This is normally the time of year when people start making plans for the summer and lock in their rentals in the Hamptons. Not this year. Last month, The Real Deal suggested the number of rental transactions was down by as much as 80 to 90 percent compared to last year at this time; today the Post offers up examples of prospective renters offering owners as little as half the official asking price. Things may very well get worse as nervous renters wait to see if prices fall further, and owners become increasingly desperate to take the first real offer that comes their way. In other words, don't be surprised if six recent college grads end up turning ex-Lehman COO Joe Gregory's $32 million Bridgehampton home into a booze-soaked share house.
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The East End
It's a Renters' Market in the Hamptons
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onefinelady
said at 5:23PM on Feb 19, 2009
But it won't be nearly as much fun watching Real Housewives if the Van Kempens can actually afford anything better than that dumpy rental they stayed in last season!!!
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