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Restaurants used to change hands every year on the East End. With the growth in year round population, things have changed and many restaurants are now open 12 months and have had the same owners and chefs for years. I really appreciated this piece by Robin Finn:

Long Island Dining | East End

Six Meals to Prove the Experts Wrong

High-end Hamptons rentals still for the last minute shopper

Newsday – Long Island,NY,USA 

(**Ed note: take this one w a grain of sand**)
Jane Gill of Prudential Douglas Elliman Real Estate says that while the market has been steady this year, in the last week or so, “all of a sudden it’s

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The Southampton house that Jack Nicholson rented

Jack may not have built this house, but he rented it a few years back while filming scenes in the Hamptons for the movie “Something’s Gotta Give.” Jack is Jack Nicholson and the house is a 5,800-square-foot, five bedroom,…

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All about the 2009 Hampton Designer Showhouse

The 2009 Hampton Designer Showhouse will be held this year at a new home on David’s Lane in Water Mill. The shingled house was constructed by Hamptons-based Farrell Building Company — whose principal, Joe Farrell, just put a Bridgehampton…

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Paulson’s Complaint
Newsweek – USA
Paulson began having his doubts about Fuld—and the future of Lehman—as early as October 2007, when Lehman made a big bet on commercial real estate even

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Times: Hamptons Just Like Us, Cutely Conserving for “Thrifty” Summer

(**ED note: agreed, this Sunday Styles article had me gagging)

Gawker – New York,NY,USA
For example, they’re still going to The Hamptons this summer, but they’re going to be toning it down. What, you’ve heard this story before? Funny.

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Blue Parrot Takes Back Prime Perch In East Hampton Village
Hamptons.com – Southampton,NY,USA
By Colin M. Graham East Hampton – The restaurant rumor mill has been in overdrive since news that the Blue Parrot would be reopening this summer first hit

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MTA Payroll Tax Provokes East End
East Hampton Star – NY, USA
Property owners are likely to shoulder that burden by paying increased real estate taxes. Mayor Greg Ferraris said at a Sag Harbor Village Board meeting on

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Assessments will not reflect economic downturn
27east.com – Southampton,NY,USA
By Brian Bossetta The drastic downturn in the economy and the drop in real estate values have not been reflected in this year’s tax assessments,

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Modern Architecture in the Hamptons

Built in 1983, this modern design recently hit the market with a price tag of $4.95 million.
WSJ

Corcoran Consolidates East Hampton Offices

One month after closing two East End offices, Corcoran is now consolidating its two Main Street offices in East Hampton.

The Surf Lodge in Montauk Opens for the Season on May 15

Summer is officially upon us: the Montauk Surf Lodge will be opening for business starting on May 15th. The Hamptons hotspot has been accepting rezzies since April 15th, and…

23% drop in prices of Hamptons homes
New York Daily News – New York,NY,USA
HOME PRICES in the Hamptons, the oceanside playground for the rich and famous, are plummeting. The financial crisis that fueled 23000 lost jobs on Wall

In Southampton Epley, McGann And Robinson Make Bids For Third Terms
Hamptons.com – Southampton,NY,USA
“Twelve years ago, the Hampton Road firehouse was inadequate,” Robinson offered, explaining that improvements have still not been made.

Have the Hamptons lost their cachet?

The Real Deal, New York, NY

Hamptons Home Prices Plummet 23% as Summer Home Demand Cools
Bloomberg – USA
By Oshrat Carmiel April 23 (Bloomberg) — Home prices in the Hamptons, the oceanside getaway of celebrities and Wall Street financiers, plummeted in the

Hamptons, North Fork median home prices fall
Newsday – Long Island,NY,USA
BY ELLEN YAN | ellen.yan@newsday.com Hamptons and North Fork median home prices this year saw the biggest quarterly drops since a Manhattan-based appraiser

EECO Farm Offers Prime Loam For The Veggie Grower In Your House
Hamptons.com – Southampton,NY,USA
East Hampton – Most people have probably entertained the idea of starting a garden and growing their own vegetables at some point or another,

Tale Of Gin Lane Wall Stands Tall As Bricks Cave To Time
Hamptons.com – Southampton,NY,USA
According to the 2007 book “Houses of the Hamptons,” – an illustrated history of Hamptons’ estates from 1880 to 1930 written by Gary Lawrance and Anne

Adam Miller is a friend, a colleague and a damn good real estate attorney. He’s been telling me about this new addition to his group of services and I’m looking forward to hearing more about it. See you at Pierre’s…

Adam Miller Group Bridgehampton Office

Adam Miller Group Bridgehampton Office

TAXWISE PLANNING, LLC

PRESENTS

ESTATE PLANNING FORUM FOR REAL ESTATE PROFESSIONALS

Thursday, April 16, 2009 • 4:30-6pm • Pierre’s Restaurant, Bridgehampton

(BRIDGEHAMPTON, NY, April 2009) –– TAXWISE PLANNING, LLC, an affiliate of The Adam Miller Group, P.C., Law Office, will present an Estate Planning Forum for Real Estate Professionals on Thursday, April 16, at Pierre’s Restaurant (2468 Main St., Bridgehampton). The forum will take place from 4:30 – 6 pm and will include complimentary refreshments.

At the forum, real estate professionals will gain valuable insight into various real estate sales strategies including the latest tax information regarding income, capital gains, gift and estate tax savings, and gifting real estate.

Mr. Miller stated, “This forum will educate real estate professionals on the short and long term benefits of sound estate and financial planning – both for their clients and themselves. Knowledge is power, and in the current real estate market, it is essential that real estate professionals keep abreast of the latest tax implications effecting real estate transactions, to maintain a competitive edge.”

This forum is co-sponsored by Homes of the Hamptons magazine. There is no charge to attend, however, as seating is limited, advanced registration is requested. Please RSVP by April 9, by phone at 631-537-1155, or e-mail at: melissa@adammillergroup.com.

This forum is the first in a series of free educational forums to be sponsored by TAXWISE PLANNING, LLC.

As consultants, TAXWISE PLANNING, LLC, offers estate-planning services to individuals as well as charitable tax planning and planned giving services to the not-for-profit community. TAXWISE PLANNING is a collective of professionals with more than twenty-five years of experience in the fields of estate and charitable tax planning, and includes the skills of other professionals including attorneys, insurance brokers, accountants, and financial planners.

About The Adam Miller Group, PC

Established in 2007, The Adam Miller Group focuses on all aspects of real estate transactions and estate planning. In addition to the practice of real estate law, The Adam Miller Group also serves clients in the areas of immigration and banking. The Adam Miller Group seeks to raise the quality and level of service on the East End of Long Island, combining extensive New York City experience with a more personal local approach, making services more accessible, straightforward, and responsive.

nytlogo153x23

Key | Spring 2009

A Cold Season in the Hamptons

Published: March 11, 2009

“Then came the dreary series of events that we can summarize, as Hamptons people do, by reciting a litany of names: Bear Stearns; Fannie and Freddie; Lehman; Madoff. Since the peak, as one horrific episode after another has unfolded, the area’s real estate market has mirrored Wall Street’s plunging fortunes. Average sale prices have declined by about 10 percent, but that only hints at the seriousness of the trouble, because hardly anything is moving. According to data collected by the Suffolk Research Service, a local real estate data company, the number of sales in 2008 fell by 25 percent in East Hampton, 39 percent in Bridgehampton, 45 percent in Southampton and 47 percent in Montauk. Things really collapsed during the fall. Investment bankers lost their jobs, corporate lawyers saw their client base vaporize and hedge-fund managers went from being hailed as geniuses to being hauled in front of Congressional committees. “Until the market improves or their mental state improves, they’re not buying anything,” says Herb Phillips, a veteran real estate agent who is also chairman of the Southampton town zoning board. “It’s dead.”

see complete story here

rer-banner

View Sample Reports and order online at www.LIRealEstateReport.com
or by calling 631-539-7919

The reports are interactive, allowing you to compare different quarters and see different areas of Long Island.  Dollar volume for the East End was down nearly 50% 4th Qtr 2008 vs 2007…just wait until you see Feb ’09 numbers, released tomorrow…much worse.    Remember that “rainy day” your mother always told you to save for???

East End figures

East End figures

maslovhierarchyofneeds_01In 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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sellsiuslogo

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!

County Road 39 & 39A (Rt 27) from Lobster Inn to Mercedes dealer

County Road 39 & 39A (Rt 27) from Lobster Inn to Mercedes dealer

logo261“This month, a new ad hoc advisory committee began to take shape in Southampton to study the future development of the CR 39 corridor. The committee, composed of town residents and civic leaders, will work in conjunction with professional planners hired by the Town of Southampton to chart future development along the roadway. Meanwhile, a town imposed building moratorium remains in place until August 2009. The moratorium has effectively halted all development along the CR 39 corridor for the year as a means of allowing planners to reassess conditions created by the recent road widening and current development.”

see full article below

Task Force Takes A Closer Look At Development And Safety Along County Road 39
Andrea Aurichio

This post describes the intricacies of Fiduciary.  I’ve tried to make the language as user friendly and to the point, as possible.  Bear with it and tell me what you think…md

 

Duties of a Real Estate Agent

         A real estate broker who becomes an agent of a seller or buyer is deemed to be a fiduciary. Other examples of fiduciaries are trustees, executors, and guardians.

 

         As a fiduciary, a real estate broker is held by law to owe specific duties to the person who they are representing. These specific fiduciary duties include: 

 

         Loyalty

         Obedience

         Disclosure

         Confidentiality

         Reasonable care and diligence

         Accounting

Loyalty

        One of the most fundamental fiduciary duties an agent owes to the principal. The duty obligates a real estate broker to act at all times, solely in the best interests of the principal, excluding all other interests, including that of the broker. 

         An example of breach of loyalty is when a broker purchases a property listed with his/her firm, and immediately resells it at a profit. Such conduct is usually considered appropriate and lawful by persons who act at arms length, but a fiduciary would be considered to have stolen an opportunity for profit that rightfully belongs to the principal.

Obedience

         An agent is obligated to promptly and efficiently obey all lawful instructions of his/her principal that conform to the purpose of the agency relationship. However, the duty does not include an obligation to obey unlawful instructions, such as instructions to not market a property to minorities or to misrepresent the condition of a property.

Disclosure

        An agent must disclose to the principal all known relevant and material information that pertains to the scope of the agency. The duty includes any facts affecting the value or desirability of the property, as well as any other relevant information pertaining to the transaction, such as the other party’s bargaining position, the identity of all potential purchasers, information concerning the ability or willingness of the buyer to offer a higher price, or in the case of being a buyers agent, information concerning the ability or willingness of the seller to accept a lower price..

         An agent’s duty of disclosure to his/her principal must not be confused with a real estate broker’s duty to disclose any known material facts about the property value to non-principals. The duty to disclose known material facts is based on a real estate broker’s duty to treat all persons honestly. The duty of honesty does not depend on the existence of an agency relationship.

Confidentiality

        An agent is obligated to safeguard his/her principal’s lawful confidences and secrets. Therefore, a real estate broker must keep confidential any information that may weaken a principal’s bargaining position. The duty of confidentiality precludes a broker who represents a seller from disclosing to a buyer that the seller can, or must, sell a property below the listed price. Conversely, a broker who represents a buyer is prohibited from disclosing to a seller that the buyer can, or will, pay more than what has been offered for a property.  The duty of confidentiality does not include an obligation by a broker who represents a seller to withhold known material facts about the condition of the seller’s property from the buyer, or to misrepresent the property’s condition. To do so, constitutes misrepresentation and imposes liability on both the broker and the seller.

Reasonable care and diligence

        An agent is obligated to use reasonable care and diligence when pursuing the principal’s affairs. The standard of care expected of a buyer’s or seller’s real estate broker is that of a competent real estate professional. By reason of his/her license, a broker is considered to have skill and expertise in real estate matters superior to that of the average person. 

         As an agent who represents others in their real estate dealings, a broker or salesperson is under a duty to use superior skill and knowledge while pursuing the principal’s affairs. However, no broker is expected to perform tasks or know information outside the scope of his/her real estate license. Real estate licensees are not expected to perform services normally provided by engineers, lawyers, accountants, or other professionals. If concerns arise outside the scope of a broker’s responsibility, the broker should acknowledge that and suggest that the principal seek assistance from a reliable outside source.

 

Accounting

         An agent is obligated to account for all money or property that belongs to his/her principal entrusted to that agent. The duty compels a real estate broker to safeguard any money, deeds, or other documents entrusted to them relative to their client’s transactions of affairs.  

 

DON’T YOU WANT TO BE RESPRESENTED AS A BUYER IN A REAL ESTATE TRANSACTION? 

 
 
 
 
 
 
 

 

 

Serving The Hamptons, Shelter Island and the North Fork

631 725 0554 (o)  631 525 6000 (m)  www.beachamptons.com

michael.daly@mfdaly.com 

The Landscape Design teacher to area students at Bridgehampton High School is bringing The Edible Schoolyard concept developed by Alice Waters at Martin Luther King, Jr. Middle School in Berkeley, CA to BHHS.    “Using food systems as a unifying concept, students learn how to grow, harvest and prepare nutritious seasonal produce. Experiences in the kitchen and garden foster a better understanding of how the natural world sustains us, and promote the environmental and social well being of our school community.”  Great stuff, eh?
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Judiann Carmack-Fayyaz
Judiann Carmack-Fayyaz

Edible Schoolyard Proposed At Bridgehampton

Posted on 11 September 2008 – Katnryn Menu, The Sag Harbor Express

“More than a decade ago, chef Alice Waters founded the Edible Schoolyard in Berkeley, California sparking a national culinary movement to bring the production of food back in time from the fast, cheap and processed fare of the 1980s and ‘90s to organic methods of cultivation almost abandoned in the fast food age, resulting in healthier foods higher in protein and vitamins.

And now Judiann Carmack-Fayyaz wants to execute the same concept in Bridgehampton.

During a Bridgehampton Union Free School District Board of Education meeting on Monday, September 8, Carmack-Fayyaz presented to the board the concept of creating an Edible Schoolyard at Bridgehampton as a way to further the landscape and environmental design course she leads at the school.

The class would seek to create a garden at the school using the principles of organic and sustainable farming, which Carmack-Fayyaz noted could involve a number of educational disciplines in its execution. She envisions the garden — which she said could be similar to programs developed at the Hayground School and at Sag Harbor Elementary School — ultimately being used by the whole school to promote healthy eating habits and possibly even supply the school’s meal program with fresh fruits and vegetables.

The garden would be designed by the landscape design class with a kitchen garden and greenhouse planned behind the administration and middle school buildings at Bridgehampton, according to a handout provided by Carmack-Fayyaz. At this point, she was simply seeking board approval to move forward with the concept, so students can begin drawing up plans for the project and fundraising. She said it will be the landscape and environmental design class’s main project of the school year.

“Can you grow some herbs for our café,” asked school board vice president Elizabeth Kotz.

The board said they were indeed interested in the idea.

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