The Hamptons are on sale! But the red-tag specials might not be as outrageous as you think. In the first of a two-part series, VF Daily phoned up four Hamptons power real-estate brokers and asked each of them where the 2009 market is headed, especially given this year’s Schadenfreude potential.
VF Daily: How does the 2009 Hamptons real-estate market look compared with past markets?
Judi Desiderio, C.E.O. of Town and Country Real Estate: I’ve been through the ’87 crash and a couple of other recessions, and the last quarter of 2008 was probably the single most challenging time period. It was almost as though we were in a complete holding pattern and very few people were feeling confident enough to buy anything. There were deals happening, but they were so few and far between. We’re glad 2008 is over. That’s a good thing. I think 2009 is going to be the year of the deal.
Scott Strough, owner of Strough Real Estate Associates: I told a buddy of mine, This is one of the most unfamiliar markets. Entering into the last quarter of 2008 and heading into the holidays, the market was really stale and very quiet. Since the breakout of the beginning of the year, there is definitely money that is coming off the sidelines and attempting to enter into the market. I have to emphasize, attempting.
By Louisine Frelinghuysen, March 12, 2009, Vanity Fair Magazine
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