Hamptons Chatter

Sag Harbor Love Shack to Become Coffee Klatch at Latham House…and ATTENTI Shoe Lovers!

April 20, 2021

I caught wind of some good gossip out of Sag Harbor: UNCONFIRMED RUMOR HAS IT… The famed 1790-built Peleg Latham House, listed by Brown Harris Stevens for $5,999,000 and current home of pink and wispy women’s clothing store LoveShackFancy, just sold to Jack Mazzola, owner of Jack’s Stir Brew Coffee. I wonder if the B-52s get a cut? After all, Fred Schneider is no stranger to these parts.

Unfortunately for Mazzola, I’m also hearing LoveShackFancy—”She’s a dreamer, a lover, elegantly ethereal, and romantic at heart…”—might not want to give up their lease. And why would they? Located at 117 Main Street, Latham House is one of Sag Harbor’s most historic and iconic buildings.

From Brown Harris Stevenhttps://www.bhsusa.com/hamptons/village-of-sag-harbor/117-main-street/house/861623

The three-level, 3,162-square-foot federal-style home offers more than 1,150 square feet of prime retail space and a Main Street-accessible residence with exposed wood beams, seven custom brick fireplaces and beautifully aged hardwood floors. And while it’s old, Latham House isn’t short of luxury and pomp, including a spacious living room, formal dining room, gourmet kitchen, full bath, laundry and butler’s pantry on the first floor. Jack will have to supply his own butler, but it’s nice to know Jeeves would be well supplied. This place exemplifies old-world charm, with history oozing from every exposed brick and venerable wood beam.

Outside, the backyard features a spacious brick patio, gunite pool, private garden and manicured landscaping.

The BHS listing started at $7,999,000 in January 2020, dropped to $6,995,000 last July and finally landed at an irresistible $5,999,000 in February.

Italian Fashion Comes to EH, Twice

Speaking of new business, two of Italy’s most recognizable fashion brands, Gucci and Tod’s, now have spots in East Hampton Village.

Passersby in EH will have seen the pink flowers and Gucci logos filling the windows at 17 Newtown Lane, which used to house Club Monaco. Renovations are underway behind those covered windows, and soon the flower motif will give way to displays by one of the fashion world’s most seminal designers. Watch gucci.com for updates, including the opening date.

Meanwhile, just down the block at 47 Newtown Lane, Tod’s is open for business selling shoes, belts and other fine Italian leather goods in the former home of Tory Burch.

Everyone is waiting for what’s going to be a gangbuster summer, and with Europe still off limits it’s sort of a foregone conclusion. Hamptons shopping is back, baby.

THERE’S NO BUSINESS LIKE DOUGH BUSINESS.

April 20, 2021April 8, 2021

Spring is in the air and the crowds are growing in the Hamptons. So much has happened since I last posted here. So, what took me so long? I’ve been working, talking vaccines and binge-watching UFO documentaries on Netflix.

Anyway, the big news in Sag Harbor is Bagel Buoy on Bay Street has finally sunk (toldja). A year or so after they closed and reopened and closed again the space is vacant. But that’s not the big news. I’m burying the lead again! What’s going into its place (according to sources) is Carissa’s bakery and café. I was late to the Carissa’s fan club but once I tried their pickle sourdough rye (seen to the right) and their Plum and Apple Tartin, I was hooked. For those unfamiliar, check out their menu from the two locations in East Hampton click here.

Meanwhile, just in time for Spring comes some more good news. Word on the street is that the East Hampton Regal Cinema will be reopening on May 21^st. It’s been a nearly a year since the venue was shut after the Covid-19 outbreak. Now after watching everything Netflix, Hulu and HBO Max have to offer we’ll have a chance once again to sit in stiff seats, pay for overpriced pretzels and have our feet stick to the floor. I know I missed it too!

FERRIS SAID BEACH PERMITS ARE GOING FAST!

February 2, 2021February 2, 2021

So East Hampton Village beach passes went on sale just a few days ago. So, how is it going? Um, it’s sick. My best friend’s sister’s boyfriend’s brother’s girlfriend heard from this guy who knows this kid who’s going with the girl who saw Ferris at 31 Flavors last night and he said they sold a crazy number of passes already. So, I guess it’s pretty serious. According to the friend of Ferris, 2500 beach passes were gone after only two days of sales. In a normal year, that number would be closer to 200. So if you’re looking forward to sunning in the sands of any of the village beaches, you better run to Village Town Hall (86 Main St., East Hampton) with your license, registration or check and get your permit. You can also try going on line by clicking here:

https://easthampton.permits.basgov.com/

Meanwhile, the real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to the housing industry especially here in the Hamptons, is the lack of homes available for sale today. Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report, which shows that the inventory of homes for sale is currently at an all-time low. The report explains:

“Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.”

What Does This Mean for You?

If You’re a Buyer:

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. The good news is, more inventory is likely headed to the market soon, Lawrence Yun, Chief Economist at NAR, notes:

“To their credit, homebuilders and construction companies have increased efforts to build, with housing starts hitting an annual rate of near 1.7 million in December, with more focus on single-family homes…However, it will take vigorous new home construction in 2021 and in 2022 to adequately furnish the market to properly meet the demand.”

If You’re a Seller:

Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.

Love (& REAL ESTATE) in the Time of Corona.

January 19, 2021January 18, 2021

Like a fine wine or a new Nicholas Sparks novel, all good things take time. It’s been months since I’ve taken pen to paper to put down my thoughts in the gem that is known as Hamptons Chatter. Well, there is no time like now to get started and leave 2020 behind and look toward 2021! Will the Hamptons steroid infused market continue? What about the rental season? While I wouldn’t dare to say I have any sort of crystal ball I am comfortable in telling you what some top economists and real estate experts are predicting. Reminder these are about “National Trends.” The Hamptons is traditionally a unique market. But, right now due to Covid-19 epidemic a large number of NYC residents have now claimed the East End as their primary residence. That has now pushed us IMHO to a more traditional “primary home” market. As for rentals the inventory is limited, demand is high. So, look for another banner year for Hamptons rentals demanding higher than normal prices.

Four Expert Views on the 2021 Housing Market

The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.

Lawrence Yun, Chief Economist, National Association of Realtors (NAR)

“In 2021, I think rates will be similar or modestly higher, maybe 3%…So, mortgage rates will continue to be historically favorable.”

Danielle Hale, Chief Economist, realtor.com

“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”

Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)

“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”

Mark Fleming, Chief Economist, First American

“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”

Bottom Line: Whether you’re ready to buy, sell or rent a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in our local market.

Some good news if you’re a city dweller missing your fix of salumi , mozzarella or panna cotta from NYC. In particular, if you miss the goodies at Eataly. The italian emporium is now doing weekly runs to here in the Hamptons. Just go online to www.eatalyathome.com by Tuesday 12 noon and create a shipment or pick one of their curated boxes and place your order. Then on Friday afternoon go to the designated drop off point in your area and pick up your belissima bundle.