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In Greenwich, CT, the bedroom community of America’s hedge fund giants, the real estate market it being depressed by a lack of demand for the luxury homes on the market there. Bloomberg reports:
Homebuyers in the hedge fund haven of Greenwich are favoring smaller properties over the sprawling mansions the Connecticut town is known for.
The average size of single-family homes that sold shrank for a third time, pulling the median price down 17 percent in the first quarter from a year earlier to $1.69 million, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. Meanwhile, the number of luxury houses on the market jumped 68 percent to 232.
“There’s been a steady shift in the mix,” Jonathan Miller, president of Miller Samuel, said in an interview. “There’s still demand for high-end homes, but nowhere near the density of a decade or so ago. There are too many properties on the market, too many sellers, and Wall Street isn’t the driver of demand it once was.”
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