Dream Vacation Spot:
The Hamptons, New York
For most, images of The Hamptons include yachts floating on glistening water, stunning beachfront mansions and wealthy, young socialites partying at the hottest clubs. As appealing as this extravagant lifestyle may be, the price tag that comes with it is less than desirable for most families. With the average price of a single family home hovering around $1.6 million and a high cost of living, many moderate income families are priced out of the market. And that may not be a bad thing – the affluent Hamptons experienced a decline of 22 percent in the first quarter of 2011 compared to last year. As the prices in this ultra-rich summer destination spiral downward, concerns will rise for long-term investors and they may begin to look elsewhere.[ad#in_content_500]
