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Unsold Hamptons homes flood market with million-dollar homes in foreclosure

hamptons_sign.jpg

Welcome to East Hampton sign, Long Island, New York. (AP)

There's house trouble on the East End of Long Island.

Five years after the housing bubble burst, the number of unsold Hamptons homes has hit a 30-year high while prices have plummeted.

A stunning 48 homes worth more than $1 million are in foreclosure, according to the industry monitor PropertyShark.com.

They include some Gatsby-esque mansions, like a $4.9 million, three-story property on 2.1 acres in Westhampton Beach with seven bedrooms, five-and-a-half baths, guest cottage, tennis court, cabana and bayside pool.

"Yes, even the upper end of the East End housing market is not immune from foreclosures," said industry analyst Jonathan Miller of Miller Samuel Inc. "Despite being one of the better U.S. housing markets, the New York City region is also grappling with distressed real estate."

More than 1,000 Hamptons homes are in distress, meaning they're in foreclosure or a pre-foreclosure stage, according to PropertyShark.

Some industry authorities blame the Hamptons market on homeowners pushing up prices unrealistically, as they did in other distressed housing markets.

"It doesn't matter if it's Las Vegas, Arizona or the Hamptons when a home is overleveraged," said Corcoran Group CEO Pam Liebman.

Click here for more on this story from the New York Post.

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