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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
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1
posted on
05/12/2008 9:24:39 PM PDT
by
george76
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
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!)
To: pnh102
Yeah, couldn’t have happened to a bunch of nicer people;)
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
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)
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.)
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!)
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.)
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.)
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)
To: Clemenza
BTW: I dont 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.)
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
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!)
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)
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)
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)
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!)
To: boycott
wonder if he’ll have to sell Prickly Pete.
19
posted on
05/12/2008 10:50:11 PM PDT
by
Hildy
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
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