Fiscal Cliff Prompts "Panic Home Selling" Among Hamptons Mega-Millionaires

The New York Daily News reports that the approaching fiscal cliff has prompted a rash of slashed mansion prices in the Hamptons.  Some homes have been marked down to only $20 million!

Hamptons homeowners have launched a selling spree, offering fire sale prices to get rid of their properties before higher capital gains tax rates are expected to kick in Jan. 1.  “There is a frenzy here right now,” said Enzo Morabito, a long-time Hamptons-based broker with Douglas Elliman. “People know they save money if they sell now. I have very willing sellers and hot buyers who want to take advantage of the low interest rates that might go away next year as well.” And the prices are being slashed to cut down on delays and to keep the capital gain from the tax man.  “We had a beachfront seller in Southampton who reduced his home 15% to $23 million this week,” said Paul Brennan, also of Douglas Elliman. “The window is closing. If you're anticipating any fiscal cliff, you better sell now.”

Hit the link for photos of these distressed properties.