Summer Rentals Hit $1 Million in the Hamptons

[Newsjock]

Source: CNBC

If you think your rent is high, consider summer rentals in the Hamptons.

Brokers say there are now at least a half dozen homes and estates in the Hamptons that are renting for around $1 million-just for the summer. That works out to $9,803 per day, or $408 an hour. And the $1 million lease doesn't include utility bills or other charges, which can run in the tens of thousands.

"It's unprecedented," said H. Dolly Lenz, a Manhattan broker who also works with buyers and renters in the Hamptons. "The demand is not just strong, it's unbelievable."

... Lenz and others say the surge in Hamptons rentals is being driven by hedge funders, the stock market and the super-rich from Russia, Germany, Italy and other countries.

Read more: http://finance.yahoo.com/news/summer-rentals-hit-1-million-162653313.html

[Skittles]

1. all the money you should be getting in your paychecks?

they are getting it instead

[villager]

2. +1

n/t

[MuseRider]

3. How do these people look in the mirror and not

feel like they are looking at empty skin? I feel guilty coming into my nice home with my nice, comfortable retirement. We are certainly not rich but did well enough and timed things well enough we were able to take full advantage of what we made. It would not happen now but still, it is sad to live like this thinking how bad some have it. How do these people justify, how can they justify this? Think how many they could feed with just one hour of that rent. Holy cow this is just despicable.

If things were more equal and there were not so many suffering because of the same reasons many of these people got rich I would not really care how they spent their money but damn, how cold do you have to be to live this way now?

[NYC_SKP]

4. Do we need more proof of wealth concentration???

When will it be time to put it to a stop?

I mean, we outnumber them 99:1.

[thelordofhell]

5. And they have their own Concierge Doctor

[grasswire]

19. and their own Fonzi, too!

It's fun to see him on TV again.

[Gregorian]

6. How about $850,000 for one night in a hotel in Singapore? A friend's friend just paid that.

I was talking to someone I know who has a friend who actually paid that. This was a month or so ago.

I am still in shock.

[JI7]

13. what hotel would that be ?

also do you know how much money that wealthy friend has ? and how they got the money ?

i went to singapore and during some tour thing they pointed out a hotel and how clinton stayed there and how much it owuld cost for us to stay there. it was a high amount but i can't remember how much.

[Gregorian]

15. Well, the last name is Ming. And they did not use all of the facilities. The price was a base cost.

I still am having a hard time fathoming just what someone could do for me for that price. The best meal ever? Sex? A gym? I mean, none of any of the things I can think of even come close. I also imagine it's some amazing penthouse with a 360 degree view. It still doesn't add up. They might even have their own elevator to the mile high bedroom.

It's sickness.

[JI7]

17. i guess some people are so rich they need ways to spend their money

and of course they aren't going to spend it on doing good for others in the world since they convince themselves they earned it or deserve it while others who don't have as much haven't worked as hard.

[kentauros]

7. "at least a half dozen"! Wow!

Considering how many obscenely wealthy people there are, "at least six houses" renting at a high-dollar amount doesn't seem like anything to write about.

[hatrack]

9. I guess anything within 10 minutes' drive from an author is a "trend"

But I agree - (A) who cares? and (B) not much of a story.

[Initech]

8. These hedge funders should be rotting in jail, not paying a million for a month in the Hamptons.

[Historic NY]

10. If the Jersey Shore wasn't still in the craps the price would be lower..

[Major Nikon]

11. Clearly something should be done

At that rate I can hardly be expected to maintain the yacht, the jet, and my car elevator. I'm thinking government subsides is the answer.

[JI7]

12. how much would it to be to buy ?

[Historic NY]

14. If you asking then its obviously about your limit.........

[Marrah_G]

16. disgusting

[grasswire]

18. gee, and my ancestor owned 6000 acres of L.I. in the 1600s.

Montauk. East Hampton.

Shoulda kept it in the family.