Luxurious houses are flying off the shelves in the Hamptons and the financial industry is behind it, reports Crain's New York Business.
Jonathan Miller, CEO of an appraisal firm, said “Wall Street continued to drive the market like it did in Manhattan."
Q3 saw 30 area homes sold worth at least $5 million—"almost triple" the amount from 2010's third quarter, the article reports.
Miller cautioned that this is more of a bounceback than a surge: overall sales rose to 398, which beats the five-year average of 374 but is well short of the ten-year average, 438...
Read more at http://www.businessinsider.com/number-of-people-buying-hamptons-houses-worth-5-million-or-more-almost-tripled-this-year-2011-10
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