TOM HUDSON, NIGHTLY BUSINESS REPORT ANCHOR: Good evening. I’m Tom Hudson. The European Central Bank waits and watches. Its leader Mario Draghi takes no new moves to support the Eurozone.
SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: I’m Susie Gharib.
Knight Capital pegs losses from its trading fiasco at $440 million, but the hit to Wall Street’s reputation could be much more.
GHARIB: And finally tonight, it might seem like summer is quickly slipping away, but on the east end of New York’s Long Island, there’s still time for a slice of paradise. Suzanne Pratt explains.
PRATT: This is East Hampton, New York. It offers retail therapy, tony restaurants and plenty of beautiful people. It’s also home to some of America’s most magnificent beaches. Relaxation is paramount. Even nature wants to tee off in the Hamptons. Anyone can vacation here. Your best bet is a summer rental. Thanks to a weak economy and too much speculative building in the last decade, there are still lots of homes to chose from this summer.
PAUL JOHNSON, EDITOR, CURBED: There’s just an incredible amount of inventory out there and not everyone had as much money as they did five years ago. So, they’re looking for bargains, they’re looking for deals.
PRATT: But, even a good deal will cost you a pretty penny.
JOHNSON: They’re still things at the high end, the really high end.
When I say that, that means $300,000 for the month of August. But then, there’s things that are $10,000 for the month of August. And there’s inventory in the entire spectrum still available.
PRATT: For the just reduced price of $35,000, this August rental could be yours. Real estate broker David Zazula says in other markets, it
would’ve been taken months ago. What do you get for $35,000 David?
DAVID ZAZULA, BROKER, DEVLIN MCNIFF HALSTEAD PROPERTY: Again, what I love about this house is you have the big bright open living room with sliders leading out to the deck. The decking is all slate, 20 by 40 heated pool. The house has central AC. You get the pool house. The house has four bedrooms, a total of six bathrooms, including the pool house and the basement which is finished, a big master suite, downstairs master suite.
PRATT: At this late date, the bottom fishers are out. But Zazula is confident it will rent, and for a good price.
ZAZULA: It will go. It may not go for the entire month, but it will
go for a good portion of it. I would be surprised if it didn’t.
PRATT: If you prefer this stunner on the bay, too late. It’s already spoken for, renting for close to the $55,000 asking price. And while some homes will rent in any market, the biggest change this summer is that full season rentals are a rarity. Instead people are looking for snippets of time.
ZAZULA: This summer I have a lot more rentals just for August through Labor Day than I’ve ever had in the past.
PRATT: There’s always the chance that some last-minute deal making or price reductions could still make this a decent summer for summer rentals in the Hamptons. But then again, if that doesn’t happen, there’s always next summer. Suzanne Pratt, NBR, East Hampton, New York.
HUDSON: Make the rental; I’ll bring the charcoal Susie. That is NIGHTLY BUSINESS REPORT for this Thursday evening. Have a great night. You as well Susie.
GHARIB: Tom, I think that $300,000 a month rental for August, you better grab that one.
GHARIB: We’ll see you online at nbr.com and right back here tomorrow night.
Thursday, August 02, 2012