Rich people problems: Mansion inventory declines in richest U.S. ZIP codes

TRD New York /
Jun.June 13, 2013 03:00 PM

The scarcity of housing inventory is especially prevalent in some of America’s wealthiest ZIP codes, potentially meaning slower sales, CNBC reported, citing figures from real estate research firm Altos Research. The stock in the 90 richest ZIP codes has fallen 15 percent year-over-year, but in the very richest ZIP codes inventory has dropped more than 50 percent year-over-year.

For example, in Old Greenwich, Conn., inventory of homes priced over $1 million has fallen 58 percent year-over-year. Carmel, Calif., is another example, and has seen a 76 percent annual drop in these homes. Over in Palm Beach, Fla., the number fell 70 percent year-over-year.

Mansions in Old Greenwich are selling days after being listed, CNBC said. A home listed for nearly $1.4 million sold in two days after being viewed 14 times.

“The Old Greenwich market right now is just super hot,” David Oglivy of brokerage David Oglivy & Associates told CNBC, adding that despite worries about slower future sales, he wasn’t concerned. “The inventory is fine,” he told CNBC. [CNBC]Zachary Kussin

Related Articles

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

From left: Colgate chairman Ian Cook and 1115 Fifth Avenue and 912 Fifth Avenue (Credit: Cuny, StreetEasy)

He sold enough toothpaste to buy this tony Carnegie Hill pad

Larry Silverstein (Credit: Getty Images, iStock)

Silverstein’s lending biz could get a boost from the weak luxury condo market

Vornado’s Steve Roth and 220 Central Park South (Credit: Getty Images)

Another villa unit at 220 Central Park South sells for $47M

220 Central Park South and Vornado chairman Steven Roth (Credit: Google Maps and Getty Images)

Another $60M condo closes at 220 Central Park South

255 West 11th Street with Liv Tyler and 49 East 67th Street  with Thomas and Ann Unterberg (Credit: Getty Images and Google Maps)

Here’s what sold in NYC’s luxury home market last week

110 Central Park South and Aleksandra Melnichenko (Credit: Google Maps and Getty Images)

Who’s buying what? Here are our top luxe resi sales

Lee Radziwill and her home at 160 East 72nd Street (Credit: Getty Images, Brown Harris Stevens)

Longtime home of Lee Radziwill, sister to Jackie O., sells for $4M