Posted on 11/03/2023 6:54:40 AM PDT by Twotone
The Hamptons 'middle class,' comprised of New Yorkers with somewhat modest million-dollar second homes out East, have been dropping their asking prices by more than 25 percent in a bid to sell their homes.
Because of growing interest rates and the post-pandemic need to be in the city more often, many middling Hamptons staycationers, who own properties up to $5million, are attempting to sell their homes at reduced prices.
In some cases, owners have cut their asking prices by hundreds of thousands of dollars in Sag Harbor and Amagansett.
One agent told the NYPost that prices for homes on the lower end of the spectrum are dropping. They said: 'We're not talking about the ultra-wealthy here – these people are subject to economic norms.
'When it comes to having a vacation home, it's just not as easy to justify the cost.'
The sudden bounce is believed to be linked to the highs seen during the pandemic, when buyers were paying double for homes out East, have now settled.
Without widespread work from home rules, and people forced back into the office in the city, many with their second homes are struggling to justify keeping them.
(Excerpt) Read more at dailymail.co.uk ...
You would think that they would give them away to illegal aliens and street people.
Maybe these people will stop voting for the commicrats!
Oh I think the squatters are already on the way there, as we speak.
They are simply taking the money and buying a house in Florida and living there 6 months to avoid the horrendous Hochul taxes.
Nope
Now wouldn’t it be funny if the state bought them to house illegals.
Elections DO have consequences.
It’s not just the Hamptons.
I live in Upstate NY.
And even owners trying to sell their far less expensive middle class homes are slashing prices.
Gee, could that be because buyers don’t wanna pay upwards of 4 to 10K annually for $150,000 existing homes on up.
So do stolen elections.
Good point. Any American that owns a home better study up on “squatters rights”. Jo Jo the Pedo has imported 8 million “homeless” potential squatters here that are going to need to get the “instant American dream.” You and your house are targets.
BTW, thanks to the fact that NYS cost shares Medicaid with counties and the invasion of illegals, property taxes are about to get far, far worse...
When they’ve recently gone up 50%, a 25% markdown isn’t a problem.
Homes are targets, but not likely for illegals.
Inspite of that recent SCOTUS decision, AFAIK NYS is still a home equity theft state.
Stealing equity and making a killing on selling sorta rehabbed foreclosed homes has likely been making some well connected types in this state a decent chunk o’ change.
Illegals won’t be paying property tax on single family homes.
Other buildings will likely be seized for them, apartment buildings, commercial buildings, former prisons...
Deep State will make money and the illegals will deserve what they get.
I suspect some of the business owners out there would approve.
I am sure it is difficult to staff summer bars, restaurants, landscapers, painters, plumbing, roofing and any other manual labor lower end jobs.
Summer rents in places like the Hamptons and other seasonal areas are off the charts.
This is the beginning of the housing correction.
People who bought these houses to rent on a nightly and weekly rental basis have found that the market is now oversaturated.
I have a buddy who owns a house in York Beach, ME. A five minute walk to the beach.
It is already completely rented for next summer. However, he can not find anyone willing to rent it for the off season.
This is because many of the people that decided to live there during Covid are now having to be back in the office in Boston, Portland or New York City.
This is the same story in the Hamptons.
People who could work from home were renting places out there year round. Now many of them are being told if you want to keep your job you need to come back into Manhattan.
I sold my principal residence at a a near double in price. I moved into my second home and it is now my principal residence. The proceeds are in T-Bills now, waiting for the cycle to proceed. When the time is right I want land this time and I’m already watching my target area. This is the second time in 15 years I’ve done this, it works great since there is no tax liability.
Zero pity.
Good strategy—I will be very surprised if the stock and real estate markets do not have epic crashes in the next few years.
All the “experts” would say I am a fool for just collecting my 5% interest and sleeping well at night.
I can’t predict stock movements but I’ve watched and played the real estate cycles since about 1980. There are 256 identified real estate submarkets in the USA and they don’t all react the same way or at the same time. The price reductions on houses for sale have begun in my area. Land seems flat right now. In the 2008 downturn the bottom came in 2012 (in the area I was watching). So we could still be a long way from the bottom for real estate. I tell people I will get very interested in real estate when I see 3-4 for sale signs on every block and a lot more for sale inventory in land.
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