Prospective Hamptons buyers who own Manhattan property are being hit with falling values there, too. Manhattan apartment prices dropped last quarter for the first time since 2002, declining 18.5 percent from a year earlier, according to a July 2 report by Miller Samuel and Prudential.
“Manhattan could very well be a leading indicator” for the Hamptons, Miller said.
see Bloomberg Story here
see the Jonathan Miller report here
see the CNBC Report here
3 comments
July 25, 2009 at 7:39 am
Charlotte HOA
Great idea for a blog. There are some great topics to discuss in there. I’ll be sure to check back!
HOA Manager Charleston
July 27, 2009 at 6:01 am
George R. Simpson
Miller and Prudential are way off base. To look for a turnaround in the Hamptons market, you don’t look at the 2nd qtr this year vs the 2nd quarter in previous years.
Seasonal variations are not significant in the Hamptons Real Estate Market.
Look at the 2nd qtr of this year vs the first qtr this year — looks like the turnaround is here. Miller should stick to appraising.
See: http://www.suffolkresearch.com/2qtr09.pdf
August 1, 2009 at 12:40 am
HairSite
It won’t be long when the Hamptons market bounces back. People in wall street are starting to get their bonuses back already, Goldman is doing extremely well considering the economy, also there is only so much land available for ocean front properties in the Hamptons, it’s basic supply and demand. Everybody wants an ocean front trophy, it won’t be long when people are starting to drive up the prices again in the Hamptons.