Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

TROUBLE IN LI PARADISE ( Long Island, NY )
NEW YORK POST ^ | May 12, 2008 | SELIM ALGAR

Posted on 05/12/2008 9:24:39 PM PDT by george76

Homeowners in the some of the toniest ZIP codes in the Hamptons are facing a frightening reality - they can't afford to foot the bill for their high-priced homes...

In the first three months of this year, banks have launched preliminary foreclosure actions - known as lis pendens proceedings - against a record 120 borrowers ...

"This problem didn't even exist before," said John Brady, a broker with Coldwell Banker in East Hampton. "They used to pop up once in a while, and you wouldn't even pay attention. Now you expect to see new ones every week."

A total of 10 East End homes, including a massive Westhampton mansion, were foreclosed outright since the beginning of the year.

In addition, more than 800 East End homeowners...have been flagged by credit-monitoring companies this year for late payments.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; News/Current Events; US: New York
KEYWORDS: lispendens

1 posted on 05/12/2008 9:24:39 PM PDT by george76
[ Post Reply | Private Reply | View Replies]

To: george76

I understand that George Costanza has a nice home in the Hamptons.


2 posted on 05/12/2008 9:26:31 PM PDT by boycott
[ Post Reply | Private Reply | To 1 | View Replies]

To: george76
.

^
Behold, the world's smallest violin.

3 posted on 05/12/2008 9:26:41 PM PDT by pnh102 (Save America - Ban Ethanol Now!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: pnh102

Yeah, couldn’t have happened to a bunch of nicer people;)


4 posted on 05/12/2008 9:35:47 PM PDT by Frank_2001
[ Post Reply | Private Reply | To 3 | View Replies]

To: Frank_2001

probably most of these people will come out fine.....they use their homes as speculation anyway....not a real home ...


5 posted on 05/12/2008 9:37:38 PM PDT by cherry
[ Post Reply | Private Reply | To 4 | View Replies]

To: george76; rmlew

Great. Now I can finally pick up a place in Amangansett at the fire sale that’s about to take place!


6 posted on 05/12/2008 9:38:57 PM PDT by Clemenza (I Live in New Jersey for the Same Reason People Slow Down to Look at Car Crashes)
[ Post Reply | Private Reply | To 1 | View Replies]

To: george76

Oh dear, Snobfolk being bitten by the bear? Well, Lipstiff, just make sure that leased Bimmer is hidden since you might need to call it home if Frozehart, the banker, won’t take “toniest” for payment.


7 posted on 05/12/2008 9:49:17 PM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: george76

I’m sorry for those who are losing a family home; a small percentage might be due to medical bills or loss of livelihood. Those who were speculating, well, gambling is risky business.


8 posted on 05/12/2008 9:51:43 PM PDT by skr (I serve a risen Savior!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Clemenza
Amangansett has always been more affordable.
Actually, the Hamptons are facing a glut of the 1 to 5 million dollar homes. However the higher end is still booming. 20-100 million are doing well. In fact some developer just purcahsed a farm and pond near Southampton Hospital and, after some environmental engineering and groundskeeping intends to sell multi-acre gardened lots for $20 Million apiece.

I was just out there this weekend taking a walk/estate tour of Watermill (Southampton) with my mother, who is a realtor.

9 posted on 05/12/2008 9:56:37 PM PDT by rmlew (Down with the ersatz immanentization of the eschaton known as Globalism.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: count-your-change
No. the Rich and Upper middle class are fealing a pinch. The ubber rich are doing well.
If you are willing to spend 20-100 Million, I'll show you some homes, but you need to act fast.
10 posted on 05/12/2008 9:57:51 PM PDT by rmlew (Down with the ersatz immanentization of the eschaton known as Globalism.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: rmlew

BTW: I don’t care what the wannabes say: West Hampton and Hampton Bays are NOT the Hamptons! ;-)


11 posted on 05/12/2008 10:02:35 PM PDT by Clemenza (I Live in New Jersey for the Same Reason People Slow Down to Look at Car Crashes)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Clemenza
BTW: I don’t care what the wannabes say: West Hampton and Hampton Bays are NOT the Hamptons! ;-)

Exactly what are the Hamptons? I've heard the term a few times over the years.

12 posted on 05/12/2008 10:24:45 PM PDT by AlaskaErik (I served and protected my country for 31 years. Democrats spent that time trying to destroy it.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: AlaskaErik

A very rich (if largely new money and somewhat tacky) area on the south shore of Long Island. Many of the most famous New Yorkers have houses out there.


13 posted on 05/12/2008 10:31:14 PM PDT by Arguendo
[ Post Reply | Private Reply | To 12 | View Replies]

To: rmlew; Clemenza
Actually, the Hamptons are facing a glut of the 1 to 5 million dollar homes. However the higher end is still booming. 20-100 million are doing well. In fact some developer just purcahsed a farm and pond near Southampton Hospital and, after some environmental engineering and groundskeeping intends to sell multi-acre gardened lots for $20 Million apiece.

Incredible. Just curious: What do many of the owners of these $20-100 million properties do? How can they even afford the insane taxes each year on these properties, not to mention the upkeep of these places?

14 posted on 05/12/2008 10:33:06 PM PDT by nutmeg (Obama supporters: Drink the Kool-Aid? Yes we can!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: AlaskaErik
The Hamptons are a collection of upscale summer resorts on the south fork, at the very end of Long Island. The communities usually associated with the Hamptons are Easthampton (once artsy, now just wealthy with lots of celebs), Southhampton, Bridgehampton, Springs, and Amangansett. Montauk, which is east of the Hamptons proper, is not considered part of the Hamptons.

Basically, its where celebrities, hedge fund billionaires, and those who love them spend their summers.

15 posted on 05/12/2008 10:33:49 PM PDT by Clemenza (I Live in New Jersey for the Same Reason People Slow Down to Look at Car Crashes)
[ Post Reply | Private Reply | To 12 | View Replies]

To: nutmeg; rmlew
What do many of the owners of these $20-100 million properties do?

Hedge Fund and Private Equity heads, NYC real estate moguls, along with several folks in the entertainment industry.

16 posted on 05/12/2008 10:35:25 PM PDT by Clemenza (I Live in New Jersey for the Same Reason People Slow Down to Look at Car Crashes)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Arguendo
In the US, even in New York, there really is no such thing as "old money" anymore. The phrase was first used to describe Cornelius Vanderbilt when he arrived on the NY scene, and is a rather antiquated term.

"Old money" must not be subdivided, and must appreciate with inflation. In most cases, it does not.

17 posted on 05/12/2008 10:37:17 PM PDT by Clemenza (I Live in New Jersey for the Same Reason People Slow Down to Look at Car Crashes)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Clemenza
Thanks... kind of what I expected. It's hard to imagine having seemingly endless amounts of money like that.

I don't know the Hamptons very well... the thing I remember the most are the many extremely tall "privacy hedges" that block the view (from the streets) of many of the houses.

Let us know when you close on your Hamptons manse overlooking the ocean... it'll be a great spot for a FReeper gathering! ;-)

18 posted on 05/12/2008 10:42:45 PM PDT by nutmeg (Obama supporters: Drink the Kool-Aid? Yes we can!)
[ Post Reply | Private Reply | To 16 | View Replies]

To: boycott

wonder if he’ll have to sell Prickly Pete.


19 posted on 05/12/2008 10:50:11 PM PDT by Hildy
[ Post Reply | Private Reply | To 2 | View Replies]

To: Clemenza

True, but there’s still a different between the people you’ll find in the Hamptons from the people you’ll find in places like Bedford, NY or many parts of Fairfield County, CT.

My impression was that money is far more openly and prominently displayed in the Hamptons than in many of the “preppier” suburbs.


20 posted on 05/12/2008 11:24:47 PM PDT by Arguendo
[ Post Reply | Private Reply | To 17 | View Replies]

To: Clemenza
Sag Harbor remains somewhat artsy.
Actually it is quite nice. I miss the East Hampton of my youth. Now its full of the ubber rich and wannabees. The locals are mostly gone for the summer and the WASPs are a memory.
21 posted on 05/12/2008 11:29:18 PM PDT by rmlew (Down with the ersatz immanentization of the eschaton known as Globalism.)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Arguendo

Much of Fairfield has changed. Greenwich is now no different from much of Long Island, although New Canaan is still fairly WASPY (although Catholics are probably the single largest denomination there, as they are in the rest of Connecticut).


22 posted on 05/12/2008 11:31:42 PM PDT by Clemenza (I Live in New Jersey for the Same Reason People Slow Down to Look at Car Crashes)
[ Post Reply | Private Reply | To 20 | View Replies]

To: rmlew
The thing I loved about the Americana Hotel is that they kept their cigar lounge through a loophole in the law.

There is a really awful Alan Alda movie called "Sweet Liberty" that nevertheless has some great shots of Sag Harbor. To think, it once had the potential to be a city on par with Boston, if not NYC, had the whaling industry not dried up so soon.

23 posted on 05/12/2008 11:34:10 PM PDT by Clemenza (I Live in New Jersey for the Same Reason People Slow Down to Look at Car Crashes)
[ Post Reply | Private Reply | To 21 | View Replies]

To: cherry

Notice they said most of these people avoid foreclosure through “emergency procedures such as a short sale.”

Let’s see the little guy try to get a short sale when he’s in an “emergency.”


24 posted on 05/13/2008 12:00:28 AM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: fightinJAG
There's a reason these guys can afford a house in the Hamptons. Obviously they might not be perfect at managing their money, but they're pretty good at earning it and probably have a decent idea how to control the situation when they get in trouble.

It's not like they're calling up their buddies running the banks to bail them out or anything.

25 posted on 05/13/2008 12:05:17 AM PDT by Arguendo
[ Post Reply | Private Reply | To 24 | View Replies]

To: rmlew
You'll be receiving my check soon. If the bank says there is no money in the account pay no attention, those guys are always joking around. Why, just last month they told me the same thing even though I still have checks left.
26 posted on 05/13/2008 12:25:25 AM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: george76

Such a pity.....


27 posted on 05/13/2008 3:19:35 AM PDT by caver (Yes, I did crawl out of a hole in the ground.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: george76

Oh no! Rachel Ray better hustle some more cheap pans.


28 posted on 05/13/2008 3:40:32 AM PDT by doodad
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson