The Real Deal New York

While the second quarter of 2007 saw the median sales price of Hamptons homes hit $1.1 million, today that price has dwindled down to $770,000, according to data from Prudential Douglas Elliman. This marks a 30 percent drop, and agents working across the luxury region are noticing the changes. “Things that were priced for $1.1 [million] or $1.2 million, you can bring down to under a million now,” Southampton’s Beau Hulse Realty CEO Thomas Hulse said. According to Peter Moore, a sales agent at the Corcoran Group, the average home in the Hamptons is selling for 15 percent below its asking price.