Market remains shaky, but newly emboldened Wall Streeters are returning

While the luxury real-estate market remains moribund in most parts of the country, there are a few signs of a nascent turnaround in the Hamptons, a string of beach communities housing some of New York’s wealthiest. The number of new deals put into contract jumped to 156 in August from 62 in July, says Corcoran’s Rick Hoffman, who tracks a listing system shared with other companies in eastern Long Island. Home sales also rose 34% to 344 units in the second quarter from the prior quarter, according to Suffolk Research Service Inc., a local real estate data firm. While up, that’s far less than the 576 units sold in the second quarter of 2008… Brokers remain circumspect about whether the surge heralds a real recovery.
By Sara Lin and Christina S.N. Lewis, Sept. 24, 09 WSJ

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