Rich snapping up homes in the Hamptons

[n2doc]

By JOSH BARBANEL

The rich are different than other home buyers, both in the Hamptons and in the most affluent neighborhoods on Long Island's north shore, market reports show.

A recovery in sales of the most expensive Long Island properties pushed up median and average prices last year, as well-compensated Wall Street executives regained confidence, according to the reports. At the same time. prices continued to sink in less affluent neighborhoods across Long Island.

A report by Prudential Douglas Elliman found that the number of sales in the Hamptons were up 45% in 2010, compared with dismal sales in 2009 when sales fell to the lowest level in a decade.

The median price on a home in the Hamptons rose to $906,000 in 2010, an increase of nearly 10% and the second highest annual figure on record, according to Elliman. The average Hamptons home sold last year went for $1.66 million.

Sales of the most expensive properties increased, as wealthy buyers regained their appetite for expensive summer homes, analysts said, while sales of lower priced properties fell in the second half of the year following the expiration of federal housing tax credits.

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http://online.wsj.com/article/SB10001424052748703293204576106381586996152.html

[onehandle]

1. The rich can ride out the Republicans destruction of our economy as long as it takes...

...to get Democrats out of power.

And many idiots who are being ruined financially are supporting this.

[RKP5637]

2. The "idiot factor" in this country is quite amazing. n/t

[PoliticAverse]

3. Your bailout dollars at work., n/t