Hamptons Properties Quickly Becoming More Affordable

As a commenter earlier this week pointed out, good news is in the eye of the beholder. The strength and resilience of the Manhattan market, he or she argued, was not a good thing for someone renting who has been long priced out of the market. Alright, good point. Well, to those who see falling prices as good news, there is no shortage of good news from the Hamptons of late. Median closing prices for the Hamptons slid 11.8% from a year ago and prices have slipped back into the six digit range. As I mentioned in an earlier post, after taking an open house tour out there, it was quite obvious that business was very slow. So, if a weak market is good news to you, looks like you can score that beach house at a discount.

Hamptons, North Fork Home Prices Drop Combined 9.2% (Newsday)

The Hamptons Is Drawing In Big Bucks, But From Fewer Buyers, A New Report Finds (NY Sun)

You Heard It Here First, A. Fine Blog July 8th: Hamptons Buyers Market Could Not Be More Evident