Hamptons Prices Soooooar

[Avery]

If there was any confusion where New York's uberwealthy were scrambling to dump their money in December ahead of the now official tax hike on the wealthiest, we now know: some two hours north on the Long Island Expressway, or the Hamptons to be precise. Bloomberg reports: "Home prices in New York’s Hamptons, the resort towns on the Long Island coast, rose to the highest on record as deals at the upper end of the market surged before expected tax increases for sellers. The average price of homes that sold in the fourth quarter jumped 35 percent from a year earlier to $2.13 million, the highest since Miller Samuel Inc. begin tracking Hamptons sales in 1999, the appraiser said today in a report with brokerage Douglas Elliman Real Estate. It was only the second three-month period that the average purchase price topped $2 million, said Jonathan Miller, the New York-based firm’s president."

Notable new Hamptons resident: Goldman Sachs CEO Lloyd Blankfein just bought this 32.5 million dollar 8k square foot, 7.3 acre home.

[Shine]

only 2 chimneys

[MutteringJohn]

I read that article in the NY tabloids. Howard basically printed free money building Chimney Manor. He probably has doubled his investment.

[JohnnyDollar]

If there was any confusion where New York's uberwealthy were scrambling to dump their money in December ahead of the now official tax hike on the wealthiest, we now know: some two hours north on the Long Island Expressway, or the Hamptons to be precise. Bloomberg reports: "Home prices in New York’s Hamptons, the resort towns on the Long Island coast, rose to the highest on record as deals at the upper end of the market surged before expected tax increases for sellers. The average price of homes that sold in the fourth quarter jumped 35 percent from a year earlier to $2.13 million, the highest since Miller Samuel Inc. begin tracking Hamptons sales in 1999, the appraiser said today in a report with brokerage Douglas Elliman Real Estate. It was only the second three-month period that the average purchase price topped $2 million, said Jonathan Miller, the New York-based firm’s president."

Notable new Hamptons resident: Goldman Sachs CEO Lloyd Blankfein just bought this 32.5 million dollar 8k square foot, 7.3 acre home.

Needs more chimneys.

[Morrisb]

[Avery]

Chimney Manor also has a much better pool. Guess Howard traded in more chimneys for less acreage.

[Free Food]

If there was any confusion where New York's uberwealthy were scrambling to dump their money in December ahead of the now official tax hike on the wealthiest, we now know: some two hours north on the Long Island Expressway, or the Hamptons to be precise. Bloomberg reports: "Home prices in New York’s Hamptons, the resort towns on the Long Island coast, rose to the highest on record as deals at the upper end of the market surged before expected tax increases for sellers.

Two hours north of what? The middle of the Atlantic?

[Avery]

Two hours north of what? The middle of the Atlantic?

Good catch. I have no idea what they meant by that, but driving from the middle of LI to the hamptons can take 1 1/2 to 2 hours.

The traffic is ridic at times.

[SouthernListen]

Uh, if sellers acted to sell before taxes on the capital gains went up, that would cause home prices to FALL, not rise, as the supply of homes on the market increased.

Home SALE PRICES may have risen as only those with higher incomes (and better homes) would be in a rush to sell to lock in lower capital gains rates. With $500,000 of profit exempt anyway, the typical seller of even a very nice house wouldn't have any tax liability. So there would be a rush of uber-expensive homes being sold, bringing up the average SALE PRICE, not the average value of homes in the area.

Remember this sort of "reporting" when you read something from a traditional news outlet. A journalism degree doesn't teach you shit, especially not how to think.

[Bye You!]

Two hours north of what? The middle of the Atlantic?

i was just about to post that!

[Bababooey4uall]

epic

[Imus O Sternsky]

I would like to know how Hurricane Sandy didn't seem to do any damage there at all. Do they have enough money to pay off mother nature and buy good weather too ?

[isabella]

If there was any confusion where New York's uberwealthy were scrambling to dump their money in December ahead of the now official tax hike on the wealthiest, we now know: some two hours north on the Long Island Expressway, or the Hamptons to be precise. Bloomberg reports: "Home prices in New York’s Hamptons, the resort towns on the Long Island coast, rose to the highest on record as deals at the upper end of the market surged before expected tax increases for sellers. The average price of homes that sold in the fourth quarter jumped 35 percent from a year earlier to $2.13 million, the highest since Miller Samuel Inc. begin tracking Hamptons sales in 1999, the appraiser said today in a report with brokerage Douglas Elliman Real Estate. It was only the second three-month period that the average purchase price topped $2 million, said Jonathan Miller, the New York-based firm’s president."

Notable new Hamptons resident: Goldman Sachs CEO Lloyd Blankfein just bought this 32.5 million dollar 8k square foot, 7.3 acre home.

it would be wonderful if blankfein dropped dead or was strung up, but i have to admit his house is very tasteful and not as huge as some of the other clown houses in the haaaaaamptons.

[Avery]

Uh, if sellers acted to sell before taxes on the capital gains went up, that would cause home prices to FALL, not rise, as the supply of homes on the market increased.

Home SALE PRICES may have risen as only those with higher incomes (and better homes) would be in a rush to sell to lock in lower capital gains rates. With $500,000 of profit exempt anyway, the typical seller of even a very nice house wouldn't have any tax liability. So there would be a rush of uber-expensive homes being sold, bringing up the average SALE PRICE, not the average value of homes in the area.

I think the incentive kind of worked both ways for buyers and sellers. The very wealthy dumped their paper assets before the taxes increased and were flush with cash and were looking to dump it into a real asset like property, bidding it up. This was part of another article:

According a source that spoke with the Post: "This purchase is all about the property. There is no water at all. But Lloyd isn't really an oceanfront person. He wanted a big property."

it would be wonderful if blankfein dropped dead or was strung up, but i have to admit his house is very tasteful and not as huge as some of the other clown houses in the haaaaaamptons.

It is. It's just when I hear 32 million I expect golden moen faucets. The house itself doesn't look much different than a run of the mill McMansion to me.
But then again, you're paying for Hamptons ambiance.

[Bye You!]

it would be wonderful if blankfein dropped dead or was strung up, but i have to admit his house is very tasteful and not as huge as some of the other clown houses in the haaaaaamptons.

too much cock in the kitchen








look how many roosters there are on that wall!

[Brokenbad]

Howard's got the beachfront polo player entrance.

[Rupert Pupkin]

With the new tax rate 39.6% v. 35% and the restrictions on itemized deductions, the only tax play is to NOT make NYC your primary residence as the 3.876% NYC income tax only applies to residents.

http://www.tax.ny.gov/pdf/current_fo...e_schedule.pdf

Most wealthy move just over the border into Western Nassau County or in Southern Westchester County. Kelly Ripa just moved to Connecticut.

That's my take on the super rich exiting NYC. Phil Mickelson says hello.