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According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
Wall Streeters who have not lost their job face bonuses that will sharply pale in comparison to previous years. That bonus is the bulk of their compensation.
"There is a palpable fear I sense right now from people who realize they may be in over their heads with a mortgage or are anxious about selling their homes," said Diane Saatchi, senior vice president at Corcoran Group Real Estate in East Hampton.
"While they have not pressed the panic button, more homes should be up for sale in the months ahead," said Saatchi, who estimates that 25 to 30 percent of homeowners and potential buyers are from the financial sector.
The average sales price in the Hamptons was $1,537,512 in the third quarter of 2008, down 11.1 percent from the previous quarter and down 23.3 percent from the third quarter of 2007, according to Prudential Douglas Elliman's latest quarterly report.
The number of sales tumbled to 257, 27 percent fewer than the previous quarter and 28.8 percent below the third quarter of 2007, the report showed.
"The region certainly looks vulnerable and there is a lot of concern because of its close ties to Wall Street," said Jonathan Miller, of appraisal firm Miller Samuel in New York, who prepared the report.
Throughout the United States, the housing market is suffering its worst downturn since the Great Depression. A huge supply of unsold homes, tighter lending standards and record foreclosures have slashed home
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York
.According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.
According to a report by Douglas Elliman, real estate prices fell 11.1 percent in the third quarter in the Hamptons, an exclusive section on the eastern tip of Long Island, less than 100 miles from New York City.
According to Gregory's real estate agent, he and his wife are selling because they spent little time there after purchasing and upgrading the posh property two years ago.
But the Gregorys are not the only Wall Streeters opting out of the Hamptons as the financial markets crumble.
The financial sector has announced 220,506 job cuts so far this year, the most of any industry, according to a recent report by global outplacement consultancy Challenger, Gray & Christmas.
In November alone, there were 91,356 job cuts announced, the report showed. Citigroup has said it plans to eliminate a whopping 52,000 jobs, while Bank of America has said it will cut 35,000, with some of the job losses expected to be in New York.