“We’re in a much better place than we were a year ago,” says Jonathan Miller, Miller Samuel’s chief executive “It’s a little early to pronounce recovery for the market, but this is great news and we’ll take it.”

Just in time for the summer season, the Hamptons’ real estate market is bouncing back.The overall median sales price in the ritzy New York beach community jumped 32% to $800,000 from a year ago, while the number of sales soared 142% to 486, according to a joint first-quarter report by brokerage Prudential Douglas Elliman and appraiser Miller Samuel Inc.That’s good news for the Wall Street and celebrity playground,which found itself paralyzed following the financial sector’s meltdown. The Hamptons brims with second homes, one of the first things to go during belt tightening. But, with the stock market in recovery mode and Wall Street bonuses being paid (albeit at lower amounts), vacation/weekend residences aren’t so verboten.
By Dawn Wotapka, April 22, 2010 WSJ

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