• 30 Apr 2008 at 1:59 PM

Subprime Has An Upside (If You Want To Have Wasserstein For A Neighbor. Don’t Mess With The Hedges Though).

By Equity Private

Home prices in the Hamptons, where rich and famous New Yorkers spend summers by the sea, fell in the first quarter as Wall Street job cuts and an economic slowdown took a toll on buyers.
The median price declined 7.1 percent to $882,500 and the number of sales dipped 29 percent from the last three months of 2007, according to a survey by appraisal firm Miller Samuel Inc. for New York-based Prudential Douglas Elliman Real Estate. Part- time Hamptons residents include Lazard Ltd. Chief Executive Officer Bruce Wasserstein and comedian Jerry Seinfeld.

Or you could take the advice of a sub-prime guru I know. Just wait until next year and buy it cheaper still.
Hamptons Home Prices Decline on Wall Street Job Cuts, Economy [Bloomberg]

Comments (14)

  1. 1
    Posted by guest | April 30, 2008 at 2:12 PM

    I remember last summer my advice to non-finance relatives (outside NYC, natch) was to start buying this July, now I think I am adjusting to stay, look opportunistically but maybe hold off another couple quarters…

  2. 2
    Posted by guest | April 30, 2008 at 2:28 PM

    Actually, looking at the median price is not that useful in markets like the Hamptons, where the tails (the high end tails that is, there are no low end tails) are fat.

  3. 3
    Posted by guest | April 30, 2008 at 2:34 PM

    actual, fat tails make it less useful when looking at the mean. median is unaffected by the size of the tails. stupid comment even considering the audience of DB retards.

  4. 4
    Posted by Investorcluzo | April 30, 2008 at 2:38 PM

    @2:43 – “stupid comment even considering the audience of DB retards.”
    would YOU be included or excluded in that audience of which you speak? just askin’…

  5. 5
    Posted by guest | April 30, 2008 at 2:40 PM

    “stupid comment even considering the audience of DB retards”
    There is no possible way to make that stupid non-inclusive of yourself. Good work, ace.

  6. 6
    Posted by diablo | April 30, 2008 at 2:45 PM

    @2:28 sounds like he’s confusing mean (average) with median. Stupid comment it was. The rest of you can discuss who the DB retards are.

  7. 7
    Posted by guest | April 30, 2008 at 2:49 PM

    @2:28 here. I admit it. I did in fact confuse the impact of fat tails on mean vs. median. Hope its the biggest mistake I make this week.

  8. 8
    Posted by guest | April 30, 2008 at 2:52 PM

    all you people jumping on 2:28.. I’ll bet you’re jewish.

  9. 9
    Posted by diablo | April 30, 2008 at 2:58 PM

    @2:52 PM
    MOT not
    MIT yes

  10. 10
    Posted by guest | April 30, 2008 at 3:17 PM

    Never met any low-end fat tail that wasn’t useful!

  11. 11
    Posted by onetwo | April 30, 2008 at 5:21 PM

    @3:17 – really? You clearly don’t date much. I try to avoid all low-end tail risk at all costs.
    Also, always be short vol with respect to any one girl…you never want to be long vol on a girl as she ages.

  12. 12
    Posted by guest | April 30, 2008 at 5:24 PM

    speaking of dating, 1-2, how’s it going with girl? or did she already dump your ass?

  13. 13
    Posted by Investorcluzo | April 30, 2008 at 7:02 PM

    @5:42 – ouch! but since it’s out there, 1-2 what’s the dealio? or should we just ask girl?

  14. 14
    Posted by guest | May 1, 2008 at 12:14 AM

    I’m not surprised onetwo remained silent. I’m for not pressing into onetwo and girl’s … you know, relationship … or whatever.

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