by Wolf Richter
Wall Street’s “Smart Money” with impeccable timing.
This had to happen. Now we’re getting reports that in the Hamptons, on Long Island’s east end, where Wall Street’s richest hobnob over the summer, home prices at the very top, after a phenomenal boom, are getting crushed.
What’s getting blamed? The crummy performance of the markets last year.
The average price in 2015 of the ten most expensive homes sold in the area has crashed 20% from a year earlier – to a measly $35.5 million.