When a five-bedroom waterfront estate in the Town of Southampton went on sale in 2008 for $5.8 million, the price must have seemed reasonable. After all, Reuters reports, second-home prices on the Hamptons, the summer playground for wealthy New Yorkers, had been rising steadily for six straight years. But the house, ringed with mahogany decks and including a vintage pool house, finally sold a few months ago for only $2.75 million, less than half the original asking price.
That may be a very good sign for the Hamptons luxury real estate market, which has been burdened for nearly four years with a glut of homes priced too high to sell.
All over the Hamptons, summer homes are starting to move again, according to more than two dozen people involved in the market, including real estate brokers, attorneys, analysts, county officials and local residents. And that is starting to show up in the figures, with pending contract sales rising for five straight months across Long Island's Suffolk County, which includes the Hamptons.
"The enthusiasm of the buyers is something we haven't seen in years," said Pamela Liebman, president of Corcoran Group Real Estate….
Read more at http://www.huffingtonpost.com/2012/04/04/hamptons-real-estate-recovery_n_1402190.html?ref=business
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