In a segment broadcast Monday on American Public Media’s Marketplace Morning Report, Hamptons luxury builder Jeffrey Colle said $40 million, 20,000-square-foot mansions are falling out of fashion in the Hamptons—while more modest homes in the $8 million to $10 million range, or even in the $4 million to $6 million range, are becoming more popular.
The report states the reason is not that Wall Streeters cannot afford eight-figure estates—but that “conspicuous wealth” is increasingly considered in bad taste.
“Honestly, I think people want to be more respectful of what’s going on in the economy,” Colle told APM. “People are struggling. I don’t think people want to push that in someone’s face. That there’s this vast difference in the way people live.”
Listen to the entire segment here or at marketplace.org
Do you agree with Colle? Are eight-figure homes declining in popularity among Wall Streeters? Leave your thoughts in a comment below.