Slow Hamptons rental market is “a pity party for the rich”: VIDEO

New York /
Aug.August 02, 2012 04:00 PM

The booming Hamptons sales market may be weighing on the seasonal rental figures. CNBC reported that prices are down 20 percent for rental properties because of how many homes are lingering on the market (see video — mishaps included — above).

Brokers told CNBC that there are still hundreds of properties available for rent, and perhaps that’s because many of the typical renters plunked down a payment to buy. As The Real Deal previously reported, sales surged 9.2 percent year-over-year in the second quarter and reached the highest level of activity since 2006.

“It’s a pity party for the rich,” CNBC anchor Brian Sullivan said.

CNBC showed off two estates, one asking $40,000 through Labor Day and the other asking $275,000, that are still seeking vacation renters. Those availabilities represent a stark contrast from the sales market at the ultra high-end — according to Miller Samuel the 38 transactions in the second quarter this year were the most since he began tracking in 2007.

While brokers and owners may be suffering from the inactivity, Jay-Z and Beyonce have benefited, renting the “Sandcastle” estate for August for $400,000. [CNBC]


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