If you thought the desperation of the nouveaux riches to flaunt their lucre and piss it away as conspicuously as possible was abating (we did), you were wrong (so were we).
Up until two years ago, the highest rental price for a house in the Hamptons during the Memorial Day to Labor Day season was $1 million (“seven figures” in realtor-speak).
This year, there are a dozen properties asking north of a million, according to crainsnewyork.com. One Southampton estate wants $1,800,000 for 105 days of occupancy. Three in East Hampton want $1,600,000. It is difficult to type these numbers without reflex-gagging.
Why would someone pay so much to rent instead of buying? Crain’s speculates the strato-rich don’t want to put down roots in case the party moves on without them.
Maybe. Or maybe someone is disinfecting cash. By the time it reaches Gin Lane, it’s all shiny and new.