Hang tight. All those profits will create jobs
Just not in this country
Lower wages begets more profits
more profits begets more jobs- not in this country
So how exactly do we benefit from all this "growth?"
Hamptons Home Sales More Than Double in First Half
July 15, 2010, 12:47 PM EDT
More From Businessweek
(Updates with comment from Corcoran executive in third paragraph.)
July 15 (Bloomberg) -- Home sales in the Hamptons, the beachside resort towns favored by celebrities and Wall Street financiers, more than doubled in the first half of 2010 from a year earlier, according to property broker Corcoran Group.
Sales in 15 New York villages and hamlets that make up the Hamptons rose to 923 homes from 433, Corcoran said in a report today. The dollar volume of all transactions more than doubled to $1.5 billion, while the median price of homes sold climbed 34 percent to $935,000.
“We’ve returned to a fairly healthy normal market,” Rick Hoffman, a Corcoran senior vice president who oversees sales on Long Island’s East End, said in a telephone interview. “We’re seeing the seasonality that we usually experience.”
Wall Street hiring and bonuses sparked confidence in would- be buyers, Hoffman said. New York’s financial companies added 6,800 jobs from the end of February through May, the largest three-month increase since 2008. The industry’s year-end bonuses gained an estimated 17 percent to $20.3 billion in 2009, according to the state comptroller.
“People who had been sitting on the sidelines said, ‘You know what? It’s not going to be the end of the world, lets go ahead and make this decision,’ ” Hoffman said.
The number of homes listed for sale in both the Hamptons and North Fork of Long Island rose 9.3 percent in the second quarter to 7,963, Corcoran said. The company didn’t provide separate home sales numbers for the April through June period.
The brokerage’s tally includes single-family home sales as well as sales of condominiums, Hoffman said.
--Editors: Kara Wetzel, Josh Friedman |
