ML-Implode News - Greenwich Mansion Listings Pulled to Wait for a Better Day

Luxury-home listings in the Connecticut town plunged 31 percent from a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That's largely because sellers who failed to get their hoped-for price quit trying to find buyers and took their properties off the market to wait for a better day.
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Tastes are changing in Greenwich, home to many Wall Street executives who take the 50-minute train ride to Manhattan. Lavish mansions on several acres have languished, while smaller homes closer to downtown get scooped up. In the third quarter, sales of luxury homes -- the top 10 percent of deals by price -- fell 13 percent from a year earlier to 21, the firms said. Condo purchases, meanwhile, jumped 35 percent to 58 transactions, the most for a quarter in data going back to 1999.

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Greenwich Mansion Listings Pulled to Wait for a Better Day