Real Estate Downturn Not Hurting East End

There were two surprising developments this week on the real estate front. There is a generally accepted belief these days that real estate sales are in a decline. All the reports seem to verify the problem. It is interesting however, that the East End transfer tax (over and above the NY State transfer tax) has resulted in a windfall of some $94 million dollars to the East End townships. Earmarked for preservation purchases, this is a tidy sum indeed.

Meanwhile Prudential's North Fork brokers are making statements that North Shore sales are going quite well and everyone should be optimistic about the market.

Not Everywhere - Unfortunately!
The number of foreclosures nationwide and in New York State continues to rise and the figures are not promising. The national rate is up by 75% in one year alone while N.Y. State foreclosures have increased by about 10%. There are some fixes (if you listened to the "W" final State of the Union) but may not be in time to save the day for so many in need.

Kudos to the Community Journal
Bernadette Budd's weekly newspaper (The Community Journal) keeps a watchful eye on the goings on at the Shoreham-Wading River School Board. She provides really detailed reporting on their Board meetings. Recent edition gave eye opening facts about a possible conflict of interest and lets her readers know about it.

Objections to the Weeping Willow Purchase.
Some residents have raised an objection to the purchase of the Weeping Willow Motel on East Main Street for the sum of 1.25 million smackers. The Peconic Land Trust said that $500 thousand would come from an Environmental Protection Fund and $750,000 from Riverhead's Community Preservation Fund. Some feel that the price is just too high and should be reviewed.

Downtown and Suffolk Theater in Limbo
Riverhead is still waiting for the master developer Apollo to come forth with intentions for the start of downtown development while the renovation of the Suffolk Theater on Main Street is still where it was two years ago. Nowhere! Meanwhile they are trying to resurrect the plan to build a multiplex theater, stores and a parking garage on Railroad Avenue.

Wouldn't EPCAL have been a great place for a big multiplex movie theater with a large parking area and include some of the larger stores in the same area? What about an ice hockey venue for team play and public skating at EPCAL as well? Incidentally, there are new objections to Ski-EPCAL. Just thought I would ask