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Dear Middle Class: Thanks To You, Hamptons Sales Surge 32% To Five Year High On Upcoming Record Bonuses
CNBC has been trying hard to make everyone forget last year ever happened, and that the global financial system is one big ponzi scheme. And by the look of luxury home sales in the Hamptons they have finally succeeded. Bloomberg reports that "home sales in the Hamptons, the Long Island beach retreats favored by Hollywood celebrities and Wall Street financiers, surged 32 percent in the third quarter as deal seekers landed discounted properties."
With buyers out in force, sellers have else emerged:
Luxury sales throughout the Hamptons and Long Island’s North Fork climbed 31 percent in the quarter to 46 transactions.
The median luxury price dropped 11 percent from a year earlier to $4.28 million, according to the survey. Miller defines the luxury market as the top 10 percent of sales, which in the third quarter included homes priced at $3.2 million or more.
High-end sellers who cut their price did so by an average of 17 percent compared with 14 percent a year ago.
Yet if you are lucky enough to be on the receiving end of the middle class trade, you are in luck: there still are beachfront properties where you can invest the wealth transfer capital.
Hamptons sales peaked in the second quarter of 2004, when 1,052 properties were traded, Miller said.
While this year’s third-quarter sales rose, so did the inventory of unsold homes. Listings climbed 11 percent from a year ago to 1,735 properties.
“You had people who had been trying to market their property for the past couple of years who re-entered the market,” Miller said. “You got the ‘Go’ signal with all this activity.”
At the current sales pace, it would take almost 16 months to sell all the Hamptons homes listed, Miller said.
Another critical forward looking indicator, the "Wall Street Prosperity Via Middle Class Rape Index" aka the Craig's List hooker hourly going rate, is currently being calculated by several hundred SPARC stations, and results will be tabulated shortly for popular consumption.
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Half of these sales probably end up in TARP or on the FR balance sheet eventually. Did Geithner ever sell his old pad?
Jeesh. Give them a break. They gotta go somewhere to pat each other on the back for another rousing quarter of boning the peons.
Seen as Tyler mentions CNBC :-)
The real estate agents will be doing Erin "40 40" hula giggle.... ( MCC(s) agent missed a key demo outreach opportunity......)
http://video.aol.com/video-detail/today-show-today-hula-hoops/3817605875
+10
Thank you CC. I needed that!
This brings to mind something Supreme Court Justice Potter Stewart once said about pornography. I made a few changes to fit this situation.
I shall not today attempt further to define the kinds of bonuses I understand to be embraced within that shorthand description ["hard-core gluttony"]; and perhaps I could never succeed in intelligibly doing so. But I know it when I see it, and the obscene bonuses involved in this case are just that, gluttony."
Nice!
The median price dropped 2.4 percent to $810,000. The taxes and expenses of a L.I. home will cost you at least 4% a year. When the banks fail again all these homes will be back on the market once again.
Hey, even parasites need a break once in a while. And we know this this strain sucks real hard.
but Obama's Pay Czar Mr Feinberg (with the bizzaro title Special Master - who came up with that moniker) reduced the salaries of a select few bankstas for the final two months of 2009 (and only for the final two months of 2009) by 90% of course those same bankstas will have a chance to access those monies through deferred comp plans - and they still will get bonuses (also reducted) that will likely be a multiple of their original salary
at total sham -
here's the text
http://www.treas.gov/press/releases/tg329.htm
Hampton's=overrated,20 mile's west=1/50 cost,to all those not intimately knowledgable about this island,it does'nt have to glitter to be gold,come help build the new utopia,weak stomach's need not apply
...go on
long on MB
I don't know what those median numbers are worth but home prices in most of the Hamptons are off about 40% from their peak. Is it any wonder sales are up?
And when dealing with banksters and realtors one must discover what the term "PEAK" really means.....definition-wise, that is.
A similar dilemma exists with defining "e" in price/earnings ratios.
Higher home prices are a statistical fluke due to the rapid down turn in prices starting with the lower of the market. Now that higher end homes are being sold, for a lot less, but significantly higher prices than the lower priced homes the averages are showing an improvment in overall home prices.
You would have to go to a "trimmed mean", thorwing out the highest high and lowest low of your data set to smooth out the averages. Trimmed means are only good for situations where there's been high volatility.
Tough darts losers !
You're a special kind of stupid aren't you anon? As a compassionate being, I will pray that your end is quick and painless, I suspect it will not be so.
As the mob of "losers" gathers about your Hamptons getaway, you will hide in the basement wine cellar and barricade the door with your toy popcorn machine; tears dribbling down your bloated cheeks onto your foie gras stuffed pot belly.
The mob installed your doors and they will take them out. They were the ones who put in your alarm system and they will disable it.
Unless someone with compassion is in the crowd, 376 drunken "losers" will play darts on your flabby paunch----your bloody crotch will be the bulls eye.
I'm getting a little cranky.
Gee...and I was going to invite you guys to party :(
I tried to google this to find it, but to no avail. You know how they have had military rehearsal where they will take actual towns and get the townspeople to go along with being invaded so they can practice?
Wadddaya think? The Hamptons? Think of the special skillz setz they could cultivate! Looking for stashed loot and illegally gotten gains? Knocking to the ground and cuffing criminals. On site executions? Can you see it? You know, just for practice. Do you think they would be willing to do their patriotic duty and help the military out??
not the Hamptons but then again
"Mr. du Pont's bizarre behavior: about the time, martini in hand, he drove a tank around his Foxcatcher Farm estate; about his love of high-powered guns; about his delusions of his body being inhabited by bugs, spied upon by Nazis and assailed by ghosts and would-be assassins."
http://www.nytimes.com/1997/02/26/us/du-pont-heir-found-guilty-of-murder...
Ah yes, a true rags to riches to rags to riches to rags to jail story. Prosperity comes one bubble at a time.
Ain't American capitalism just the greatest novel ever written ??
Oh? I didn't know they were still calling it "capitalism".
Someone needs to come up with the name for what we have now. Kleptomerchantilism? Plutomonetarism? Fascocollectivism?
I don't know. I'll have to think about.
But Capitalism, definitely not.
cougar
Try a third world dialect. It works.
Banana Republic.
To people that don't really know much about the structure of the financial system the Hamptons houses must seem like bargains, which they would be had we dealt with the crisis properly. The firesale at the end of a normal recession is usually a great time to invest.
I just googled "Wall Street Prosperity Via Middle Class Rape Index" to see if actually existed. For some reason, I find this and H2SO4 prices need to be published in a very convenient spot.
Actually, I believe an email was sent out and the squid has targeted the Hamptons as a gated community.....
Everything east of Peconic Rd will be sealed off and require a Goldman ID and the secret password to get in.
"and require a Goldman ID and the secret password to get in."
Does that also pertain to French Exocet missiles? Just asking.
this is sickening. time for real change. how do we get it?
Combustion.
+1
the threat of bodily harm has worked historically...
Mass calls for change will come...when it's way too late.
Zippy can report that Annapolis waterfront is way up.
Washington--the "new" New York. And we are all awaiting the next bail out--"Cash for cabin cruisers". Gotta Create Jobs! On Valerie Jarrett's desk.
My guess is the one's who are selling at 3% less than 1 year ago have to.
I'm sure all of the purchases qualified for the first time buyer tax credit of $8,000, wink wink. and if they didn't...well the treasury secretary will take care of that. Why just settle for the heist taken in at the prop desk? May as well get a little kicker to boot.
Now that's change we can believe in.
.
Think about what's happening to interest rates on credit cards for those who carry balances.
Hmmmmmm WHY is it that a similar interest rate adjustment (to reflect very real risk) has not
yet found it's way to the mortgage market?
Is there not just as much if not MORE risk in that loan?
Coming to a mortgage broker near you -interest rate reality! Mark my words.
Interest rates in any normal market are a mechanism that regulates risk. How
in the hell is loaning money to someone to buy a house not more risky than a credit card right now?
How is it that rates on cards carrying balances are 15-30% -but house mortgages are 5% ?
The answer my friend is that YOU dear taxpayer are backing up the new mortgage -not the credit cards.
Banks who make loans on credit cards are taking those losses. Banks who make loans on houses will
see no losses -that rolls up to Fannie/Freddie/FHA/Fed Reserve/Treasury/Taxpayer. Pay up suckers!
http://market-ticker.denninger.net/archives/1535-Recovery-How,-Given-THI...
.
Life imitates art, even bad art (or attempts at humor). For my own aggrandizement, I repeat my post from the Bernanke article a week or two ago:
"I just do not understand why so many on this site are angry at The First or Second Coming (depending on your faith or lack thereof) in the form of Ben Bernanke. Just look at his accomplishments and tell me the man does not deserve his head on Mt. Rushmore (in a pinch a sharpened stick on Wall Street would do as well):
---Stabilized home prices in both the Hamptons and Nantucket
---Saved the coffers and endowments of a number of private schools including Choate, Phillips Exeter/Andover and Lawrenceville
---Guaranteed the Golden Years of many Senior Citizens or soon-to-be Senior Citizens such as Lloyd Blankfein, Ken Lewis, Jamie Dimon, Bill Gross
---Wrote a recommendation letter for a young firebrand named Timothy Geithner, who seeks gainful employment as a partner at Goldman Sachs after his career in Public Disservice comes to an end
---Maintained the pricing power of 1961 Petrus, 1985 Biondi Santi, Cohiba Robustos, and Stefano Ricci shirts
---Enhanced the purchasing power in terms of US-based assets for those 6.4 billion citizens of the planet Earth who are NOT dollar based, by engineering the massive appreciation of every currency from the Euro to the Zambian khoja; even the lowly Myanmar kyat is up 40% year-on-year
---Made Gordon Gekko's gold cache soar in value.
Admit it...$23 trillion is such a small price to pay for this level of success."
Buy when it's cheap - an advisory from school textbook.
Where's the 101st Airborne when you need 'em now....
Last time I checked, Middle Class was the ones going to the Hamptons.