Old Westbury – As if it were needed, here is more proof of how hard the downturn has hit the luxury market. According to a report by Prudential Douglas Elliman, it was the North Shore submarket — from Kings Point to Laurel Hollow, north of the Long Island Expressway and Route 25 — that showed Long Island’s largest decline in the first quarter of this year. The number of sales fell 40.3 percent, to 216 units. Old Westbury is the heart of the North Shore. Its ZIP code, 11568, is ranked as the 10th most affluent in the country. From Jan. 1 through May 1, it had two home sales; last year over the same period, there were seven. Looking more broadly at Nassau County, the Multiple List Service of Long Island found that from Jan. 1 through May 6, four homes sold at $3 million or above, versus 24 a year earlier. In the $2 million to $3 million range, 16 homes sold in the first four months of this year, versus 46 in that period last year. Of homes priced at $1 million to $2 million, 67 have sold so far this year, versus 140 last year.
By Marcelle S. Fischler, May 17, 2009, NYT

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