Total activity reported today: one sale: $16.5 sold, $25 million ask; 2 contracts : land, marked down from $8.5 to $3.8, Bank owned, $499,000; 11 price cuts on single family homes, 11 new listings for single family homes.
And that’s all, folks. Well, there’s always the fall market to look forward to.
For What It's Worth 
I presume both cash buyers. Proves that no lenders coming anywhere near Greenwich.
I have two buyers approved for mtgs now so at least as of 3 weeks ago, there are lenders.
Curious how much money down lenders expect these days and how much of a scuffle will occur over appraisal value and loan/value, esp if borrowers don’t have a strong pre-existing, perhaps private banking, relationship w/lender
Seems like loans are available for buyers who can write a check for the house anyway but for less cash-rich buyers, terms become “complex” when actual deal is attempted
Considering the resets are now starting to occur for Alt-A and Prime mortgages we should start to see some aggressive prices (for some who are still living in 2006 valuations).
Judgement day for a lot of people is coming… including people in Greenwich. Soon everyone everyone will gasp as some neighbor who walks away from his house and then it will become more common. Nobody wants to be first.
Chris,
How much are your buyers approved for? What size of loans are your clients willing to engage currently?
An acquaintance remarked that their $14,000 monthly rental payment was less than their recent mortgage (they had managed to offload to an ‘out-of-country’ purchaser). It amazed me how anyone can borrow $3 million, even in the good old days.
If you buy a $4 million dollar house, surely that is because you have the cash, and not seeking financial support.