Has the struggling real estate market affected lavish summer getaways in the Hamptons? The experts weigh in:
Sag Harbor Real Estate
"In the financial sector, one of the most dependable consumers of real estate, they're losing their jobs. They're worried about losing their jobs. Even out here we're seeing a bit of that now. There's a lot of fear and anxiety in the marketplace."
— R. Donahue Peebles, The Peebles Corporation CEO/chairman
Hamptons Must Reads
"In the springtime, I think everyone was wondering if there was going to be a season because real estate sales had been awful. But once the season came, it was like ... they're all here. They're renting, but they're all here.
— Dan Rattiner, In the Hamptons author
Wall Street East
"I think we're going to lose more banks. I think we're going to see some more investment banking firms either get acquired or fail. I think that we're going to see real estate values on the commercial side now begin to come down even more."
— R. Donahue Peebles, The Peebles Corporation CEO/chairman
On the High Seas
"No matter who wins the presidency, taxes are going up for everybody no matter what. I see 2009 as a better year to buy than 2008."
— Harrison LeFrak, LeFrak Organization managing director
Hamptons Market Pulse
"The value of oil in the ground is $150 trillion. The value of stock markets all around the world is $50 trillion. How can oil be worth three times stocks? It’s ridiculous."
— Ron Baron, Baron Capital chairman/CEO
Simmons Gives Back
"Lots of times if you send a kid to school and you take away the art programs, or the cultivation of their creativity, it’s like going to a prison. It’s one of the first things to go in the budget. We've tried to supplement that effort to keep it up in the schools and around the school system."
— Russell Simmons, Rush Communications CEO
