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Hamptons Market Plunge

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Sales in the champagne-and-caviar-soaked Hamptons real estate market dropped by nearly a quarter during the first three months of 2011, the Elliman and Corcoran reports show. But brokers aren't fleeing the East End on hijacked polo horses just yet. Sales surged during the same period in 2010 due to fears that Bush-era tax cuts would expire, so the drop-off is harsh, but expected. The median sales price was $900,000, and there were just 15 sales over the $5 million mark, barely enough to get the Hamptons out of bed in the morning. [Crain's]