Uncertainty On Wall Street Really Screwing Over East Hampton

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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]

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