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“Guys on Wall Street would sell the Hamptons house and their art collection before they would take their kids out of a top school,” says one Morgan Stanley banker. “Education is an essential.” The top end of the art market has recovered quickly from the recession, so selling now might not be a bad move.
Funny thing is, I see business picking up in the Hamptons ( albeit, from a horrendous Q4 2011) and am hearing about an uptick in NYC sales too.
So what’s the truth here? Unfortunately, with no dependable date sharing and tracking system in The Hamptons, we can’t know…stay tuned!
Ok, many of us love the beach. Some of us have enough money to live directly on the beach. But if we do, we have to respect Mother Nature and accept the fact that One Day…
My friend, Billy Mack explains what took place:
“Some places the dunes have eroded to the point that some old foundations are exposed,” said William Mack, a coastal geologist with First Coastal, a coastal development consulting firm in Westhampton. “It was an intense storm. It was a massive amount of wind feeding that massive low just offshore. That generated these extreme wave heights through at least four or five tide cycles.”
Mr. Mack said erosion was focused on specific weak spots, where “erosion waves” have kept the sand barriers from building up. Erosion waves are areas where gaps in offshore sandbars allow larger waves to reach the shoreline. Resulting riptides carry sand away from the beach, accelerating erosion. The erosion hot-spots tend to migrate to the west over many years.”
see the entire story here
Certainly our winter “sister” areas will need to see some correction as well.
But it’s early in the ski season…things picked up here, in the hamptons as summer wore on, let’s see what happens when the powder builds up.
An Avalanche of Price Cuts
As luxury ski areas go into deep freeze, sellers capitulate to market realities
“Fall has long been considered a good time to hunt for good ski deals, from season passes to condominium rentals. But this year, the biggest discounting isn’t just on lift tickets and goggles; it’s on custom-built homes with views and slopeside condos with Jacuzzi tubs. “This is really unheard of,” says Ms. Steadman. “Sellers are finally getting desperate.””
see story here
East Hampton – When a portion of the Atlantic double dunes was allegedly flattened during the construction of a retaining wall on the former de Menil property on Further Lane, the media pounced on the story of a billionaire investor’s development on the biggest residential real estate sale in U.S. history. Now, with the restoration of dune vegetation in the effected area and variances before the Zoning Board of Appeals (ZBA) to maintain the eastern-most part of the wall, much of the controversy surrounding the Baron property has ended, though the development of the property should still be interesting to watch over the next several years. see the story here
East Hampton Launches CPF Website To Provide Transparency
Hamptons.com – Southampton,NY,USA
… two percent tax on real estate transactions and the state and town legislation that created the fund, as well as information on the acquisition process. …
Two-week Hamptons rental goes for $425000
The Real Deal New York – New York,New York,USA
An Eastern European businessman will be paying $425000 to rent a Hamptons home for two weeks in August, the most money ever paid for a two-week East End …
Hamptons Green Alliance Starts Work on a Net Zero Energy …
Business Wire (press release) – San Francisco,CA,USA
Following the December 2008 fire that destroyed the home of the David Dubin family, the members of Green Alliance …
Hamptons Home Inventory Increases 12%, Prices Fall
Bloomberg – USA
… in the Hamptons plunged 58 percent in the second quarter to 175, the second biggest decline in records dating to 1982.
Soldier Ride – The Hamptons – July 25
About – Cities & Towns – New York,NY,USA
On Saturday, July 25, starting at 9 am, the Second Annual Soldier Ride The Hamptons, Bike Ride and Walk will take place in memory of Marine Lance Corporal …
Hamptons Home Sales Plunge as New York Financiers Conserve
Bloomberg – USA
By Oshrat Carmiel July 14 (Bloomberg) — Home sales in the Hamptons, the oceanside summer getaway for Wall Street financiers and celebrities, …
According to George R. Simpson, President of Suffolk Research Service, Inc., the real estate market on the East End of Long Island is showing strong signs that a market turnaround has happened in the 2nd quarter of 2009.
Christie Brinkley’s model advice: ‘Have an exit strategy’
New York Daily News – New York,NY,USA
Brinkley won custody of her two young kids and a palatial Hamptons home in the 2008 feud with ex-hubby Peter Cook, who cheated on her with a gorgeous …
**Ed Note…I don’t do ‘gossip’ here, but Christie is one classy woman and owns so much Hamptons real estate that anything she says…I follow.md
Many Indian casinos aren’t big moneymakers
Newsday – Long Island,NY,USA
BY KARLA SCHUSTER | Performers stand by for the Shinnecock Indian Powwow in the Hamptons. (Newsday File Photo / Ana P. Gutierrez …
Shinnecocks and Montauketts fight to regain areas taken in …
– Long Island,NY,USA
By Steve Wick and Thomas Maier | Staff Writers promoters and local officials eager to bring the railroad to the East End of used …
Dreier’s Hamptons homes, NY flat to be auctioned
Reuters – USA
… apartment and two Hamptons beach homes of convicted lawyer Marc Dreier will be auctioned off in the coming weeks, according to a real estate website, …
Hot Hamptons Hangout casaCARA.com
MY PROUDEST POSSESSION these days is the round green sticker on the front bumper of my car. It’s my ticket to the Town of East Hampton Recycling Center, aka The Dump…
|One of the best bay fronts in East Hampton. Contemporary house perched up the tip of a cliff with 180 degree views all the way too Gardiners Island and beyond. Lovingly maintained 5 bedroom home with open kitchen/living and dining.|
Hamptons Home Sales Drop Most on Record, Prices Decline May 22 (Bloomberg) — Bloomberg’s Su Keenan reports on the housing market in the Hamptons of Long Island, New York.