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Hamptons.com
June 21, 2021

How The Real Estate Market Has Evolved Over the Past Year – An Attorney’s Perspective

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

I recently discussed the evolution of the real estate market with David M. Dubin, Senior Partner with the law firm, Twomey, Latham, Shea, Kelley, Dubin & Quartararo.

I asked for his experience with real estate transactions since March of 2020 when COVID-19 started to have a dramatic impact on Eastern Long Island’s real estate market.

JV: What are some of the lingering effects of the ways you have had to adapt to the impact of COVID on your real estate transactions?

DD: While many of the offices have reopened, practices that evolved as a result of COVID have continued. Documents are prepared and exchanged electronically; signatures are acquired electronically except when original documents and signatures are required by law, for example, deeds and recordings of those documents with the County Clerk’s Office.

JV: Do you expect this practice to continue even though offices are opening and interested parties will be permitted to gather around a conference table for in-person closings?

DD: Yes. This is far more expeditious for all parties including buyers and sellers. Many issues that have been contentious at “in-person” closings are avoided in advance by the parties to the transactions.

JV: The Statute of Frauds requires that contracts for the transfer of real property be in writing. How is that being handled and are electronic signatures permitted?

DD: The electronic signature is permitted if there is a clause in the contract agreeing to accept electronic signatures. The seller’s attorney scans the contract to the buyer’s attorney and the buyer’s attorney scans the contract signed by the buyer back to the seller’s attorney and the seller then signs the contract. The deposit submitted by the buyer is deposited into the seller’s attorney’s escrow account.

JV: Before COVID, it was not uncommon for clients to give their attorneys power of attorney and not attend the closings. Has that changed?

DD: It probably occurs with even more frequency since remote closings have become popular.

JV: What percentage of your transactions are cash deals?

DD: Given the low inventory and high demand, I would say that well over fifty percent are cash deals. But because interest rates are so low, buyers may choose to finance the purchase. But their obligation to close is not contingent on them getting the mortgage.

JV: Have you been involved in “bidding wars” or multiple offers, and if so, how are they handled?

DD: Yes, I have. Given the competition among buyers, they have become more common. Some brokers submit the offers to the sellers for review by their attorneys, and some handle them themselves.

JV: Have you had any experience with buyers submitting letters along with their offers intended to encourage sellers to accept their offers?

DD: No, I haven’t seen that. Ninety-nine percent of the information we receive regarding the terms of the sale comes from the brokers. I haven’t seen any letters submitted by buyers if there are any.

JV: Ownership of residential properties by LLCs (Limited Liability Company) has become a common form of ownership. What is the reason for that?

DD: The main reasons are anonymity and protection from personal liability. Some purchasers don’t want to see their names in the local papers, which publish the sales, the property they purchase, or the price paid for it. The name of the LLC is often the address of the property.

New York State Tax Law 1409 (a) has added certain disclosure requirements regarding identifying the members with respect LLC ownership. The law was recently amended to eliminate the requirement for certain entities.

JV: With seasonal and longer term leasing of properties having become more common, please distinguish between a “right of first refusal” and an “option to buy.”

DD: An “option” is a right that the property owner gives to another person to buy a certain property at a fixed price for a definitive duration. An option is an offer that binds the owner to sell but does not bind the optionee to purchase.

A “right of first refusal” obligates a property owner to offer a property to the holder on the same terms as the owner is trying to sell to another party. A property owner has more control over the sale of their property choosing a “right of first refusal” because the holder must wait until the owner decides to sell; an option holder can often force the sale at his or her will.

JV: The common practice for sellers is to enter into a Listing Agreement contract with a real estate broker regarding the services and compensation of the real estate broker. Are you ever called upon by the seller you will be representing on the sale to review those listing agreements?

DD: Yes, at times sellers receive proposed Listing Agreements and will ask us to review them and offer advice. It often provides comfort to them.

JV: President Biden is proposing to set a maximum of $500,000 of a capital gain that may be deferred in “like-kind” 1031 Exchanges. This would apply to all exchanges of investment properties, including farms. Considering the market in which you are involved, what is the proportion of the $500,000 when measured against the amount of the exchanged properties?

DD: Our transfers often far exceed the $500,000 limit.

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INTERVIEW: Designer Nili Lotan On Her Limited-Edition Collaboration With Champion Athleticwear, Namesake Label, And Much More

INTERVIEW: Designer Nili Lotan On Her Limited-Edition Collaboration With Champion Athleticwear, Namesake Label, And Much More

  • Check out the Top Hamptons Events This Weekend!โ 
โ 
๐Ÿป Back to the Bays x Kidd Squid: Brew for the Bay Release Party!โ 
๐Ÿ“… Friday, May 30, 2025โ 
๐Ÿ•“ 5pm
๐Ÿ“ Kidd Squid Brewery, 11 Spring St, Sag Harbor, NYโ 
โ 
Join us as we toast to conservation! ๐ŸŒŠ๐Ÿบ Proceeds support marine restoration through @ccemarine Back to the Bays Initiative.โ 
โ 
๐Ÿ”— [Click Link in Bio for Event Info]โ 
โ 
๐ŸŽถ Sunset Serenades: A Hamptons Summer Celebrationโ 
๐Ÿ“… Fri, May 30th -31st
๐Ÿ•– 7pmโ 
๐Ÿ“ Various Hamptons Venuesโ 
โ 
An intimate concert featuring THยทFMโ€™s Salon Orchestra, soprano Greer Lyle & more โ€” conducted by Logan Souther. ๐ŸŒ…๐ŸŽปโ 
โ 
๐Ÿ”— [Click Link in Bio for Event Info]โ 
โ 
๐Ÿ† Celebrate Local Legends: Howard & Kenny Woodโ 
๐Ÿ“… Fri, May 30, 2025โ 
๐Ÿ•” 5pmโ 
๐Ÿ“ The Clubhouse, 174 Daniels Hole Rd, East Hampton, NYโ 
โ 
Join the party honoring Suffolk County Hall of Fame icons! ๐ŸŽ‰โ 
โ 
๐Ÿ”— [Click Link in Bio for Event Info]โ 
โ 
๐Ÿ Talkhouse Encore Launch Partyโ 
๐Ÿ“… Sat, May 31, 2025โ 
๐Ÿ•’ 3pm โ€“ 6pmโ 
๐Ÿ“ The Stephen Talkhouse, Amagansett, NYโ 
โ 
FREE entry, tequila pineapple cocktails, music, bites & giveaways! ๐Ÿน๐ŸŽถโ 
โ 
๐Ÿ”— [Click Link in Bio for Event Info]โ 
โ 
๐Ÿงฑ CMEEโ€™s 8th Annual Block Partyโ 
๐Ÿ“… Sat, May 31, 2025โ 
๐Ÿ•™ 10am โ€“ 12pmโ 
๐Ÿ“ CMEE, Bridgehampton, NYโ 
โ 
A FREE morning of crafts, rockets, chalk art & summer camp samplings! ๐Ÿ‘ง๐Ÿง’๐ŸŽจโ 
โ 
๐Ÿ”— [Click Link in Bio for Event Info]โ 
โ 
๐Ÿ˜‚ Saturday Night Comedy at Sticks X Stonesโ 
๐Ÿ“… Sat, May 31, 2025โ 
๐Ÿ•— 8pmโ 
๐Ÿ“ Sticks and Stones Comedy Club, Southampton, NYโ 
โ 
NYCโ€™s top comedy club talent hits the Hamptons! ๐ŸŽค๐Ÿคฃโ 
โ 
๐Ÿ”— [Click Link in Bio for Event Info]โ 
โ 
๐ŸŽฌ Sunset Theater: Karate Kid: Legendsโ 
๐Ÿ“… Opens Fri, May 30, 2025โ 
๐Ÿ• Various Timesโ 
๐Ÿ“ Sunset Theater, Westhampton Beach, NYโ 
โ 
Donโ€™t miss the latest chapter in the Karate Kid saga! ๐Ÿฅ‹โ 
โ 
๐Ÿ”— [Click Link in Bio for Event Info]โ 
โ 
๐Ÿฐ Afternoon Tea at The Baker House 1650โ 
๐Ÿ“… Sun, June 1, 2025โ 
๐Ÿ• 1:30pm โ€“ 4pmโ 
๐Ÿ“ 181 Main St, East Hampton, NYโ 
โ 
Enjoy champagne, sweets & elegant tea service in a historic setting. โ˜•๐Ÿพโ 
โ 
๐Ÿ”— [Click Link in Bio for Event Info]โ 
โ 
Check out more events at Hamptons.comโ 
โ 
#hamptons #weekendโ 
  • Nearly two years after its debut, El Verano offers a taste of upscale Mexican cuisine in a setting inspired by the charm of vacation summer homes in Mexico. Customers enter a vibrant space filled with beautiful greenery and colorful decor as they enjoy dishes rooted in the heritage of acclaimed chef Julian Medina.โ 
โ 
Medina grew up in Mexico City, where his love for cooking first began. In pursuit of his career, he moved to New York City, where he graduated from the French Culinary Institute. Noticing a lack of refined Mexican dining in Southampton, Medina created El Verano to bring the bold flavors of his roots to the area. Blending Mexican coastal charm with rich culinary traditions, El Verano brings something new to the Southampton dining scene.โ 
โ 
Medina shared some of his signature dishes, journey through the cooking field, and highlighted El Veranoโ€™s fresh and locally sourced ingredients that shape each creation.โ 
โ 
Read the interview at Hamptons.com (Link in Bio)โ 
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#elverano #dining #southampton #mexicancuisine
  • NAMIRO made its Southampton debut in style on May 17 with a ribbon-cutting ceremony and VIP cocktail preview, joined by Mayor Manger. Guests enjoyed signature bites and high-energy vibes at this invite-only event.โ 
โ 
Conceptualized by music and hospitality heavyweights, NAMIRO Sushi is more than a restaurantโ€”itโ€™s where sleek design, elevated Asian cuisine, and nightly celebration collide. Located at 76C Jobs Lane in Southampton, NAMIRO opened its doors to the public on May 21 and is open seven days a week, year-round.โ 
โ 
๐Ÿ“ธ: Rob Rich/SocietyAllure.com ยฉ2025 โ 
โ 
Check out the gallery at Hamptons.com (Link in Bio)โ 
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#namirosushi #hamptons #southampton โ 
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โ 
  • Itโ€™s Memorial Day Weekend in The Hamptons! 

So many pop-ups, collaborations, and more! 

๐ŸŽถ Chloe Caillet & Kaytranada at The Surf Lodge
๐Ÿ“ 183 Edgemere St, Montauk, NY
๐Ÿ“… Saturday, May 24 | ๐Ÿ•“ Doors at 4PM

๐Ÿ”ฅ SlowFires NYC x Ruschmeyers Pizza Pop-Up
๐Ÿ“ Ruschmeyers, 161 2nd House Rd, Montauk, NY
๐Ÿ“… Fri, May 23 โ€“ Sat, May 24 | ๐Ÿ•“ 4โ€“9PM

๐ŸŽจ Dolce Vita Pop-Up in Southampton
๐Ÿ“ 95 Main Street, Southampton, NY
๐Ÿ“… Fri, May 23 โ€“ Sun, May 25 | ๐Ÿ•š 11AMโ€“3PM
Dolce Vita x Down the Streetโ€™s Summer Art Series: view new art drops, shop, and enjoy seasonal treats.

๐Ÿ‘œ Landsโ€™ End x Round Swamp Farm
๐Ÿ“ Round Swamp MTK โ€“ 71 S Elmwood Ave, Montauk
๐Ÿ“ Round Swamp BH โ€“ 97 School Street, Bridgehampton, NY
๐Ÿ“… Fri, May 23 โ€“ Sat, May 24 | ๐Ÿ•ฃ 8:30AMโ€“6PM
Get a custom tote with any $200+ purchaseโ€”1 per customer.
๐Ÿ“ธ AD: Ryan Woehler | ๐Ÿ“ท: Chris Klinge | ๐Ÿ‘—: Jenny Huebner | ๐Ÿ“ธ Asst: Dan Kleinschmidt

๐ŸŽค Hello Brooklyn at The Stephen Talkhouse
๐Ÿ“ 161 Main St, Amagansett, NY
๐Ÿ“… Saturday, May 24 | ๐Ÿ•ฅ 10:30PM
Itโ€™s not a true Hamptons weekend without a night at Talkhouse! Dance the night away with Hello Brooklyn.

๐Ÿช Levain Bakery X Johnโ€™s Drive-In
๐Ÿ“ Levain Bakery, 354 Montauk Hwy, Wainscott, NY
๐Ÿ“… Starts May 23 | ๐Ÿ•— 8AMโ€“5PM
Thick, gooey Levain cookies + classic scoops from Johnโ€™s = summer magic.

๐Ÿชฉ Silent Disco Dance Party at Guild Hall
๐Ÿ“ 158 Main St, East Hampton, NY
๐Ÿ“… Sunday, May 25 | ๐Ÿ•— 8โ€“11PM
Dance in the garden!

๐Ÿช Kites for Kids Benefit at Main Beach
๐Ÿ“ 101 Ocean Ave, East Hampton, NY
๐Ÿ“… Saturday, May 24 | ๐Ÿ•‘ 2โ€“5PM
Decorate & fly a kiteโ€”all proceeds benefit the Eleanor Whitmore Early Childhood Center.
๐Ÿ“ธ Photo Credit: John Musnicki

๐Ÿป Jon Divello at Kidd Squid
๐Ÿ“ 11 Spring St, Sag Harbor, NY
๐Ÿ“… Sunday, May 25 | ๐Ÿ•” 5โ€“7PM
Live music + fresh brews = perfect weekend vibes.

๐ŸŒธ Garden Club of East Hamptonโ€™s Garden Party
๐Ÿ“ Mulford Farm, 10 James Lane, East Hampton, NY
๐Ÿ“… Friday, May 23 | ๐Ÿ•• 6โ€“8PM
Enjoy hors dโ€™oeuvres, drinks, and a Silent Auction featuring art, books, and more.

๐ŸŒฟ Jenni Kayneโ€™s Hamptons Kickoff
Celebrate summer with in-store events all weekend long at the Amagansett Store and the Southampton Store!
๐Ÿ“ธ Photo Credit: Holly Sarah Burgess

Tap the link in bio for info!
  • My curiosity piqued when I saw the new, shovel-ready plans at 28 Pepperidge Lane in Amagansett. Included with this nearly two-acre property, are sophisticated and luxurious plans by the firm Resolution: 4 Architecture (RES4). New construction in the Hamptons isnโ€™t easyโ€”but what if your dream home could be architect-designed and delivered directly to you? What is the latest in prefab architecture in 2025?โ 
โ 
To explore this intriguing approach further, Scott connected me directly with Robert Luntz, the co-founder of RES4. See our conversation on redefining luxury through modern modular design, its growing relevance in the Hamptons, and the future of high-end prefabrication.โ 
โ 
For more information about the plans in place at 28 Pepperidge Lane, Amagansett, contact Scott Bradley.โ 
โ 
RES4 has been a pioneer in modern prefab architecture. What inspired you to focus on this method of construction?โ 
โ 
Weโ€™ve spent over two decades innovating ways to deliver exceptional, modern homes efficiently and affordably. Our modular methodology uniquely allows us to combine luxury, precision, and accessibility, transforming the landscape of high-end housing by delivering refined design to a broader market.โ 
โ 
@resolution4architecture @hamptons_waterman_lifestyle @hamptonsrealestateโ 
โ 
โ 
Read the full interview at Hamptons.com. (Link in Bio)โ 
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#architecture #hamptons #hamptonsrealestate #luxuryโ 
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โ 
  • NYC Second Chance Rescue hosted its 5th Annual Rescue Ball Gala โ€” a dazzling evening of compassion, community, and celebration โ€” at Pier Sixty in New York City.โ 
โ 
The event honored two inspiring individuals for their outstanding advocacy and dedication to animal welfare: Martha Stewart, iconic lifestyle entrepreneur and lifelong animal champion, and Dr. Dan Belkin, leading dermatologist and passionate rescue animal advocate.โ 
โ 
Set against the stunning waterfront views of Pier Sixty, the gala brought together philanthropists, celebrities and compassionate supporters to champion NYC Second Chance Rescueโ€™s mission. The night featured a special live performance by Rob Thomas, a special appearance by Georgina Bloomberg, a lively auction led by celebrity host Elvis Duran, host of Elvis Duran and the Morning Show on Z100, surprise guest Alexandra Daddario, and a high-energy DJ set by GEO ROC that kept guests dancing for a cause.โ 
โ 
โ 
๐Ÿ“ธ: Sylvain Gaboury/PMCโ 
โ 
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Check out the full gallery at Hamptons.com (Link in Bio)โ 
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#secondchancerescue #nyc #marthastewart #robthomas โ 
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