5 upscale LI areas on Forbes troubled list

Five of Long Island's most prominent communities are in trouble, according to Forbes Magazine's Top 10 "Troubled Luxury Neighborhoods" list. Sagaponack, Amagansett, Bridgehampton, Old Westbury and Southampton

News 12 Staff

Jul 14, 2009, 2:50 PM

Updated 5,484 days ago

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Five of Long Island's most prominent communities are in trouble, according to Forbes Magazine's Top 10 "Troubled Luxury Neighborhoods" list.
Sagaponack, Amagansett, Bridgehampton, Old Westbury and Southampton are five of the nation's 10 troubled areas. Currently, homes in Sagaponack are listed at an average of $6.1 million and homes in Southampton are listed at around $3 million.
Residents in some of those neighborhoods say they have noticed more "for sale" signs. They add that those signs are up for much longer than in the past. According to the report, the troubled areas will lose up to 15 percent of their property values this year.


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