Archive for September, 2008

Simply Not Enough!

Tuesday, September 30th, 2008

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….

FANNIE & FREDDIE GO HOME

Wednesday, September 10th, 2008

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.

Splendid Fall Sunsets- Just What The Doctor Ordered

Wednesday, September 3rd, 2008

 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.