More than 400 Chinese products will be temporarily exempted from tariffs that President Donald Trump's administration imposed last year.China Economyread more
Apple will get a taste of whether upgraded features on the new iPhone 11 are enough to lure shoppers to retail stores around the world as the new smartphones officially hit...Technologyread more
The complaint made by an unnamed intelligence official about the president centers on Ukraine, the Washington post reported.Politicsread more
As tensions might drag over the next decade, investors have to learn to operate under prolonged uncertainty, said Warburg Pincus' Charles Kaye.World Economyread more
U.S. Vice President Mike Pence on Thursday struck an unyielding tone on America's position in its trade war with China.Delivering Alpharead more
Billionaire investor Howard Marks, the co-chairman of Oaktree Capital, predicts there won't be a recession in the U.S. for another two years.US Economyread more
Network officials also said voters should expect more of a Koch focus on grassroots activism throughout the 2020 election cycle.Politicsread more
One person was killed and five others wounded on Thursday in a shooting on the streets of Washington, D.C., not far from the White House, police said.U.S. Newsread more
Stores are extending hours and cities are spending on light shows as China tries to encourage consumers to spend more money at night.China Economyread more
New research suggests fewer girls pursue careers in STEM — science, technology, engineering and math — because they're better than boys at reading.Closing The Gapread more
Stocks in Asia Pacific edged up on Friday as investors digested a series of developments overnight on the U.S.-China trade front that dampened hopes of a deal being reached...Asia Marketsread more
The number of real estate transactions in the Hamptons fell 21 percent during the second quarter, adding to evidence that the high end of the housing market is faltering.
Sales volume in these wealthy beach communities fell to 561 during the three-month period, from 706 in the second quarter last year, according to a report from Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers & Consultants. The average sale price also declined, slipping 0.3 percent to $1.68 million.
The softness in the Hamptons mirrors declines in high-end real estate across the country, from Manhattan penthouses and Miami condos to L.A. mansions. While the broader real estate market is strengthening nationwide, wealthy buyers have been spooked by volatile stock markets, election uncertainty and money-laundering investigations.
Yet Jonathan Miller, president and CEO Miller Samuel, said the decrease is no reason for panic. Instead, the market is simply returning to normal after unusually elevated levels in 2013, 2014 and 2015, he said.
"Those three years were an anomaly," Miller said. "Even though we are down from those levels, we are still above long-term sales norms."
The top end of the market is struggling the most. In the Hamptons, sales of luxury properties (the top 10 percent of the market) fell more than twice as much as the broader single-family home market.
And while overall inventory fell in the Hamptons, it jumped 12 percent in the area's luxury sector. There is now a 14 months supply of luxury homes in the Hamptons, up from 10 months during the same period last year.
Miller said he doesn't expect much improvement in the market the rest of this year.
"I think we'll continue to see more of the same," he said.