‘Market realities’ force Greenwich homeowners to sell for less money

Homeowners trying to sell off pricey properties in Greenwich are settling for less than optimal offers — or giving up and renting out their homes instead, the Wall Street Journal reported. One homeowner decided to auction off his Round Hill Road home after it took three price chops during its four years on the market, saying he “[didn’t] want it to drag on.” Music executive Tommy Mottola and hedge fund honcho Ara Cohen, meanwhile, recently unloaded their Greenwich homes for “significantly less” than the high-powered businessmen initially expected. Forty-five properties in Greenwich that were listed for more than $5 million took price cuts of 10 percent or more between April 2018 and March 2019, the outlet reported, citing data from the Rupert Murdoch-owned Realtor.com. Greenwich lawyer Frank Gilbride II told the outlet that many sellers “are taking hair cuts of $1 million or more just to move on.” [WSJ]