THERE’S NO INVENTORY IN THE HAMPTONS!

Want Top Dollar for Your House? Now’s the Time To List It.

Want Top Dollar for Your House? Now’s the Time To List It. | MyKCM

When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. In the real estate market, that time is right now. If you’re thinking of selling your house this year, here are two reasons why now’s the time to list.

1. Demand Is Very Strong This Winter

recent article in Inman News explains:

“Spring, the hottest time of year for homebuyers and sellers, has started early, according to economists. . . . ‘Home shopping season appears to already be in full swing!’”

And they aren’t the only ones saying buyers are already out in full force. That claim is backed up with data released last week by ShowingTime. The ShowingTime Showing Index tracks the average number of monthly buyer showings on active residential properties, which is a highly reliable leading indicator of current and future trends for buyer demand. The latest index reveals this December was the most active December in five years (see graph below):

Want Top Dollar for Your House? Now’s the Time To List It. | MyKCM

As the data indicates, buyers are very active this winter. Last December saw even more showings than December of 2020, which was already a stronger-than-usual winter. And remember – you want to sell something when there’s a strong demand for that item. That time is now.

2. Housing Supply Is Extremely Low

Each month, realtor.com releases data on the number of active residential real estate listings (listings currently for sale). Their most recent report reveals the latest monthly number is the lowest we’ve seen in any January since 2017 (see graph below):

Want Top Dollar for Your House? Now’s the Time To List It. | MyKCM

And don’t forget, the best time to sell an item is when there’s a limited supply of it available. This graph clearly shows how extremely low housing supply is today.

Even Though Supply Is at a Historic Low, Home Sales Are at a 15-Year High

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), existing-home sales totaled 6.12 million in 2021 – the highest annual level since 2006. This means the market is hot and homeowners are in a great place to sell now while sales are so strong.

NAR also reports available listings by calculating the current months’ supply of inventory. They explain:

“Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.”

The current 1.8-months’ supply is the lowest ever reported. Here are the December numbers over the last five years (see graph below):

Want Top Dollar for Your House? Now’s the Time To List It. | MyKCM

The ratio of buyers to sellers favors homeowners right now to a greater degree than at any other time in history. Buyer demand is high, and supply is low. That gives sellers like you an incredible opportunity.

Bottom Line

If you agree the best time to sell anything is when demand is high and supply is low, let’s connect to begin discussing the process of listing your house today.

BEACH BLANKET BINGO BUST! PLUS, ONE MAN’S JOYRIDE IS ANOTHER MAN’S INSURANCE CLAIM.

No beach pass for you!

Sad news Frankie and Annette won’t be able to take their shenanigans “BACK TO THE BEACH” on the groovy sands of Main Beach East Hampton. The mad rush to the Summer surf of ’22 has begun and if you don’t have an East Hampton Village Beach Pass, you’re S.O.L! Just one day after sales of the coveted permits (all 4100) went on sale at midnight February 1st, they’ve sold out! YEP! You heard me right. According to the website, there’s already a waiting list of about 400. But don’t totally despair, there are still town beach passes available and you can always buy daily passes at certain locations like Main Beach and Two Mile Hollow. SInce they went so quickly, one would hope the village would open up and make more available? But don’t hold your breath. If you want to see for yourself, village the village website now.

Sushi and Dosas on Newtown Lane.

Elsewhere some notable restaurant shuffles are happening around town. A few weeks ago the rumor was an established sushi joint was going into the other half of the old Mary’s Marveloous now Hampton Chutney Co. in East Hampton. Well I was half right, it’s going to be sushi but instead of who I thought was going in, the folks behind the old Zokkon and Suki Zuki will be the ones truncating tuna and whisking wasabi on Newtown Lane.

Also, while rumors have swirled about who was going into the old World Pie in Bridgehampton it’s become official Doppo La Spiaggia from Sag Harbor and East Hampton will be bringing their Bolognese and Fritto Misto to the Main Street location. From what I’ve heard, the new restaurant will be serving a more casual menu along with gourmet pizzas.

Finally, if you visit any of the local chat boards you’ve probably noticed the topic of conversation has moved from squatters to car thefts. But nobody is talking about that crappy Angelina Jolie/Nicholas Cage camp fest “Gone in 60 Seconds” even though the timing seems to be pretty accurate. Yep, you heard me right. Cars are being stolen around town from driveways in both East and Southampton towns. In most of the cases, the owners had left the keys in the cars in their driveways (some even on long secluded drives) and the thieves were in and out before the owners knew it. One poster said by the time they noticed the car missing, the GPS had already been disabled. So in closing make sure you are the key master and keep them out of the car!

SWEET AND SALTY SPRINGS SHUFFLE!

East Hampton Restaurants Change Hands

Food and real estate are coming together, as they often do in the Hamptons, through a series of recent delicious deals in East Hampton. But if you think this is a feel good story about food and real estate like “Big NIght” with charming italian chefs, you’d be wrong. At least if you’re talking to Springs locals. They think it’s more like an evil James Bond villians kind of thing. Think Grace Jones and Christopher Walken hitting the destruct button from their blimp in “A View to a Kill.” But instead of buying only Zoran microchips, folks in the springs will now be recoiling at the idea of $60 NY Strip.

Harbor Bistro Joins East Hampton Point Portfolio

Hedge funder Heath Freeman purchased the beloved East Hampton eatery Harbor Bistro for $4 million just before Christmas, adding to his growing local empire and as I said, people are skeptical. Harbor Bistro, located at 313 Three Mile Harbor Hog Creek Road in Springs joins Freeman’s East End acquisitions, including the neighboring East Hampton Point Resort, which he scooped up in March of 2021 for under $20 million — significantly less than the original $50 million asking price 15 years ago, according to Page Six.

So long and thinks for the fish. Thanks for the tacos too!

While Vanity Fair has called him “the hedge fund vampire,” Freeman has put East Hampton Point back on the map and made Springs a fashionable destination. So, it’s fair to say the man has plans. Will tacos and poke bowls be replaced by overpriced sushi and an influx of Hermes, Birkin bags and Bentley’s? Stay tuned.

Landscape Details Buys Former Nichols Home

Rumor has it… East Hampton landscaping firm Landscape Details, located at 103 Montauk Highway, has bought the property across the street at 100 Montauk Highway, which used to house Nichol’s of East Hampton restaurant, Paul McCartney’s favorite local haunt until it shuttered in 2014 after 15 years and a handful of owners. Before it was Nichol’s, old school Hamptonites will remember the spot as The Quiet Clam from 1977–1998. This isn’t the first time Landscape Details has taken over a property with a long history of restaurant use. Their current home at 103 Montauk Highway held a series of dining venues over the years, including in no particular order: Prime 103, Beachhouse, The Moon, Little Rock Rodeo, Royale Fish, JL East, The Players Club, Peconic Coast, Bacci’s Charcoal Haven, Butterfield II, Duke’s and…deep breath…originally, the Oaks Inn. That’s a lot of restaurants! The good news is, we’ve heard Landscape Details actually plan on keeping their new purchase as a restaurant, and they want to lease out the space. And why not? They’ll be right across the street, keeping a close eye on any future tenants.

Simply Sublime Is Simply Closed

Simply Gone… but there’s a light!

The cute little building that housed Simply Sublime Wholesome Market & Juice Bar at 85 Springs Fireplace Road in East Hampton has sold and a new bakery will replace the health food restaurant and shop. Yeah, I’ll miss them too but it’s not all bad news. The folks who made some of the most unique and crazy good foods at the East Hampton Farmers Market will be taking over. The Cookery with Cyn and Trudy which had lines from their table all summer long will be taking over the spot. If you’re curious about about some of the inventive baked goods, visit their website!

Hello Strangers!

It’s been a few weeks/months/days since I visited my favorite Hamptons blog. Yes, this blog is now reminding me of the new “Sex and the City.” It’s past its prime and we’re not sure if anybody is really clamoring for more. So much as happened since I posted last. About 70% of the Covid Campers have left. 27 is no longer a parking lot. Babette’s in East Hampton closed. It’s allegedly soon to be occupied by Saint Ambrose. Mary’s Marvelous in East Hampton is closed. Hampton Chutney is going in the old Mary’s location and Bamboo Sushi is allegedly going in next door.

NOW IN SOUTHAMPTON!

So now that we got out of the way, let’s discuss what’s new. Everyone is talking about squatters in the Hamptons. A NY Post article highlighted one particular situation where the fed up landlord started a “squatters database.” The new SQUATTER RREGISTRY is up and running with tales of tenants milking the current NY State eviction moratorium. But either way I’m not getting involved but the signs all over town warning of the guy discussed in the article above are hilarious and apparently effective.

Now for some good news, Lobster Roll has finally opened in the former location of Princess diner. I’m glad that the location is no longer empty and finally there’s a good pit stop for those coming into town. Is it Ironic that one of the most calorically laden meals is now available next door to Barry’s Bootcamp? If you’re curious about the new menu in Southampton you can click here.

Speaking of Southampton activities, tomorrow is the 18th Annual Polar Bear Plunge. Yep for those of you who take joy in goosebumps and shrinkage this is the event for you! Benefitting the Heart of the Hamptons, the plunge will take place rain or shine and will benefit local families with food and services. If you want to register and participate be shore or sure to click here. If you’re curious what a Polar Bear Plunge looks like, look no further than the East Hampton New Years Plunge from a few years ago. I’m the guy in the parka taking the video and not jumping in frigid waters. It ain’t my thang.