Like any expensive hamlet with both blue blood and blue collar roots, the Hamptons have seen the spectrum of wealth including old and new money. Descendants of old fashioned industrialists have given way in the recent buying boom to Wall Street masters of the universe and hedge fund managers who may be completely self-made. While Southampton may have had the reputation of being old money, and East Hampton that of being new money, the lines have been blurred.

A new listing in Westhampton Beach is making the upper echelon stand up, take notice and even consider crossing the Shinnecock canal -- a $39 million historic estate. “Where else can you find 10 acres on the water in a Stanford White era home with 16,000 square feet?” asks exclusive agent Marcia Altman with Brown Harris Stevens. At a recent open house for a few select brokers there was one word whispered about, “Gatsby.” West Egg has clearly arrived.

A proposed subdivision in Bridgehampton to be called “Vintage Vines,” near Channing Daughters Vineyards, has set competing interests against one another. In one corner are former Southampton Town Councilman Dennis Suskind and his partner who are looking to develop the land as a business venture. In another corner we have the environmental interests of this aquifer protection district including the endangered tiger salamander. But also tossed into the ring is the Hamptons working class which is hoping for affordable housing.

While stately Southampton has held the spotlight for high-priced properties, East Hampton has seemed (aside from the record-setting $103 million Further Lane sale) to be Southampton’s more affordable kissing cousin. So, sure, she doesn’t have her own private helipad, but heck she’s got her own airport, not to mention Martha Stewart, Donny Deutsch, and a Broadway show about one of her most famous properties, “Grey Gardens.” And while beachfront property is going for a dollar a grain of sand in Southampton Town, they have suffered far worse erosion than East Hampton, which has maintained its jetties to protect its beaches.

We’ve heard about the stimulus package and a potential national tax rebate, but how about a little help closer to home. Here’s a deadline you’ll want to know about. Do you own your own home in the Hamptons? Is it your primary residence? If you’re looking for a potential tax reduction, the deadline for applying for the STAR program is March 1, 2008. STAR stands for the New York State School Tax Relief Program, which was instituted in 1997.