In Hamptons, it's no vacation
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Multimillion-dollar homes are still finding takers in the Hamptons, but the notoriously tony vacation destination is showing serious signs of softening.
While the market there does not mirror the meltdown in the rest of the country, the Wall Street cash that has long flooded into the East End is clearly not flowing as freely this summer.
This month, The Real Deal offers a series of stories on what's happening on the South Fork.
Brokers say there have already been significant changes when it comes to speculative building. In addition to the fact that building permits have dropped by a third in some areas, speculators are, well, not speculating as much these days.
Meanwhile, the normally hot restaurant scene is cooling down a little. Several well-known restaurants shut down during the off-season, and brokers say there's a wariness about signing new leases now.
Finally, a roundup of recent Hamptons' statistics — ranging from the $110 million asking price of an Amagansett parcel to the jump in homes for sale compared to last year — offers a surprising window into the contradictions of the Hamptons market.
Spec builders grow cautious in Hamptons
Hamptons eateries not immune
By the numbers: Recent Hamptons' statistics
Comments
Right Brain
The number of homes for sale in the South Fork alone is 6,226 as of today, another 860 in the North Fork. A full breakdown is available via HREO.com
The numbers used on your chart apparently come from MLS, which is not widely used on the East End.
Comment #1 Posted By: Right Brain 07/02/08
laurie mindnich
The same real estate companies that refuse, for seller "privacy" issues, to offer exposure on the mlsli, are plastering the homes on Zillow- along with a map provided by Zillow detailing the locations.
Try getting sold comps there.
As more and more of these homes are facing short sale, one would think that larger companies would have the sense to offer full exposure to all agents with potential buyers, but I guess they're still in the dark ages of the real estate industry- wonder how the sellers who lose their homes will feel about that.
Comment #2 Posted By: laurie mindnich 10/13/08
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