Reader IB’r sends this along from Russ Pruner’s brother:
How’d you miss out on a quote here. From the WSJ post:
“Mark Pruner of Prudential Connecticut Realty in Greenwich, Conn., sent me a chart showing the supply of homes in Greenwich. Greenwich of course, lives or dies on the health of the financial markets (hedge funds, Wall Street), so you would think the town should lead any recovery.
But the chart below shows that Greenwich has a 39-month supply of homes priced at $10 million or more. That compares to inventory of only six months for homes priced at less than $400,000, which in Greenwich won’t even buy you Steve Cohen’s Zamboni shed.
At the current sales rate, it will take more than three years to clear out the town’s supply of megamansions, and that assumes that no new ones come on the market.”