Once group that may be able to help and provide valuable information is the Bridgehampton Citizens Advisory Committee. Sometimes house hunters figure that these kind of organizations may only skim the surface and will not give you the real deal on an area, but we think it would be wise to gather all of the information you can. Even if you do not get the exact information you are searching for, you may get a better idea of who you can ask to get this information once you’ve consulted a local civic organization.

The Bridgehampton Citizens Advisory Committee had some very useful information on its website, including a “How to Get Things Done” section. And that is one thing that anyone who has moved to a new place or started a new job really needs to figure out.  Visit the “How to Get Things Done” to can find out:

-how to get internet access
-the dates when you will need a beach permit
-where to find hiking trails
-how to handle noisy neighbors
-who to contact about potholes
-who is in charge of cleaning up debris on the beach

The Bridgehampton Citizens Advisory Committee also provides information on:
-local legislation
-maintenance of public properties
-traffic updates
-development news
-pedestrian safety
-transportation
-demolitions

You can also turn to a knowledgable local real estate professional like Bill Williams of Sotheby’s International Realty. He will be happy to help you find a home in Bridgehampton or any other part of The Hamptons and to give you all th inside info you need to make a smooth transition into Hamptons life.

Speaking of stars and gorgeous estates, it is possible that it may have been a little premature the other day for us to state that Madonna owns property in Bridgehampton. We have heard conflicting reports about the entertainer’s interest in Bridgehampton. In some circles, word has gone out that Madonna has already purchased a horse farm that has been used to train show horses. In making this purchase, she has agreed to keep the facility as a center for training horses.

In other circles, the buzz is that Madonna has yet to buy, but is very close to buying, a horse farm that once belonged to Kelly Klein (former spouse of Calvin Klein), along with another horse farm in the same area.

The land that encompasses this horse farm totals about 50 acres, but it is 50 acres on which a home cannot be built. So the other big news is that The Material Girl is also considering a house nearby.  Now who will this house be for? Some sources say that house will be for employees who will work at the horse farm.

If you are looking for a home in Bridgehampton, we cannot guarantee that your purchase will generate the kind of buzz and speculation that Madonna’s potential purchase has. What we can tell you is that if you decide to work with Bill Williams of Sotheby’s International Realty as you look for a home in The Hamptons, you will get the same personalized and superb service that the stars expect.

By LOUISE STORY and ERIC DASH

Everyone on Wall Street is fixated on The Number.

The bank bonus season, that annual rite of big money and bigger egos, begins in earnest this week, and it looks as if it will be one of the largest and most controversial blowouts the industry has ever seen.

Bank executives are grappling with a question that exasperates, even infuriates, many recession-weary Americans: Just how big should their paydays be? Despite calls for restraint from Washington and a chafed public, resurgent banks are preparing to pay out bonuses that rival those of the boom years. The haul, in cash and stock, will run into many billions of dollars.

Industry executives acknowledge that the numbers being tossed around — six-, seven- and even eight-figure sums for some chief executives and top producers — will probably stun the many Americans still hurting from the financial collapse and ensuing Great Recession.

Goldman Sachs is expected to pay its employees an average of about $595,000 apiece for 2009, one of the most profitable years in its 141-year history. Workers in the investment bank of JPMorgan Chase stand to collect about $463,000 on average.

Many executives are bracing for more scrutiny of pay from Washington, as well as from officials like Andrew M. Cuomo, the attorney general of New York, who last year demanded that banks disclose details about their bonus payments. Some bankers worry that the United States, like Britain, might create an extra tax on bank bonuses, and Representative Dennis J. Kucinich, Democrat of Ohio, is proposing legislation to do so.

Those worries aside, few banks are taking immediate steps to reduce bonuses substantially. Instead, Wall Street is confronting a dilemma of riches: How to wrap its eye-popping paychecks in a mantle of moderation. Because of the potential blowback, some major banks are adjusting their pay practices, paring or even eliminating some cash bonuses in favor of stock awards and reducing the portion of their revenue earmarked for pay.

Some bank executives contend that financial institutions are beginning to recognize that they must recalibrate pay for a post-bailout world.

“The debate has shifted in the last nine months or so from just ‘less cash, more stock’ to ‘what’s the overall number?’ ” said Robert P. Kelly, the chairman and chief executive of the Bank of New York Mellon. Like many other bank chiefs, Mr. Kelly favors rewarding employees with more long-term stock and less cash to tether their fortunes to the success of their companies.

Though Wall Street bankers and traders earn six-figure base salaries, they generally receive most of their pay as a bonus based on the previous year’s performance. While average bonuses are expected to hover around half a million dollars, they will not be evenly distributed. Senior banking executives and top Wall Street producers expect to reap millions. Last year, the big winners were bond and currency traders, as well as investment bankers specializing in health care.

Even some industry veterans warn that such paydays could further tarnish the financial industry’s sullied reputation. John S. Reed, a founder of Citigroup, said Wall Street would not fully regain the public’s trust until banks scaled back bonuses for good — something that, to many, seems a distant prospect.

“There is nothing I’ve seen that gives me the slightest feeling that these people have learned anything from the crisis,” Mr. Reed said. “They just don’t get it. They are off in a different world.”

The power that the federal government once had over banker pay has waned in recent months as most big banks have started repaying the billions of dollars in federal aid that propped them up during the crisis. All have benefited from an array of federal programs and low interest rate policies that enabled the industry to roar back in profitability in 2009.

This year, compensation will again eat up much of Wall Street’s revenue. During the first nine months of 2009, five of the largest banks that received federal aid — Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley — together set aside about $90 billion for compensation. That figure includes salaries, benefits and bonuses, but at several companies, bonuses make up more than half of compensation.

Goldman broke with its peers in December and announced that its top 30 executives would be paid only in stock. Nearly everyone on Wall Street is waiting to see how much stock is awarded to Lloyd C. Blankfein, Goldman’s chairman and chief executive, who is a lightning rod for criticism over executive pay. In 2007, Mr. Blankfein was paid $68 million, a Wall Street record. He did not receive a bonus in 2008.

Goldman put aside $16.7 billion for compensation during the first nine months of 2009.

Responding to criticism over its pay practices, Goldman has already begun decreasing the percentage of revenue that it pays to employees. The bank set aside 50 percent in the first quarter, but that figure fell to 48 percent and then to 43 percent in the next two quarters.

JPMorgan executives and board members have also been wrestling with how much pay is appropriate.

“There are legitimate conflicts between the firm feeling like it is performing well and the public’s prevailing view that the Street was bailed out,” said one senior JPMorgan executive who was not authorized to speak for the company.

JPMorgan’s investment bank, which employs about 25,000 people, has already reduced the share of revenue going to the compensation pool, from 40 percent in the first quarter to 37 percent in the third quarter.

At Bank of America, traders and bankers are wondering how much Brian T. Moynihan, the bank’s new chief, will be awarded for 2010. Bank of America, which is still absorbing Merrill Lynch, is expected to pay large bonuses, given the bank’s sizable trading profits.

Bank of America has also introduced provisions that would enable it to reclaim employees’ pay in the event that the bank’s business sours, and it is increasing the percentage of bonuses paid in the form of stock.

“We’re paying for results, and there were some areas of the company that had terrific results, and they will be compensated for that,” said Bob Stickler, a Bank of America spokesman.

At Morgan Stanley, which has had weaker trading revenue than the other banks, managers are focusing on how to pay stars in line with the industry. The bank created a pay program this year for its top 25 workers, tying a fifth of their deferred pay to metrics based on the company’s later performance.

A company spokesman, Mark Lake, said: “Morgan Stanley’s board and management clearly understands the extraordinary environment in which we operate and, as a result, have made a series of changes to the firm’s compensation practices.”

The top 25 executives will be paid mostly in stock and deferred cash payments. John J. Mack, the chairman, is forgoing a bonus. He retired as chief executive at the end of 2009.

At Citigroup, whose sprawling consumer banking business is still ailing, some managers were disappointed in recent weeks by the preliminary estimates of their bonus pools, according to people familiar with the matter. Citigroup’s overall 2009 bonus pool is expected to be about $5.3 billion, about the same as it was for 2008, although the bank has far fewer employees.

The highest bonus awarded to a Citigroup executive is already known: The bank said in a regulatory filing last week that the head of its investment bank, John Havens, would receive $9 million in stock. But the bank’s chief executive, Vikram S. Pandit, is forgoing a bonus and taking a salary of just $1.

Wall Street bonuses a boost to real estate

MillerCicero.com  (Jan. 11, 2020)

Wall Street is abuzz with news of bonuses.  A front page story in today’s New York Times

notes that 2009 could be one of Wall Street’s biggest year’s for payouts. 

As distasteful as this might be to some people, New York real estate folks say “bring it on!” 

As bonus money increases, so does the demand for high-end real estate.

There has historically been a direct correlation between Wall Street bonuses

(as reported by The New York State Office of the State Comptroller)  

and the performance of residential real estate.  My firm did a study

on this about a year ago and the correlation is quite clear:

Source: Miller Cicero LLC, based on employment data from US Bureau of Labor Statistics (BLS)

Source: Miller Cicero, LLC, based on bonus data from the Office of the State Deputy Comptroller

Call it Wall Street’s contribution to a financial stimulus. With an average bonus of over $500,000 per employee (that’s average…bonuses can run into the tens of millions for some!) I have to believe that many of those shiny, new and vacant luxury condos will be snatched up over the next couple of months.

In its earliest days, Bridgehampton was known as Bullhead and we are not at all displeased with that name change. The area earned its new name after Sagg Bridge was built in 1686 to link Mecox and Sagaponack. In early town records, the name was listed as two separate words–Bridge Hampton–but it was later changed into one word.

Its namesake bridge lasted for almost a century and although it no longer stands, Bridgehampton continues to thrive. One of its most popular events is the summer polo tournament, so if you enjoy that sport, you are sure to want to be close to all of the action. Bill Williams of Sotheby’s International Realty is not only a real estate professional, he is also a polo aficionado, and would be happy to discuss polo with you while you talk Hamptons real estate. Part of the fun of living in The Hamptons is getting to take part in its social live and recreational activities. And if this is important to you, you will want to find a Hamptons home that allows you to be close to activities that you enjoy.

Life in Bridgehampton incorporates all that you would expect from The Hamptons, including luxury homes, a relaxed lifestyle and proximity to the beach and great parties. As in other parts of The Hamptons, such as Amagansett, you will find that if you buy a home in Bridgehampton, you will have some celebrity neighbors. Madonna, Kelly Ripa and Boomer Esiason have properties in the area.

When it comes to real estate, we do not have to tell you those three magic words that mean everything–location, location, location–but we will anyway. Why? Because as charming as Water Mill is as a still somewhat old-fashioned locale in the Hamptons, some of its true beauty simply lies in the fact of where it is. Water Mill is a lot closer to the city than places like Montauk, Sag Harbor or Bridgehampton.

Have you ever traveled, got relaxed and then felt as if you need another vacation to recover from the journey home? Or, on the other hand, have you ever arrived at your vacation destination so wound up from the stress of the journey there, you wondered if you would even be able to settle down and enjoy the place? Well, when you buy a home in Water Mill, you can alleviate some of the travel stress. Reaching Water Mill from the city will not take you nearly as long as it would if you were going to other parts of the Hamptons and we know that for some of you the ability to cut the commute to your getaway is worth its weight in gold.

The 1990s and beyond did bring more development to Water Mill, so that is has changed from its more bucolic days, but what part of the Hamptons hasn’t? The fact that Water Mill is part of Southampton means that it is under that town’s land-use restrictions and this helped ensure that Water Mill did not become choked with new development, so it has modernized while retaining some of its old-time charm.

Those who think Wainscott’s name came from a place in England may have a little more evidence in their favor. After all, many of the first people to settle in East Hampton hailed from Wainscott, Kent, an area known as the setting for Charles Dicken’s classic novel Great Expectations.

And with that in mind, we can tell you that there is something comfortingly old-fashioned about Wainscott. It was the site of New York state’s last one room public schoolhouse. This one room schoolhouse was still in operation even into the 21rst century. And speaking of education, It’s A Big Big World, a children’s show produced by PBS is taped in Wainscott’s East Hampton Airport.

When it comes to real estate, however, Wainscott can boast of homes that are much, much larger than a one room schoolhouse. Wainscott has some very large and very elegant properties. Many of these properties are actually second homes. That is not to say that no one lives there all year ’round, but we just want you to know that if you decide that you want a second home in Wainscott, you will be in good company. You will not be the only person who does not spend all of their time in the area, so you need not feel left out. Your neighbors will be glad to see you when you are there.

Although Sagaponack has a mayor, it is not a city, but rather it is a village that is a part of Southampton. Sagaponack was a portion of land that was set aside earlier than places like Bridgehampton or Sag Harbor. This was some of the area’s richest soil and it was settled by hardworking farm families who were able to prosper because of their dedication.

The Sagaponack of today still has working farms and the idea of being close to nature is an important part of everyday life. Residents are very near the ocean and it is possible to see pheasants crossing the road. The beach near Sagaponack is not crowded and people who live there do not need to battle traffic to get there.

For those who you who like hiking, there is a trail that was once used my Native Americans that will take you from Sagaponack to Sag Harbor. If you like the outdoors, but would rather not hike, you can visit the exquisitely designed gardens of the Madoo Conservancy.

When looking for someone to guide your search for a home on the Hamptons, look no further than Bill Williams of Sotheby’s International Realty. Mr. Williams has spent more than a decade listing and selling properties exclusively in the Hamptons. He knows this market inside and out and can help you find the Hamptons property that suits your lifestyle.

Be willing to be flexible
This is something that sometimes very motivated buyers forget—the sellers may request a delayed closing or ask that you forego moving in until they have everything settled for their next residence. While you may be all set, the seller may need a little more time. If you really want a property, it is worth the inconvenience to work with the seller. If you need to leave your current residence, you may have to rent or make alternative arrangements.