Christopher Covert
Phone
(917) 834-0635
Email
[email protected]
May 17, 2023
It has been quite some time since I have sent out a newsletter, and there are a lot of things to report. Most significantly, at the end of 2022 I partnered with NYC luxury boutique agency Modlin Group to open an office in the Hamptons. Led by Adam Modlin for 23 years, the focus has been on high-touch service and discretion at the most distinguished levels of the NYC market, and we now bring that same level of client interface to the East End. With a private office in Bridgehampton, we are fully up and running and have already closed a number of prominent deals both on- and off-market and have a nice portfolio of exclusive listings to share.
In other news, the Hamptons market continues to confound, and there is a pervasive feeling of a complete lack of urgency to transact. The first quarter of the year showed a significant reduction of closed sales YOY - off over 50 % - but an uptick in available inventory. We are, however, at near record lows for on market properties and this is keeping pressure on sale pricing. The same cannot be said for the rental market, and for the second consecutive year there is an over-supply of inventory, and things look pretty bleak for Landlords at this point. I would point to a couple of factors, the main being continued overpricing based on pandemic surges that are no longer relevant, as well as the fact that for the last three years we sold homes to a significant portion of our rental pool. Why pay stupid money for two weeks in the Hamptons when you can pay slightly less stupid money to charter a yacht in the Mediterranean?
And finally, it is full on Spring on the East End which means yellow cars, lots of sneezing, and new openings for the season. In Sag Harbor look for El Taco Bar to replace LT Burger, Vin Sur Vignt in place of MTK Lobster House, WTF (What the Falafel) in the old Jack's spot (with Jack's moving to Main Street), and Sag Harbor Kitchen in place of Dockside. Southampton sees Enchanté Bistro opening in the old Red Bar location, and if you have not been back out since last summer, look for the new outpost of Sant Ambroeus in East Hampton where Babette's used to be. Lastly, Rowdy Hall is moving a couple miles east and taking over the space where Main Street Tavern was in Amagansett.
That about wraps it up, and as always, feel free to reach out to do a deeper dive into the Hamptons market. Or just to say hello.
