Luxury homes in Greenwich see biggest price cuts since Lehman Brothers collapsed
High-end properties had average price chops of 13.5%
The last few months of 2017 was a good time to buy a home in Greenwich.
A report from Douglas Elliman and Miller Samuel found that luxury homes that sold during the fourth quarter in the famed Connecticut town had an average price cut of 13.5 percent, the biggest since the last quarter of 2008 (after the collapse of Lehman Brothers), according to Bloomberg. The discounts may have helped spark some movement in the high-end sales market, as there were three sales for more than $20 million in the fourth quarter, compared to one earlier in 2017 and zero in 2016.
Overall, there were 19 luxury homes worth $4.65 million or more that sold in the fourth quarter. The properties spent an average of 310 days on the market, which was roughly twice as long as similar properties had spent on the market in 2017.
The priciest sale of the quarter was the $25 million sale of billionaire investor Stanley Druckenmiller’s eight-bedroom mansion, although this was significantly lower than the $31.5 million he originally sought for it. Billionaire Thomas Peterffy’s 80-acre estate sold as well for $21 million, much less than the $65 million he had asked for in 2015. [Bloomberg] – Eddie Small