Sales Of Ultra-Luxury Homes In Greenwich Continue To Plummet

zerohedge.com / by Tyler Durden / Jun 2, 2017 6:30 PM

It used to be that low state income taxes and practically non-existent property taxes, at least compared the neighboring county of Westchester in New York, was more than enough to lure Manhattan’s hedge fund billionaires out to Greenwich, CT.  But, it seems that a festering pension crisis and resulting state income tax hikes in Connecticut has resulted in many of NYC’s gazillionaires choosing a trophy 3,000 square foot apartment in “the city” over a 10,000 square foot Greenwich mega-mansion.

As the Wall Street Journal points out today, sales of ultra-luxury Greenwich estates, priced at over $10 million, collapsed after 2008 and have just continued to deteriorate year after year ever since.

 There were only five sales for $10 million or more in 2015 and 2016, the slowest pace in this category since at least 2008, and less than half the average, according to brokerage Houlihan Lawrence. In all, there are 38 properties listed for $10 million in and around Greenwich, meaning it would take at least seven years to sell them all at the current pace.

 Although brokers say showings have picked up this spring, some worry that among the most affluent buyers a suburban mansion in Connecticut is losing ground to a trophy Manhattan apartment.

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