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skomer

Hpc In The Hamptons -

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Not too sure what the UK equivalent of the Hamptons is - perhaps Cornwall & South Devon, Sandbanks or West Wittering in Sussex??? Just shows that prime real estate is not immune :rolleyes:

80,000 jobs to go on Wall Street was interesting too and the fact that the unemployment rate in New York was 9.5%

http://www.bloomberg.com/news/2010-10-21/hamptons-home-prices-drop-as-demand-for-5-million-beach-mansions-slumps.html

" Home prices in New York’s Hamptons, the beachside resort towns in Long Island swelled by summering Manhattanites, dropped 14 percent in the third quarter from a year earlier as buyers opted for less-expensive properties.

The median price of homes that sold in the quarter fell to $696,000 from $810,000 a year earlier, according to a report today by New York appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. It was the second-lowest price in the firms’ six years of keeping the data, behind only the $675,000 median in the first quarter of 2009.

“What it suggests to me is not that there was a sharp drop-off in pricing, because there wasn’t,” said Jonathan Miller, the president of Miller Samuel. “It’s a shift in the mix. We had a drop in upper-end sales activity.”

New York City’s financial industry, whose executives fuel high-end Hamptons demand, lost 500 jobs in August from July, according to the state Department of Labor. The city’s overall unemployment rate stayed at 9.4 percent that month. Wall Street firms may cut 80,000 jobs in the next 18 months and year-end bonuses could be the lowest since 2008, Meredith Whitney, founder of Meredith Whitney Advisory Group, said in a Sept. 30 Bloomberg Radio interview. "

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“What it suggests to me is not that there was a sharp drop-off in pricing, because there wasn’t,” said Jonathan Miller, the president of Miller Samuel. “It’s a shift in the mix. We had a drop in upper-end sales activity.”

Assume this guy is a VI.

However, this is an argument that we don't give enough consideration to in our media and on this site.

Prices are possibly 'holding up' here in blighty due to a collapse in the bottom end FTB market. This effect is probably more marked than we realise.

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This woman just took a big hit on her Hamptons home.

Last week, it was reported that Mrs Burch had sold her Hamptons mansion for $11million - less than half the figure she paid for it in 2008.

The fashion designer bought the Southampton property for $22.5million from ex-husband Chris Burch following their 2006 divorce.

However, neighbours, which include billionaire David Koch, Calvin Klein and Rachael Ray, now fear that the low sale price will affect the status of the upscale locale.

Mrs Burch, who has been trying to sell the six-bedroom house since 2009 after a burst pipe caused extensive water damage, was forced to repeatedly cut the asking price to attract a buyer. The ocean-front property, which was built in 1980, initially went on sale at $17.9million, complete with plans to replace it with a 7,100sq ft beach house designed by architect Daniel Romualdez.

http://www.dailymail.co.uk/femail/article-2218154/Tory-Burch-Im-sensitive-person-hard-Designer-struggle-launch-risky-multi-million-dollar-business.html

Ex-husband must have been really happy to sell his interest on to her at the divorce. And he's now taking legal action against her over separate business matters, although her business seemingly doing well enough, having bought herself another high value home.

And those neighbours have to learn. They instantly understand market principles when buyers and paying ever higher prices for homes in their area during booms, causing their own homes to be valued higher, reaching new peaks year on year. They find it difficult to grasp the concept when active sellers agree to transact at lower prices with buyers for homes in their area.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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