Hamptons market falls with Wall Street

December 22, 2008 12:01PM

As
the financial services industry in the city falls apart, the Hamptons
real estate market is declining with it. The average home sale price in the
Hamptons fell 23.3 percent in the third quarter compared to the same
period last year, and the number of sales fell 28.8 percent, according to Prudential Douglas Elliman. “The
region certainly looks vulnerable and there is a lot of concern because
of its close ties to Wall Street,” Jonathan Miller, president of
appraisal firm Miller Samuel, told Reuters. Diane Saatchi, a senior vice president at
the Corcoran Group, said more people will be renting homes in the
Hamptons this summer rather than buying them.

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