November 4th, 2008 8:40am
John Candy and his fictitious family of characters were dealt a lousy hand on their summer rental, but your chances are significantly better. Why? Because according to a new Hamptons/North Fork market study from Miller Samuel and Prudential Douglas Elliman, next summer is going to be a season for renters.
As Oliver Haydock of the New York Observer reports, sales of Hamptons homes has dropped nearly 30 percent annually. In an interesting turn, the South Fork has been hit much harder than the North Fork. The median home sales price in the Hamptons fell 19.4 percent since the third quarter of 2007. In tangible numbers, that’s a drop from $1,030,000 to $830,000.
Three big stats are leading some to believe that a downturn will be pulling into the driveway and settling in for an unwelcome stay in the near future. Sales are down, inventory is up, and homes are taking longer to sell, which is never a welcome trifecta.
For those in the real estate game: cheer up, nothing lasts forever. And to those looking for a 2009 summer getaway, the Hamptons will be for rent, start packing!
