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Hamptons Grim, But Not Dead

By Kevin Spak,  Newser Staff

Posted Jun 9, 2009 3:57 PM CDT
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(Newser) – The Hamptons are not a happy place these days, Michael Shnayerson writes in a Vanity Fair piece detailing fortunes destroyed, plans dashed, homes selling for bargain basement prices. The stink of the financial crisis in general, and Bernard Madoff especially, has descended on the oceanfront playground of New York’s elite. But there are signs the region is merely down, not out.

Yes, real-estate negotiations tend to start at 25% below the asking price. Yes, many builders are in dire straits. And yes, the homes of Bear Stearns executives, Madoff victims and other suddenly broke ex-titans line the waterfront. But tales of flashy speculators buying homes for 50% below asking price turn out to be urban legends, and some mansions are still being built—often over other, bulldozed properties.

An oceanfront property, for rent for $350,000 for the summer season, is seen in Amagansett, NY.
An oceanfront property, for rent for $350,000 for the summer season, is seen in Amagansett, NY.   (Town & Country Real Estate)
In this May 15, 2009, photo, an ocean-side beach house with a swimming pool is shown in Wainscott, NY.
In this May 15, 2009, photo, an ocean-side beach house with a swimming pool is shown in Wainscott, NY.   (AP Photo)
In this May 15, 2009, photo, a new home in East Hampton, NY, selling for $39 million, is shown.
In this May 15, 2009, photo, a new home in East Hampton, NY, selling for $39 million, is shown.   (AP Photo)
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COMMENTS
Showing 3 of 6 comments
RobN
Jun 10, 2009 12:01 PM CDT
I didn't say they were all paragons of virtue and hard work. It is Observer who is generalizing by lumping them all together as crooks. I'm sick of the assumptions that people who have gotten ahead have done it on the backs of others or by stealing. As an employer, I pay a fair wage and I take all the risk. My employees get paid whether I make any money on a project, I do not. Taking that risk is how the small businesses in this country get started and turn into something bigger. The old class warfare routine may make you feel better, but it doesn't create any jobs or prosperity. You'll also have to excuse me if I don't take your admonishment about my insensitive comment very seriously; after all it comes from somebody who spends half their time on Newser calling people idiots and morons.
Mad
Jun 10, 2009 3:35 AM CDT
You are wrong, liar
kokuaguy
Jun 10, 2009 2:31 AM CDT
RobN-- you're thinking of someone else. I can be sarcastic and glib, but I try hard to avoid epithets and keep my ribbing tongue in cheek-- even with C_k and Wierdsite (what ever happened to ole Wierdsite?) I started to worry about him when he got rig rid of that yellow and red Obama avatar with the hammer and sickle. And RobN-- congratulations for being on of the country's small (I hope not too small) entrepreneurs who have always been the backbone of the economy. I did it for a lot of years, and there were struggles but also some very good times. I miss them. P.S. I did call someone a loser recently, but only after he called me a moron. Am I right?

Hamptons brokers upbeat despite bargains
Associated Press

 
real estate • rich • real estate values • Hamptons

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