Bubble Wrap

Breaking the Hamptons' clubhouse mindset

The July issue of The Real Deal looks at the practices of the tight-knight group of brokers that control real estate in the Hamptons, which are seen as unethical by many.

During the real estate boom, as properties changed hands for eye-popping prices, many homeowners were blissfully unaware of unsavory behavior. But now that the market has come to a screeching halt, the region’s notorious lack of transparency is worsening the downturn, locals say.

The fact that the downturn hit Wall Street — the Hamptons’ lifeblood — so hard may, ironically, help change things for the better on the East End.