When you think of Greenwich, Connecticut, these things might come to mind: perfectly manicured lawns, tennis and racquet clubs, and old money. If you’re on a budget, Greenwich probably isn’t on the short list of places you’re thinking of moving to. However, that might be changing.
In recent months, the real estate market in Greenwich has definitely taken a hit. Why? Experts are chalking it up to the hit hedge fund managers have recently taken in fees. If you didn’t know, a lot of hedge fund managers actually moved out of Manhattan into Greenwich a while back.
However, as hedge fund managers lose their jobs or start to earn less money, some of them are moving on to greener pastures – or at least cheaper pastures! In turn, the luxury home inventory in Greenwich has skyrocketed.
And we’re not talking just a few homes on the market. According to a recent study, the number of homes priced at $8 million or higher on the market has increased by over a third. About 10% of those homes were built on spec!
Some of these homes are even facing foreclosure and are listed as short sales. So, if you are on a budget that can handle the still high yet reduced pricing of Greenwich, Connecticut homes – you are in luck! You might be able to move into a fabulous mansion without breaking the bank!