How the Upper .25% Live
I quickly browse a lot of real estate-related material, but when I came across “Hamptons” and “$375,000” in the same sentence, I slowed down.
If you don’t know, the Hamptons in Long Island is (summer) home to Wall Street’s — and Manhattan’s — rich and famous, and home prices there routinely trip eight figures (as in $10M-plus). Or did.
Which was the import of the article (“The Hamptons Stress Test” – Vanity Fair). Not so surprisingly, Wall Street’s crash has hit Long Island real estate; as a result, prices (and deals) have plummeted.
Still, “Hamptons” and “$375,000” simply don’t go together.
That’s not a sale price. It’s a rental price. For one month.
To be fair, the property (pictured at top) fronts the ocean, and the month in question is August.