Ho-Ho-NO! Hamptons Housing Prices Tank

All is not well at the summer playground for America’s rich and famous, as home prices and sales in eastern Long Island tumbled to two-year lows in the third quarter, according to a new Hamptons/North Fork market report from real estate appraisal shop Miller Samuel and brokerage giant Prudential Douglas Elliman.

The quarterly median sales price in the tony vacation enclaves dropped to $729,000, which is the lowest since the fourth quarter of 2006 and 17.3 percent below last year’s median price of $882,000. Third-quarter sales fell from 427 last year to 355 this year, a 16.9 percent plunge, which brought East End market activity to its slowest quarterly pace since Miller Samuel began tracking the area in the second quarter of 2006.  read more »

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