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“Guys on Wall Street would sell the Hamptons house and their art collection before they would take their kids out of a top school,” says one Morgan Stanley banker. “Education is an essential.” The top end of the art market has recovered quickly from the recession, so selling now might not be a bad move.
NYTimes WEEKEND INVESTORFEBRUARY 18, 2012
Honey, They Shrunk My Bonus
Follow The Bread Crumb Trail As Deflated Wall Street Bonuses …
Funny thing is, I see business picking up in the Hamptons ( albeit, from a horrendous Q4 2011) and am hearing about an uptick in NYC sales too.
So what’s the truth here? Unfortunately, with no dependable date sharing and tracking system in The Hamptons, we can’t know…stay tuned!
Those who can’t afford to live here or resent those who can, often write about it and they just love to pick on the Hamptons…
“But it’ not like the old days – no cash for the Hamptons bargains this year! It’s hard to manage cash flow when bonuses are paid in stock.”
see story (sic) here
- photo courtesy of citizenx.org
Ok, many of us love the beach. Some of us have enough money to live directly on the beach. But if we do, we have to respect Mother Nature and accept the fact that One Day…
My friend, Billy Mack explains what took place:
“Some places the dunes have eroded to the point that some old foundations are exposed,” said William Mack, a coastal geologist with First Coastal, a coastal development consulting firm in Westhampton. “It was an intense storm. It was a massive amount of wind feeding that massive low just offshore. That generated these extreme wave heights through at least four or five tide cycles.”
Mr. Mack said erosion was focused on specific weak spots, where “erosion waves” have kept the sand barriers from building up. Erosion waves are areas where gaps in offshore sandbars allow larger waves to reach the shoreline. Resulting riptides carry sand away from the beach, accelerating erosion. The erosion hot-spots tend to migrate to the west over many years.”
see the entire story here
Certainly our winter “sister” areas will need to see some correction as well.
But it’s early in the ski season…things picked up here, in the hamptons as summer wore on, let’s see what happens when the powder builds up.
An Avalanche of Price Cuts
As luxury ski areas go into deep freeze, sellers capitulate to market realities
“Fall has long been considered a good time to hunt for good ski deals, from season passes to condominium rentals. But this year, the biggest discounting isn’t just on lift tickets and goggles; it’s on custom-built homes with views and slopeside condos with Jacuzzi tubs. “This is really unheard of,” says Ms. Steadman. “Sellers are finally getting desperate.”"
see story here
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
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
Weekly Mortgage Rates: June 1, 2009
MonitorBankRates.com - 4 hours ago
Jumbo one year ARM rates averaged 5.92 up from 5.64 percent. Interest only adjustable rate mortgages also went up last week. 3/1 conforming ARM rates rose …
Christie Brinkley’s model advice: ‘Have an exit strategy’
New York Daily News – New York,NY,USA
Brinkley won custody of her two young kids and a palatial Hamptons home in the 2008 feud with ex-hubby Peter Cook, who cheated on her with a gorgeous …
**Ed Note…I don’t do ‘gossip’ here, but Christie is one classy woman and owns so much Hamptons real estate that anything she says…I follow.md
Many Indian casinos aren’t big moneymakers
Newsday – Long Island,NY,USA
BY KARLA SCHUSTER | karla.schuster@newsday.com Performers stand by for the Shinnecock Indian Powwow in the Hamptons. (Newsday File Photo / Ana P. Gutierrez …
Shinnecocks and Montauketts fight to regain areas taken in …
Newsday – Long Island,NY,USA
By Steve Wick and Thomas Maier | Staff Writers Real estate promoters and local officials eager to bring the railroad to the East End of Long Island used …
Dreier’s Hamptons homes, NY flat to be auctioned
Reuters – USA
… apartment and two Hamptons beach homes of convicted lawyer Marc Dreier will be auctioned off in the coming weeks, according to a real estate website, …
Hot Hamptons Hangout casaCARA.com
MY PROUDEST POSSESSION these days is the round green sticker on the front bumper of my car. It’s my ticket to the Town of East Hampton Recycling Center, aka The Dump…
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| One of the best bay fronts in East Hampton. Contemporary house perched up the tip of a cliff with 180 degree views all the way too Gardiners Island and beyond. Lovingly maintained 5 bedroom home with open kitchen/living and dining. | |||||||||
Hamptons Home Sales Drop Most on Record, Prices Decline May 22 (Bloomberg) — Bloomberg’s Su Keenan reports on the housing market in the Hamptons of Long Island, New York.
