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Hamptons Real Estate: High End Happening

It's high season in Hamptons beach country and with business moguls and media darlings alike gracing the beaches and streets, you may be wondering how the economy -- and the real estate market, in particlar, are faring there.

There's good news and bad news.

If you're looking at the high end, then you won't find any bargains. Expect to pay through the nose, as one does for most things there.

Such properties "sell quickly," Prudential Douglas Elliman Chairman Howard Lorber told "Squawk Box's"Carl Quintanilla, who's on location for the show in the exclusive New York resort area. "Sometimes we have a bidding war."

Lorber is referring to something a bit richer than multi-million dollar properties. Two recent homes fetched $65 million and $41 million, respectively.

What he describes as "middle market," where prices range from $2.5 million to $7 million, "is tougher," he says.

There's a bit of a glut there, thanks to a squeeze on Wall Street bonuses, as well as tougher lending and appraisal standards.

Don't confuse that with an outright slump, though. Lorber says sales are at 2006 levels, adding that everyone got a bit "spoiled" during the decade-long housing boom.

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  • Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

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