Sellers of mansions in Greenwich, CT have been delisting their homes to wait for a rebound in interest in luxury homes, as professionals' tastes take them elsewhere
Sellers of mansions in Greenwich, CT have been delisting their homes to wait for a rebound in interest in luxury homes, as professionals’ tastes take them elsewhere.
A report from Miller Samuel Inc. and Douglas Elliman Real Estate reveals a 31% drop in luxury home listings in the town compared to a year ago, as interest in large properties with land have eased.
The market is popular with Wall Street executives and other professionals due to its sub-60-minute commute to Manhattan, but young professionals are weighing the benefits of homes that are smaller but closer to downtown New York.
“Small is the new big,” Scott Durkin, chief operating officer of Douglas Elliman told Bloomberg. “Millennial buyers, they want to be in town, they want to be close to services, they don’t need 5,000 to 10,000 square feet -- they’re OK with 1,600 to 2,200.”
Homes closer to the commercial district of Greenwich are still in demand and while generally sellers of luxury homes in the market are discounting by a median 6.7%, the median sale price in luxury Greenwich homes is up 34% year-over-year to $6.5 million.
A report from Miller Samuel Inc. and Douglas Elliman Real Estate reveals a 31% drop in luxury home listings in the town compared to a year ago, as interest in large properties with land have eased.
The market is popular with Wall Street executives and other professionals due to its sub-60-minute commute to Manhattan, but young professionals are weighing the benefits of homes that are smaller but closer to downtown New York.
“Small is the new big,” Scott Durkin, chief operating officer of Douglas Elliman told Bloomberg. “Millennial buyers, they want to be in town, they want to be close to services, they don’t need 5,000 to 10,000 square feet -- they’re OK with 1,600 to 2,200.”
Homes closer to the commercial district of Greenwich are still in demand and while generally sellers of luxury homes in the market are discounting by a median 6.7%, the median sale price in luxury Greenwich homes is up 34% year-over-year to $6.5 million.
