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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

  • On Saturday, June 21st, Palm Tree Crew returned to the Hamptons for the fifth-annual Palm Tree Music Festival, the hottest summertime event on the East End. 

This year’s festival, featuring REVOLVE among its standout sponsors, brought together a legendary lineup of performers including Palm Tree Crew co-founder Kygo, Fisher, and Mau P, alongside Blond:ish, Coco + Breezy, Tinx & Lucas, Benjamin Lloyd, and Beau Cruz.

#hamptons #palmtreemusicfestival #kygo #fisher #blondish #cocoandbreezy #benjaminlloyd #beaucruz #southampton #musicfestival
  • Antiques have a fresh new home in the Hamptons as Zoe Hoare, a celebrated antiques expert and interior designer, opens her first-ever storefront at 2487 Main Street. After years of curating rare treasures for clients across Sydney, London, and beyond, Zoe brings her signature blend of old-world charm and global style to the heart of Bridgehampton.⁠
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Located in the Malia Mills annex, Hoare & Hoare Antiques, is a dream for vintage lovers and design enthusiasts alike. From 18th and 19th century European finds, to playful, affordable decor, every piece has a story. Think: blue and white enamel kitchenware from France, hand-dyed table linens in candy hues, and butter-soft Indian cashmere scarves. Zoe’s unique eye even extends to fashion, with vintage French work jackets and overalls that are right on trend.⁠
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“I’ve always had a passion for finding pieces with stories and character,” says Zoe. “Every item in my collection is something that sparks joy, whether it’s a beautifully worn French enamel pot, a vintage work jacket, or a hand-dyed tablecloth. I want my store to feel like a treasure hunt, full of unexpected finds and nostalgic charm.”⁠
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@hamptonsnystyle⁠
@hoareandhoareantiques⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#hoareantiques #antiques #bridgehampton #zoehoare #thehamptons
  • 5 White Oak Lane, Southampton, NY 11968⁠
Saunders Exclusive: $4,995,000⁠
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@vinceinthehamptons⁠
@drewgreenhamptons⁠
@hamptonsrealestate⁠
@paramountdevelopmentgroup⁠
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Discover unparalleled luxury living in this magnificent new construction from Paramount Development Group.⁠
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This spectacular residential property boasts 7 bedrooms, 5 full baths, and 1 half bath spread across 4,929 +/- sq. ft. of meticulously designed space.⁠
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Nestled on 0.98 acres of pristine land, this newly constructed masterpiece offers a haven of elegance and comfort. ⁠
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Built in 2024, the residence spans two stories with an additional 1,438 square feet of finished lower level space.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#hamptons #realestate #newconstruction #luxury #southampton
  • When it comes to dining out in the Hamptons, there is no shortage of restaurants to choose from. While there are not many vegan-exclusive establishments, there are still plenty of options for plant-based eating in the Hamptons, with more joining the culinary scene all the time.⁠
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WESTHAMPTON⁠
🥑 Local Provisions – Smoothies, specialty toast, and local love⁠
🌮 Funchos – Vegan tacos & burritos with outdoor seating⁠
🍝 Baby Moon – Vegan-friendly pastas (get the eggplant!)⁠
🍷 Salt & Loft – Chic setting with salads, pasta, and a Beyond burger⁠
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EAST QUOGUE⁠
🍱 Tony’s Fusion – Top-tier tofu dishes, veggie curry, and sweet potato rolls⁠
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🥢 Matsulin – Asian fusion, mock meats & killer peanut sauce⁠
☕ Hampton Coffee Co. – Beyond breakfast sandwich, smoothies, & a “Happy Wrap”⁠
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SOUTHAMPTON⁠
🥪 Four Oaks – All-day vegan eats & organic juices⁠
🍛 Saaz – Authentic Indian with tons of vegan options + lunch buffet!⁠
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BRIDGEHAMPTON & WATER MILL⁠
🍣 Yama Q – Cozy sushi spot with veg rolls and tofu entrees⁠
🇫🇷 Bistro Ete – Fresh vegan zucchini spaghetti⁠
🇬🇷 Elaia Estiatorio – Greek small plates, spreads, and salads⁠
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SAG HARBOR⁠
🥗 Provisions – Café + health market, tons of vegan dishes⁠
🌾 Page at 63 Main – Upscale, with vegan bowls & salads⁠
🌮 Estia’s Little Kitchen – Casual breakfast/lunch, kitchen garden fresh⁠
🍜 Sen – Modern Japanese with rice/noodle dishes & veg sushi⁠
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EAST HAMPTON & AMAGANSETT⁠
🥟 Hampton Chutney Co. – Indian dosas, thali, and oat chai⁠
🍲 Kumiso – Tokyo-inspired ramen & veg izakaya vibes⁠
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 MONTAUK⁠
🥙 Naturally Good Café – Smoothies, juices & vegan breakfast⁠
🍽 Joni’s Kitchen – Tofu scrambles, stir-fry, smoothies & steps from the beach!⁠
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Cover: @localprovisionswhb⁠
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View the complete guide at Hamptons.com (Link in Bio)⁠
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#hamptons #dining #vegan #weekend #montauk #westhampton
  • Sushi by Boū will offer just eight seats per table, a truly unique and memorable sushi experience inside Sydney’s “Taylor” Made Cuisine in Westhampton Beach. 

@sushibybou_westhampton 

#sushi #omakase #hamptons #dining #westhampton
  • Who’s excited for the Palm Tree Music Festival! ⁠
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Check out the Top Hamptons Events This Weekend!⁠
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🎶 5th Annual Palm Tree Music Festival⁠
📅 Saturday, June 21st | 🕑 2pm – 11pm⁠
📍 Shinnecock Indian Territory, Southampton⁠
🌴 Iconic music + luxury vibes + brand activations.⁠
📸: Rob Rich/SocietyAllure.com ©2025⁠
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🛍️ Female Founders Market at The HUB⁠
📅 Saturday, June 21st | 🕘 9am – 6pm⁠
📍 2183 Montauk Hwy, Bridgehampton⁠
✨ Shop curated female-founded Hamptons brands.⁠
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👡 Dolce Vita Pop-Up in Southampton⁠
📅 June 20–22 | 🕚 11am – 3pm daily⁠
📍 95 Main Street, Southampton⁠
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👜 Kulson Pop-Up at Sage & Madison⁠
📅 Friday, June 20th | 🕒 3pm – 6pm⁠
📍 31 Madison Street, Sag Harbor⁠
🥂 Sip + shop Kulson’s Summer Capsule Collection.⁠
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🍦 BuddhaBerry x Stocked Pop-Up⁠
📅 Friday, June 20th | 🕛 12pm – 5pm⁠
📍 125 Main St, Sag Harbor⁠
🍪 Salted cookie + froyo collab = YUM.⁠
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👜 Hamptons Handbag Festival⁠
📅 Sunday, June 22nd | 🕙 10am – 5pm⁠
📍 15 Montauk Hwy, East Hampton⁠
👜 From vintage to designer. All price points.⁠
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📚 Author Talk: Nellie Sciutto⁠
📅 Saturday, June 21st | 🕕 6pm – 7:30pm⁠
📍 East Hampton Library⁠
🎬 Hear Hollywood tales + get your book signed!⁠
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🎭 Colin Quinn at WHBPAC⁠
📅 Friday, June 20th | 🕗 8pm⁠
📍 76 Main St, Westhampton Beach⁠
😂 Big laughs with the comedy legend.⁠
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🎶 Ghost-Note at Talkhouse⁠
📅 Saturday, June 21st | 🕗 8pm⁠
📍 Stephen Talkhouse, Amagansett⁠
🔥 Don’t miss this epic jam session.⁠
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🥾 Penny Pond Hike⁠
📅 Sunday, June 22nd | 🕤 9:30am – 11:30am⁠
📍 Meet at Red Creek Rd, Hampton Bays⁠
🌲 A beautiful trail to start your Sunday.⁠
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Check out more events at Hamptons.com (Link in Bio)⁠
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#palmtreemusicfestival #hamptons #colinquinn #hub #dolcevita #weekend
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