So Goes All U.S. Real Estate? Not Quite.
The ever-popular “Home in the Hamptons” just got cheaper. A lot cheaper, because a 7% discount off a $1.6 million house isn’t pennies. Real estate in the Hamptons, NY dropped a steep 7% in value in Q2 2015, and the transaction volume plummeted by a whopping 16%.
Is this the beginning of the end for the U.S. housing recovering and boom? Is this the first of many bubbles to pop? The media and elite who traipse through Hamptons parties each summer would have you believing so, but they have also historically over-emphasized the importance of celebrity real estate moves in this exclusive market.
Real estate lifestyles of the rich and famous are more media market perception than actual market indicators, so this may just be “market bubble-popping” talk over popping the bubbly.
Read the full real estate market article here.