Business: Cinco de Mayo, BHS Reports Q1 Numbers

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Chiles en Nogada. Courtesy of La Fondita

Celebrate Cinco de Mayo at La Fondita

Get into the Cinco de Mayo spirit at La Fondita, located at 74 Montauk Highway in Amagansett, which will celebrate with holiday specials all day on Saturday, May 5.

The menu, which is subject to change, will include Tamal de Pollo en Salsa Verde, filled with chicken in a green sauce; Tamal de Puerco en Salsa Roja, filled with pork in a red sauce; and Tamal de Rajas Con Queso, filled with sautéed poblano, jalapeño peppers and Monterrey jack cheese, each served with rice, whole black beans and salad for $12.50, or just the tamal for $6 each.

Chiles en Nogada — a poblano pepper filled with cheese topped with walnut cream sauce and pomegranate seeds — and Chili en Rellanos, a blistered poblano pepper filled with cheese dipped in egg whites, each served with rice, refried beans and tortillas, will be available for $16, and don’t forget an order of churros for dessert, for $3.50.

La Fondita is currently open Wednesday through Monday beginning at 11:30 a.m. For more information, please call (631) 267-8800 or visit lafondita.net.

First Quarter Numbers Continue to Roll in

The first quarter of real estate activity at Brown Harris Stevens of the Hamptons showed 28 sales over $5 million in the Hamptons, of which six were above $10 million, and the total number of South Fork sales climbed 23.4 percent to 332, as compared to last year’s 269.

The total dollar volume rose 32.2 percent to $673.5 million, and the average sales price in the Hamptons rose 7 percent to just over $2 million. But the median price did drop — 2 percent to $1.1 million.

Notably, East Hampton Village experienced a 375-percent increase in total dollar volume with 10 sales in this year’s first quarter, compared to the five sales at this time last year.

“Activity in the first quarter of 2018 is closer to 2016 levels and seems to show a slow but steady trend towards an improving market,” Aspasia G. Comnas, executive managing director of Brown Harris Stevens of the Hamptons. “While some areas showed a dramatic change — such as a 100-percent jump in the number of sales in East Hampton Village this quarter over 2017 — we are reminded that the relatively small number of transactions generally in the Hamptons (and in that case 10 sales versus five) can skew the results. However, the overall improvement for this first quarter is very encouraging.”

At Douglas Elliman, the rate of sales growth is easing, while the Long Island housing market continues to be characterized by rising prices and low inventory.

The first quarter marks the first year-over-year decline in more than three years, but the second-highest first-quarter sales in 15 years and the 20thconsecutive quarter without a decline in median sales price.

The number of sales slipped 1.3 percent to 5,682, but the average sales price increased 4.9 percent to $486,985 and the median sales price increased 6.5 percent to $410,000.

Surprisingly, those island-wide trends are mirrored on the East End — which saw price stability, an uptick in high-end sales and a modest increase in market pace, but for the first time in four quarters of year-over-year growth, the number of sales declined 6.6 percent to 441.

The median sales price was unchanged year over year — holding fast at $995,000 — reflecting overall price stability, and the average sales price jumped 15.2 percent to just shy of $2 million, reflecting the rise in sales over $5 million.

On the North Fork, sales continued to rise as price growth was more prevalent in the starter and middle markets, with median sales price increasing year-over-year for the fourth consecutive quarter.

The number of sales increased 5 percent to 127, though the average sales price declined 13.5 percent to $741,411. The median sales price jumped 17.9 percent to $612,500, and the days on the market was 136, down from 162, as marketing time continues to shorten as negotiability tightens.

With rising sales and sliding inventory, the pace of the market moved faster. The listing inventory slipped 5.9 percent to 349, and the listing discount was 9.8 percent, down from 14.3 percent.

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