Home sales in the Hamptons, the Long Island beach retreats favored by Hollywood celebrities and Wall Street financiers, surged 32 percent in the third quarter as deal seekers landed discounted properties.Area-wide, transactions climbed to 339 from 257 a year earlier, the biggest increase in five years of records, New York-based appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said in a report today. Specifically, luxury sales throughout the Hamptons and Long Island’s North Fork climbed 31 percent in the quarter to 46 transactions. The median luxury price dropped 11 percent from a year earlier to $4.28 million, according to the survey. Miller defines the luxury market as the top 10 percent of sales, which in the third quarter included homes priced at $3.2 million or more.High-end sellers who cut their price did so by an average of 17 percent compared with 14 percent a year ago.  “There’s enough value in the market for people to recognize it. Sellers made significant concessions to  lure buyers.” the report said.  Also, Wall Street bonuses help drive demand for Hamptons property.
By Oshrat Carmiel, Oct 22, 2009 Bloomberg

Link to article