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