patrick mclaughlin – Page 2

Games Hamptons People Play

October 17, 2022October 17, 2022

Boardwalk. Go to jail. Do not pass go. These are all synonymous with the game of Monopoly, which has been collecting dust in family closets for generations. But now there’s a new version of the game that is ready to eat up shelf space and raise a few eyebrows at the same time: Hamptons Monopoly. You probably saw it displayed as you entered the local CVS or vareity store. This version of the game, which is set in The Hamptons, features a number of changes to the traditional game board, including different properties and different prices. While some people love the new twists on the classic game, others like me feel that it could just as well be set in Ronkonkoma. Meaning, this board game was developed by some intern at Hasbro who was researching articles in Long Island Pennysaver.

First off, Boardwalk and Park Place have been replaced with the Montauk Light House and Shelter Island. While not exactly Baltic Avenue, one would think Boardwalk would be Sag Harbor Main Street or Southampton Bath and Tennis. Instead of going to Jail maybe they should just put you in line at Citarealla. As for the game game pieces, the car looks kind of like a Ford Pinto (have they been to the Hamptons?). Why didn’t they at least have something more hip like a Moke! But before you think they totally missed the mark, the retail price for the Hamptons version is $39.99 while the regular sells for $16.34 on Amazon.com. I think I’ll stick to solitaire on my phone.

Another restaurant falls victim to the tough Hamptons restaurant scene. The Montauk Lobster House, nestled between Sen and the American Hotel on Main Street Sag Harbor, has closed its doors. The restaurant’s location and proximity to other successful businesses should have made it a huge success, but apparently not. Maybe it was the dumb name considering it’s in Sag Harbor. Or maybe it was just bad luck. Either way, there’s no news yet about what’s going into the space which was also formerly occupied by Wolffer Kitchen. We can only hope that the new business will have better luck than the Montauk Lobster House.

WHAT’S YOUR HOME WORTH?

June 9, 2022

It’s the question I get asked most often and one I’m going to try to tackle. Take a look and if you have any questions, you know how to get in touch.

EVERYTHING YOU WANTED TO KNOW ABOUT HAMPTONS RENTALS BUT WERE AFRAID TO ASK!

May 19, 2022May 19, 2022

Yeah, it’s only two weeks till Memorial Day and things are already starting to heat up in anticipation of the warmer days ahead, especially in Amagansett. Two new dining spots are putting on their finishing touches in hopes of feeding the masses of “Tribeca by the Sea.”

But more on that in a minute. At this time every year, the talk I constantly hear is about summer rentals. It’s funny even sometimes the most seasoned tenants need a reminder of what to expect when moving their lives to the east end. Luckily for those folks and everybody else with questions about what it means to rent in the Hamptons, I’ve done a little introduction. So grab your popcorn and press the play button below. Trust me it’s more informative and entertaining than Sandra Bullock’s “The Lost City.”

As I said in the beginning of this post some good grub is coming soon to Amagansett. One of the more anticipated openings will be for the new “Astro Pizza” on Main Street. Chef PJ Calipa (IG: @chefpjcalipa) is lending his expertise to the menu to include some gourmet pies and premium ice creams. Calapa is the owner and chef behind NYC’s usually packed Scampi restaurant in Chelsea. If his unique Mediteranian seafood dishes are any indication of whats to come, get ready for some seriously interesting pies. By the way, I know interesting pizza. When I was in college I waited tables at the Pizzaria Uno in Georgetown DC. for a few years. But really it’s not as impressive as it sounds.

The old Hampton Chutney Company location is getting a refresh with Caribbean flair!

Meanwhile, across the street some cool Bahamian breezes are sweeping into Amagansett Square. The former site of Hampton Chutney is soon to become a Caribbean themed restaurant. I happened to be walking by and was told it will be called “Doubles.” I dont’ have much more to add but I was told to expect an opening sometime in June. If you get any more details, let me know.

THERE’S NO INVENTORY IN THE HAMPTONS!

February 10, 2022

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

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

A 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):

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):

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):

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.