Greenwich, Conn. is one of the wealthiest towns in the nation, but home sellers are "routinely selling for less than they paid," The Wall Street Journal reports.
According to WSJ, “Dramatic price cuts are the order of the day. There were 45 properties in Greenwich priced at more than $5 million that had their price reduced by 10 percent or more in the 12-month period between April, 2018, and March, 2019, according to Realtor.com.” HousingWire reports that some homeowners are trying to rent out their homes until market conditions change, and others' homes are being sold at auction.
Part of the problem, according to the WSJ: Wealthy New Yorkers are eschewing suburban life for city living, and the banking executives who once flocked to this area have seen their bonuses take a hit in recent years.
Former Greenwich resident Barry Sternlicht, CEO of Starwood, caused a fuss in 2016 when he called it the worst housing market in the country.“You can’t give away a house in Greenwich,” he told a crowd at an investment conference, which reportedly sent the Greenwich real estate community into a tizzy.
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