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Traffic jams in the morning, formerly known as the “Trade Parade” are a thing of the past. As recently as a year ago (Mar 08), you could leave Manhattan at 6am and get to the Shinnecock Canal by 7:15, then take another 1:15 to get the 6 miles from the canal to Water Mill, all due to traffic congestion trying to get to Southampton and beyond.
Suffolk County did a great job widening the 3 lane CR 39 into 4 lanes, allowing two eastbound lanes to match the two westbound lanes, but the economic slowdown has taken its toll on the number of supply trucks and construction workers coming into the area from the west for the high paying jobs.
Now, the Town of Southampton is looking to lift the building moratorium they enacted along the busy road so they could plan for proper growth.
It seems like taking down the speed limit signs on a closed highway, but…
see the story here
Best News! Southampton Town Board voted unanimously last night on a resolution to accept terms with LIPA that results in the burial of 100% of the cables on the powerline route on the back roads.
The terms call for a LIPA surcharge based upon consumption — for the East End of the Town, only (excluding Shinnecock, Tuckahoe, and the Shinnecock Reseration). The surcharge will amount to $3.70 per month for the average electric consumer, i.e., bigger houses will pay more than average, and smaller houses less.
At later date, yet to be set, we must go to LIPA headquarters to impress upon LIPA’s Trustees that we expect them to also ratify this agreement. Again, on that day, CGSF will arrange for chartered Jitneys (free to supporters who come, including lunch aboard the return trip).
In the event that LIPA’s Trustees do not ratify the agreement – the Town’s resolution also calls for establishing a Special Tax Assessment District to support payment for the undergrounding. The boundaries of the STAD are yet to be set, but will include Water Mill, part of Bridgehampton, and perhaps, depending upon their agreement, the Villages of , , , and Sagaponack.
Please take the time to send “Thank You” emails to the Southampton Town Board for their good work to preserve and protect our scenic vistas and hurricane escape route. This was a long and hard negotiation for them. Here are their email addresses:
Supervisor Linda Kabot:
Councilman Chris Nuzzi:
Councilwoman Anna Throne-Holst:
Councilwoman Nancy Groboski:
Councilman Dan Russo:
We owe a special debt of gratitude to Assemblyman Fred Thiele, who persisted in bringing both sides to this agreement. Without Assemblyman Thiele’s involvement this deal would never have happened. Please tell Assemblyman Thiele you are grateful: thielef@ assembly.state.ny.us
Steve Abramson, Chair
Committee for a Green
UPDATE 3/1/2009 – things have changed…these words don’t taste so good.
Hedge Funds’ Paulson
Trades Up in Hamptons
April 11, 2008; Page W8
Last year, hedge-fund manager John Paulson pocketed billions by betting the housing market would collapse, but in the Hamptons he’s just listed his three-acre retreat for $19.5 million, more than 50% above what he paid for it two years ago.
|Hedge-fund manager John Paulson purchased this 10.4-acre Southampton, N.Y., compound for $41.3 million. It sits on Lake Agawam.|
The founder of Paulson & Co., managing roughly $32 billion, recently bought a 10.4-acre lakefront compound less than a mile away for $41.3 million. The seller was Rodney Propp, chairman of a Manhattan property firm.
Last year, Mr. Paulson made as much as $3 billion to $4 billion for himself — thought to be a record one-year payday on Wall Street. This year the former Bear Stearns Cos. investment banker bet against the financial sector and profited from weakening among banks, including Bear.
The Southampton, N.Y., house he’s listed is a seven-bedroom “cottage” on three acres with an enclosed pool and sauna and a detached garage. He bought it two years ago from Jurgen Friedrich, a director of clothing company Esprit Holdings, for $12.75 million, records show.
The trader’s 15,000-square-foot new house was built in 1911 and fully renovated, and comes with separate staff quarters, two other houses, a three-car garage and a pool. The property, called “Old Trees,” has about 450 feet on Lake Agawam and ocean views. It was listed for $48 million in 2006.
As we first reported over two years ago, on the original Hamptons Real Estate Blog, Robert (Bobby G) Gianos, is in full swing developing Olde Towne on the last large parcel of land in Southampton Village.
Like him, or not; like his project or not, Gianos has focused like a laser beam on this project and has approached in in an undeniable fashion. A great example for all business people to follow.
Hamptons.com released a piece on Olde Towne: check it out!
Building Olde Towne Tree By Tree, Billionaire By Billionaire
By Andrea Aurichio
It’s not an uncommon scenario. Not to be cynical, but so much of our destiny is controlled by people who don’t live here, but wish they did, but they can’t and are not very happy about it so they feel a little “so there, you fancy-schmancies” is in order.
It’s why many have been trying to create “Peconic County” consisting of the 5 East End Towns. Why should we be ruled by people who have never even been here, some 50 miles away?
The same for the Long Island Board of Realtors. Why should a board from West Islip regulate how listings are handled on the East End, where we have a very different culture and way of doing business. That’s why HANFRA, the Hamptons and North Fork Realtors Association has grown to 1000 members in recent years – local rule!!
We’ll now we have the Long Island Power Authority – LIPA – who says they need to provide more power lines to the East End in order to keep up with demand, and they want to put up these big ugly poles along our roadways. Needless to say, many of us are against it.
Here’s one of the stories:
Presumably, that will give an indication as to how many foreclosures might be in these community’s future? Looks like the East End has a much lower overall percentage than our sister markets to the west. see map here
Ok everybody, here we go again with the MEDIAN price figure.
Raise your hands: How many of you REALLY know what MEDIAN price means and CAN EXPLAIN IT!?!? Median is like a Metric figure to me. Like: “What, you want me to walk two kilometers?” or, “WOW! that was a matter of centimeters!!!” Sorry, it’s pretty meaningless to me…for a definition of “median”,try this
Would it make it any better or worse to know that the AVERAGE price of Hamptons Real Estate is now over $1.6 Million? Impressed? Depressed?
for more info: http://www.suffolkresearch.com/quarterlycharts.htm