Hampton Home Sale Boom
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NEW YORK - While the real estate market may be sluggish around the nation, that is certainly not the case for Manhattan or the Hamptons. And for those who wish to get a piece of the 40 mile stretch of Long Island’s south shore, money seems to be no obstacle. Houses there are constantly selling for 10 million to 15 million. Recently, Ron Baron, the founder of Baron Capital Management, reportedly spent more than 100 million for a 40 acre East Hampton property next to his estate.
Many people are pointing to Wall Street to try to explain this real *estate frenzy. Wall Street has been doing extremely well this year. The Dow Jones has already surpassed 13,000 and is possibly on its way of breaking the 14,000 point milestone. On top of that, Wall Street paid about 24 billion dollars in bonuses last year. Consequently, with all this money coming into the pockets of the elite, many of them are trying to find ways to spend it. Most of them are turning to the Hamptons to spend their new fortune.
For almost a century, the Hamptons have always been the place for the rich and famous to flock to. With its sandy beaches and bucolic country roads, it is the perfect place for the privilege to settle down and enjoy the open waters with their sailboats and yachts. However, some people are choosing to rent a Hampton home instead of buying one for the summer season. Houses to rent for the entire summer are renting between the range of $50,000 and $200,000. For that price, you can expect to get a 4,500 square foot home with plenty of facilities, including a swimming pool. For those who could afford the more eloquent homes can pay as much as $800,000 to use the homes from Memorial Day to Labor Day or $8,000 per day. Some say that the Hamptons this year will be more crowded than ever before.
