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Market Musings: The (Not So) Elusive $500,000 House

Hamptons Online delves into the world of low-priced listings this week, analyzing the homes available on the East End for under $500,000. Enter: the recession, and the inventory is not as scant as one would think. Using one of those controversial multi-listing services as a guide, the site discovers that there are about 23 properties available between '$23,999 for a mobile home in Westhampton Beach to just under $500,000 for homes in East Hampton'. Not bad, considering eight of those listings are in East Hampton and most are for fairly well-maintained cottages and capes. But, the market is still the market, so these petites maisons are hardly going fast. Buyers take their sweet time as a result of the burgeoning inventory, and offerings tend to be picked up by contractors and developers looking to build something better. Even brokers are less optimistic...

"There are people out here who think a half a million dollars is a lot of money for a 1980s ranch that needs work," one broker said. "Prices need to come down more before these houses sell. You're not going to quote me are you?" she said.R.I.P. Overpriced, crappy ranch house. You had a good run.
· Is It Possible To Buy Property In The Hamptons Under $500,000? [Hamptons Online]