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What's The State Of The Union In The Hamptons?

Strong for now, according to the latest market report from broker Prudential Douglas Elliman and appraiser Miller Samuel. Comparing 4th quarter 2008 to 2009, here are the numbers: sales jumped 59% (257 to 409) and median prices were up almost 5% to $917,900. Still, it's a little like when President Obama first took office -- everything looked good in comparison to the previous administration. Similarly, the uptick in East End market activity and prices impresses only when you contrast it with the dismal numbers of the credit crunch era. “You’re coming from a very low spot," says MS President Jonathan Miller. And to use our final Obama analogy, as the President has quickly discovered, the future is filled with uncertainty. Miller closes with this: "I would not be surprised to see a weaker (Hamptons) market going forward until those issues (weak local economy & high unemployment) are substantially corrected.”
· East End sales surge in fourth quarter, but rise may be temporary [TheRealDeal]