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Folks Say Market Looks 'Pretty Good in The Scheme of Things'

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Fourth-quarter reports are looming, so it's time for brokers and economists and all those folks to provide us with their two cents. The verdict? Things slowed down a little bit since the first two quarters—and are even a little worse than in 2009—but the market is "pretty good in the scheme of things," says the chief economist for Terra Holdings. Sure, the sale of homes under $1 million now dominates that of luxury homes, but don't forget there have already been 25 home sales in the $10+ million range this year—about a dozen more than the same time last year. Still, the "gap between asking prices and offers remained wide" in 2010, and the Lily Pond Lane property shown above is a fine example. The one-acre parcel sold this year for a $3 million discount; "'two years ago it would have gone in two seconds,' at the full asking price," says listing agent Paul Brennan.
· A Slow Recovery in the Hamptons [City Room]