From the July issue: With its veneer of wealth and privilege, the Hamptons may not seem like
a hotbed of unethical real estate practices. But industry insiders say
the very exclusivity that attracts the rich and famous allows
questionable behavior to flourish — perhaps more than in any other real
estate market in the country.
“[The Hamptons] really is like the Twilight Zone,” said Laurie
Mindnich, a salesperson at Options Realty, which is based in Riverhead.
“The way that sellers and buyers are treated out there is horrific.”
During the real estate boom, as properties changed hands for
eye-popping prices, many homeowners were blissfully unaware of unsavory
behavior. But now that the market has come to a screeching halt, the
region’s notorious lack of transparency is worsening the downturn,
locals say. [more]