Rich people. They’re doing well these days!
For proof, look no further than the Hamptons, the fancy collection of towns on the Eastern tip of Long Island, where the region’s elite spend their summer weekends.
Josh Brown points us to a note from Nick Colas of Convergex which lays out a few facts about how well things are going in the area.
Here’s a few bullets from Nick:
· The newest and nicest hotel in the Hamptons at the moment is the Topping Rose House, refurbished in 2012 after a long period of disrepair and also substantially expanded. Rooms here during the summer go for $US2,000/night and often have a 2-3 night minimum. They are sold out this weekend.
· The most popular aspirational real estate site in New York is www.hreo.com — the common listing service for the Hamptons. A few clicks and you’ll find that there are +2500 entries for houses that will cost you over $US1 million. Yes, there are a few dupes, so let’s cut that number in half. That still makes for 1200 houses out there at $US1 million and up. Want to live like an old school Wall Street mogul? The original Merrill house (yes, that Merrill) is on the market for $US98 million. Bad news — the property abuts a public beach parking lot. For $US100 million…. And yes, the place is rock star amazing.
· Pierre’s in Bridgehampton has had its ups and downs in terms of service quality over the past few years, but the food has always been like a quick trip to Antibes or Cannes. They ship their own special rose wine over from France for the summer season — it’s usually all gone by early August. They have availability for dinner at 5:45 or 6:00 pm, which for many French restaurants is almost lunch hours. So book early, book often, order the blue bottle of rose and wait for the rest of the world to shuffle in at 8pm…
· There are a total of 16 houses and apartments available from the Shinnecock Canal to the Montauk town line for less than $US325,000 — the average price of a home in America. One is a mobile home. The others are condos or small cottages of 700 square feet or so. There are 3,400 listing over this price point on hreo.com.