Prices for opulent weekend homes are slashed, but still fail to attract bidders
Bridgehampton, N.Y….Welcome to the new Hamptons, where the boom’s sunny days and Champagne nights have given way to foreclosure notices and sales at discounts of 25% to 30% and more. Some buyers are making offers of 50 cents on the dollar, and less. Brokers speak of the “Lehman houses” — homes that used to belong to employees of the fallen Wall Street firm — or “Madoff homes” — those owned by clients of the Manhattan financier implicated in a Ponzi scheme. Summer rentals are languishing. “For rent” signs have begun to appear in the windows of some boutiques on Southhampton and East Hampton’s tony shopping streets.
By Lucette Lagnado, Feb 20, 2009, WSJ

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