Greenwich Time’s out with a report of the phenomenon. Seems accurate: high demand for the $1 million range and (almost) anything in Riverside, otherwise, not so much. I’d say Cos Cob and Glenville offer the most bang for the buck right now (as they always have), and there are still some relative bargains scattered across the mid country. All this may improve, from the buyer’s perspective, if homeowners, seeing what’s happening to the market, start adding their homes to the inventory.
And there’s still the shadow inventory of homes, with loans in deep, deep default, that the banks haven’t moved against. For the past several years there’s been no point taking a house that was worth less than its loan because the banks don’t want to own real estate and didn’t want to take the hit. Now that those homes are closer to loan value, either the owners will list them and try to get out from under, or the banks will move on them. There’s been an increasing number of lis pendens (notice of the commencement of a foreclosure action) filed since spring – 30 in April alone, for instance – and I’d expect to see more.