Homes sell at discount in Hamptons auction
March 24, 2009 11:20AM
A Southampton condo sold at auction
Homes in the Hamptons were sold for nearly 50 percent off the listing prices in an Internet auction. A three-bedroom, 2,277-square-foot home in Westhampton went for $488,000, 39 percent off the listing price of $800,000. A three-bedroom, 1,800-square-foot condo in Southampton Village sold for $701,000, 45 percent off the listing price of $1.275 million. But the other homes in the 16-property auction, organized by Prudential Douglas Elliman brokers, failed to sell because prospective buyers' bids did not meet the reserve prices.
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Comments
Anonymous
Second and vacation homes will continue to take a beating until the economy turns around. Prices could go back to the early 90's, especially with Wall Street types getting their bonus' taxed at 90 percent. No money left to buy that Hamptons summer home.
Comment #1 Posted By: Anonymous 03/24/09
Anonymous
Hamptons sellers have zeerrroooo...
Comment #2 Posted By: Anonymous 03/24/09
Anonymous
Love the word "sold"- those were awfully quick closings. Are you talking about contracts, or solds- two VERY different things in this market? If they sold, great- we now have a new low to work with. Hire Prudential to sell your house...and sell it for 50% off! Time to go house hunting!
Comment #3 Posted By: Anonymous 03/24/09
Anonymous
one should read the entire article. the broker who organized the auction called it a "success". Huh? You sell 1/8 of the listings and call that success. brokers still in la-la land. once they get in touch with reality it will be time to buy.
Comment #4 Posted By: Anonymous 03/24/09
Anonymous
T Post article missed the key point of the auction. The properties that sold (at 35-50%) off asking have created the new market pricing for the hamptons. There was no volume before from which to set prices. Serious sellers and sellers brokers need to look at these transactions (which were all non-contingent deals) to set prices for their homes.
Comment #5 Posted By: Anonymous 03/24/09
Anonymous
new prices should be at least 50% off the old highs. buyers realize that most sellers are just too leveraged and are going to get clobbered on their primary residence. the real question, when the top blows up who are they going to sell too? thise prices will need to be much lower than this auction. early 90's sounds right!
Comment #6 Posted By: Anonymous 03/24/09