From a reader:
If this virtually frozen market proves anything it is that Greenwich is a town full of people who don’t need to sell their house. There are 594 houses on the market. Some of them, very few, have owners that must sell, the overwhelming majority do not. The current record-holder for time on the market is a Lake Avenue listing on for 14 years. Do you think that seller will consider your low offer? He will not. There are spec houses that are entering their 2nd or even 3rd year on the market. Surely if any group was going to dump property it would be the builders, but even they manage to hang in there.
Many people would like to live in Greenwich for the usual reasons: close to NYC, good schools, low taxes, golf courses, beaches, parks, , etc. These reasons continue to exist. So if buyers are waiting for Greenwich to go “on sale”, they will wait a long time. And that’s just fine with most Greenwich sellers. They have time, they don’t need the money, and the only ones hurting are us brokers!
To the contrary, I predict we brokers are going to busy as heck by September and probably sooner. Dow closed at its October, 2002 low yesterday and is set to burrow down further in the next weeks. Where the Dow goes, we will follow.
Or that’s what I think. Obviously, others differ.