Barron’s thinks NYC luxury homes will drop another 50%. They got hit later than Greenwich did but Greenwich got hit after much of the rest of the country. Greenwich and New York have a ways to go still. If New Yorkers don’t feel rich, they may not buy weekend homes here in Greenwich. Worse, if they have to sell their city property to buy a primary residence here and they get only half of what their property was worth a year ago, guess what will happen to their concept of what’s affordable housing out here among the deer ticks? Ouch.
UPDATE: Or maybe 60%.