Time was, East Hampton could count on the guys taking home enormous packages at year-end to buy up its inventory of multi-million dollar homes. They’d come to a mutual understanding, if you will. Now, due to the bloody financial crisis, some people aren’t holding up their end of the arrangement. Whereas prior to the whole shit hitting the fan “incident,” traders and similarly compensated financial services employees would roll in town and pay cash for some $45 million, 18-bedroom spread, now outhouse pictured at left can’t even sell. So you don’t know if you’re going to have a job in 2011 let alone if your bonus will be anything to write home about, so what??? We had an agreement. You selfish pricks.
Eleven Hamptons homes sold for $5 million or more in the third quarter, compared with 20 a year earlier, Jonathan Miller, the president of Miller Samuel said. The median price for luxury properties, defined as the top 10 percent by price, dropped 14 percent in the Hamptons and Long Island’s North Fork to $3.7 million.
“I see the East End as joined at the hip with Wall Street,” Miller said. “Going forward, that’s a concern. The next couple of quarters are not quite clear at the moment.”
Three other reports this week also showed decreases in Hamptons prices in the third quarter. New York brokerage Brown Harris Stevens said in a report today that the median price fell 16 percent from a year earlier to $753,750. About 67 percent of all sales were for homes under $1 million, said Gregory Heym, chief economist at Terra Holdings LLC, which owns Brown Harris.
Hamptons Home Prices Fall as Buyers Seek Lower-Priced Retreats [Bloomberg]
It’s because the rent is too damn high
Home sales are down 40% in the Hamptons but, over the same time, settlement building in Israel is up 40%? Coincidence? I think not!
“Going forward, that’s a concern”
Other than that, still many concerns.
Real estate always goes up in value. Always has; always will.
-AIG quant
Glad I stayed in the Poconos. It’s all about location, bitches!
Using your entire $5mm bonus to buy a 2br/1.5ba summer house in the Hamptons in hopes of being invited to P.Diddy’s White Party only to be shunned because you’re not ‘hood enough is the NKI.
You mean people don’t want to pay millions to spend the summer surrounded by douchebags at the wrong end of a 100 mile traffic jam? Amazing.
It’s called a helicopter
They should raze the hamptons and build a planned biker community complete with strip joint,Harley shop , meth lab and trailer park.We are putting the deal together
Tullett Prebon I Banker
“Suck it … and cope.”
-Charlie Munger
(as quoted in Breibart’s Familiar Quotations, 18th edition, edited by Justin Kaplan)
Will probably happen one of these days regardless: http://www2.sunysuffolk.edu/mandias/38hurricane/
Great news!!!
http://online.wsj.com/article/SB10001424052702303339504575566194097878552.html?mod=WSJ_hps_LEADNewsCollection
Calling 2x the amount of water in the Sahara “Lots” of water is the nKI…
Yeah, it’s true. I could hardly maintain a proper erection for a decent duration even in front a totally
alluring Hilary.
mercy please.
Maybe it has to do with the hooters that just opened up there. http://www.youtube.com/watch?v=9xEnwa2HCR0
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