The Real Deal New York

Wall Street jitters jostle sales in the Hamptons

Homebuyers hunt for bargains as the mid-range property market softens
By Katherine Clarke | July 20, 2016 10:00AM

31 On the Bluff

31 On the Bluff

From the Hamptons Market Report: With its flashy beachfront mansions and trendy designer boutiques, the South Fork is widely viewed as a playground for the rich and famous. Yet below the radar of the eye-popping property deals, the market share of residential properties valued in the more modest $1 to $5 million price range has grown in recent years.

“The high end was first to come out of recession, and has done its thing,” said Jonathan Miller, the CEO of the Manhattan real estate appraisal firm Miller Samuel. In 2015, mid-tier properties gained ground; however, there were signs of softening in that segment in early 2016. [more]