Business Briefs: Sen Celebrates, WordHampton Wins, Third Quarter Is In

Michael Heller photo.

Sen Restaurant proprietors Tora Matsuoka, Jesse Matsuoka and Jeff Resnick during a celebration of the restaurant’s 25th anniversary on Thursday night.

WordHampton Public Relations Wins Big at MarCom Awards

WordHampton Public Relations recently earned three MarCom Awards for their “media relations excellence and expertise,” according to a press release.

The East Hampton firm, located at 512 Three Mile Harbor, won one platinum MarCom Award — the highest achievable — for their execution of public relations programs prepared for the launch of L&W Market in Bridgehampton.

They earned a gold MarCom Award for The Washington Postplacement that highlighted two clients in the food-centric story, “Summering and Simmering in the Hamptons,” and an honorable mention for their television placement showcasing DOMA Land + Sea on News 12 Long Island’s “Dishin’ on LI” program.

“MarCom Awards honors excellence in marketing and communication while recognizing the creativity, hard work and generosity of industry professionals,” the release said. “Since its inception in 2004, MarCom has evolved into one of the largest, most-respected creative competitions in the world. Each year about 6,000 print and digital entries are submitted from dozens of countries.”

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Third Quarter Numbers Are In

Fewer sales at higher prices in Amagansett, East Quogue, Montauk, Shelter Island and Westhampton resulted in an increased average home price — but the remaining stats were a downward slope for the third quarter.

According to Brown Harris Stevens, the total number of South Fork sales dipped 15.7 percent year over year — 344 compared to 408 — and the total dollar volume decreased 17.8 percent to $598,741,707. The average sales price in the Hamptons declined 2.5 percent to $1,740,528, while the median price increased 14.8 percent to $1,033,000.

On the South Fork, 77 percent of sales were under $2 million, and there were 22 sales over $5 million — seven of which exceeded $10 million.

Douglas Elliman reported that price trend indicators rose year over year, as sales fell for the third consecutive quarter, with the largest decline in third quarter market activity occurring under $1 million. Luxury listing inventory surged to the highest level seen in seven years of tracking, though sales at or above $10 million remained unchanged year over year.

In Sag Harbor Village, the market seemed to be taking a breather — with 21- and 34-percent drops in the number of home sales and total home sales volume, respectively — while posting a 20-percent increase in the median home sales price of $1.65 million, Town & Country Real Estate reported.

Hampton Bays had a remarkable quarter with a 135-percent explosion in total home sales volume — nearly 30 percent more number of home sales and a 19-percent increase in median home sales price. As the most affordable hamlet on the East End, the median home sales price was $525,000.

“This proves the demand for affordable homes remains strong by many who wish to make the Hamptons their year-round home,” a press release said.

Amagansett topped even the crown jewels of East Hampton, Southampton Village and Bridgehampton with its median home sales price of $5.25 million — a staggering 159-percent increase year-to-year, based on just seven sales in three months.

Southampton Village had an impressive quarter with a 60-percent increase in the number of home sales and a 74-percent leap in total home sales volume, with the most activity in the $1 million to $1.99 million range. Montauk had a soft third quarter, with decreases in number of home sales, total home sales volume and median home sales price.

“Looking at all Hamptons markets combined, you will see that, although several individual markets moved independently, overall the market activity was stable — not weighted in one direction or the other,” the release said, adding, “The Town & Country third quarter North Fork home sales report of 2018 was a genuine surprise.”

While the North Fork is enjoying well-deserved popularity, the number of home sales dropped significantly in three of four markets. Southold, which includes New Suffolk and Peconic, closed less than half as many home sales year over year, and the total home sales volume sank 38.3 percent — though the median home sales price inched higher by almost 2 percent. However, Southold posted the most expensive sale at $4.2 million, for 1415 North Parish Drive, Fahey to Romano.

Orient was the shining beacon for the North Fork, with 55 percent more number of home sales, 84 percent greater total home sales volume, and a steady $650,000 median home sales price — the highest in all North Fork markets.

“So what is the underlying message here?” says Town & Country CEO Judi Desierio in a press release. “As one who has been reporting on East End real estate trends for over 30 years, I can honestly say this is a function of a severe lack of inventory — particularly in the under $1 million range, along with demand for more expensive houses inching up.”

Brown Harris Stevens also reported a decreased number of sales on the North Fork, down 27.8 percent to 143. The average North Fork sale price increased 7.4 percent to $583,444 and the median price remained the same, year over year, at $480,000.

The slip in North Fork sales and listing inventory marks the second and third consecutive quarters, respectively, for Douglas Elliman. But, year over year, median sales price rose for the sixth consecutive quarter to a record high of $619,000.

The median sales price also climbed Long Island-wide to a new record in 16 years of tracking data — rising 5.9 percent to $450,000, according to Douglas Elliman. The average sales price increased 2.9 percent to $532,679, though the number of sales fell 2.6 percent to 8,304, the second time in three quarters.

Skolnick Garners Praise for Port Washington Library

The Children’s Library designed by Lee Skolnick.

Sag Harbor-based architect Lee Skolnick has done it again.

His firm, Skolnick Architecture and Design, recently received two “Archi Awards” at the 54th annual awards gala on October 18 for the Jackie and Harold Spielman Children’s Library at the Port Washington Public Library — an oasis of bright colors that form paths from a central “Tree of Knowledge” to different learning areas within the 5,300-square-foot space.

The children’s library was recognized for Excellence in Architecture in the Best Non-Residential Interior category, and won a special Benjamin Moore Colors Award for its “Outstanding Use of Color.”

“The annual AIA Long Island Chapter Design Awards Program recognizes excellence in architectural design by Long Island Architects and/or Long Island projects and aims to increase awareness of today’s outstanding architecture,” according to a press release.

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