CNBC has jumped into the fray and interviewed Hamptons broker Paul Brennan to learn more about the good news-bad news report out yesterday from Elliman and Miller-Samuel. Brennan, sitting in a field next to one of his 7.5 million Bridgehampton listings, seemed a bit skittish while being hounded by the network's Diana Olick and Michelle Caruso-Cabrera about the state of things. (A barked 'WHY SHOULD ANYONE CARE ABOUT THE HAMPTONS?' was their finest cable news moment.) Brennan believes the 'frightening' market of last winter is gone, and that the spring (especially June) were particularly telling of better times to come.
While news that South of the Highway prices were down almost 42% last quarter scared most of the luxury market, Brennan proudly proclaimed that the house in the distance was, in fact, north of Route 27. The 12 acre estate was said to be 'priced fairly', with the thought that this market could see $6.5-$7.5 million for a house of that size. Clearly an optimist, he hoped to have the house sold next week following 10 showings and two weeks on the market already.
· Home Sales Slump, Inventory Jumps in Ritzy Hamptons [CNBC]
· Listing: Bridgehampton [Elliman]