Hamptons real estate market sales smash records as wealthy flee New York City

Real estate prices in the Hamptons jumped 46% in the third quarter, as sales soared by over 50%. The median sale price in the Hamptons is now higher than Manhattan’s, at $1.2 million, as more of the city’s wealthy fled to the beach and remain there. CNBC’s Robert Frank reports what this means for the Hamptons’ real estate market and who’s profiting from the boom.

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