Wednesday, May 24, 2006

Broad-Brushing A Mega Mini Market

From Wikipedia, the free encyclopedia

"The Hamptons
The Hamptons refers specifically to the towns of Southampton and East Hampton on the South Fork, Suffolk County, New York on the east end of Long Island, in Suffolk County, New York.

It is a well-known summer colony. Parts of the Hamptons are well known for being a playground for the rich and are frequented by residents of New York City particularly during the summer months for weekend getaways. This has given rise to the phrases "house in the Hamptons"."

You can't broad-brush national real estate trends on the Hamptons. Well, of course you can, but you will typically miss out on some necessary information that can either make you or save you lots of money - if that matters to you. With over $4.5 Billion in real estate transactions in 2005 and an average sales price over $1MM, the Hamptons surpass the sales volumes of many US cities and some small states.

Fact is, some people are not "day-trading" real estate - they actually want to have a home to live in either full-time or as a vacation spot. I love those people. They're the ones who ride bicycles to the beach and linger on Main Street talking with friends.

For the rest of the gang, there is no shortage of information around to use to tweak your real estate portfolio. Just remember, "The Hamptons" is a unique place that cannot accurately be analyzed or assessed by simply lumping it in with any other market. It's much more complicated than that, but it is certainly worth the effort. md

MONEY Magazine: Real Estate 2006

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