I wish that I could say that I sold my house in Bridgehampton in April of 2006 because I was so savvy and knew it was the peak of the market. Such is NOT the case at all but I was very lucky with my timing.
Let’s begin with the Prudential Douglas Elliman Hamptons North Fork Market Report.
From this report comes the following clip from CNBC (via CurbedHamptons). Prices down 42% South of the Highway where the most lux of the lux is found. Note that the agent points out how incredibly busy the month of June was and we experienced the same in Manhattan. That said, one month of increased activity after a brutal year does not a recovery make.
And check out this Manhattan vs. Hamptons comparison from Matrix’s Jonathan Miller.
My 2 cents…I think prices may slide another 10% in Manhattan, possibly more in the Hamptons, before we see the bottom as interest rates creep up and buyers watch to see more signs of economic recovery. (BTW…a $1M mortgage at 5.75% and a $900K mortgage at 6.75% yield the same monthly payment). Don’t expect Wall Streeters to throw their bonus money around like they did in the past. In early 2010, they will look for deals in both Manhattan and the Hamptons and their timing may be perfect. But hey, that’s just one guy’s opinion.
We shall see.