CNBC correspondent Turney Duff checks in on a contrarian motivator for what real estate observers in the tony Hamptons, "out east" of Manhattan on Long Island, suggest may be a strong summer rental and purchase season.
Duff notes that even as Wall Street momentum may be foundering on global uncertainty, the energy glut, and paralyzing terrorist strikes in Europe and beyond, demand for summer rentals and homes to buy appears to have gotten even more intense this year. Duff writes:
The summer rental market may actually get a boost and, while the reason is also fear, it's not fear about the market. It's about the recent spate of terrorist attacks.
"Customarily, we take off to Europe in August," said one longtime hedge-fund manager. "But we're going to rent in the Hamptons for three months instead."