Hamptons Homeowners Forced to Do the Unthinkable


New Yorkers don’t like to wait. They don’t like waiting in line, or waiting for sales, or waiting tables even though they know it’s probably only going to be a short while before their acting career really takes off. They don’t like waiting to do stuff they want to do now, basically. Which is exactly why Michael Hampton, a retired advertising executive, is pissed off. He bought a house in Montauk some time ago in order to renovate and sell it for a profit, and he expected, when he put it on the market last year for a little under $6 million, that a bidding war would erupt given the location (which is “nestled among the rich and famous”) and the “panoramic ocean views.” Seriously, he expected, like, bloodshed. And what’s happening? Nothing. “It is as if somebody held up the stop sign,” Hampton wondered to Reuters. And now he has to wait. Just bide his time and ride this thing out. Twiddling his thumbs. Sucks. “While I have no urgency to unload the property, it is frustrating that I cannot start another project because there is only so much in the piggy bank,” he said. Poor Michael. He has nothing to do and no money problems and a big-ass beautiful summer house. Imagine how hard that must be.

Downturn hits vacation enclave of New York elite [Reuters]