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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
This info is true (and expertly compiled by Jonathan Miller)but remember, some of this info is as much as 6 months behind the actual transactions.
Business that happened in September closed (or didn’t as the case may be) in December or January and got reported in February or March. Sad, but true, this is old news…not that today’s news is much better, but we are hearing of some uptick in spring activity. We’ll have to see if it translates into transactions.
Jonathan Miller has put together the market report for the East End.
Read the complete report here