Posted on 08/02/2019 10:15:51 AM PDT by GuavaCheesePuff
It’s been a cruel summer for Hamptons real estate
Real estate sales and prices in the Hamptons continued to fall in the second quarter, marking a year and a half of declines, according to a report from Douglas Elliman and Miller Samuel. It was the worst second quarter for sales in eight years.
(Excerpt) Read more at cnbc.com ...
The average sale price in the Hamptons fell 2.5%, but is still over $1.7 million.
Also these are vacation homes.
The wealthy are bailing out of NYS
is MS-13 buying ?
They may be selling to have money for their defense lawyers, as they get brought into the Epstein melee. Plus, when all is said and done, they may be expecting to move into government-provided room and board.
No Obamas ? LOL
Bill O’Reilly’s podcast doesn’t quite pay as much as FNC so he’s probably aging in place.
Mean Little Pete Buttplug is in the Hamptons this weekend, trying to raise cash from rich gays. He’s completely abandoned his job as mayor of South Bend.
Well, it’s all going to be underwater in 18 months, so who would be stupid enough to buy there???
The money they save on taxes, more than covers the travel costs.
I’ve been mulling over an invasion of Gardiner’s island.
But despite the S&P 500 being up 20% this year, the Hamptons is suffering from some of the same pressures as other high-end markets — an oversupply of luxury homes, a lack of foreign buyers, changes to the tax law that have hit high-tax states hardest and sellers who are still clinging to 2014 prices.
There is now a 15-month supply of listings. The glut is especially large at the high end — with more than a three-year supply of luxury properties, according to the report.
...
Market forces.
That’s a shame.
Obviously, people that can afford a Multimillion dollar weekend home are not hurting for money. Do you really think the change in the real estate tax deduction has caused this slump in Long Island real estate? $20K/year is chump change for a hedge fund trader making $10 Million/year on Wall Street.
I have a customer in CT that is also reporting a slow down in new home construction in their market.
I see the same thing in my local real estate market in southern NH. There are no single family homes under $300K. Anything under $400K gets sold sometimes in a day. Plus they may be bidding wars.
However, anything over a million sits on the market. There are houses in my town that are true McMansions(5m-8m square feet) that have been on the market for a year. The real estate taxes on these houses are over $25K/year. Keep in mind, we have no sales or income tax in NH.
The only thing over a million selling in NH are waterfront properties.
I see the same thing in my local real estate market in southern NH. There are no single family homes under $300K.
...
I wonder if there is a supply problem at the low end because builders focused on the high end since the crash, since people at the low end have trouble getting loans.
They have jacked up the home prices exorbitantly over the past 8 years. It had to come to a screeching halt at some point in time.
Better than invading Plum Island.
Mtg rates are low and the economy is strong.
Homes sales are subject to market forces same as almost everything being retailed. If sales are off it is because the properties are not properly priced.
The avg home is on the market about 90-120 days and will sell at 95% of asking on avg. Any longer on the market and you can figure the asking price is to high.
That’s really too bad. They must miss the Clintons and the obozos...tho’ the obozos favored Cape Cod, I believe. No matter, none of them are as “toney” as foreign resorts. Too bad we couldn’t get them to GO and NEVER COME BACK! All of them.
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