Twentysomething...By David Lion Rattiner

In addition to the stock market, I've discovered other reasons why a lot of people in the Hamptons are ticked off about the economy. A lot of us out there are just regular folk who happened to buy a house on the East End years ago because we really liked the area, and suddenly ended up owning a house in "The Hamptons." Some people call that group "locals," others call them "Bonackers," although that really refers to a group that's been here 350 years. I like to call them regular, hardworking people who like it here and just happen to have homes now worth millions.

The other day, getting a cup of coffee at the Bridgehampton Market, I eavesdropped on a conversation between two women that went something like this. "I'm pretty sure that my house is worth 3.3 million, but now because of the economy, it is only worth about 2.8 and it is really scaring me."

The other woman asked her, "Do you plan on selling you home?"

"Oh no. Of course not," she said. They paid and left. Yep, that pretty much sums it up, we are all pissed off.

I'm a little pissed off too. Although I don't really want to sell, I've had my oceanfront trailer for sale in Montauk (at a discounted price I might add) because I want to move closer to work in Bridgehampton. And thanks to the economy, I'm having a hard time selling it. Why oh why must I live on the ocean in Montauk? What a tragedy!

We have a lot to complain about for having homes on the East End during this economic downturn. What a mistake it was to have bought a sensational house minutes from the greatest beaches in the world, two hours from Manhattan and easily rentable in the summer time should you feel like making a quick 10K, 20K, 30K, 100K.

I'm upset, dag nabit. I'm really upset.

Why oh why must we have to wait for the economy to come around while living in arguably the most beautiful place in America? We have to wait for the turnaround and watch all of the people who bought during these times enjoy their wise investments and only then will we feel better about ours.

Really? The truth is that there are many people out there who are not losing equity in their homes and never will because they love them and will never sell. That is the big secret that original settlers and long time homeowners seem to get. They bought land out here because they loved it out here and they keep their land out here because they love it out here and they will continue to keep it because they still love it out here.

If you're frustrated because you want to sell your home but can't get the price you want for it, just look around for a second. It will put your mind at ease.

Back to Contents