New Yorkers with 'middle class' $5M homes in the Hamptons slash selling prices by as much as 26% to get rid of 'unjustifiable' luxury vacation homes

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.

A cousin of on mine New Jersey has a second home they were selling in 2015. They have decided to keep it for now. The cousin married in her 20’s to a guy who later worked 25 years at Goldman Sacks. He is not rich but wealthy...!
They have a guest house for the help... <—

Meanwhile I am doing ok but would be looked down upon as poor in Nantucket.

Here is part of the detail of the listing back then.
Nantucket’s priciest pads “The Sheiling” sits on four acres at 40, 41 and 43 Ocean Avenue with a total of 19 rooms, eight bedrooms, nine full and four half baths. In addition to the circa 1880 main house with ocean views from almost every room, the property features private beach stairs, a guest house, a two car garage with a studio above, a “bunk house”, multiple gardens (hello, privet!), a gunite pool, and a 5,000 bottle wine cellar.
They paid $6,800,000 for the spread in 2000 and are now looking to unload for $21,500,000.

Second Dwelling: Lovely living room with antique fireplace with custom tiles, coffered ceilings, built-in shelves and storage. Kitchen with Viking stove, Sub- Zero refrigerator and microwave; hall area with Miele washer and dryer, large coat closet and powder room with antique sink. This wonderful guesthouse boasts a large covered wrap around porch and views of the ocean. Second floor: Two guest bedrooms with shared balcony with views of the ocean. Each has its own ensuite bath with tub/shower and antique sinks. Basement: Utility room, wine cellar (approx. 5,000 bottles) and storage closets.

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