Whats the situation in Greenwich

There's a lot for sale, very little being sold. One of the brokers up there (don't remember who) used to post sales figures, so might turn up on Google. If you're thinking of buying, an afternoon looking at sales figures would be worthwhile. The computers are in the Town Hall, downstairs from the clerk's office.

what tax benefits? After NJ and NY, CT comes in #3 for the highest tax burden in the country.

hi - i have been keeping an eye on the market for a while - it has slowed down significantly... a lot of builders are sitting on new construction and going to be underwater on their loans. there have been some "deals" but i suspect there will be more coming up once the loans get called. # of contracts has been down - i think the latest # i saw was -80% year to date and on average there's about 5 years of inventory... i for one think it still has some way to go....

I believe you would save about 7% moving to CT from NYC in the highest bracket assuming the NYS legislature passes their tax increase.

not so fast budda:

Conn. Democrats' budget plan raises income taxes
April 2, 2009

HARTFORD, Conn. - Connecticut Democrats who control the General Assembly unveiled a budget proposal on Thursday that raises taxes on higher income earners, borrows hundreds of millions of dollars and imposes a surcharge on corporations.

http://www.newsday.com/news/local/wire/connecticut/ny-bc-ct-xgr--connecticutbu0402apr02,0,7250467.story

Unless you leave the tri-state area and move to a state with no income tax, you really won't save much by leaving NY. NJ and CT are also raising taxes on the rich so there is no place in the tr-state ara to hide, unless you do something crazy, like declare yoru house a soverign Indian nation.

Still seems like somebody that moved from manhattan to southern ct would save 5% in incomes taxes, assuming highest tax braket. The NY+NYC tax burden is flat rate around 11% right, with the recent changes coming in 2010. In CT would be about 6% effective (because it is progressive) even with the new rates. Not to mention property taxes extremely low for real estate in that area.

CT property tax roughly half that of Westchester. In Greenwich it's about 1% of appraised value, and appraised value is about 50-60% of actual value (for lack of anything better, zillow value). I'm paying .5% of the zillow estimate.

duece, this guy is a great resource for the greenwich market.

http://christopherfountain.wordpress.com/

For couples who really **NEEED** to save money, but don't want to move..consider getting a divorce to avoid the stupid marriage penalty tax. Re-marry when the economy picks back up

RE taxes in CT vary quite a bit from town to town. Greenwich has lots of commercial property to help carry the load. Been awhile since I dug into it, but used to be a huge difference between Greenwich and the adjoining NYS towns, most of which was reflected in prices. You pay one way or another.

I think the commercial in Greenwich is doing horribly. I don't know if you can rely on it going forward, for at least a couple of years.

thanks Abe - great site, I will check it out in detail

Right. Commercial space going begging after the money-be-damned hedge funds fading away.

"Unless you leave the tri-state area and move to a state with no income tax, you really won't save much by leaving NY. NJ and CT are also raising taxes on the rich so there is no place in the tr-state ara to hide, unless you do something crazy, like declare yoru house a soverign Indian nation>"

Not quite. On paper NY and NJ have the same top rate, but...

1) NJ is MARGINAL, NYC is NOT. Meaning if you're just over the threshold for the highest rate, you're paying a MUCH higher actual average rate.

2) Uh, NYC taxes. We forget about those? Those just about double the tax burden

Then things like cars... cost much less to insure out of NYC (my parents saved a bundle)