The Hamptons of today is a stark contrast to the bucolic farm and vineyard country it was known as for decades. COVID-19’s impact has helped spur a traditionally seasonal second-home market to one that offers a year-round lifestyle. Agent Gary DePersia of the Corcoran Group has transitioned his business to evolve along with the real estate he represents.
Gary DePersia of the Corcoran Group.
HEADING OUT: How did you get your start in real estate?
Gary DePersia: I started coming out here as a summer/weekend person in 1984 to windsurf. In those days I lived and worked in Manhattan, where I had a textile brokering business. In 1995, I decided to move to the Hamptons full-time. I joined Allan M. Schneider Associates to begin my real estate career and quickly saw the opportunity here. It’s a whole different lifestyle. It was the best decision I ever made.
How did you get your first clients?
I actually didn’t sell a house for over a year when I started. But I had some great mentors in the partners of Allan M. Schneider, especially the president of the company, Peter Hallock. Often, he asked me to show houses to his buyers and renters. This was instrumental in building my career over the first 10 years. In fact, one of them wound up doing $70 million worth of business with me over the course of about 12 years: buying, selling, buying, selling.
A waterfront Sag Harbor property at 3809 Noyac Road, currently listed by DePersia for $10,950,000.
Do you feel like that kind of mentoring from leadership exists today? And is that necessary to get started in the business?
I was very fortunate in that I joined the biggest boutique brokerage at that time in the Hamptons. I saw the best brokers, the best listings, the best advertising. All of that gave me an excellent foundation. These days, new or would-be brokers often come to me for advice. I tell them three things. First, join the largest, best firm that will hire you. And if possible, team up with an experienced broker — that gives you a better overview and introduction into the market. Second, don’t quit before you give yourself a chance to be successful. I didn’t sell a house for over a year! Had I quit in frustration, I’m not sure where I’d be today. The third thing is listings, listings, listings. When you have listings, you have inventory, so you control your own destiny.
What do you think sets the Hamptons apart from other resort or luxury markets?
Our market is heavily weighted by New Yorkers and those living in the metropolitan area. So one of our huge draws, as compared to other vacation/resort/luxury markets, is that you don’t have to get on a plane to get here. The Hamptons was a beach getaway when I started coming here in the mid-’80s. It’s now much more of a country-house getaway. People use their houses here year-round now, it’s not just about the beach or summer anymore. With businesses and restaurants open year-round, there’s more to do in the off-season. That makes it much easier to justify the cost of buying, or even renting.
An 8-bedroom property at 142 Crestview Lane in Sagaponack, currently listed by DePersia for $27,950,000.
Have certain areas of the Hamptons gotten more desirable in the last year?
The dividing lines between north and south of the highway are really starting to blur. Yes, there are buyers and renters who want to be close to the beach. But many must drive there anyway. They’re realizing that if you can’t walk to the beach, you might as well get a great property north of the highway for far less. Expand your opportunity. Something that costs $14 to $15 million south of the highway could be $7, $8, or $9 million north of the highway. Even houses farther north, in the woods, are achieving record prices. Some of them have amazing, high elevations overlooking the Peconic Bay or Atlantic Ocean — or both.
Any predictions for the 2021 market?
If the balance of the year is anything like the first three months, I predict a continuation of strong sale and rental activity.
Last question: What tips do you have for people looking to rent or buy this year?
Don’t wait! Don’t wait for your perfect dream house. Find something that checks most of the boxes, and make it your own. Live in it for a few years, until your perfect home surfaces. By then you’ll be better prepared to recognize it. Plus, you’ll probably make more money on the interim house when you move up.
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