Hamptons market struggling, but some sellers raising prices

C. J. Hughes of The Real Deal appeared on Forbes TV to discuss the decline in the Hamptons real estate market. Hughes discussed Calvin Klein’s demolition of his 55,000-square-foot house, which he plans to replace with one about 4,000 square feet in size. But while the Hamptons market has definitely slowed, some sellers are getting bullish again, raising their prices even in the face of the recession. Economist David Stiff told Forbes that high-end homes have done better in the down market than lower-end homes, because more expensive homes have not been hit by subprime loans.