“The International Buyer Has Been Absent” Unsold Hamptons’ Mansions Pile-Up As Bubble Bursts
by Tyler Durden
ZeroHedge.com
10/23/2015
Just a few months ago, Hamptons 2nd home-hunting was an elitist’s dream. Home sales were surging (highest sicne 2007’s peak) even as home prices soared (in the face of bad weather and economic angst). But that has all changed. As Bloomberg reports, sales of luxury homes in the are have tumbled 16% YoY in Q3, prices have plunged 18% YoY, and inventories are surging (up 34%). The reason is simple, as one realtor notes, “the international buyer has been absent.”
The Rest…HERE
