President’s weekend is when New Yorkers typically take advantage of the three-day break to: a) fly somewhere warm; b) hit the slopes; or c) look at houses in the Hamptons.If you answered “c,” you’ve probably already booked a weekend full of appointments to find a desperate seller ready to make a deal, or a summer rental before the best decks and pools get snapped up.So how is the Hamptons real estate market doing, a year after freezing solid?A lot better than many people expected. Sales picked up significantly in the second half of 2009, as sellers dropped their prices and buyers made more realistic — as opposed to “lowball” — offers.But even though list prices have fallen from the lofty levels homeowners once hoped to get, actual sales figures have not dropped off a cliff. The median sales price of a Hamptons home was $825,000 last year, according to Miller Samuel, an appraisal company that compiles market reports for Prudential Douglas Elliman. Although that’s down 15 percent from the peak of $975,000 in 2007, it’s only a 3 percent decline from 2008 and roughly where prices were in 2006.
By Susan Stellin, Feb. 12, 2010 NYT

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