Here's a summary of the 2nd Quarter 2009 Hamptons real estate market that I just gleaned from from some pamphlet:
A look at all HAMPTON MARKETS COMBINED and we see the glacial shift. The number of home sales dove 58% from 416 in 2008 to 175 in 2009 (it was 622 in 2007), while the Total Home Sales Volume fell 61.5% from $747M in 2008 to $288M in 2009 (BTW it was $1.25B in 2007).
I'll do the math for y'all:
Total sales this past quarter were down a whopping 77% from Q2 2007!
Nonetheless, note the cheerleaders are back out in full force because of 3rd quarter euphoria/delusion. See - Some Real Estate Agents in Hamptons See Rally.
The market rental prices of these homes remain mere fractions of the cost of ownership - and the bottom won't be hit, at least, until these numbers collide.
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