane, uh, you know, uh the the highway, you know, you're not gonna it's a small section, maybe 50 homes over there.

Steve Glick 3:49

You know, and you could still bike or walk to town, right? From very easily. Very easily. You're right in the village.

Dave Rattiner 3:56

What's nice is is you got uh Sag Harbor is just like right there. You can zip right there, or you got the bridge and then you got the ocean.

Andrew Doud 4:02

Four miles from Sag Harbor to Bridgehampton.

Dave Rattiner 4:04

So it's like there's just so much action in a small part in the south.

Ed Gaetjens 4:08

I know Nick and I are super bullish on even above, you know, where narrow lane is, you know, Bridgehampton North heading towards Sag Harbor. I mean, there's a lot going on up there. And the Bridgehampton, Sag Harbor Turnpike, you know, Huntington Crossway, that's the next area to be able to do it.

Steve Glick 4:25

So if you if you're an investor and you're looking to invest in the next, you know, pocket area of the Hampton to the next boom, you're saying Bridgehampton North is the spot. Absolutely, Nick.

SPEAKER_01 4:34

Yeah, I totally agree. Um again, you're close to SAG, um, and if you're like closer to town, like you can be in town within a few minutes. Uh you're closer to Jitney, the train, everything's right there. Um again, like I said, it's a bridge to everything. East Hampton's not far.

Steve Glick 4:49

It's a bridge to everything. That's a great line. That's a great line. And it really is. It's like you can really get to like all the Hamptons.

Target Arrives And The Drive-In Memory

Steve Glick 4:55

I mean, our office is here, obviously, so I'm very partial to Bridgehampton. I've been coming out here for many years, and it's it's it's great. Uh, it's one of my it is my favorite Hamptons uh town. I didn't know that. It is. I'm I love I'm I'm Bridgehampton. I feel like I'm a Bridgehampton local because I've been working out here so much. I know everybody and everything around the area. I feel I feel at home when I come here.

Dave Rattiner 5:14

Same it's working to Bobby Vans. We feel like uh we we're celebrities there.

Steve Glick 5:19

I know. Uh but Ed Ed and Nick, you guys have um some opportunities coming up here in Bridgehampton. There is coming on the market soon a two-lot subdivision in Bridgehampton. So tell us about that.

Ed Gaetjens 5:30

Yeah, Nick, you want to take this one?

SPEAKER_01 5:32

Yeah, that's uh off of the turnpike. Uh great location again. Um easy access to everything.

SPEAKER_00 5:38

Okay.

SPEAKER_01 5:38

Um again, you uniquely, I actually used to live at this house when I was like at one year old. Um yeah, my family was there, and uh now it's come like full circle and uh great development opportunity. We're gonna be able to put two lots there, uh what's it at point six zero per lot? Yep. So very unique opportunity.

Steve Glick 5:56

Um you could do in house, pool, and maybe a small cabana. A small cabana, yeah, with a garage, right? You gotta get a lot of cool. And um this is an opportunity for someone looking to invest into an up and coming area. Here it is. You could build two homes side by side right here in Bridgehampton.

Ed Gaetjens 6:14

And guess what? If you say you wanted to have yourself your own little estate back there, okay, which is you know, so close to town, you could have a pool, uh a huge house, maybe 8,000 square foot house, a pool house, and tennis. And that's a that's a big deal. You know, that area is you know, it's unique in a way because if you go a little further down south towards Hoppings Rose, there's some flag lots that are back there that have some pretty grand estates right there. So I mean this is a great opportunity all around.

Steve Glick 6:46

Um so we just put out the first half numbers of 2026, and um it's a great market report. You can find it on Saunders.com, you can read through the full report. But today we're talking about Bridge Hampton, and one of the things that just jumps off the page, like literally jumps off the page, is the median price. And the median price has increased all throughout the Hamptons, but when you're focusing on Bridge Hampton, 168% increase from this time last year. So the median price in Bridge Hampton last year was 2.82 million. Wow. Now hold on, the median price right now is $7.5 million in Bridge Hampton.

Ed Gaetjens 7:29

I mean, obviously, we get some we get some skew get some skew there. You get some on the ocean on the ocean deals.

Steve Glick 7:37

But nonetheless, you know, there's there's just a lot of activity in Bridgehampton. I mean, look, sales transactions were down 30%. There were only 28 homes that traded in the first half of the year compared to 40 homes this time last year. So obviously there's inventory numbers that still affect, you know, the overall market. But, you know, something comes on in Bridge Hampton and it's it's it's a compelling property, people are willing to pay for it. They're not gonna pay astronomical prices, but when they see something like they're gonna go for it and they're gonna pay uh what you know what it's worth. Um the some of the price categories that jump up is the five to ten million dollar price category. We've seen a 33% increase. The 10 to 20 million category, we're seeing an 80% increase,

Bridgehampton North As The Next Bet

Steve Glick 8:20

and the over $20 million category, there was two transactions. Um, but certainly, you know, there's still opportunities and others, but it's just low inventory. I mean, there's only two trades um from the two to three million dollar category and two trades from the one excuse me, from the one to two million dollar category. So lower lower than normal inventory numbers in Bridge Hampton, but great opportunities. And you know, bringing on you know this two-lot subdivision. I know you also are building something, uh a new construction on Narrow Lane, and also another property on Sawassa, this is just gonna help the inventory levels and be uh very compelling projects.

Ed Gaetjens 8:56

You know, I mean the one thing that I I see, like you know, we do stuff in Southampton Village, and uh it's hard to compare towns, right? But uh when I look at Bridgehampton in this area versus where Southampton Village is, let's just say, you know, south of 39 but north of Hampton Road. Uh you have over five hundred homes that are available in Southampton Village. In this little area of Bridgehampton, there's maybe fifty.

Dave Rattiner 9:22

Very exclusive. Okay.

Ed Gaetjens 9:24

Very exclusive is right. So uh again, where you can't really compare, you know, apples to oranges, but it's telling that you can if you want something in Bridgehampton in this area, you better move on it.

Steve Glick 9:34

Well, it's on the rise. Like they always say, look, the number one zip code in the Hamptons is sagaponic, right? That's like it's been the thing, and then water mill has been creeping up. But now with this latest market report, it looks like Bridgehampton is taking over watermill for that second position as you know the number two um most expensive, you know, zip code. So to be able to get something a little north that's not so south for a great price or a great opportunity, there's there's tons of opportunity.

Andrew Doud 10:01

And the thing too is that you know, you you say north and south. I mean, we're talking about like the difference of like a couple hundred feet, depending on where you're gonna do it. It's not like you're miles away. It's crazy. It's crazy. But there is, I mean, I think when I first moved up here, um, you know, everybody was like, oh, south of the highway, south of the highway. Like that's that's a thing. And it is a thing, it's still a thing, it's always gonna be a thing. Um, but you still are you still have access to all these amazing things if you go just 500, 1000 feet north of the highway. And believe it or not, the price drops significantly. And of course it's still expensive, but like there is serious value if you go south of the highway, but there is still um an amazing opportunity, uh, certainly value in north of the highway with all the amenities.

SPEAKER_01 10:48

Yeah, and I think some developers are actually starting to see the value in going north. I know one project I'm working on on Sculehole Road, um, it's a 13,000 square foot house on Skuttlehole Road. Wow. You know, it's like literally from the turnpike to the property is a thousand feet. You know, it's gonna be a giant estate there. 13,000. 13,000. Yeah. So awesome. It's just, you know, people are starting to see the value in Bridgehampton and North Earth Highway. So I love it.

Dave Rattiner 11:14

Yeah, for sure.

SPEAKER_01 11:15

So Bridgehampton, 11932, it's for you.

Ed Gaetjens 11:18

Oh he was working on it.

Steve Glick 11:21

Between Nick's tagline and that. I mean, you guys are coining these taglines.

Andrew Doud 11:24

You guys um there you go. Since we're talking numbers, let's let's just go right into it. What do you got for uh for the week?

Steve Glick 11:30

All right, this week 30 listings went into contract. Last year, 27. We're increased of 11%, two years ago 29, another increase of three percent. The breakdown of 30 transactions, three between 10 and 15 million, five between five and ten, nine between three and five, two between two and three, nine between one and two, and two properties under a million dollars. Dollar volume was 134 million. Last year it was 115 million, so an increase of 17%. And two years ago, the dollar volume was 89 million, an increase of 51%. So we're seeing increases in both the sales trend uh listings going into contract and the dollar volume for the past two years. But 39 new listings came onto the market, so that increases the overall inventory by nine listings, which is great to see. A lot of new inventory coming on, two between 10 and 15 million, seven between five and ten million, five between three and five million, seven between two and three million, fourteen between one and two million, four under a million. The inventory is at seventeen hundred and seventy-six total listings, thirteen hundred and seventy-six active and four hundred in contract. So still uh still low numbers because we're seeing a lot of listings going into contract and just uh and a good amount coming onto the market as that fluctuates. We're still under 1,400 active listings. So um this is the norm. This is what it is. This is the new norm. And um price your listing right because there are is there's there's act plenty of activity. So um don't overprice. But price price price correct, and you will transact.

Andrew Doud 13:05

Um any other listings you want to highlight while we're while we're chatting about this?

Ed Gaetjens 13:08

I gotta tell you, 131 Narrow Lane that looks like Caddy Corner to where Nick's old house was. Okay. Super interesting house, right? It's on 0.34 of an acre, but five bedrooms, five and a half baths. Wow. A great house, like an infinity pool, and the windows are just really,

Median Price Spike And Tight Inventory

Ed Gaetjens 13:25

really different and really unique in its own way. Big peaked uh windows with with huge um open area. You're gonna really like this house.

Steve Glick 13:36

So I'm looking at the photos, the renderings you have on there. What do you call it?

Dave Rattiner 13:38

It's like a modern barn, I guess. Is that what you call it?

Ed Gaetjens 13:41

Yeah, I don't know if you can call it modern barn. It has its own unique kind of look. I drove by this yesterday.

Steve Glick 13:46

It's really coming along, man. It looks great.

Ed Gaetjens 13:47

Yeah, yeah.

Steve Glick 13:48

Great. And we've been following you along on Instagram, Ed, and you could see if you follow Ed on Instagram, you could see the construction process. You've been at the job site a couple times.

Dave Rattiner 13:56

Yeah, well, that's what's so key about having a real estate agent for a new construction, is on your social media, you show uh the progress along the way. So, like if you're looking at the listing, you see, oh, it's a rendering, but you want to know how far along it is. Usually you have to go to the most recent video.

SPEAKER_01 14:11

At that uh particular property, I've been involved since the design. Um, I don't know if you guys know I'm a Hurge reader, so I do energy modeling.

Dave Rattiner 14:18

Oh, cool.

SPEAKER_01 14:19

So I modeled the energy for that home, and I also did insulation in my other business.

Dave Rattiner 14:23

Nick, you are a jack of all trades.

Ed Gaetjens 14:25

You are also he's also my chief. He was my chief. He got me into the fire department.

Dave Rattiner 14:29

He's yeah, chief of Bridgehampton Fire Department, and also you own a barbecue company. Oh, yeah. What's the name of the truck?

Steve Glick 14:37

Pike, yeah. Oh man, they got the best steak. I tried it. Steak and bread. I tried it and go wrong.

Ed Gaetjens 14:44

His food is insane. I couldn't get money out.

Dave Rattiner 14:47

I didn't know it was Nick's, and I was at this food festival, and there was the only long line at this food festival was your truck. And I was like, Oh, I gotta try it. And I tried it, I got the brisket. I was like, oh my god, this is unbelievable. And I found out it was easy.

Steve Glick 15:00

But he's so good he didn't bring any food for us today. I mean, come on. And he spotted me too, but he was so busy in the truck.

Dave Rattiner 15:06

He was like, Oh, I saw you at the thing, and I was like, that's you!

Steve Glick 15:10

He was cooking, he would, he was, he was grilling those steaks, which is so good.

Ed Gaetjens 15:14

Um I'll give you a shameless plug for an open house I'm doing tomorrow at 272 Montauk Highway in Southampton. I'm going to serve El Pastor tacos there tomorrow that I'm gonna make from 11 to 12.

Dave Rattiner 15:25

So you're also a chef too. Definitely. He is a chef.

Ed Gaetjens 15:27

I do okay.

Dave Rattiner 15:28

Yeah. You guys both enjoy cooking.

Steve Glick 15:31

So go to go to Ed and Nick's open houses throughout the season. You'll get fed pretty well, right? Yeah, you will definitely.

Andrew Doud 15:38

I was just I was just curious, right? So 131 Narrow Lane. This is a north of the highway. We're talking like close to south of the highway.

Ed Gaetjens 15:45

It is literally two minutes from the center of Bridgehampton, a half mile. Right.

Andrew Doud 15:50

We're gonna get rid of that word north. You get it, you get an incredible value, but the proximity is is just as good. So you can call it upper south. Yeah, Upper. Upper South. There you go. Yeah, hey, lower lower Stag Harbor. You know, Stag Harbor South. Yes. Um but yeah, great. It's a great house, great listing, great area for sure. Um, all right, Dave, what do you got going on this weekend?

Dave Rattiner 16:15

Yeah, this looks pretty cool. Neil deGrasse Tyson, the world famous scientistslash astronomer. He on Sunday, August 23rd from 7 p.m. to 11 p.m. is doing a Star Talk Live. You can meet him in person at Guild Hall on Main Street in East Hampton. So if you want your mind to be blown about the universe, you can go and check that out. You can buy tickets on at guildhall.com. And then this weekend, Andrew Dowd is the beginning of the Hampton Classic Horse Show.

Andrew Doud 16:44

Ah, horses. Talk about Bridge Hampton.

Dave Rattiner 16:46

Horse country. Bridge Hampton. Speaking of Bridge Hampton, this is like the the the biggest event. One of the I would say three, top three biggest events in the Hamptons.

Ed Gaetjens 16:55

Potentially the White Party, I guess, yeah. Top one.

Dave Rattiner 16:59

We go to the White Party, right?

Ed Gaetjens 17:00

I would say that the big one. I don't want to break.

unknown 17:02

All right.

Andrew Doud 17:02

Oh, okay. No big deal. That's fine. We can't get

Weekly Contracts, New Listings, Pricing Advice

Andrew Doud 17:05

our annual company. Well, this year we have the Gonf. That's right. We can't get the Gonf.

Dave Rattiner 17:08

Exactly. Bridgebooks. Bridgebooks, I would say, is one or two.

SPEAKER_00 17:11

Yeah.

Dave Rattiner 17:11

But you know, this is a good time. You know, you go down there. It's you can regular tickets are fun. I I go down there just for regular tickets. They have um all kinds of stuff for the kids to do. Plus, you can get ice cream and stuff. It's good.

Andrew Doud 17:23

Saturday's family day.

Dave Rattiner 17:24

Yeah, it's always nice to get Saturday?

Andrew Doud 17:25

Yeah, I think that's when they have like the magician and like this Saturday's.

Dave Rattiner 17:29

I didn't know that, but this Saturday's family day. Sarah told me. I don't know. So we gotta go. Wow. Yeah, it's um so the Hampton Classic starts.

Andrew Doud 17:36

You know you can adopt a pony, they walk ponies around, and you can adjust like adopt one.

Dave Rattiner 17:40

So we don't want you going there because you're just gonna adopt it.

Andrew Doud 17:43

No more animals in my house. We're good, man.

Dave Rattiner 17:45

And the the the bridge Hampton Faraday. Next thing I know, I see Andrew Daddy's walking out with a dog. He's like, I don't know what I just did. Adopted a dog. Like on a whim, like he saw.

Andrew Doud 18:01

It was literally that day I was like, yeah, what's another 15 years of my life?

Ed Gaetjens 18:05

Sure, to take care of another thing. It's fine. Nick, are you gonna be doing fire watch over there?

SPEAKER_01 18:10

I'm actually not gonna be able to do it. I'm a little too busy.

Ed Gaetjens 18:13

I signed up for two this year. Yeah. With this preacher of the fire department 24-7, we have somebody there watching to make sure the fires don't start. So wow. It's pretty interesting. I usually take the the midnight till 8 a.m. one.

Dave Rattiner 18:25

That's cool.

Andrew Doud 18:27

Yeah.

Dave Rattiner 18:28

We watch a lot of Netflix while doing that. Just drive around and make sure the horses uh that's cool. That's cool.

Andrew Doud 18:34

Talk about a thankless thing, though, but I mean, because like imagine if something goes wrong. Like you've got to be there. You know what I mean? Those horses are they're a bunch, a bunch of Ferraris and Lamborghinis parked out there.

Ed Gaetjens 18:44

And can I tell can I tell you the the midnight to 8 a.m. shift? There is a ton going on there. Every vet is in there. Oh my god. It is so busy. You think it's just quiet. It's there's so much going on. Yeah, it'll be a good thing. It's so cool to see it behind the scenes like that with all people.

Featured Narrow Lane Build And Open House Food

Ed Gaetjens 19:00

That is cool.

SPEAKER_01 19:00

And that's another thing that's grown over the years. You know, it wasn't so bad.

Dave Rattiner 19:04

Major massive, yeah. Massive.

SPEAKER_01 19:08

Massive.

Dave Rattiner 19:08

That's cool. All right. What else? We got uh Dear Evan Hansen, the uh very, very famous play. I I didn't I've never seen it, but I've seen like commercials for it. So I know on Broadway. So Dear Evan Hansen is playing at Bay Street Theater. Uh so you can go and see that this weekend. Ticket prices start at 79 bucks, go all the way up to 160 bucks. And then Lavaine Bakery in Wainscott. They got the best cookies, maybe. They do have the best cookies, but they also now have teamed up with a cafe pana ice cream company.

Andrew Doud 19:43

I like ice cream too.

Dave Rattiner 19:44

So now you can go there and it's crazy, man. Could you imagine an ice cream sandwich? You get a cookie. It's unbelievable. So you get ice cream in a couple of things. You feel your chest tighten up as you're eating. Yeah, then they dump the LeBan cookie right into it. It's like, oh man, it's just heaven. So you gotta check that out, too. Um, so that's running until the 31st, so you only have like two more weeks, one more week, really, of that. And that's it. What's your favorite restaurant? Oh, yeah, we always ask, what's your favorite restaurant?

Ed Gaetjens 20:11

We're gonna keep coming back to this. I told you it's it's Stone Creek Inland. That's it. I still why would I change it?

Dave Rattiner 20:18

Switch it up. It doesn't disappoint.

Ed Gaetjens 20:21

The second Lulu.

Dave Rattiner 20:23

Lulu. My favorite, I'm gonna go.

Weekend Events, Best Bites, And Wrap

Dave Rattiner 20:27

Lulu and Sagar.

Ed Gaetjens 20:29

Mike. And the and the pike.

Dave Rattiner 20:32

What do you like? There you go. Hey, what do you like?

SPEAKER_01 20:35

Um I am partial to Vans. Like, I'm Bobby Vans. Let's go. Can't beat it. Yeah, I love it there. Um I've actually gotten quite fond of right across the street here at um the uh help me here.

Ed Gaetjens 20:47

Bridge Hampton In?

Dave Rattiner 20:49

Food's really good there. Yeah, food is excellent there. Yeah, yeah, really is good. Yeah, Bridge Hampton Inn's. It's a sleeper. That's a sleeper. A lot of people don't know, like you know, because it's like that's a sleeper.

Andrew Doud 20:59

Chef Chef Eddie G, right? Comes in with uh with the pasta the other day. How was that? How did you enjoy that? Amazing, man. It's always good.

Ed Gaetjens 21:07

I like to cook for my friends. He's a good cook. Yeah, there you go. There you go.

Andrew Doud 21:10

We might spoil him, so we gotta be careful. We don't want to spoil him too much. He works out the late.

Dave Rattiner 21:14

He works out a lot. You know, it's good.

Andrew Doud 21:16

That's awesome. All right, guys, thanks for joining us. We'll call it a podcast. This is great. You're the best. Thank you. Um, all right, until next week. I'm Andrew Dowd. That's what's happening in the Hamptons.