Ever dream of owning property in the coveted East Hamptons but balked at the prices of this vacation destination? Check out Michael Babad's story in Thursday's Globe and Mail:
Hamptons prices fall
They're still pricey, of course, but homes in the Hamptons, the Long Island retreat, are going for less these days. Prices fell 14 per cent in the third quarter, compared to a year earlier, according to a report by appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. That's largely because buyers were going for cheaper properties, Bloomberg News reports.
The median price declined to $696,000 (U.S.) from $810,000, according to the study reported by Bloomberg. That's the second-lowest in the six-year history of the report. Eleven homes went at over $5-million, down from 20 a year earlier. For luxury properties, or those in the top 10 per cent of prices, costs in the Hamptons and the North Ford fell 14 per cent, to $3.7-million.
Many jobs in the financial sector have been lost, and New York's jobless rate is high.
“I see the East End as joined at the hip with Wall Street,” Miller Samuel president Jonathan Miller told Bloomberg. “Going forward, that’s a concern. The next couple of quarters are not quite clear at the moment.”