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A Summer In The Hamptons – 2020!

John A. Viteritti by John A. Viteritti
October 23, 2020
in Real Estate
Home Real Estate

The onslaught of COVID-19 in the waning days of winter and the advent of spring had ramifications for the towns of Southampton and East Hampton never before experienced, not the least being for the real estate market spurred on by the migrations of people from the city seeking shelter from the deadly virus.

To gain some insights into how this phenomenon has affected conditions in these towns, I interviewed Assemblyman Fred W. Thiele Jr. who represents them in the New York State Assembly.

You have often spoken out on the need for affordable housing in Southampton and East Hampton Towns. Considering the increase in sales and rentals and at costs much greater than in the recent past, how will these new market conditions affect the ability to develop affordable housing?

FT: More than 60% percent of the housing units east of the Shinecock Canal are second homes. The second home industry on the East End has contributed mightily to the tax base of the East End without demanding commensurate government services. Communities with large second home populations have consequently enjoyed lower tax rates than more year-round communities.

Does the ability of the towns to use Community Preservation Fund Tax (CPFT) revenues to purchase vacant land drive up the price of land for affordable housing?

FT: The pandemic has accelerated a trend of second homeowners spending more and more time on the East End. Since March, most residential dwellings on the East End have been occupied full-time as residents escape the city. That is a trend that is expected to continue. The increase in demand for dwellings on the East End has accelerated sales, prices and rentals to record levels in the last six months. CPF funds demonstrate that fact. In the first seven months of 2020, the CPF has generated $61.1 million, the highest for that period in the 21-year history of the program, and 30.6 percent more than 2019.

Can the towns absorb the increase in population with respect to infrastructure, sanitary systems and schools?

FT: There are consequences from this migration to the East. Tumbleweed Tuesday has been cancelled. Most notably, there will be impacts to our schools, transportation, and communications. Many schools are reporting increases in enrollments. Summer traffic may not abate after Labor Day. Poor cell service and Wi-Fi, which is a way of life on crowded summer days, has become an everyday occurrence with the increased population and incidence of people working from home. Government officials will have to address these stresses on essential services. As for affordable housing, it is a long ago disproven myth that the preservation of open space adversely impacts affordable housing. These lands have environmental and infrastructure limitations that make them unsuitable for affordable housing. The greatest adverse impact on affordable housing has been the demand for second homes that competes with the need of local families to purchase a first home. The second home market has been a boon to the local economy. However, it has also had the impact of driving up prices and making housing unaffordable for many local families. The current demand of city residents for dwellings on the East End will only exacerbate that market impact.

What is the status of your proposal to use a percentage of the CPFT for the development of affordable housing?

FT: We continue to pursue the state authorization to create a Peconic Bay Community Housing Fund. The fund would be financed by an extra 0.5 percent transfer tax coupled with an increase in the exemption for the transfer tax from $250,000 to $400,000. The combined impact of those two changes would generate more than $20 million for the production of affordable housing, while cutting the transfer tax for all transactions under $1 million. The bill passed the State Legislature, but was vetoed in December 2019. The governor has requested additional information from the towns. Unfortunately, these efforts were sidetracked in early 2020 by COVID-19. Work on the bill is again proceeding with hopes of passing the legislation in 2021.

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John A. Viteritti

John A. Viteritti

John is a St. John's University graduate, licensed Real Estate Broker, DOS Certified Instructor, and real estate consultant. He previously taught at NYU, LIU, and The Cook Maran Real Estate School, which he helped found.

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Hamptons Halloween Jack-o’-Lantern Contests, Trivia Nights, Virtual Performances And Other Celebrations

Hamptons Halloween Jack-o'-Lantern Contests, Trivia Nights, Virtual Performances And Other Celebrations

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  • Unique Hamptons Night Out – A Plant Based Private Dinner

I had never heard of veganwagon.com until meeting the owner of the business, Mino Netta, who is a high energy and spiritual person that runs a vegan lifestyle business with her husband? What’s a vegan lifestyle business you ask? I had the same question. Essentially, Vegan Wagon puts together events that revolve around the vegan lifestyle. Mino Netta’s husband is the head chef of the business and is a vegan lifestyle influencer. Alex Cheblal is a 5-star gourmet French Chef that specializes in plant based cuisine. As a vegan chef, he has personally immersed himself into the lifestyle for the last 22 years. @veganwagonchefalex

Read the full article at Hamptons.com (Link in Bio) #hamptons #plantbased #vegan #private #dinner #hamptons
  • Guild Hall Summer Gala to Honor Philanthropist Kathy Rayner

Guild Hall announced today they will honor philanthropist Kathy Rayner at their upcoming Summer Gala on Friday, August 19 at Mulford Farm in East Hampton. Mrs. Rayner will be recognized for her establishment of the Guild Hall William P. Rayner Artist-inResidence program, in honor of her late husband, artist Billy Rayner, which offers artist collectives the time and space to research, experiment, and develop new ideas while living on the East End. @guild_hall

Read the full article at Hamptons.com (Link in Bio) #hamptons #guildhall #summergala #summer #benefit
  • Make Rita Cantina’s Delicious Watermelon Margarita

Rita Cantina offers delicious Mexican cuisine and innovative cocktails. Their signature margarita recipes are composed of deliciously flavorful and seasonal ingredients, refreshing for this summer heat. @rita_cantina

These hot summer days call for a refreshing watermelon margarita recipe by margarita expert Adam Miller: 

Watermelon Margarita
Created by Adam Miller at Rita Cantina (Springs, NY)

● Ingredients
○ 2oz Blanco tequila
○ 1 oz watermelon juice
○ 1 oz lime juice
○ .75 oz simple syrup

● Method
○ Juice lime and watermelon fresh. Make a 1:1 simple syrup with cane sugar.
○ Combine all ingredients in a shaking tin and shake—fine strain over fresh ice. Garnish
with a lime wedge and drink!

● Glass
Double Old Fashioned Glass or Rocks Glass (12.5 oz and above)

Read more about Rita Cantina at Hamptons.com (Link in Bio) #ritacantina #mexican #margaritas #summer #tacos #springs #hamptons
  • Taryn Winters × By Dria Collection Celebrates Feminine Comfort and Empowerment

This summer, Dria Murphy, wellness expert and brand builder, launched by dria, a curated shoppable lifestyle site of “the best of” products within wellness, beauty, interiors and fashion according to her point of view. Through her experience working with many brands and products in these spaces, she discovered that more does not equal better; so to cut through the noise, she was inspired to create this shoppable outlet to share everything she has tested, learned and love. If she wouldn’t wear it, try it, visit it, taste it, sip it or swear by it – it doesn’t make the by dria cut. She also curates a round up of chic, new and noteworthy products you should buy called the au courant edit that drops every month. @driamurphy @tarynwinterslingerie

Read the full article at Hamptons.com (Link in Bio) #fashion #womenempowerment #hamptons #lifestyle #bydria
  • Intriguing Location in Wainscott

7 East Gate Road, Wainscott, NY 11975
Saunders Co-Exclusive: $3,995,000

Located right in the very heart of the Hamptons, this terrific home is close to the places you want to be. The Wainscott Beach is less than 2 miles away. There’s a Jitney stop down the street, not to mention much-loved Levain Bakery, The Seafood Shop, Goldberg’s Famous Bagels, La Capannina Pizza and Wainscott Main Wine & Spirits. Also Wolffer Vineyards sunsets are right down the road. The location is hard to beat; get to Sag Harbor, East Hampton and Bridgehampton easily, in minutes. @divahands @hamptonsrealestate

Read the full article at Hamptons.com (Link in Bio) #hamptons #hamptonsrealestate #luxuryrealestate #saunders #hamptons
  • Review: “Ragtime,” Might be the Best Musical Ever at Bay Street Theater!

Bay Street Theater’s powerful production of the musical “Ragtime” mesmerized the audience and at the end had them on their feet applauding wildly. “Ragtime” is a must see. There are so many individual roof raising performances, yet the show is so much more than the sum of these amazing exhibitions of top level singing, dancing and physical acting. The drama is spellbinding. “Ragtime,” is running at the Bay Street Theater until August 28th, Visit www.baystreet.org for all information about show times and ticket purchases. @baystreettheater

Read the full article at Hamptons.com (Link in Bio) #hamptons #theater #baystreet
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