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Market Report: Party Over for the Hamptons

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The Hamptons are just one part of the fun for New York's upper crust, but when somebody shits in the sandbox, the whole playground starts to stink. And so, the real estate market troubles that have surfaced in Manhattan (and Brooklyn and Queens) are also being felt out east, only Wall Street's woes are doing even more damage. According to first-quarter numbers released today in the Elliman/Miller Samuel Long Island report, the Hamptons' median sales price fell 23.5% from last year, to $675,000. The number of sales dropped to 145 for the quarter, a 53.5% decline. Focus only on the megamansions and the numbers are still grim. The median sales price for the "luxury market"?the top 10% of all sales?fell by nearly 25%, to $4,087,500 (paltry for the Hamptons!). Listing inventory also climbed by nearly 33% to 470 units, thanks to celebrity panic and other factors. Looks like there's going to be a lot of folks curled up on their couches with a tub of foie gras tonight.
· Market Reports [Elliman]
· Celebs and others dump homes on Hamptons market [Real Deal]
· Darkness descends on Hamptons real estate [Crain's]