Home sales in the Hamptons fall 60 percent

New York /
Jul.July 15, 2009 12:54 PM

The number of home sales in the Hamptons dropped 58 percent year-over-year as the recession continued to decrease demand for second homes, according to a market report released yesterday by Town & Country Real Estate. The Hamptons real estate company’s report uses first-quarter closing data from the Long Island Real Estate Report, a company that tracks Long Island real estate deals. The Hamptons median home price dropped 4.4 percent to $950,000 from the first quarter of last year, the report shows. Sales in the $1 million to $2 million range dropped 66 percent from the first three months of 2008. There were only 12 properties sold in the more than $5 million range between January and March from 31, a 61 percent change. The data only covers the first three months of the year “due to the time it takes from making a deal to recording the closing information,” said Desiderio. She says the numbers indicate that the Hamptons market has finally reached its bottom, and her next market report will show a much rosier picture. Meanwhile, on the rental front this season, Jonathan Miller, the president of Miller Samuel, told The Real Deal in an article in the July issue, that rental prices are off roughly 20 percent this season.  TRD


Related Articles

arrow_forward_ios
Buyer in deal for oceanfront Wainscott home asking $37M
Buyer in deal for oceanfront Wainscott home asking $37M
Buyer in deal for oceanfront Wainscott home asking $37M
The $18 million mansion (Sotheby's International Realty)
Original Devon Colony mansion lists for the first time, asking $18M
Original Devon Colony mansion lists for the first time, asking $18M
George Filopoulos, Lloyd Goldman and Gurney’s Montauk hotel  (Gurney's, Getty)
Metrovest, Lloyd Goldman secure $218M refi on Montauk resort
Metrovest, Lloyd Goldman secure $218M refi on Montauk resort
(Bespoke Real Estate)
Hamptons mansion featured on “Succession” trades for $45M
Hamptons mansion featured on “Succession” trades for $45M
Battle royale over East Hampton Airport rages on
Battle royale over East Hampton Airport rages on
Battle royale over East Hampton Airport rages on
Southampton moves to curb emissions after declaring climate emergency
Southampton moves to curb emissions after declaring climate emergency
Southampton moves to curb emissions after declaring climate emergency
12 Koala Ln, East Hampton, NY and Peloton CEO John Foley (Zillow, LinkedIn)
Peloton CEO John Foley lists East Hampton home for $4.5M
Peloton CEO John Foley lists East Hampton home for $4.5M
Nest Seekers International's JB Andreassi and Michael Fulfree with Peggy Zabakolas of Million Dollar Beach House (Nest Seekers International)
“We weren’t canceled”: Nixed by Netflix, Nest Seekers settles for Discovery+
“We weren’t canceled”: Nixed by Netflix, Nest Seekers settles for Discovery+
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...