Business Briefs: 1st Quarter Real Estate, Celebrate at Baron’s Cove
Celebrate the Season at Baron’s Cove
Baron’s Cove will be hosting several seasonal specials to kick off the season.
There will be a Kentucky Derby Party on Saturday, May 6 with food and cocktail specials from 4 to 7 p.m. Sip on mint juleps or a blueberry bourbon smash with blueberry-infused Woodford reserve bourbon, lemon juice, basil honey and blueberries. Post a photo from the event in your derby attire using #BaronsCoveDerby for a chance to win a $100 Baron’s Cove gift card.
There will also be a special bar menu on Cinco de Mayo with mini tacos and margarita pitcher specials. Get a chance to meet the new General Manager, Tara Rothberg, who joined the team earlier this year.
Baron’s Cove’s BBQs are back, with the first of the year during Memorial Day Weekend on May 28. All-American BBQs will also be on July 4 and September 3 from 1 to 5 p.m., Seafood Festivals will be June 10 and August 12 from 4 to 6 p.m. and Berkshire BBQ nights will be held September 23, October 7 and November 11 from 1 to 5 p.m.
Some new spring 2017 cocktails are drinks created in honor of Baron’s Cove’s legendary literary guests like “Answered Prayer” for Truman Capote that includes mint or black tea and orange syrup, lemon juice, vodka, and club soda, the “Paper Lion” for George Plimpton that has Amaro Montenegro, Giffard Peach, Rittenhouse Rye, basil honey, lemon juice, peach bitters, basil and a Rittenhouse float, the “Jack Rose” for John Steinbeck with Calvados, grenadine, lemon juice and a twist. Other cocktails include the “Further Lane,” “Big Narrows” margarita, the “Cross Highway” Mai Tai and the Baron’s Cove Mule.
Baron’s Cove is located at 31 Water Street in Sag Harbor. The hotel was recently voted the #1 Hotel in New York and Mid-Atlantic by Conde Nast Traveler Readers’ Choice Awards 2016. For more information, please visit baronscove.com or call (844) 227-6672
Brown Harris Stevens 1st Quarter 2017 Hamptons Market Report
Brown Harris Stevens has released its market report for the first quarter of 2017, highlighting an East End real estate market that has seen the number of sales decrease by almost 10 percent when compared to the first quarter of 2016.
According to BHS, prices averaged $1,809,490 in the Hamptons during the quarter quarter, 15 percent lower than the first quarter of 2016. The median price increased 15.8 percent over $1,100,000.
First quarter total dollar volume declined 22.9% to $609 million compared to 2016’s first quarter, although several areas, including Montauk, East Quogue and Westhampton saw increases in both number of sales and dollar volume. Southampton Village saw a 100.4 percent rise in dollar volume, with a 15.4 percent rise in the number of sales. On the North Fork, the average price increased 12.1 percent in 2016’s to $573,469 while the median price slipped 11.2 percent to $397,500.
“Not surprisingly, the first quarter of this year shows a decrease in both number of sales and dollar volume over 2016. This reflects the fact that the transactions closing in the first quarter are, for the most part, the culmination of activity that took place in the last quarter of 2016 when the market was more uncertain,” BHS Executive Managing Director, Cia Comnas said. “While the number of sales over $10 million declined significantly over the same period last year, the $5 to 10 million range showed over a 14 percent increase in sales, and certain areas such as Southampton Village, Montauk, East Quogue and Westhampton showed increases all around. The Sag Harbor area also showed significant increases while Sag Harbor Village experienced a decrease —supporting the overall dominance of sales under $2 million.”
The Elliman Reports: Long Island, Hamptons and North Fork 1Q17
Douglas Elliman released its first quarter sales report for Long Island, the Hamptons and the North Fork, detailing a “soft” South Fork real estate market when it comes to the most expensive homes. According to Douglas Elliman, while more sales did occur in the $1 million to $5 million range in the Hamptons, the first quarter had the lowest market shares of sales over $5 million in nearly three years.
Compared to the same period a year ago, the median sales price increased 11.2 percent to $995,000 and the average sales price declined 8.9 percent to $1,724,337. The number of sales increased eight percent to 472 and the number of days on the market remained unchanged at 151.
On the North Fork, inventory declined faster than sales and price trend indicators were mixed, according to Douglas Elliman’s report. There were more high-end sales but less market wide activity, with a longer marketing time and more negotiability. Compared to the same period a year ago, the median sales price slipped 5.5 percent to $519,500 and average sales price jumped 23.7 percent to $857,396. The number of sales fell 9.7 percent to 121 and number of days on the market was 162, up from 139.
Copious Row Beach Lifestyle Store to Open in Southampton
Copious Row Beach, a new lifestyle concept store will open in Southampton this summer. The second location for the brand, Copious Row’s flagship store is located in Greenwich, Connecticut.
Copious Row Beach offers a designer selection of well-curated items in women’s ready-to-wear, accessories and fine jewelry. David Chines, a longtime Hampton’s summer resident who was previously a marketing executive at LVMH founded the store and worked with brands like Fendi and Givenchy.
The 600-square-foot space has a contemporary design with a modern and sophisticated beach vibe created by interior designer, Zachary Dillingham Zimmerman.
Items at Copious Row are all handpicked by Mr. Chines and the selection of items is directed at the concious shopper in search of unique items from today’s most important designers.
Designer brands in the store include Monse, Victoria Beckham, Judith Leiber, Delpozo, Roksanda, Sally Lapointe, Brock Collection, Ryan Roche, Sonia Rykiel, Maison Mayle, Maiyet, Sophie Theallet, Tomas Maier, Baja East, Rosetta Getty, Mr. & Mrs. Italy, Fornasetti, LJ Cross and more.
Copious Row Beach is located at 28C Jobs Lane in Southampton. Opening in May initially Wednesday through Sunday, it will be open seven days in July and August. For more information, please visit copiousrow.com.