Not necessarily true. You see, this recession is many faceted, not monolithic.
We have, for example, more of a problem with properties in Keene's Point in Windermere Florida than we do in nearby Tilden's Grove. Granted, some of the homes in Keene's Point are several million dollar homes. But each area, each locale and each state and nation has varrying degrees of recession and it won't all be over at the same time. Here are some stories from New York about Madoff's property.
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Eric Striffler for The Wall Street Journal
The Original Hamptons Party House
Peter Beard’s Long Island property evokes memories of its sybaritic past
By HANNAH KARP
There are few signs of the property’s wild past as an epicenter of the 1970s Studio 54 scene, when the likes of Mick and Bianca Jagger, Jacqueline Onassis and Andy Warhol converged here and helped transform the Hamptons into a glittery second stage for bold-faced Manhattanites. see the rest herehttp://moneywatch.bnet.com/
Bernie Madoff’s Beach Home Sells For More
By Ilyce Glink | Sep 17, 2009 |
Guess the home sale pundits were wrong: Bernie Madoff’s beach house location is worth more – not less.
A spokeswoman for Corcoran, the listing agent, confirmed today that Bernie Madoff’s Montauk, NY beach house went under contract for more than its $8.75 million list price. She didn’t have information on when the property would close or how much more than the list price the buyer or buyers were paying.
The sale is bound to raise some eyebrows and heighten suggestions that the housing crisis has turned the corner. Over the past year, sales in the Hamptons, some of the most expensive and exclusive property east of Aspen, Colorado, have slumped. The few properties that have sold have taken a big beating on price.
But as Wall Street goes, so do home values in the Hamptons, not to mention Manhattan. While Madoff’s 3,000 square foot beach house was spectacularly located (the house was built closer to the water than current building codes allow), the truth is that Wall Street now has a quarter or two of immense profits under its belt.
Profits = bigger salaries and bonuses. And bigger salaries and bonuses often translates into real estate purchases. If the money men (and women) of Wall Street believe that New York (or Hamptons) real estate is undervalued, and they have bonus cash in their pockets, you can expect them to pounce.
Does the Madoff beach house sale signal a true end to the housing crisis? Maybe. Let’s wait and see what his and Ruth’s co-op sells for.
Bernie Madoff’s Beach Home Sells For More 
Than List Price
By Ilyce Glink | Sep 17, 2009 | Guess the home sale pundits were wrong: Bernie Madoff’s beach house location is worth more – not less.
A spokeswoman for Corcoran, the listing agent, confirmed today that Bernie Madoff’s Montauk, NY beach house went under contract for more than its $8.75 million list price. She didn’t have information on when the property would close or how much more than the list price the buyer or buyers were paying.
The sale is bound to raise some eyebrows and heighten suggestions that the housing crisis has turned the corner. Over the past year, sales in the Hamptons, some of the most expensive and exclusive property east of Aspen, Colorado, have slumped. The few properties that have sold have taken a big beating on price.
But as Wall Street goes, so do home values in the Hamptons, not to mention Manhattan. While Madoff’s 3,000 square foot beach house was spectacularly located (the house was built closer to the water than current building codes allow), the truth is that Wall Street now has a quarter or two of immense profits under its belt.
Profits = bigger salaries and bonuses. And bigger salaries and bonuses often translates into real estate purchases. If the money men (and women) of Wall Street believe that New York (or Hamptons) real estate is undervalued, and they have bonus cash in their pockets, you can expect them to pounce.
Does the Madoff beach house sale signal a true end to the housing crisis? Maybe. Let’s wait and see what his and Ruth’s co-op sells for.
“The locals and longtime summer regulars are bitter about interlopers turning Montauk into an eastern expansion of East Hampton. The arrivistes—Kelly Bensimon, Amanda Hearst, Andre Saffir, and legions of others who only a few years ago, never would have ventured West of the canal or East of Napeague Stretch—are there for the very thing the locals fear they’ll destroy. The newcomers want to outrun the development they wrought. The barbarians are at the gate, and they’re wearing Givenchy jeans and Ed Hardy T-shirts. They love the light, the air, the natural beauty, but they bring with them the market for trendy shops and, eventually, Starbucks, Blockbusters and CVS. When the chain stores arrive, stalwarts and recent arrivals alike will decry that the place isn’t what it used to be together, and wish they could move further east, to find some place more pure, more authentic, that doesn’t have a Coach store next to a Gucci store next to an Elie Tahari. The problem is, after Montauk, there’s nowhere further east to flee.”
Coming to The End: Montauk’s Indian Summer Dies Out
September 04, 2009
News reports have consistently cited a “market value” of $3.3 million since the story of the executive’s alleged $50 billion Ponzi scheme broke on Dec. 11. According to the East Hampton Town Assessors Office, the 1.2-acre parcel was last assessed in 1983 at $2.7 million.see complete EHStar story here
“The value right now is based on the assessment, and this is not market value,” Jeanne Nielsen, a town assessor, said. “I’m sure it’s worth much more than that; this is a magnificent waterfront property.”
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