History suggests that as Wall Street goes, so do sky-high real estate prices in the Hamptons, the ultra-wealthy enclave that lies east of New York City.
That's because many of the prospective buyers in the ritzy suburb work on Wall Street, where the bonus pool has shrunk, according to a recent report from the Office of the New York State Comptroller. That has at least some drag on local property prices, but experts say that when it comes to the real estate calculus of the Hamptons wealthy, there's far more to consider than financial conditions and monetary policy.
"Typically we deal with a lot of finance-based individuals who focus on the markets in Manhattan, or are involved in Wall Street to some extent, or very high-end entrepreneurs who've built amazing businesses," Zachary Vichinsky told CNBC in a recent interview.
Along with brother Cody, the siblings founded Bespoke Real Estate, which has turned over more than half a billion dollars' worth of real estate in less than two years. According to the firm, the average sale price of a Bespoke-listed house tops $15 million.