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

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

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
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”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Steven Mnuchin and 740 Park Avenue (Getty, Google Maps)
Steven Mnuchin’s $26M home finally finds a buyer
Steven Mnuchin’s $26M home finally finds a buyer
The Penthouse at 60 Broadway in Williamsburg. (Compass)
Brooklyn sees 41 luxury deals inked last week
Brooklyn sees 41 luxury deals inked last week
FiDi condo supply is through the roof as workers delay office return. (Getty)
FiDi condo glut is through the roof
FiDi condo glut is through the roof
168 Plymouth Street (Alloy)
Brooklyn nets $125M in signed luxury contracts
Brooklyn nets $125M in signed luxury contracts
A rendering of One Boerum Place with Avery Hall Investments' Avi Fisher (top) and Brian Ezra (SLCE Architects, Avery Hall Investments)
Shifting gears: Brooklyn condo tower to debut as rental
Shifting gears: Brooklyn condo tower to debut as rental
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...