The Hamptons Real Estate Market Struggles - The Real Deal
The haunt of the uber-wealthy is having its worst year since the last financial crisis
therealdeal.com
"The South Fork is having its worst year since the financial crisis
Overbuilding, overcrowding and high prices are to blame, observers say
The Hamptons’ South Fork is breathing heavy under its own weight.
The longtime getaway of New York’s ultra-wealthy is experiencing its worst real estate slump since the financial crisis more than a decade ago, according to the Wall Street Journal.
Overbuilding, overcrowding and the traffic that comes with it, as well as high pricing, is giving some would-be homeowners pause and is making some homeowners think of packing up and going elsewhere.
Younger buyers in particular are opting for the less-crowded North Fork, the Hudson Valley in central New York, and the perennial high-society haunts of Nantucket and Martha’s Vineyard."