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The Covert REport - Memorial Day Issue

May 23, 2024

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So we have been having a bit of the storm before the, well, calm?   Just as in the City we have had some really intense weather this morning, with lots of thunder, heavy rain, gusty winds, and hail.  But the majority of Memorial Day Weekend looks great so it’s time to officially kick off The Season. 

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In Real Estate News, the market has been fairly quiet the last few weeks, though not completely dead, and I think this is an indication of a return to normal patterns. Historically things get very slow as we get into May as most people have settled their summer plans, and attention turns to Graduations, end of school year activities, wedding season, and life outside of Hamptons Luxury Real Estate.   We are seeing an increase in inventory which is good, but we need to really see what happens in July and August as we are also facing the potential for an Election Year slowdown. With demand still far outpacing supply, maybe things pick right back up.  And if anyone tells you they know what this market is going to do, well then I would definitely buy that bridge they are selling.


In other news, every year we look forward to new openings, and I am personally excited to check out Shark Bar Montauk which is opening in the old home of legendary Cyrils - and they are promising a BBC.  IYKYK.   In Sag Harbor, the guys from Red Hook Tavern in Brooklyn are taking over the American Legion Hall space and opening Sag Harbor Tavern, and Arthur & Sons is bringing their red sauce classics to Bridgehampton.

So I guess it's time to say it's on.  Let's Go Summer 2024.