With a few rare exceptions, new listings seem to be coming on at levels that suggest the sellers think we’re back in early 2007. Either they hang out with an unusual crowd or they don’t hang out with anyone at all and have spent the past five years huddled in their basement in the dark. Or, I suppose, they’re Obummer fans and are counting on the Messiah to right the ship of state.
Regardless, they might want to speak with some of the ordinary Wall Streeters who make up the bulk of our buyers here in Greenwich. Many of them aren’t doing so well. I know of one guy who, despite having a very profitable year trading, works for a bank that did not. He’s just back from Europe where he recieved word that bonuses world-wide won’t be anything like what the employees had been hoping for and he’s adjusted his price ceiling accordingly. Another trader tells me that the $500,000 in options that he’d been saving to contribute towards a house just went underwater so poof! Let’s rethink this purchase idea.
I could go on, but my point is that I’m probably not the only agent in town whose friends and clients aren’t feeling as prosperous now as they did awhile ago. If I’m not, then I wonder how many fnancial types are still left out there ready to pay crazy-assed prices dreamed up by delusional home sellers? Not so many, I’m guessing.