Yes, there hasn’t been much news about Hamptons real estate to write about lately. We’ve all been “under the weather” with these last 3-4 weeks of constant rain.

This piece came my way and I thought it was refreshing to hear some local agents speak the truth about the market…now, if the more sellers will listen, we might see an uptick in business.

“It’s like trying to catch a falling knife,” Mala Sander, of the Corcoran Group in Sag Harbor told the magazine. “Listings that were $6 million last year which should have been $4 million, now they’re going for three and a half.”

“This is beyond anything I’ve seen in 22 years,” says Tara Newman, also with Corcoran. “I’ve gone from low expectations to no expectations.”

“Where is the market?” said Peter Turino, of Brown Harris Stevens in East Hampton. “At all levels we’re struggling to understand. We’re still in shock. We’ve left a period behind. A period of history that’s well behind us, it’s gone.”

See article below:

The Hamptons’ Summer of Distressed Real Estate