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Hamptons Rentals Prices Way Down Due To Recession

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The four-bedroom, three-bath contemporary in East Hampton always found a renter by spring. It was uncluttered, tastefully furnished, and had a heated pool overlooking the woods. In the past, tenants paid between $40,000 and $45,000 for the season. This year, its owner Michael Braverman started at $35,000, anticipating a bad year--but even then it didn't go. So in mid-May Braverman cut the asking to $25,000. "Slashed to recession level," his ad said.

Read the whole story at New York Magazine