I know NYC is more diversified than Greenwich, CT, but this is getting awfully close to home. http://www.bloomberg.com/apps/news?pid=20601093&sid=aJAZU6JquPio&refer=home By Sharon L. Lynch March 27 (Bloomberg) -- Home sales slumped this year in Greenwich, Connecticut, as North America's hedge-fund capital experiences the effects of the credit crisis that has slashed Wall Street payrolls... [more]
I know NYC is more diversified than Greenwich, CT, but this is getting awfully close to home.
http://www.bloomberg.com/apps/news?pid=20601093&sid=aJAZU6JquPio&refer=home
By Sharon L. Lynch
March 27 (Bloomberg) -- Home sales slumped this year in Greenwich, Connecticut, as North America's hedge-fund capital experiences the effects of the credit crisis that has slashed Wall Street payrolls and profits.
January and February home sales fell 29 percent to 75 houses in the town that's home to more than 100 hedge funds, property broker Prudential Connecticut Realty said yesterday. There were 106 sales in the year-earlier period for the town that's an hour's drive from Manhattan. The total value of properties sold dropped 18 percent to $215.1 million, according to the report.
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Response by starfish
almost 18 years ago
Posts: 249
Member since: Jul 2007
The story goes on to say that the high end market is doing just fine, it is the "lower" end market in Greenwich that is suffering. So, it's still good to be uber rich in Greenwich - had me nervous for a minute.
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Response by iMom
almost 18 years ago
Posts: 279
Member since: Feb 2008
Yes, you are correct. If you happen to be the former CEO of Citigroup, Charles Prince, you're not doing too badly. Hell, even the former chairman of Bear Stearns liquidated his holdings yesterday for $61 million. Never mind that his stake was worth over $1 billion less than a year ago. If you're one of these people, you're doing just fine. Everyone else is screwed.
The story goes on to say that the high end market is doing just fine, it is the "lower" end market in Greenwich that is suffering. So, it's still good to be uber rich in Greenwich - had me nervous for a minute.
Yes, you are correct. If you happen to be the former CEO of Citigroup, Charles Prince, you're not doing too badly. Hell, even the former chairman of Bear Stearns liquidated his holdings yesterday for $61 million. Never mind that his stake was worth over $1 billion less than a year ago. If you're one of these people, you're doing just fine. Everyone else is screwed.