The Real Deal New York

Hamptons residential real estate market tenuous, even with bonuses back

February 24, 2010 03:01PM

Although Wall Street bonuses have reportedly climbed by about 17 percent, the money has appeared to have little to no ripple effect on some sectors. Brokers in the Hamptons said that that while the so-called “bonus season” is usually a busy one on the East End, they’re not seeing a February like those of past years. Paul Brennan, a regional director of the Hamptons for Prudential Douglas Elliman, said that it’s a tough reality for some in the industry to accept. “The fantasy still lingers,” Brennan said, noting that while many Wall Street-types have been making more cash, they’re reluctant to spend it. “They’ve made money, but they can’t spend it,” Brennan said, “because everybody would slit their throats, public relations-wise.” Even so, sellers are becoming confident in the market again, according to Andrew Saunders, head of Saunders & Associates in Bridgehampton. “The sellers are starting to be a little less negotiable than they were a number of months ago,” Saunders said. But while the sellers may be feeling more confident, the market still has a long way to go, some experts say: a recent Town & Country report showed that the high-end sales once frequent in the region are now few and far between.

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