Archive for the 'Community Preservation Fund' Category

PECONIC LAND TAX WAY UP 2010!

Tuesday, May 25th, 2010

One clear indicator that East End real estate is bucking the National trend is the tally collected by the 5 East End towns — $19.64 Million.

That is more than twice the $7.85 Million collected for the same period last year! In fact the number of properties subject to this tax rose from 1,566 for the first 4 months in 2009 to 1,991 same period this year– just over 25% increase.

To date the Community Preservation Fund has collected a wopping $624 Million for land acquitions

 

WALL STREET BONUSES & HIGH END REAL ESTATE

Tuesday, January 12th, 2010

Hyatt, Indigo Hotels coming to the East End

Thursday, May 14th, 2009

Newsflash: even a last remaining hurdle for the economy on the East End to thrive -not enough places to stay-  seems to lessen as the summer heat is about to arrive; a few great hospitality companies are now discovering the East End and North Fork Wine Country:

Bryan de Luca of the Atlantis Aquarium -co-founder of the new East End Tourism Alliance, bridging the North and South Forks, and its  East End Getaways website   told me that HYATT (appearing before the Riverhead planning board today for final approvals for parking requirements) is opening up next door to Atlantis Aquarium, giving the Riverhead Down Town a needed shot in the arm! Another part of this needed Down-Town development is a hall for expositions similar to South Street Seaport, certain to reinvigorate Down Town Riverhead, and to attract people to the East End alongside a fabulous plan to allow better access to the beautiful Riverhead river-water-frontage behind Main Street. Almost the only thing left would be the re-opening of the Riverhead theater!

The Atlanta based luxury hotel chain INDIGO is also planning a new Riverhead property coming soon. This all is added to the recent Best Western, Hilton Gardens (opening soon) and Holiday Inn Hotels in Riverhead. (see Long Island Business News)

The hotels that are coming will help enormously as part of the needed improvements in tourism infrastructure, necessary for an economy that can sustain our North Fork Wine Country, while maintaining the nature and character of our hamlets, and protecting a fragile environment of our waterfront communities. It is also important for everyone to know how much the families who brought these hotels to Riverhead have become a beneficial part of our communities, they have proven to be great corporate citizens for our towns and hamlets, contributing generously to our communities.

The implications for Real Estate on the North Fork are obvious: development is going to be carefully managed, increasing desirability of existing housing. The more people come to visit, te more people will experience that sad Sunday-night feeling of "gotta go". Renting for the summer, or a purchase of a second home are the solution to preventing that feeling -that’s how I ended up here myself- and : we can help you find a rental or home ideally suited for your needs and budgets: call Town and Country in Mattituck at 631 298 0600 or in Southold 631 765 0500, or email joan@1townandcountry.com

 

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….

SAG HARBOR CINEMA ON THE MARKET

Tuesday, August 5th, 2008

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

2% Peconic Bay Region Transfer Tax

Wednesday, July 30th, 2008

On June 22, 1998 in a farmfield in Southampton, Gov. George Pataki signed legislation granting rights to the 5 East End Towns of the Peconic Bay Region (East Hampton, Southampton, Shelter Island, Riverhead & Southold)  to establish Community Preservation Funds transfer tax. Since that time over 7,000 acres have been purchased with approximately $400,000,000. This 2% transfer tax shall remain in existance until 2030, as per a vote in 2006.

So many vital parcels of land have been preserved thanks the the real estate boom we’ve experienced over the past 10 years.

We all believe in the importance of preservation both ecologically as well as asthetically, but the entry level (ie homes under $250,00 in East Hampton, Southampton and Shelter Island) does not seem fitting. There are discussions on first home buyer exemptions which would be a step in the right direction, but more to help the young generation stay here and raise their families and the older generation remain is necessary.

To read more on where these tax dollars are going, visit www.suffolkcountyny.gov and search Peconic Bay Region Transfer Tax.

Welcome to Town & Country Blog

Wednesday, June 25th, 2008

All of us here at Town & Country would like to extend a warm welcome to our visitors. We look forward to hearing your comments and thoughts and will reply accordingly and timely. best, Judi A. Desiderio, CEO