With Wall Street Back, The Hamptons Market Is On Fire

Hamptons Party

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Sales of multi-million-dollar estates in the Hamptons have more than doubled since this time last year, and Wall Street high rollers are responsible.The report, released by Prudential Douglas Elliman Real Estate, shows first quarter 2010 sales up by 173 per cent over the first quarter of 2009.

Median sale prices increased by close to 35 per cent, to $908,500, and in the top 10 per cent of the market prices rose 34 per cent to $5,484,934 from the same period last year.

”It’s as active in the Hamptons as I have ever seen,” said Alan Schnurman, a luxury real estate developer, according to the AP, ”It has to be because of Wall Street. You have these young billionaire hedge fund managers who all want to buy.”

According to the report,  homes closer to the Atlantic had the largest price tags, with an 86 per cent quarterly increase in the prices of homes south of Montauk Highway, to a new median of $1.19 million.

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