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Hamptons Market Watch: 'This is More Like a Katrina'

The numbers are, naturally, stark, especially the statistic from Town & Country that the first quarter saw a 67% plunge in Hamptons housing sales compared to the previous year—the biggest percentage drop since 1982—the year, uh, they started keeping such records. But what makes today's Bloomberg story on the state of the Hamptons housing market such a compelling read are the ancillary quotes and examples they've gathered. Got a flak jacket handy?

1) "This isn't like your typical Nor'easter where a tree falls and your lights flicker. This is more like a Katrina." —Michael Daly of True North Realty Associates and the Hamptons Real Estate Blog
2) "Honestly, I'm shocked what I got it for." —Jay Litvack, who scooped an East Hampton house originally priced at $1.35 million for $825,000 last October
3) "Now I would sell it for $999,000." —Fredi Cohen, who has sat with her hand-carved sinks and tubs in her $1.25 million East Hampton home for two years now

Hand-carved sinks for under $1 million? We really have gone Category 5.
· Hamptons Homes Drop Most Since Realtors Began Keeping Records [Bloomberg]