Summer is not the only season out here in the Hamptons,.  The holidays bring with them the perfect opportunity to spend time enoying the slower pace of what we know of as "the off season."  What many of us have found is that the summer season, has now extended well into October merging gracefully with the "off season" and the holidays which many choose to spend at their vacation homes, near the beach.  Here are some examples of holiday decorating "Hamptons", style!

   Perhaps you prefer a traditional, holiday, theme of red and green, framed by white, the signature colors of this homey space,  which draws extra charm from a coffered ceiling and fireplace of local stone.  Displaying a tabletop tree on the mantel adds to the holiday atmosphere. 

          Perhaps you’d prefer to keep things classy and simple with low-key color accents - gold and green pop in a neutral room without being overwhelming.  What a pleasant room to relax in with the ocean waves, breaking right outside the door!  

          Last, and certainly not least is this charming and casual decor which lends itself to just snuggling up by the fire and reading a good book in front of a crackling fire.  Whatever your taste, a country home, is just the perfect place to unwind and simply enjoy life, even if just for a little while.                                                                                                

On Friday, November 7th  Town & Country Real Estate opened its 7th office right in the heart of Southampton Village. Judi Desiderio, Janet Hummel and Nancy McGann (managing partner of the Southampton office) greeted 200 guests to their new office. The enthusiasm was high  with everyone enjoying the time to celebrate the new beginning. Friends, agents, mortgage brokers, attorneys all came to wish Town & Country luck as we expand in one of the toughest markets we’ve seen in 27 years.

With the unprecedented times upon us, we at Town & Country are facing the unknown with optimism and rolling up our sleeves to work hard to help property owners sell their properties. Smaller firms servicing key locations always operate on a more personal level and that is our mantra - happy customers and clients make happy agents and happy agent make happy home sellers and buyers. We thank everyone for sharing in our energy and excitement and look forward to working together going forward.

As Manager for Town & Country Real Estate in Westhampton Beach, I often have occasion to speak with homeowners regarding their homes for rent, and quite often get questions about that special vacation beach house, that just didn’t rent last summer.  I queried the real estate agents, in my office for some of their tips and here are some suggestions:

Joan Duval, suggested remembering to keep things light, bright and white.  An uncluttered, sense of open space is very inviting for those wishing to just come to the beach, or the country, to simply relax.  Here’s an example of what she means:

Note that the room is very light filled, bright and furnished but minimally so with no clutter or distractions.  This makes a very enticing presentation when showing this particular house for rent, here is another example of the idea of light, bright, and white:

While both of these homes are spacious beach houses, Donna Andersen, of our Westhampton Beach office commented that it is also possible to create a sense of order and create a welcoming presence even in smaller homes, which have decidedly smaller spaces, by applying the light, bright, and white principle.  As shown in the next photo, though the area is smaller, there is a charming and inviting essence about the room, which is tidy and orderly with a minimal of furnishings. 

Thanks for checking in at our blog and be sure to come back weekly to get more tips and hear about some of the comings and goings here in Westhampton Beach.

This October on the North Fork was spectacular.  The fall folliage was in full bloom and the people came from all over to enjoy our farms, farmstands and wineries.  There were festivals every week-end as well as pumpkin picking, apple picking, hayrides and corn mazes.  The farmstands are still full of all of our fall vegetables as well as delicious fruit pies for the coming holiday season.  It is still the perfect time to come out to the North Fork and experience what those of us who live here are fortunate enough to enjoy all year long!!

Jen Wilson attended the East Hampton Town Board’s budget hearing yesterday. It was open to the public, and many voices were heard. Here is what she has to say about it:

"In this very unsettled financial time, we are most likely going to have our local taxes increase as well. This will increase the burden on many families, and there will be many families who will have to take on a second job in order to survive. Builders, realtors, store owners, architects,  are just some to name a few who are beginning to feel the pain of this economy.  The spending and budgetary mistakes of the East Hampton Town Board should not be passed down to our children.
 
There are many programs in East Hampton Town that rely on annual money from the Town, and one of the most critical is the East Hampton Daycare Center. The Center operates on an annual budget of approximately $1.4m, the Town contributed $100k in 2008. The Center’s other funds come from parent fees, a small State grant, the County, the Board of Education and volunteer fund raising. While the Town’s budget provides for youth, senior and disabled citizens, the only support available to our youngest citizens is the annual contribution to our Center.
 
Like other services and individuals, we are facing increased costs and increased pressure on income sources. Our staff has not received salary increases in two years, parent fees were raised and services were cut to keep the programs operating. We have ramped up fund raising and will continue to do so, but it is becoming increasingly clear that our award winning, excellent and affordable child care program cannot be sustained without ongoing public support.
 
Research findings in both education and sociology repeatedly and consistently demonstrate the need for early childhood education. Significantly (in research terms) children who do not receive necessary preparation lag behind their peers throughout their academic careers. Specifically, children need to develop attention span, the ability to follow directions and cooperate. These skills help them learn about their environment outside the home and nurture their curiosity. As well, early learning difficulties can be spotted and corrected before they become entrenched. Funding the East Hampton Day Care Learning Center is a win-win decision whereas not funding it is likely to cost an inestimable amount in social and learning problems.
 
The Center provides two hot meals and two snacks each day for the children of working parents. Without the Center, many of our local families would not be able to live in East Hampton. Many of those who may face taking a second job will have to rely on the EH Daycare Center more than ever. A rise in property taxes and a simultaneous diminution of child care service will harm our Town in so many ways.
 
We need to cry out for help from the Town as well as our citizens.  We all have a responsibility to help the children of this wonderful small town that we live in!"

Dow spikes nearly 900 points after plunging 700 points, skids over 200 points in the last half hour of trading… new records set — both good and bad– headlines linking current conditions to the Great Depression,, OMG! whiplash and agita.

Fortunately, East End Real Estate — Hamptons, North Fork, Shelter Island— is like bedrock. In fact, the NYT article of October 24, 2008 titled "Standing Firm In The Hamptons" states "According to a report on 10 year price trends in the Hamptons compiled by Miller Samuel, the median sales price jumped from $244,000 in 1998 to $975,000 in 2007– a 300% increase. That is a bigger increase than even Manhattan experienced– roughly a 225% jump– during the same 10 year period."

We have seen very few pull out of their deals, a small percent are renegotiating but most are closing without a hitch. The greatest trend that we are experiencing is a large population of buyers waiting… ‘waiting for the election to be over’ , ‘waiting for 2009′ , or the biggie ‘waiting for the bottom’— I’d like to remind everyone we won’t know the bottom until 6 months on the other side. Additionally, real estate is meant to be a long term investment and as we can see from the NYT article, Hampton’s real estate yields an impressive return.

In closing,, It’s important to remember– the fortunes of tomorrow will be born from the fall out of today.

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.