Prices down in popular second home areas

In the North Fork of Long Island, the Corcoran Group’s Sheri Winter Clarry said the $1 million-plus houses are seeing deep price cuts, and the price of one client’s home has fallen from $2.85 million to $1.52 million. The seller cuts the price by $5,000 every Wednesday, hoping to attract a buyer. In Fairfield County, Conn., year-to-date sales are off by 41 percent, according to the Warren Group. However, Klemm Real Estate’s Rebecca Ward said Fairfield buyers and sellers aren’t agreeing on prices, and the market is at a standstill. Along the Jersey Shore, Avon Realty’s Bob McDevitt said condos on the water are seeing price cuts more often than houses because in a bad market, they are the toughest to sell. And in the Hamptons, the biggest drop in prices has been in Bridgehampton, where the median price fell 30 percent in 2008, according to the Corcoran Group.