NEW YORK (Reuters) – Luxury property sales in the Hamptons, New York’s weekend haven for the wealthy, are on the upswing thanks to a buoyant stock market, with four closings over the $20 million mark in the three months ended June compared to none last year, real estate data show.
Residential sales in the Long Island villages of East Hampton, Southampton and Bridgehampton came roaring back in the second quarter from a lackluster period a year ago, a report by brokerage Town and Country Real Estate said Monday.
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Closings in the $10 million to $19.9 million range jumped to 10 from four and all but one of the 14 sales at the high end during the period occurred in the three towns, the report said.
The sales point to a brighter outlook for the economy and Wall Street, whose performance is tied like an umbilical cord to real estate sentiment in the Hamptons, said Judi Desiderio, chief executive officer of Town & Country in East Hampton.
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“When the market does well we’re going to do well,” said Desiderio, a broker in the Hamptons for 36 years.
The good times spur sales as the wealthy take money out of...
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