Well it’s not quite time to pull out the crying towels but…

Meadow Road

Meadow Lane, Southampton

Average price of top ten Hamptons homes drops 20%, to $35.5 million.

The market for luxury homes in the Hamptons, the summer playground for Wall Street’s wealthiest, is losing some of its luster as financial markets limp along for a second year.

The average price of the ten most expensive homes sold in this cluster of towns, villages and hamlets on Long Island’s east end was $35.5million in 2015, 20 percent lower than the $44.6million recorded the year before, according to real estate brokers Town & Country Real Estate in East Hampton.

That’s still the second-highest level, and well up from 2009, when the financial crisis left the top ten languishing at an average of $15.9million in 2009 – but Judi Desiderio, chief executive of Town & County, has been active in Hamptons real estate for three decades and says it’s still a meaningful decline.

Or not:

The top ten numbers may be skewed by one or two of the highest-priced sales, but a wider survey by brokerage Corcoran Group shows the median price for the most expensive ten percent of Hamptons sales (57 homes), declined about four percent to $7.6million in the fourth quarter of 2015 from a year earlier.

‘We won’t see this again until 2021, as it seems to run in seven-year cycles,’ Desiderio predicted.

The prices of luxury homes in the Hamptons and the success of Wall Street are inextricably linked, especially the level of bankers’ bonuses, as they often finance second homes, said Anthony DeVivio, Hamptons managing director for another brokerage, Halstead Property.

This is pretty much a “made for the tabloids” story, but what the heck, it ties in with the post below, and I need something to entertain the readers (“reader”, per Walt) while I’m away this morning, so I’m going with it.

26 Comments

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26 responses to “Well it’s not quite time to pull out the crying towels but…

    • Mickster

      Mickster Jr’s fund still holding their own – up around 30% since they opened their doors two plus years ago

      • Publius

        M,

        There is a very small universe (+/- 5%) of managers that are worth their salt. It seems like Jr. is currently in that camp, good for him and you. Since you are an investor, why don’t you sell yourself a house in the Hamptons or TP’s estate. You can hire your fellow felon, CF, as a buyer’s agent. I would film this process and submit it as an indie black comedy for Sundance consideration. Sir?

      • Who knew that cornering the market on potatoes would pay so well?

        • Mickster

          I always enjoy Publius. He calls it as he sees it. But money managers calling Realtors felonious is hilarious beyond words🍀🍀🍀🍀

  1. Mickster

    I’d believe the second part of the article is closer to the truth, i.e that it’s off 4% Q4 to Q4. I’d also tend to agree that we’re about 10% off 2008 prices. However, I see a lot of activity right now so that’s very promising.

    On another note, I’m looking for a 5 bedroom rental in OG/Riv school areas available 6/1 up to $15,000 for a nice family moving into Town.

    • Publius

      M,

      As a money manager I can say with complete confidence that I have never misquoted the square feet of a structure…………

  2. GreenITCH

    as you suggest Wall street money is drying up and the implicit effects on housing I can speak anecdotally as I have two guys at our office trying to buy apartments in the city …so far they are 0 – 3 between them . 1 – being outbid after going 5 % above ask 2 – missing out to an all cash offer 3 – being told there are literally several other offers on an apartment and they as well can submit a best offer . So there appears to be very little inventory ( $1 – 1.5 mil ) here in the city and I have to think once children become part of the equation the next step is to starting looking up in Westchester or CT where prices seems almost reasonable when I hear the per sq ft cost for NYC

  3. Why bother with the Hamptons when you can have Riverside?

  4. Walt

    Dude –
    Off topic, but you are boring me. Redundant I know. Plus this is really important.

    Now I always knew this, but it is finally getting out in the open. Where it belongs. Farting is good for a relationship!!
    http://nypost.com/2016/03/17/yes-farting-is-good-for-your-relationship/

    Did anyone ever have any doubt? That is why I always use the “pull my finger” joke to break the ice whenever I meet someone for the first time. It’s the perfect ice breaker.

    I think you Waspy Wasp’s unfairly stigmatized the fart. You uptight little party poopers. Even Shakespeare liked farts and thought fart jokes were funny. I quoteth:
    “Blow, winds, and crack your cheeks! Rage, blow!”
    King Lear!! There are many more in his writings.

    So let’s all just relax, and crack a few eggs, shall we? It may lead to romance!

    Your Pall,
    Walt

  5. Anonymous

    Be of good cheer, everything will be okay