While one needs to put into context, considering the enormous sums involved and the fact that the last two years saw exorbitant demand and pricing, this segment(very high end) is a good lead indicator(tell) for the direction of the overall economy. No one is going to cry for the wealthy wall streeters who are cutting back on what they will spend on their summer vacations, nor the homeowners who rent out their mansions.(many of which are also wealthy wall streeters themselves.) Just one more significant data point as to the direction of the overall economy.                                                https://www.zerohedge.com/markets/wall-streeters-demand-hamptons-rental-market-hit-abrupt-chill-recession-risks-flash