Home prices in the Hamptons, the oceanside getaway of celebrities and Wall Street financiers, plummeted in the first quarter as the financial crisis cut demand for vacation properties.The median price fell 23 percent from a year earlier to $675,000. Sellers offered average discounts of 11 percent off their asking price, up from 9.6 percent in the year-earlier quarter, New York appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today in a report.“The primary reason is linkage to Wall Street,” said Miller Samuel President Jonathan Miller. “You’ve got job loss, anticipated job loss, as well as lower compensation and anticipated lower compensation. There’s less of an urgency for people who aren’t affected by that to buy.”
By Oshrat Carmeil, April 23, 2009, Bloomberg

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