Monday, February 23, 2009

Don't cry for me Greenwich, you were supposed to have been immortal.

Last updated: 8:33 pm
February 15, 2009
NY Post

It's a gold-plated ghost town.

Almost 50 mansions built on spec for the hedge-fund set - and priced from $5 million to upwards of $25 million - sit empty in Greenwich, Conn., where the real-estate market has tanked.

"They're going nowhere. Nothing's selling," said Christopher Fountain, who writes a blog called "For What It's Worth" about the Greenwich real-estate scene.

"There are just so many of these brand new houses sitting there, and nobody's going to buy them."

Those who still have cash can find spectacular, never-occupied estates in move-in condition, complete with wine cellars for their Bordeaux and Sub-Zero refrigerators for their caviar.

There were 161 houses from $5 million to $95 million for sale in Greenwich as of Friday, according to

Greenwich home sales dropped 40 percent last year from 2007 and foreclosures, once almost unheard of, shot up 1,000 percent.

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