Wednesday, May 29, 2013

Only in America: Hamptons summer rentals? A snap at just $1 million

From NBC News: Who's worried about the market tumbling?  Summer rentals like the one above at the ritzy Hamptons on Long Island, New York, have hit $1 million, according to local real estate agents.

If you think your rent is high, consider summer rentals in the Hamptons.  Brokers say there are now at least a half dozen homes and estates in the ritzy Long Island beach towns renting for around $1 million—just for the summer. That works out to $9,803 per day, or $408 an hour. And the $1 million lease doesn't include utility bills or other charges, which can run in the tens of thousands.

Brokers say the number of million-dollar rentals marks a new record.

"It's unprecedented," said H. Dolly Lenz, a Manhattan broker who also works with buyers and renters in the Hamptons. "The demand is not just strong, it's unbelievable."

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