Monday, June 12, 2006

Manhattan Real Estate Prices Continue to Rise

New York City and The Hamptons are inextricably connected - just ask the limo drivers, helicopter pilots and personal assistants that make the 90-mile trip numerous times a week, especially during the summer.

A study completed a few years ago showed that 50% of Hamptons real estate buyers were from NYC, 30% were from Long Island (Nassau and Western Suffolk) and the remaining 20% of buyers came from all over the globe. I suspect that those numbers have not changed much recently, although it's altogether possible that the 20% may have grown since the dollar has been so weak against foreign currencies lately. That being said, there have been times when NYC real estate prices were falling and Hamptons prices were stable. At the moment, they appear to be on par. md
NY1: Top Stories


Anonymous said...

Typical NY Realtor BS. Why not compare prices with the previous month or the previous quarter? Instead, they had to go back an entire year, which happened to be the peak of the real estate bubble, to find a significant price increase.

It's only a matter of time. By the third quarter of this year we will start seeing year-on-year price declines in Manhattan and the Hamptons. Let's see how the NY Realtors try to spin that.

Michael Daly said...

Dear Mr./Ms./Dr. Anonynous (did I spell your name correctly?):
Did you get up on the wrong side of the bed this morning, or were you born there?
What ARE the numbers, vs previous month and vs previous quarter? Do you know them? If they are so bad, please tell us.
As far as your prediction for the 3rd quarter of this year, are you and all your friends planning to meet somewhere to celebrate?