11976,11975 & 11932 have topped 90210 & Manhattan’s ritzy zips…. codes that is.

Water Mill (11976), Wainscott (11975) & Bridgehampton (11932) have made the list of the top 25 Most Expensive Zip Codes in the United States 7/07-6/08. 

Miami Beach (33109) was #1 with a median home sale price of $3.85M.

Water Mill ranked 5th, Wainscott was 8th and Bridgehampton was 19th. I’m going to hypothesize that the incorporation of Sagaponack Village threw a monkey wrench in to the computer or Sagaponack Village would also have made the ranking.

Two other Honorable Mentions are Amagansett  (11930) at #32 and Shelter Island Heights (11965) at # 84.

Congratulations!

On July 21st, 2008 Governor Paterson signed Chapter 349 amending Section 1449-aa of the tax law.

The Peconic Bay Region Community Preservation Fund Tax Amendment Exemption was adopted to apply to qualified first home buyers and certain not-for-profit corporations in the towns of East Hampton, Southampton & Shelter Island.

While this is a necessary first step (that should have been in effect from the beginning) it falls WAY short of what SHOULD have been adopted.

The entry levels that were set some 10 years ago have NEVER been increased while property values have exponentially risen — even with the current correctionary market—. You can’t buy an entry level home in East Hampton at $250,000. In fact, the town is looking for "affordable income homes" starting at $500,000… so where’s the justice? The tax is hurting the local people and those wanting to get started out here.

The real problem is, the towns have borrowed off of expected future tax income— not a very smart move– so now they won’t raise the bar to realistic entry levels for homes and land because they need the regular guy to foot the bill! NOT FAIR!

My father always taught me, if you can’t afford to buy it … don’t! so why did they continue to buy properties before the money was in the coffers. What would make anyone think the bull real estate market would charge on forever? Everything ebbs & flows. I believe they may need to sell some of their holdings to pay down this debt. OMG!! Which one first??

I remain hopeful that our local municipalities will do the right thing and not tax (bite) the locals (hand) that work (feeds) here (them)… and how about allowing for some max densities for young families and older folks.. if they create smaller than 1/4 acre lots (with town water of course), no room for pools, no more than 2000 sq ft modest homes, in clustered neighborhoods of 15-25 homes, with tax breaks for year rounders,, maybe more year rounders could live and work here. INFRASTRUCTURE! 

But, don’t get me going….

US Government seized control of Fannie Mae & Freddie Mac as of Sunday September 7th. A historic event with great effects expected.

This aggressive, yet necessary move, will not only help to prevent any further erosion to the mortgage market, but also help to stabilize the housing market and create ea foundation on which the future housing market can be built.

Thus, subsequent to the legislation signed by the President on July 30th where by $300 Billion was ear marked to help Americans facing possible foreclosure, US control of Fannie & Freddie will be viewed as important strategic decisions that helped steer our economy toward recovery.

The full impact of these significant decisions will be felt throughout 2009!

There is a light before us.

 There is something about the quality of air on the East End that makes for some of the most vivid and mesmerizing color in a sunset. Don’t miss an opportunity to catch one from any vantage point you choose: beach, dunes, overlooks, decks. You will end you day with a feeling of serenity. Or for the early bird, catch a sunrise. Coming up over the ocean there is nothing quite like the first light of day and the color palette that sunrise over water brings. A sure fire way to start your day feeling invigorated and thankful for just one of the many natural gifts that Mother Nature gives us n the East End.

Not quite as quiet as many of us may remember but Tumbleweed Tuesday (the day after Labor Day) was certainly a breath of fresh air from the summer buzz of traffic and people. While we all love the summer and the diversity that summer visitors bring, we also love September. And who couldn’t love it with the weather we are having.

September brings us many special things that make the end of summer a bit less melancholy: start of school and new routines, relatively empty beaches, no lines getting your morning coffee, open parking spots, and glorious weather including spectacular sunrises and sunsets and lighting.

So as we bid good-bye to Summer 2008 and store our beach paraphernelia - including lifeguard stands - we wish everyone a happy fall. Visit us for many a fall festivals to come.

Perfect Sunday Nite in West Hampton Beach

We had a most enjoyable evening last night, beginning with cocktails and dinner at Starr Boggs al fresco with Jazz in the back ground. Followed by music by Herbie Hancock at the West Hampton Beach Performing Arts Center. A most perfect amphitheater, where every seat is a great seat. Guild Hall, in East Hampton, Bay Street in Sag Harbor and Performing Arts Center in West Hampton Beach are cultural treasures on the South Fork.

Can’t wait until our next nite on the town.

Just recently I was out and about looking at houses for a customer in Southampton Village – the estate section to be exact. I could not believe the amount of construction going on there. On one block there were so many contractors’ trucks that they had one of the workers directing traffic. What’s interesting was that on the same day,  the morning business news was all doom and gloom and one would think the Great Depression was just around the corner. I know our economy in not in the best shape but sometimes the media takes things to an extreme. It was a good feeling to see that the Hamptons’ is Defying Economic Gravity.   If you have never driven around the Estate Section of Southampton, you must, it is probably some of the most beautiful real estate you will see. Each time I go there, the beauty of all the old houses, landscaping and the beaches just takes my breath away. Be careful not to get caught in the “trade parade traffic jam” on Ox Pasture!

Sean Scanlon once again hosted the annual "Barcelona Point Boat Party" on Sunday, August 3rd.  This year the party had to be moved to Mashomack Point  - something about not being able to get a "party permit" from the Town of East Hampton - but thanks to Shelter Island the party took place without incident.  What a beautiful day - sunny, warm weather and the views of Sag Harbor and Shelter Island were picturesque. It seemed to me that this years “floating Woodstock” had a record attendance. I think there were over 500 boats – from little dingys to major yachts all having a great time. Even the jelly fish seemed to corporate and stayed out of the harbor so the swimmers could float around without getting zapped with their tentacles. 

CALLING ALL CPF (Community Preservation Fund) MANAGERS!!! 

The Sag Harbor Cinema, at 90 Main Street in Sag Harbor, is up for sale according to The Sag Harbor Express newspaper. The article can be read on line at www.sagharboronline.com .

The article calls upon Steven Spielberg to consider buying the building for a film school with a community focus. A great idea!

It is my opinion that this is piece of history is a PRIME candidate for CPR acquisition. Much like Poxybogue Golf Course, the Sag Harbor Cinema has been a part of the community landscape for many years. This is the sort of purchase many expect the CPF money to be spent on… integral components of our Main Streets that would be sorely missed if they disappeared.

Now is the time to share your voice and opinion. Write, call or Blog today.

Judi Desiderio,  CEO

Sunday Nite is Reggae Nite at East Hampton Point.

Last nite was a perfect summer evening. We sat on the deck ,over looking the water, watching the sunset, listening to music and enjoying good friends and great conversation…. there’s no better restaurant than East Hampton Point for all that!