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

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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]

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