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Plan to Manage CPF Land
East Hampton Star
In conjunction with a downturn in the real estate market, East Hampton’s receipts from the transfer tax have dropped from a high of $30 million in 2007 to a …
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Banks and loan investors are starting to bite the bullet and lower the principal on mortgages for some struggling borrowers, new data show.
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Real Estate Bargains: High-End Homes – WSJ
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Are Distressed Homes Worth It?
In August, nearly a third of overall housing sales were distress sales. But home buyers are discovering that the bargains can come with a steep price.
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My So-Called Business Plan (Enter Laughing)
New York Times
It is no coincidence that they operate the best restaurants in the Hamptons. Pricey places attract good customers, good customers attract staffers who can …
New York Times
It is no coincidence that they operate the best restaurants in the Hamptons. Pricey places attract good customers, good customers attract staffers who can …
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Realogy reduces debt by approximately $70 million
Realogy Corporation announced that it has closed on the incurrence of $515 million aggregate principal amount of second lien incremental term loans that mature in 2017. Realogy will issue $515 million and an additional $135 million on a delayed draw basis on Oct. 9, 2009, subject to receipt of additional lender commitments for which there can be no assurances such commitments will be obtained. The company said it would use the proceeds to reduce at least $365 million of borrowings on its $750 million revolver under its existing credit facility and refinance approximately $220 million of 11.00%/11.75% Senior Toggle Notes due 2014 from affiliates of Icahn Partners, L.P. for $150 million of borrowings. The net effect of the transactions is that Realogy will immediately reduce its outstanding debt by approximately $70 million. “We are pleased with both our ability to raise new capital in today’s credit market and Apollo’s increased investment in our company through purchases of Realogy’s bonds,” said Realogy President & CEO Richard A. Smith. “These are tremendous signs of investor confidence in Realogy, our business model and the value of our brands as well as the performance of our management team and our employees.”
or, it’s called CYA by a bunch of former real rich guys, now kinda’ rich guys.
Former de Menil property on Further Lane, East Hampton
East Hampton – When a portion of the Atlantic double dunes was allegedly flattened during the construction of a retaining wall on the former de Menil property on Further Lane, the media pounced on the story of a billionaire investor’s development on the biggest residential real estate sale in U.S. history. Now, with the restoration of dune vegetation in the effected area and variances before the Zoning Board of Appeals (ZBA) to maintain the eastern-most part of the wall, much of the controversy surrounding the Baron property has ended, though the development of the property should still be interesting to watch over the next several years. see the story here
Publication: The Southampton Press
CPF figures show slight rebound
Aug 26, 09 10:52 AM by
Jennifer L. Henn
For the second month in a row, the Peconic Bay Community Preservation Fund has posted an encouraging amount of revenue—$3.7 million for the month of July—according to a press release issued Monday by State Assemblyman Fred W. Thiele Jr.
That number is just short of June’s total, $3.84 million, which was the highest single-month total of the previous eight months.
see story here
East Hampton Launches CPF Website To Provide Transparency
Hamptons.com – Southampton,NY,USA
… two percent tax on real estate transactions and the state and town legislation that created the fund, as well as information on the acquisition process. …
Two-week Hamptons rental goes for $425000
The Real Deal New York – New York,New York,USA
An Eastern European businessman will be paying $425000 to rent a Hamptons home for two weeks in August, the most money ever paid for a two-week East End …
Hamptons Green Alliance Starts Work on a Net Zero Energy …
Business Wire (press release) – San Francisco,CA,USA
Following the December 2008 fire that destroyed the home of the David Dubin family, the members of The Hamptons Green Alliance …
Hamptons Home Inventory Increases 12%, Prices Fall
Bloomberg – USA
… in the Hamptons plunged 58 percent in the second quarter to 175, the second biggest decline in records dating to 1982.
Soldier Ride – The Hamptons – July 25
About – Cities & Towns – New York,NY,USA
On Saturday, July 25, starting at 9 am, the Second Annual Soldier Ride The Hamptons, Bike Ride and Walk will take place in memory of Marine Lance Corporal …
Hamptons Home Sales Plunge as New York Financiers Conserve
Bloomberg – USA
By Oshrat Carmiel July 14 (Bloomberg) — Home sales in the Hamptons, the oceanside summer getaway for Wall Street financiers and celebrities, …
Suffolk Research Says Signs of a Turnaround in 2nd Quarter ’09
According to George R. Simpson, President of Suffolk Research Service, Inc., the real estate market on the East End of Long Island is showing strong signs that a market turnaround has happened in the 2nd quarter of 2009.
The applicants’ have also agreed to limit the size of the houses that can be built on the lots to 12,000 square feet. “That was a wish of the board and they acquiesced very readily to it,” Mr. Hunting said, “which was a nice advantage to the village because the houses could be quite large there. They also moved the building envelopes as far as possible toward Apaquogue Road and away from the pond.”
20.8-acre parcel between Lily Pond Lane and Apaquogue Road
“Last spring, some village residents requested that the Village Planning Board require a clustered subdivision, in which up to 50 percent of the property must be preserved as open space, and the building lots are clustered on the remainder.
The Williamses have proposed to maintain 52 percent of the land as open space, satisfying the board’s requirements, but they have requested that the open space be included with the individual lots and protected by easements, not divided off as a separate lot.”
**Ed note: Of course they would request to not cluster…3.7 – 4.4 lots are worth significantly more than 1.35 – 2.2 acre lots.
see story here
In a previous post, we stated that East End dollar volume of sales was down 80% from the peak in 2007. The following CPF revenues supports that. 2009 revenues are down 82.5% from 2007.
That’s not being a ‘bear’ or negative about the market…that’s reporting facts. I’m a long-term bull on Hamptons real estate. I still believe that a long-term investment in a property on the East End of Long Island will provide years of enjoyment in one of the most beautiful places on earth as well as a good monetary return on the investment.
That being said, facts are facts, and putting your head in the sand doesn’t make it any better. There are some terrific deals in this market. If you are a buyer, find an agent who can tap into them. If you’re an agent, drill down into each listing, understanding the motivation of the sellers and find out who’s a ‘real seller’ and who’s a poser. If you’re a seller, wake up and smell the coffee. For the most part, properties that ARE selling today, are selling for an average of 35% below 2006-7 values. If you’re not willing to sell at that level, then think again about listing your home. Sure, there will be some exceptions to this…if you have one, let me know.
HAMPTONS.COM
As of April, East Hampton’s CPF has taken in $1,668,534, compared to the $5,631,267 accumulated by the same time last
year and $9,538,793 in receipts recorded by April 2007, the highest grossing year since the two percent tax was instated in 1999. Most were expecting a bad year for the fund, though the first four months of 2009 have been particularly discouraging, declining 67.6 percent throughout the South Fork over the same period in 2008 (2008 revenues were 41.1 percent below 2007).
see story here
A home energy audit that uses an infrared camera can help cut your heating bills and make your home greener.
The Toppings - Real Horse People - at the Hampton Classic Horse Show last summer.
It’s sad, sometimes that there is so much to divide us, especially in places like The Hamptons, where all to often we are classified as either a city person or a local, a native or a week-ender, part of the service class or a member of the elite.
Visitors come here and use it as their playground, often disrespecting nature and private property, looking down their noses at anyone driving an American car.
Those who were born and raised here often blame “the citiots” for “ruining this place”, making it a place where their children can’t afford to live.
Fact is, the East End of Long Island is one of the most beautiful places on earth and, it’s because of people like Patricia Topping…
“Topping worked long and hard to devise a plan that would allow her to keep the farm and preserve open space without selling the development rights and stripping the land of its full potential value as prime residential real estate. In the highly prized Hampton’s home market an acre of land south of the highway is worth upwards of $2 million. The pressure to sell to developers or retain the right to sell in the future without losing the last precious remaining open spaces is never far from the mind of any farmer or large landowner on the South Fork.”
Keeping The Farm In The Family Is No Small Feat For Patricia Topping
Andrea Aurichio
| Updated: December 02, 2008 6:03pm |
Gotthelf To Pursue Lawsuit Over Rivercatwalk Development Delays
Andrea Aurichio
Gotthelf contends town planners have favored the Riverside Hamlet project over her project and waived requirements for traffic studies, environmental impact statements and financial analysis in its review, while forcing her to comply with a host of regulations that have delayed her proposal. “They want to wear me down to either kill the project or force a sale to another developer,” Gotthelf asserted. According to Gotthelf the application process has cost over $1 million to date
see complete story by clicking the story title above or by clicking here
In recent years, many agents learned that the more you work, the better you earn. Those wewre they years when doing business was like being a bear in the middle of a stream during the salmon run. As long as you were there, on a good rock, you could eat to your hearts content.
Today, with business slower, the ‘big bears’ are still nibbling, but many others are ‘shrieking and freaking’ about having nothing to do.
Why not take that free time and put it to good use, helping others? There are many non-profit organizations, here on the East End that could use our help; civic, church, childrens, family, environmental and animal related.
And doing good feels good! Let’s be grateful for what we have and ‘pass it on’.
For a list of East End Non-Profit organizations, click here.
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This post was inspired by a Selsius Blog post: NAR Must Add Pro Bono Provision to Realtor Code of Ethics
Thanks for the inspiration, Joe!
