Itching to buy a spread in the Hamptons? Prices are dropping….
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.“There’s caution because of more potential
layoffs in the future, so people are taking longer to make buying decisions,”
Miller Samuel CEO Jonathan Miller said in an interview. “We’re seeing a sharp
drop in sales transactions, which are likely influenced by the problems on Wall
Street.”
The number of days a home stayed on the
market rose 29 percent from a year earlier to 181. Homes sold for 9.6 percent
less than the original asking price in the first three months of 2008, compared
with 3.6 percent less in the first quarter of last year, the survey said.“If you don’t price it properly you’re
going to sit,” said Prudential Douglas Elliman CEO Dottie Herman, who owns a
second home in Southampton. “Price matters in this market. You’re dealing with
more inventory so there are more choices for buyers. Sometimes people will look
at houses and if it’s not priced right it will help sell someone else’s who
is.”
Hamptons Home Prices Decline on Wall Street Job Cuts, Economy – Bloomberg
Tags: Credit Crunch, Hamptons, Real Estate
I was amused by the Hamptonopoly board. It was quite inventive.