Netflix’s latest release is a reality show called Million Dollar Beach House. It gives viewers a behind-the-scenes look at real estate in the Hamptons, an exclusive area on Long Island, New York. Showbiz Cheat Sheet chatted with cast members Michael Fulfree and JB Andreassi, two agents with Nest Seekers. Here’s what they said about the competitive nature of Hamptons real estate.
Showbiz Cheat Sheet: What convinced you to participate in ‘Million Dollar Beach House’?
Michael Fulfree: I started in the business two years ago, and literally, in the first few months of working in the business and developing myself, I was approached by our CEO. We were in the early stages of development of the show and I was asked if I wanted the opportunity. And how could I turn down a Netflix show?
JB Andreassi: I’ve done real estate, more on the development side in New York City and then DC. And I grew up in the Hamptons. I ended up bringing my Rolodex and experience back to South Hampton, where I’m from, to continue pursuing my real estate career, but more in the Hamptons market. And alongside that, Michael, who has been a longtime friend of mine, was at Nest Seekers and convinced me to join the firm.
This show was gathering momentum and there was an additional spot for a cast member. And Eddie, the CEO, and Michael, asked me if I wanted to be a part of it. I thought it would be a very good opportunity for me to highlight my brand. We signed on for three months last summer.
Showbiz Cheat Sheet: What makes Hamptons real estate so competitive compared to the rest of New York?
Michael Fulfree: The interesting side of working in the Hamptons is you’re selling most of your property East of the canal, which is the Shinnecock Canal, which is further on the East side of Long Island, where the Hamptons are. In the Hamptons area, so far this year 800 homes have sold. There are 2,500 agents. So, that just tells you right there how competitive the market is. Because there are only so many slices of pie, and there are a lot of people looking for a piece of it.
It’s a combination of inventory and what there is left in the Hamptons, the size of the area, and the abundance and the amount of agents who are out here in such a dense amount because of the massive price tags that are on these properties. Everybody would love to sell real estate in the Hamptons. So, it’s very competitive for that reason.
JB Andreassi: I think compared to maybe, say Manhattan, where you have so many buildings, and so many units and condos and apartments, and town homes that are for sale, the Hamptons, in relation to that, there’s not a whole lot of inventory. Properties are a little bit more spread out. It’s not a very large geographic area. And in addition to that, like Mike said, there are 2,500 agents that are trying to compete for these properties.
So those factors alone lead to a lot of competition between brokers and agents out here. And the same thing goes for the industries we work with very closely, like the builders, high-end architects, and designers. So, there is limited inventory compared to New York City, LA, or Miami. And there are a lot of people trying to do the same thing, which generates that competition and that fierceness that we’ve seen in the Hamptons real estate market.
Million Dollar Beach House is streaming on Netflix now. Stay tuned for more from our interview with the rest of the cast.
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