The Euro has turned the tables on the Dollar and Europeans are enjoying their new found buying power. According to the Daily News this weekend, German, French and British vacationeers are picking up Hamptons rentals at what feels like bargain prices. $125,000 for an East Hampton or Southampton rental used to mean around 175,000 euros to our overseas friends but with the dollars reversal of fortune it now means 75,000 euros and foreigners are filling the void created by the banking fiasco's effect on the Hampton's usually reliable and money-laden New York banker.
Of course this just adds to the curious and little known dilemna of the Hampton's overseas visitor. They can't drive in the two biggest villages, East Hampton and Southampton. So now not only will the villages clean up on their new permit and tax regimen on rentals but just think of all the increased traffic violation revenues. But I still ask what about the insurance repercussions of the bizarre US driver's license-only rules. Now the really rich celebrity foreigners don't pose a problem after all a car accident victim can go after american assets but what about all the other normal foreigners here just for two weeks what recourse will an accident victim have with them when the insurance company won't pay up because they were, in fact, unlicensed drivers.
Is it just me that sees the problem here.
www.myhamptons.us - kara
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