If Bloomberg says it, it must be true

Wall Street money revives Greenwich real estate as prices drop.

Most of it jibes with what I’m experiencing. Just beware of clowns like Raul Vilas who’s touting his John Street farm auction for property “once valued at $36 million”. I’m sure even the original listing broker didn’t value the place at anywhere near that sum, so don’t be suckered into seeing a bargain where there’s been a huge price cut. Hell, by that reasoning, Greenways, now at $140 million, is an outright steal after its $50 million price cut from $190. It is not: watch for the next $100 million cut, and then you (might) have a deal.

12 Comments

Filed under Buying/Selling Greenwich Real Estate, Uncategorized

12 responses to “If Bloomberg says it, it must be true

  1. Anonymous

    Article seems reasonable enough. Greenwich is one of the few high end markets where you can still find properties at 2003-2005 prices. excluding Riverside and Old Greenwich of course. High end Manhattan apartments have pretty much doubled since 2003 due to foreign buyers. It is squeezing out the merely Upper Middle class.

    • I agree – I wasn’t being snarky, headline notwithstanding.

    • Inagua

      “Greenwich is one of the few high end markets where you can still find properties at 2003-2005 prices.”

      There is at least one other, Montecito. Very few of the high end places have recovered to 2003 levels. The under $3 million stuff certainly has, but the high priced stuff is extremely slow versus huge activity ten years ago.

      • Cos Cobber

        While incomparable – because its a second home market – I was just looking at RE in Telluride CO. Many of the listings – particularly for land, were the same listings I saw five years ago…at nearly the same absurd prices.

      • Anonymous

        Inagua, that is interesting. I have not been there for many years but I remember it to be a wonderful place.

        • Inagua

          Montecito is the best place to live in the world. I have more privacy on three acres here than I did on ten acres in Fairfield or six acres in Locust Valley. The weather is superb, it is basically Spring all year, there are no bugs, virtually no need for air conditioning, sleep 300 nights a year with the window open, very little traffic, great food; but the high end market is very slow. I don’t care because I plan to die here, but it would still be nice to live in an appreciating asset, which I don’t.

        • Hopefully “the big one” will hold off for a few more decades.

        • t

          Yeah. Enchanting,

          Ojai was was excellent too, un till the yuppies took it over.

        • Libertarian Advocate

          Must have been real nice until that crashing bore of a serial grad school drop-out Nobel peace prize winning AGW hawker moved in next door.

    • anon

      I agree with Inagua about Montecito, and since I can’t afford to buy a three acre place there will probably retire to Casa Dorinda, the Edge Hill of CA, which ain’t cheap either. No way to earn a living in Santa Barbara. And I have a couple rich friends with big houses for sale there which they thought would fund their retirement, and aren’t going to.