Well for sure. That said, buyers with cash don’t seem all that concerned, so Greenwich will probably survive. The rest of the country? Ugh.
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You keep saying Greenwich will survive but I don’t see you running off to Wyoming with a wad of commission cash in your hand. All cash deals or not, spooked is spooked, and people are going to sit this inning out. Greenwich included.
This is NOT a double dip recession. We are in a depression not a recession and once the stock market figures this out (it is hinting at this) and we really hit the skids then you may see some price discovery in the real estate market. Look for cheaper prices in every asset class!
It’s ok. The stocks that are down the most and are breaking down to 09 levels are in the financial sector which doesn’t affect the New York/Greenwich area. Houses will sell like hotcakes with those low rates with people feeling confident so they will for sure go for the bigger house!!!
Funny thing, Kidding, on Friday I suddenly received some responses to a couple of very large offers I’d extended and, until the Dow dropped 500 points, couldn’t even get counter-offers on. So maybe a few sellers out there might just be getting nervous, as they should.
yeah it’s not people were paid in company stock or something….. oh wait they were.
And where, do you suppose, many people keep their cash? Especially $3-$5 million ? Uninsured savings accounts? Short term CD’s? Um, most likely they have it invested in the stock market, no?
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