But we share the same buyer pool – really. A surprising number of Greenwich homes are occupied only on weekends and, more important, financial services industry folks buy in Greenwich and Long Island. So news that the number of sales dropped 67% out there in the first quarter is at least somewhat relevant to home sellers here. In fact, I believe the Hamptons did better than we did.
The median sales price fell 28 percent from the year earlier to $698,461, Town & Country said. The decline was largely due to fewer sales of $5 million or more.
The total value of all real estate sold in the Hamptons in the first quarter fell 78 percent to $140.2 million.
In Southampton Village, home to the most expensive property sale in 2008 at $60 million, transactions declined 85 percent in the quarter to just three houses. The total value of all homes sold in the village was $2.8 million, a 98 percent decline from the year earlier, when $166.3 million in property changed hands.
In East Hampton Village sales fell 81 percent, also to three houses. The total value of all homes sold there was $4.1 million, a 95 percent decline.
“Those are your iron-clad, been-there-for-over-a-hundred- years, been-used-by-the-Kennedys areas,” said Desiderio. “It’s the blue-chip, best-of-the-best. I would never expect that.”
Nobody expects the Spanish Inquisition.