Sharp decline in demand leaves the Hamptons with glut of luxury homes

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October 22, 2015- Crain’s reports, “New Yorkers who want to buy a high-end retreat in the Hamptons have plenty of options to choose from. Sales of luxury homes in the area, known for its beachside mansions attracting financiers and celebrities, tumbled 16% in the third quarter from a year earlier to 52 transactions, according to a report Thursday from appraiser Miller Samuel Inc. and brokerage Douglas Elliman. The inventory of such properties—defined as the top 10% of the market by price—climbed 34% to 292.”

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