Hamptons sales prices way below asking

August 27, 2009 12:00PM
Corcoran Group sales agent Peter Moore

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. [Post]

Tags: beau hulse realty prudential douglas elliman sales prices the corcoran group


Comments

Anonymous

Shhhh! Don't tell everyone that the housing can actually be affordable out there- you might scare the celebrities away!

Comment #1 Posted By: Anonymous 08/27/09

Anonymous

wait another year and prices will be down another 20 percent.

Comment #2 Posted By: Anonymous 08/27/09

Anonymous

TIMBERRRRRRR significant oversupply remains and there is a significant shadow market of soon to be listed/foreclosed homes...wait at least a year....putting new money into this market is a mistake.

Comment #3 Posted By: Anonymous 08/27/09

Anonymous

hmm lets see - wall street just got creamed and "financiers" of all levels got caught with their pantz down (i.e. no liquidity) which when you get fired and have two mortgages is a nightmare... I think its going to be some time before bankers of all levels decide that putting cash toward a SECOND home, which is notariously volatile, is a good idea. my guess is 1) they wait for true steals (60% declines, not 30%) or 2) they dont buy until they have sufficient cash in the bank to feel secure again (3+ years)....either way, this means the market wont recover here for 5 years

Comment #4 Posted By: Anonymous 08/27/09

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