The Hamptons Real Estate
The Hamptons Real Estate
With the recent onset of many foreclosures in the real estate market, and the total chaos of the stock market, one might think that the Hamptons Real Estate market would be bearing its own brunt of problems. The Hamptons, however, are as alive and thriving as ever. The Wall Street Journal recently reported that a small collection of wealthy people are paying large premiums in order to have their homes erected in an astoundingly short time. One house, which boasted a 10,000 square foot living area, is expected to be built in 10 months or less. This makes it very evident that the Hamptons Real Estate market is thriving possibly better than it ever has. Whatever problems that the general real estate market seems to be having, is apparently not evident in the Hamptons. Many would-be home owners are finally beginning to realize that the real estate bubble is not going to burst any time soon.
Most buyers in the the Hamptons Real Estate market are laying down more than 40% of the home’s price for a down payment. In fact, some home buyers buy for cash. All the depressing talk about the recent turmoil in the real estate market, the raging foreclosures, the dissolution of mortgage companies, added with the increasingly high interest rates, have set a gloomy perception to many of the current stability of the real estate market. However, home buyers are finally figuring out that the real estate market is not going to burst. After all, it hasn’t yet, and it probably never will.
The biggest question in the minds of people checking out the Hamptons Real Estate market is whether or not the market will hit bottom. In the second or third quarter of 2008, it is expected to be below that of 2007, and median prices by the end of 2007 are expected to fall by 2%. This will, indeed, fuel the onset of people who are looking to purchase their haven in the Hamptons.
Even with the pricing of homes in the Hamptons, many are still looking to get into the community, and pay the dues of living in this upscale area. The average price of a home is well over $1Million, and while that may seem extravagant to the rest of the country, it is at the bottom end of the price listing in the Hamptons. You know what they say, “As the rich get richer, the richer buy a home in the Hamptons.”
Susan Breitenbach
The Hamptons Real Estate
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