THE TELEGRAPH: Wall Street's wealthiest are feeling the pinch as property sales in their summer beachside playground – the Hamptons – are more than 40pc below last year's levels.
What was once an area in which New York's rich just had to have a home, the Hamptons is fast becoming a place where owning a home can be a poisoned chalice, given the collapse of the local property market.
According to new data from upmarket NY estate agent Prudential Douglas Elliman (PDE), second-quarter house sales in the Hamptons – which is made up of a series of small, affluent towns on the eastern end of Long Island – are 43.3pc below the same quarter last year. The raw data show that 307 homes were sold in the three months to June this year, compared to 541 in the same period last year.
Although the second-quarter figures are an improvement on the 201 homes sold in the first three months of this year, all the other leading indicators point to a worsening market in the area. >>> James Quinn, Wall Street Correspondent | Sunday, July 26, 2009
