Not much happening on this rainy Tuesday morning. That land on Meadowcroft, asking $5 million and reported under contract a few weeks ago, was reported sold today for $5.1 million, showing that there is still a market for exceptional land in great locations.
Other than that, lots of price reductions. I find it encouraging to see house prices lopping off $3-$400,000 because it means that, slowly, Greenwich prices are becoming more affordable. That will bring in buyers who have wanted to live here but until now, couldn’t.
One bit of “wisdom” picked up by a friend who was talking to a band of New yorkers last night. They and their friends all want to move to Greenwich but are afraid to do so because “all” their friends out here plan to pull their kids from private school and send them to our public schools, so Greenwich schools will be too crowded. There’s lots of knowledge out there that isn’t, so I won’t believe this until the tuition bills come due in three weeks. On the other hand, real estate rumors, especially in Greenwich, often have a grain of truth. So we’ll see in three weeks, I guess.