5 LI, 2 NJ towns make 'troubled' list

July 15, 2009 3:31:22 PM PDT
The down economy is taking a toll in the Tri-State area. Five of the top 12 "most troubled luxury neighborhoods" in the country are on Long Island. Four are in the Hamptons, and two additional ones are in New Jersey. Long Island's north short is the quintessential luxury living. Houses selling with multi-million-dollar price tags have every amenity. But the houses are also in zip codes that are now being called troubled luxury areas.

The list of 12 troubled luxury areas released by Forbes Magazine includes five Long Island communities. To qualify as "troubled," the number of listings versus recent sales is 30-1 or greater.

But Forbes list touts Old Westbury as a Gold Coast community close to Manhattan, known for gardening and polo. However, the magazine reports only four sales have been made in the last three months.

But Emmett Laffey, with Laffey and Associates, says those numbers are tough, but adds they will change in the next 90 days. That is because the list doesn't include homes that are about to close and will.

Daniel Gale realtor Lois Kirschenbaum says there is more to Forbes list than meets the eye. She says most of the Long Island areas are second-home markets, not primary ones. So it appears worse than it is.

"The second home market will certainly hurt more in an economy where people are watching their dollar," she said.

Whether or not a magazine says there's trouble in what, for suburban life, is truly paradise, realtors say there's an ebb and flow to this and the numbers they have showing pre-closings indicates it might not be a banner fall, but a better one than some are forecasting.

So with five Long Island communities making the list, which came in number one for troubled luxury? Nothing in the Tri-State area - It's Lake Tahoe.

To see the full story, visit Forbes.com/.

---

WEB PRODUCED BY: Bill King


NEW YORK AND TRI-STATE AREA NEWS

USEFUL LINKS:
  • VIEWER PHOTOS AND VIDEOS

  • REPORT TYPO

  • GET WIDGET

  • EYEWITNESS TWITTER

  • FIND US ON FACEBOOK



  • Load Comments