The Real Deal’s Top 10 of 2010
Here’s the Real Deal’s List: 1. 239 Gibson Lane, Sagaponack — $43.5 million 2. 86 Lily Pond Lane, East Hampton — $25.5 million 3. 2 Tyson Lane, East Hampton — $22.88 million 4. 12 Tyson Lane, East Hampton — $19.26 million 5. 229 Quimby Lane, Bridgehampton — $16.2 million 6. 500 Ox Pasture Road, Southampton [...]
WSJ on Swimming Pool Maintenance and Opportunity Costs
The WSJ looks at the cost of pool ownership and concludes that “It’s definitely not an investment,” argues Jim Holtzman, financial planner at Legend Financial Advisors in Pittsburgh. “It’s a big liability, if anything.” From a financial perspective, over the long term, they are absolutely correct. Yearly pool maintence, increased insurance costs, and opportunity costs [...]
NY Post on Montauk Commercial Property
The Post runs through some of the commercial properties that are for sale in Montauk. They get some details wrong – such as the selling price of the Madoff house – but accurately convey the idea that Montauk has been “discovered” by developers (and not for the first time….). Montauk is one big wetland, so [...]
Proposed Changes in Wetland Jurisdiction
When I was practicing law a consistent problem was multiple agencies handling wetlands jurisdiction with little coordination and sometimes conflicting results. There is a proposal to consolidate jurisdiction and remove the State’s authority to regulate wetlands in some circumstances, giving the Town sole jurisdiction. This sounds like a good idea, and would streamline things by [...]
Wall Street Journal on Broker Misrepresentation
They crux of the story is there isn’t much that can be done about it, so watch out: while misunderstandings between buyers and agents are common, the outcome in this case depends on whether the agent “affirmatively represented” that an addition could be built—in which case, he could be liable for misrepresentation–or whether the statement [...]
Wall Street Journal on Buying a Summer Home
I like what they say about avoiding bad brokers: Since many second-home buyers are new to town, often their only ‘friend’ is their real-estate agent, “who is going to make a boatload of money when they buy,” Mr. Kelman says. “Work your connections to find somebody who knows somebody who already lives there.” Those people [...]
