Nice to know that the Hampton rich are as clueless as homeowners here.

According to the Daily Mail, Hampton (US Hamptons, not some English bog) mansion owners are panicking at the thought of paying higher capital gains and there’s a “fire sale” of expensive homes going on before the close of the year. Silly of these people to wait until now to unload their weekend cottages, even to all-cash buyers, and if the article is accurate – a big if- and these homeowners think that dropping $5 million from an asking price of $35 million will stir someone to action well, they’re just wrong.

Overprice a house (and the article notes that some of these houses have been on the market for years) and shave a teensy bit off, leaving it still overpriced, and you aren’t going to find a buyer willing to rush around to free up the cash necessary to save you some capital gains. But cheer up, homeowners, if all goes as I expect it to, you won’t have any capital gains to worry about when you finally unload the ol’ white elephant in 2015. Best hope for some of these people is the return of Sandy.



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3 responses to “Nice to know that the Hampton rich are as clueless as homeowners here.

  1. Anonymous

    I enjoyed that one.
    Did you read the latest on Malloy?
    Instead of attempting to balance the budget (bc they are 450 million in the red)
    He signed off today on instead opting for a 550 million dollar loan to cover the balance.
    Sound familiar?

    • I suspect that Malloy and the rest of our governors are counting on a huge fed printing party where the dollars will roll out and pay off, temporarily, the trillions in unfunded pension obligations and the billions in unbalanced state budgets. End of problem for a few years and by that time they’ll all be retired and out of office so why should they care?

  2. AJ

    “Best hope for some of these people is the return of Sandy.” But that’s only if you live long enough to reap that hope. Some people think that having an insurance claim that they can file is like having a winning lottery ticket in their hot, sweaty little hands. But as Katrina victims found, they’ll be more likely to find their flood insurance telling them they have wind damage so don’t come to them, and their homeowners insurance telling them it was flood damage so don’t come to them.