DAN'S PAPERS, October 23, 2009 Page 27 www.danshamptons.com
Best Thing for Housing Values? Less Housing By David Lion Rattiner The Community Preservation Fund in both East Hampton and Southampton has worked out to be one of the most brilliant and important accomplishments in the history of both towns. In 1998, East Hampton, Southampton, Riverhead, Shelter Island and Southold obtained from the New York State Legislature the right to levy a two-percent real estate transfer tax on land and housing sales. The transfer tax is paid by the buyer on any amount exceeding $250,000. Since its inception, over 10,000 acres of land has been preserved on the East End, including 40% of the 70 square miles of East Hampton. The result has been a two-fold bonus. The first is that development is curtailed in these areas, allowing more open space to be enjoyed by all. The second benefit is for current landowners, as preservation increases property value. If fewer condos and duplexes are built, home inventory is limited and value goes up. In the last two years, the CPF has been crippled because of the sub-prime mortgage debacle and economic slump nationwide, since its coffers are fed by proceeds from real estate transactions. In both Southampton and East Hampton, the Town Boards planned much of their budgets around an increase or status quo in CPF funds. Both now have to make tough decisions to reduce spending, and pretty much the last thing on the minds of anybody is spending CPF monies. But there is still open space to protect, so what’s a town to do? Well, many are unaware of
this, but Suffolk County also stows money away for purchases of open land. The money comes from sales tax revenues reserved for open space preservation. Last week the County stepped in to help preserve land. Suffolk County Legislator Jay Schneiderman recently announced that a 23.8-acre farm located off of Scuttle Hole Road, that’s currently listed for sale will, be bought by the Town of Southampton and Suffolk County, which is footing 90% of the bill. Even though CPF money is down, land is still being preserved. Schneiderman is voicing his concern about how increasingly difficult it is to preserve land on the East End, specifically on the South Fork where prices are so high. Schneiderman explains, “Everybody understands the importance of land preservation, but I do see future problems because there are limited funds. More people are saying, ‘Hey if we spend the money there, we’ll have less money elsewhere and at the same time we’re taking property off of the tax rolls.’” East End preservation has another ally: the Peconic Land Trust, a non-profit organization dedicated to preserving land and responsible for 10,000 acres of preservation on Long Island. Often confused with the CPF, the PLT is a separate, privately funded organization. Recently, $37,000 in grants was awarded to the Southampton-based organization from the New York State Department of Environmental Conservation and the Land Trust Alliance. The first grant will go toward updating baseline documentation and management plans for the Trust’s conservation easements and preserves in
accordance with Land Trust Standards and Practices, known as the Peconic Land Trust Stewardship Plan. The second grant will go toward a sustainable agriculture education program at the 23-acre Charnews Farm, known as the Charnews Farm Outreach Project. Unlike the CPF and the County’s funds, PLT funds have nothing to do with taxes. But because many people understand the value of land preservation and donate to the pot, PLT is a powerful organization. The economic climate combined with that confusion is making fundraising more challenging. John Halsey, President of the Peconic Land Trust, announced the news about the grants. It is a real testament to the hard work local politicians Fred Thiele, Marc Alessi and Senator Ken LaValle do to ensure that the gorgeous landscapes of our area stay that way. Halsey says, “The significance of the CPP grants is that New York State is supporting many land trusts (there are about 90 throughout the state) with transactions, new programs, capacity-building, technical assistance, etc. While the grants are modest, they can often be leveraged by land trusts... so when times are tough from a fund raising perspective, these grants can be very helpful. The CPF and the Suffolk County Legislature are responsible for some of the most successful preservation projects, but if you’d like to get more information about the Peconic Land Trust, make a private donation or learn how to get involved, visit www.peconiclandtrust.org, or call 631-2833195.
EVERYTHING OVER A MILLION Sales Between 08/17/2009 The most reliable source for real estate information
AMAGANSETT
RIVERHEAD
Maria Eugenia Pessino to Dina Burg, 41 Deep Wood Lane, 1,360,000
Michael L Delea to County of Suffolk, Sound Avenue, 5,040,000
Estate of Reed M Roberts to Wayne Nathan, 23 Old Montauk Highway, 1,250,000
BRIDGEHAMPTON
SHELTER ISLAND
Kari Easton to Maria E Mendez, 62 Bridgefield Road, 3,625,000
William J Weinstock to James S Corl, 5 Winthrop Road, 5,000,000
Edward M Lederman to Daniel O'Sullivan, 11 Farm Field Road, 3,225,000
Edward M Kratt to John Basnage De Beauval, 54 Manhanset Rd,1,065,000
Darlene Bartoletta to Anna Casalino, 40 Hampton Place, 1,300,000
Richard & Denise Sarcona to Michael Beerman,1 Halsey Path, 3,260,000
Jean & Celine El Khoury to Andrew Lucas Van Praag, 10 Noelles Lane, 1,750,000
Anita & Alan Sosne to James R & Heather W Miller,104 Wooley St,1,685,000
EAST HAMPTON
William David Tobin to Anthony Falk, 110 Bull Path, 1,670,000
HAMPTON BAYS
Kevin J Gilvary (Referee) to Citibank, 151 North Road, 1,049,157
MONTAUK
Jorge O Mariscal to Henchie Holdings LLC, 26 Beech Street, 1,400,000
NORTH SEA
> All Residential and Commercial closed sales in your area
SOUTHAMPTON SOUTHOLD
Robert J Dier to Teressa T & Jonathan P Wendell, 355 Terry Lane 1,250,000
WATERMILL
Jane M Delaire to Rachel & Peter Graham, 340 Rose Hill Road 2,800,000
WESTHAMPTON
140 Dune Road LLC to Matthew Wolf, 140 Dune Road 2,565,000
Estate of Gretchen Beinecke to Edwin J Beinecke, 172 Scott Road 1,200,000
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Sales Of Not Quite A Million During This Period1 AMAGANSETT
HAMPTON BAYS
John B McConnachie to Patricia & James Wells, 2087 Montauk Hwy, 765,000
Flex Development LLC to Genevieve & Daniel Justus, 5 High Road, 550,000
Susan M & Stephen Breitenbach to Anita Sosne, 2316 Main Street, 675,000
Sean & Candice York to Anamaria Barrasso, 500 Meadow Lane, 845,000 William H & Ann M Lynch to Russell L & Barbara J Salerno,1085 Mill Road, 575,000
BRIDGEHAMPTON
> The most up-to-date information available
CUTCHOGUE
Mario Shortino to Patricia M & Joseph M Barkwill, 450 Bay Road, 500,000
EAST HAMPTON
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Estate of Kay Schick to Springs 8 LLC,194 Woodbine Drive, 675,000 Bernard L Gershon to Stuart A & Hollis B Kaitz, 2 Hedges Banks Drive, 850,000 Nira Gross to Chana Regev, 19 Roberts Lane, 750,000 Carol Netzer to Sidney J Winawer Trust, 41 Huckleberry Lane, 525,000
EAST QUOGUE
1143168
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SAG HARBOR
Paul & Kristin Davey to Mary Rooney, 342 Old Sag Harbor Road, 1,600,000
Henry D Cavanna to Scott & Kristin Fine,160 Surfside Drive, 6,600,000
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and 9/26/2009
Elizabeth Petrillo Feinman to Ed Sturmer, 38 Walker Avenue, 799,000 Matthew H & Desiree Gagliardotto to Linda R McKinnon, 9 Corbett Drive, 720,000
GREENPORT Phyllis T Garbe to Lisa Israel, 685 Osprey Nest Road, 970,000 Harriet Propper Trust to David Bofill, 32 Stirling Cove, 775,000
MATTITUCK MONTAUK
Susan & Girard A Fox to Kevin & Eileen K McCann,11 Sanger Place, 665,000
RIVERHEAD Riverhead Sound Assoc LLC to Ralph Palamidessi, 475 Stonecrop Rd, 559,900
SAG HARBOR Donna M Deely to Monica C Grady, 24 Cliff Drive, 700,000
SHELTER ISLAND James Jahrsdoerfer Trust to Patricia M Lutkins, 4 Simpson Avenue, 625,000
SOUTHAMPTON Gregory E Kraut to Mary Theresa Nadler, 545 Hampton Road, 700,000 John W Maloney to Michael S Sfinas, 124 David Whites Lane, 550,000
Data Provided by Long Island Real Estate Report