Friday, August 21, 2009

'Out East" Heading South



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.

Methinks Meknows, there's still a LONG way to go. These rich a$$holes ALL, ALREADY own a ton of real estate. Seriously, have you ever met one who didn't?

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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