Aug 1, 2011 1:54 PM
As high-end buyers flooded the market this quarter, the median price of houses that sold east of the Shinnecock Canal or south of the highway rose by 20 percent compared to the spring of 2010. At the same time, the median price of homes west of the Shinnecock or north of the highway fell by 6 percent.
As I have said before, the recession is over south of the highway and has been for some time, while it remains a buyer’s market far north of the highway and west of the canal, with high levels of inventory and significant numbers of distressed sellers. If these trends continue, and the “Tale of Two Markets” lengthens, it may become impossible to answer the question, “How’s the Hamptons real estate market?” without first asking, “Which one?”
