The $7 million Montauk, New York, home where Bernard Madoff once enjoyed fireside views of the Atlantic Ocean and dipped his toes poolside will be put up for sale this week in a market flooded with unsold luxury homes…The inventory of unsold homes above $7 million on the East End of Long Island is up 60 percent from last year, according to data compiled by Sofia Kim, vice president of research for New York-based listing service Streeteasy.com. There were 314 houses in that category for sale in Montauk and the summer beach towns of the Hamptons as of yesterday, compared with 126 at the same time last year, Kim said. Montauk is about 120 miles from Manhattan.The number of Hamptons homes for $7 million or more that sold in the first eight months of this year declined 46 percent from a year earlier, Kim said.
By Oshrat Carmiel, Sept. 1, 2009 Bloomberg
Link to article