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.

From the August issue: With unemployment on the rise and prices declining, the New York City
real estate market is still on shaky ground during these dog days of
summer. But morale in the industry has improved markedly as buyers,
sellers and brokers, once shell-shocked by the chaos of the fall’s
financial markets, now see some action.
Many brokers have reported a recent increase in deal volume in the
wake of this winter’s paralysis, and second-quarter reports released by
the city’s brokerages early last month confirmed that. According to a
market report by Prudential Douglas Elliman, there were 1,532 Manhattan
sales in the second quarter of 2008, an increase of 28.2 percent from
the previous quarter. [more]