How The Mighty Have Fallen
It seems like not too long ago publications like Vanity Fair were breathlessly writing about the lavish mega-mansions that were being built by hedge fund managers in Greenwich.
Well, with this economy, even uber-wealthy communities like Greenwich, Darien, Westport and New Cannan aren’t immune to the real estate woes facing the rest of the state and country.
In Greenwich, where the median selling price mushroomed to $2 million in 2007, prices fell a jaw-dropping 11 percent last year. In Westport, where domestic diva Martha Stewart sold her Turkey Hill Estate for $6.7 million in 2007, the median price retreated 9.4 percent to $1.2 million.
New Canaan’s home prices held up a little bit better. The median home price in New Canaan fell only 7.7 percent last year. Prices in that affluent suburb have exceeded $1 million since 2001. Darien had the most modest price drop. The median price in Darien dipped 3.4 percent to $1.28 million.
By comparison, a report issued by The Warren Group recently showed that the statewide median price for a single-family home fell 9.2 percent in 2008 compared to 2007.