Ah, Greenwich. The Stanwich Club. Mansions (not the Mc kind). Green lawns and properly dressed hedges. Good schools. The perfect downtown. And the worst housing market in the country, at least according to one guy who should know. Bloomberg reports:
Barry Sternlicht, chairman and chief executive officer of Greenwich, Connecticut-based Starwood Capital Group, said the town may be the worst housing market in the U.S., and that he now officially lives in Florida.
“You can’t give away a house in Greenwich,” Sternlicht said Tuesday at the CNBC Institutional Investor Delivering Alpha Conference in New York.
The town -- about 30 miles (48 kilometers) northeast of midtown Manhattan and home to some of the country’s largest hedge funds -- is seeing a pile-up of houses on the market and prices that are faltering as properties linger. Home sales in the second quarter fell 18 percent from a year earlier to 169 deals, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.
At the same time, new listings surged 27 percent. The absorption period, or the time it would take to sell all the homes on the market at the current pace, was 12 months, compared with 7.7 months a year earlier, Miller Samuel and Douglas Elliman said.
At the same conference, Sternlicht also addressed the labor shortage in the construction industry, saying , "We don't know where all these people went."