Real Estate
Unsold Luxury Homes Are Piling Up in the Hamptons
- Sales in all price ranges fall for a fifth straight quarter
- Buyers bypass mansions in favor of homes below $1 million
Lavish vacation homes are losing their luster in New York’s Hamptons, the beachfront retreat favored by financiers and celebrities.
There were 869 luxury properties available at the end of the first quarter -- almost triple the supply from a year earlier and the most in seven years of data-keeping by appraiser Miller Samuel Inc. and Douglas Elliman Real Estate. While higher-end homes piled up, buyers flocked to deals below $1 million. Those made up 59 percent of Hamptons sales in the quarter, the firms said in a report Thursday.