Amazon Prime

Hamptons Prices Soooooar

Discussion in 'The Howard Stern Show' started by Avery, Jan 24, 2013.

  1. Avery

    Avery Well-Known Member VIP

    Reputations:
    37,373
    Joined:
    Oct 22, 2010
    Messages:
    31,577
    Likes Received:
    2,845
    If there was any confusion where New York's uberwealthy were scrambling to dump their money in December ahead of the now official tax hike on the wealthiest, we now know: some two hours north on the Long Island Expressway, or the Hamptons to be precise. Bloomberg reports: "Home prices in New York’s Hamptons, the resort towns on the Long Island coast, rose to the highest on record as deals at the upper end of the market surged before expected tax increases for sellers. The average price of homes that sold in the fourth quarter jumped 35 percent from a year earlier to $2.13 million, the highest since Miller Samuel Inc. begin tracking Hamptons sales in 1999, the appraiser said today in a report with brokerage Douglas Elliman Real Estate. It was only the second three-month period that the average purchase price topped $2 million, said Jonathan Miller, the New York-based firm’s president."

    Notable new Hamptons resident: Goldman Sachs CEO Lloyd Blankfein just bought this 32.5 million dollar 8k square foot, 7.3 acre home.

    [​IMG]
    [​IMG]
    [​IMG][​IMG][​IMG]
    [​IMG]
     
  2. Shine

    Shine 2012 rookie of the year VIP

    Reputations:
    0
    Joined:
    Jan 16, 2012
    Messages:
    26,036
    Likes Received:
    0
    :lol: only 2 chimneys
     
  3. MutteringJohn

    MutteringJohn Well-Known Member VIP

    Reputations:
    28,842
    Joined:
    Jan 16, 2012
    Messages:
    7,362
    Likes Received:
    1,664
    I read that article in the NY tabloids. Howard basically printed free money building Chimney Manor. He probably has doubled his investment.
     
  4. JohnnyDollar

    JohnnyDollar Active Member

    Reputations:
    -1,158
    Joined:
    Dec 30, 2011
    Messages:
    531
    Likes Received:
    39
    Needs more chimneys.
     
  5. Morrisb

    Morrisb Well-Known Member

    Reputations:
    -594
    Joined:
    Feb 25, 2012
    Messages:
    3,846
    Likes Received:
    102
  6. Avery

    Avery Well-Known Member VIP

    Reputations:
    37,373
    Joined:
    Oct 22, 2010
    Messages:
    31,577
    Likes Received:
    2,845
    Chimney Manor also has a much better pool. Guess Howard traded in more chimneys for less acreage.

    [​IMG]
     
  7. Free Food

    Free Food Member

    Reputations:
    -3
    Joined:
    Jan 26, 2012
    Messages:
    380
    Likes Received:
    0
    Two hours north of what? The middle of the Atlantic?
     
  8. Avery

    Avery Well-Known Member VIP

    Reputations:
    37,373
    Joined:
    Oct 22, 2010
    Messages:
    31,577
    Likes Received:
    2,845
    :jj: Good catch. I have no idea what they meant by that, but driving from the middle of LI to the hamptons can take 1 1/2 to 2 hours.

    The traffic is ridic at times.
     
  9. SouthernListen

    SouthernListen PLATINUM SPONSOR VIP

    Reputations:
    68,316
    Joined:
    Jan 16, 2012
    Messages:
    16,485
    Likes Received:
    3,127
    Uh, if sellers acted to sell before taxes on the capital gains went up, that would cause home prices to FALL, not rise, as the supply of homes on the market increased.

    Home SALE PRICES may have risen as only those with higher incomes (and better homes) would be in a rush to sell to lock in lower capital gains rates. With $500,000 of profit exempt anyway, the typical seller of even a very nice house wouldn't have any tax liability. So there would be a rush of uber-expensive homes being sold, bringing up the average SALE PRICE, not the average value of homes in the area.

    Remember this sort of "reporting" when you read something from a traditional news outlet. A journalism degree doesn't teach you shit, especially not how to think.
     
  10. Bye You!

    Bye You! Extreme VIP Gold

    Reputations:
    168,568
    Joined:
    Sep 3, 2010
    Messages:
    67,052
    Likes Received:
    4,720

    i was just about to post that!
     
  11. Bababooey4uall

    Bababooey4uall New Member Shot Dead

    Reputations:
    -6
    Joined:
    Dec 9, 2012
    Messages:
    99
    Likes Received:
    0
    epic
     
  12. Imus O Sternsky

    Imus O Sternsky VIP Extreme Gold

    Reputations:
    4,768
    Joined:
    Feb 5, 2012
    Messages:
    2,380
    Likes Received:
    366
    I would like to know how Hurricane Sandy didn't seem to do any damage there at all. Do they have enough money to pay off mother nature and buy good weather too ?
     
  13. isabella

    isabella VIP Extreme Gold

    Reputations:
    72,343
    Joined:
    Sep 14, 2010
    Messages:
    11,003
    Likes Received:
    2,704
    it would be wonderful if blankfein dropped dead or was strung up, but i have to admit his house is very tasteful and not as huge as some of the other clown houses in the haaaaaamptons.
     
  14. Avery

    Avery Well-Known Member VIP

    Reputations:
    37,373
    Joined:
    Oct 22, 2010
    Messages:
    31,577
    Likes Received:
    2,845
    I think the incentive kind of worked both ways for buyers and sellers. The very wealthy dumped their paper assets before the taxes increased and were flush with cash and were looking to dump it into a real asset like property, bidding it up. This was part of another article:



    It is. It's just when I hear 32 million I expect golden moen faucets. The house itself doesn't look much different than a run of the mill McMansion to me.
    But then again, you're paying for Hamptons ambiance.

    [​IMG]
     
  15. Bye You!

    Bye You! Extreme VIP Gold

    Reputations:
    168,568
    Joined:
    Sep 3, 2010
    Messages:
    67,052
    Likes Received:
    4,720
    too much cock in the kitchen :coffee:








    look how many roosters there are on that wall!
     
  16. Brokenbad

    Brokenbad Well-Known Member

    Reputations:
    10,419
    Joined:
    Apr 23, 2012
    Messages:
    3,483
    Likes Received:
    877
    Howard's got the beachfront polo player entrance.
     
  17. Rupert Pupkin

    Rupert Pupkin Well-Known Member VIP

    Reputations:
    3,921
    Joined:
    Mar 12, 2012
    Messages:
    1,821
    Likes Received:
    336
    With the new tax rate 39.6% v. 35% and the restrictions on itemized deductions, the only tax play is to NOT make NYC your primary residence as the 3.876% NYC income tax only applies to residents.

    http://www.tax.ny.gov/pdf/current_forms/it/nyc_tax_rate_schedule.pdf

    Most wealthy move just over the border into Western Nassau County or in Southern Westchester County. Kelly Ripa just moved to Connecticut.

    That's my take on the super rich exiting NYC. Phil Mickelson says hello.
     

Share This Page