and up, is doing well.
‘If there’s a deal out there, it’s going to get sold.’
On Tuesday there were 256 houses listed for sale in the Hamptons in the $3million to $3.5 milion range on streeteasy.com.
But Mr Simpson sounded a note of caution about the hot new figures.
They do not necessarily signal a permanent emergence from the flatlined stretches of 2008 and 2009.
‘Right now, it’s moving in the right direction,’ he said. ‘But that can change again.’
And what can change it is just the dropping of the pin which can set off a vicious domino effect as witnessed 3 years ago with the Lehman debacle, something even 28 year olds (who were mere assistants back then) still remember as they sit back and soak up the sun and their $4 caffe lattes.
But not everyone has to be so cautious:
Last month Mailonline.com reported that hedge fund boss David Tepper tore down his fabulous $43.5million oceanside home on a sprawling 6,165 square foot estate because it did not have enough sea views.
He’s replacing it with a new home that will be twice as large as the original – and with bigger windows.
Either way the Hamptons will serve to be an odd prism for the ongoing behavior of a certain class of people and for now while most of America is struggling to keep afloat and have disintegrated into lower income structures, one brood of young men (it is after all the young Turks with all the chutzpah) will continue propping up one end of the realty market. But at the end of the day, its not just economics but a genuine desire to buy oneself into a brand market that for the longest time has withstood the test of time and the odd market crash, for now anyway…