Hamptons suffers biggest sales drop in 27 years
May 19, 2009 09:20AM
Judi Desiderio and one of her listings, a five-bedroom home in BridgehamptonSales in the Hamptons plummeted 67 percent during the first quarter of the year, compared to a year earlier, the biggest percentage drop since 1982, according to Town & Country Real Estate. The median price in the Hamptons fell 28 percent from the same time last year to $698,461, mostly due to a decline in sales of $5 million or more, Town & Country said. As prices fall, buyers are searching for deals and sellers are offering discounts, according to Judi Desiderio, president of Town & Country in East Hampton. "The sellers are keenly aware that if they haven't sold in a better market, they really need to adjust their prices," Desiderio said.
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Comments
Anonymous
The best thing about a reduction in the number and size of transactions is that it will ultimately force brokers to find a new line of work. Let's hope the ones who can survive this downturn are the knowledgeable, honest, capable ones.
Comment #1 Posted By: Anonymous 05/19/09
Anonymous
By summers end, you may start to see a bottoming of the Hampton's market.
Comment #2 Posted By: Anonymous 05/19/09
Anonymous
Wow, she's off 67 PERCENT and the market sucks!! I WANT HER SELLING MY HOUSE!!!?
Comment #3 Posted By: Anonymous 05/19/09
Anonymous
She's always been MORE than a little off.
Comment #4 Posted By: Anonymous 05/19/09
Anonymous
If sellers are "keenly aware", how is it that her company has numerous listings sitting?
Comment #5 Posted By: Anonymous 05/19/09