Bubble Wrap

Second Homes Beckon as Real Estate Prices Drift Down

The Sun reports on the area’s second home market experiencing weakness, as brokers claim it is the perfect time to buy.

Areas outside New York, where wealthy city-dwellers flock on weekends — beaches in the Hamptons, vineyards on the North Fork, horse farms in northern Dutchess County — are not as resilient. For the Hamptons and North Fork of Long Island, for example, new figures released this week show the median sales price dropped 9.2% to $817,500 compared with the same period last year, while the total number of transactions declined 13% to 541, according to Prudential Douglas Elliman’s second-quarter report.