Hamptons Real Estate Market Takes a Hit

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Last year’s housing market numbers are in from The Hamptons, and according to Town and Country Real Estate‘s 2009 list of the top 10 most expensive markets, The Hamptons took a hiatus this year. Judi Desidiero, Town and Country’s President and CEO, was a little less than surprised when the figures came in.

The top 10 ranking “always reaffirms what you see in the pit,” said Desidiero. “It was an eye-opener. The high end was really taking a break.”

The top sale in the Hamptons this past year was a Southampton Village home located at 120 Meadow Lane. The grand estate sold for a meager $25.99 million. This sale would have ranked fifth in 2008, and it would have barely made the list in 2007. It’s worth noting that the Meadow Lane property was the only one in the Hamptons to break the $20 million mark in 2009.

In second place on list were two properties, one in Sagaponack and another in East Hampton. Each estate reported a sale of $19 million, a shocking decrease in value from projected values of past markets. However, on a more optimistic note, Desidiero said she saw slight increase in sales in August of 2009.

The national housing markets rise-then-slump activity has made the history books. According to The Real Deal, East Hampton Further Lane’s $103 million, two-property sale, left last year’s sales begging for a time tested solution to the recent drop-off.

Here’s to lookin’ at you Hamptons in the hope that you’ll rise again to the glorious pedestal you once stood.

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