REAL ESTATE

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However, Hamptons real estate, like the stock market, never fails to surprise. As a buyer or seller, what does one do? Give up the ship to commit financial hari-kari? Of course not! Hardly surprising then that vulture investors are emerging to circle financial market ruins; but don't expect this to carry over to Hamptons real estate even though some believe prices might have further to fall.

What Now?
The pundits have been saying, "Wait till they're all here." Well, we've arrived. Now what? Some houses have nose-dived, but perhaps not far enough. Take, for example, a very ambitious house on Middle Lane in East Hampton that hovered near $20 million last year and is now flirting with a paltry $14 million asking price—marked down like last year's fall fashion. The broker consensus is that it's an attractive house, reeking with style and quality. So why doesn't it sell? Perhaps there's a deal to be made this season.

Another puffy offering on Middle Lane in East Hampton for $18.5 million hasn't had any takers, either. It last traded for $3.1 million in 1996. Twelve years later it still doesn't have a pool or tennis court. Unless the interiors have been plated in platinum, where's the justification for such unstinting appreciation? Okay, it's on three acres, a virtual wilderness south of the highway.

Some sellers really don't care if their houses sell quickly, if at all. It's called "staying power," a theme much practiced here. Many sellers just like toying with the market, on the remote chance that a newly rich brigand will pay an outrageous price. Indeed, why grieve for what's gone when we should look at what's left? The fact is, opportunity abounds for buyers with ready cash. Where should you look?