Hamptons Home Sales Plunge 67%

For those of you who think the worst of the Real Estate correction is behind us, here’s a little tidbit about some tony NY real estate.

“Home sales in the Hamptons, the New York oceanside communities favored by financiers and celebrities, plunged 67 percent in the first quarter from a year earlier as Wall Street job cuts and investment losses stifled demand for second homes.

Across 11 eastern Long Island towns, 96 homes sold in the three months ended March 31, marking the biggest percentage drop in at least 27 years, property broker Town & Country Real Estate said. It was the biggest percentage drop in their records, which date to 1982. In the same quarter of 2008, 287 homes sold…

The median sales price fell 28 percent from the year earlier to $698,461, Town & Country said. The decline was largely due to fewer sales of $5 million or more. The total value of all real estate sold in the Hamptons in the first quarter fell 78 percent to $140.2 million.”

Now that is some serious repricing going on:

Enjoy your summers . . .

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Source:
Hamptons, N.Y. Home Sales Plunge 67% in First Quarter
Oshrat Carmiel
Bloomberg, April 9 2009
http://www.bloomberg.com/apps/news?pid=20601213&sid=a_IieuwSGDJo&

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