10/12/08

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In Hamptons, it's no vacation

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Multimillion-dollar homes are still finding takers in the Hamptons, but the notoriously tony vacation destination is showing serious signs of softening.

While the market there does not mirror the meltdown in the rest of the country, the Wall Street cash that has long flooded into the East End is clearly not flowing as freely this summer.

This month, The Real Deal offers a series of stories on what's happening on the South Fork.

Brokers say there have already been significant changes when it comes to speculative building. In addition to the fact that building permits have dropped by a third in some areas, speculators are, well, not speculating as much these days.

Meanwhile, the normally hot restaurant scene is cooling down a little. Several well-known restaurants shut down during the off-season, and brokers say there's a wariness about signing new leases now.

Finally, a roundup of recent Hamptons' statistics — ranging from the $110 million asking price of an Amagansett parcel to the jump in homes for sale compared to last year — offers a surprising window into the contradictions of the Hamptons market.

Spec builders grow cautious in Hamptons

Hamptons eateries not immune

By the numbers: Recent Hamptons' statistics