Cut-rate mansions anyone? Hamptons real estate recovering
NEW YORK (Reuters) – When a five-bedroom waterfront estate in the Town of Southampton went on sale in 2008 for $5. 8 million, the price must have seemed reasonable. After all, second-home prices on the Hamptons, the summer playground for wealthy New Yorkers, had been rising steadily for six straight years. But the house, ringed with mahogany decks and including a vintage pool house, finally sold a few months ago for only $2. 75 million, less than half the original asking price. “They weren’t thrilled, let’s just say that,” realtor Marcia Altman of Brown, Harris Stevens said of the sellers. . . .
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