Dan's Papers - October 5, 2007 - Real Estates by Diane Strecker

It is evident that the value in East End properties is derived from its natural and unspoiled beauty. Conservationists on the East End have worked hard over the years to keep it that way and like minded land owners work with such groups on occasion to insure the preservation of eastern Long Island. Organizations such as the Peconic Land Trust are forever coming to the aid of large parcels that would otherwise be lost to development. Contrary to popular belief that the land trust earns its capital by way of the 2% land tax that is imposed on buyers, the Land Trust gains most of its revenue and land through charitable gifts and professional services. The group has saved more than 8,600 acres of East End land to date and is busy working on new projects all the time.

Just this past week the Land Trust announced the acquisition of the 26.3 acre homestead, Cackle Hill on Shelter Island. The property owned by Bill and Janice Pike consists of 17.5 acres of pristine woodlands as well as the 9.2 acres on which the homestead sits. The property located between Rocky Point Road and West Neck Road, was purchased for $7.3 million dollars. The wooded portion was then sold to the Town of Shelter Island immediately after closing for just about $3 million making this transaction another conservation success story written by the Land Trust. The Southampton based organization also saved sizable land tracts such as the Quail Hill Farm in Amagansett, where 193 acres were gifted to the trust in 1997 by Debra Ann Light who owned a 213-acre estate there.

In other real estate news the Corcoran Group is still keeping the season alive with another fund raising function in Bridgehampton. Corcoran Cares, a group founded by one of the East End's leading realtors, works to raise money for local charities. Earlier this season the open house event was held at the lavish Cobb Lane Estate of Glen Simon in Water Mill. The $25 million dollar estate was the same one that the young Russian heiress and model, Anna Anismova rented last season. More than 180 showed and thousands were raised for the cause.

This week the realtors hit the ball for the cause in Flying Point field in Southampton. The Annual Hamptons vs. New York City Softball Challenge Cup took place on September 29th at 2 p.m. Live ballpark music, a raffle, trophies, hotdogs and popcorn all added to the fun fundraiser. All proceeds went to the Corcoran Cares Foundation. Realtors in the Hamptons are famous for holding upscale open house events and cocktail parties to unveil their newest or most exclusive listings and this past summer has seen a stream of such functions. Fundraising of course is nothing new to the Hamptons and many real estate based fundraisers have become institutions in the Hamptons each season such as the Designer Showhouse, whose entire proceeds go to benefit Southampton Hospital each summer. The $25 Million Dollar House Tour is another such event, where area realtors and sellers come together and offer their listings from Westhampton to Quiogue as venues for touring and entertainment.

In other real estate news Donald Trump, who was spotted looking at property on the East End earlier this season, is now in the process of getting his mega catering facility, Trump on the Ocean under way. The Real Estate mogul was one of the prospects that toured Gosmans Dock and restaurant when it entered the market earlier this spring at $55 million. Trump passed on that particular waterfront compound and began concentrating his waterfront ventures up island. The lavish Trump on the Ocean will be built on Jones Beach and already has a trailer set up on site booking events for 2009. The locale is expected to be one of the most sought after spots on Long Island for a wedding or any number of exclusive events and functions. When complete the project will be the largest facility of its type on the Long Island oceanfront. The demolition of the old 1960s boardwalk restaurant has come down to make room for the new facility. The original was built on the 1930s and was destroyed by fire.