Greenwich

Last month, we reported that wealthy homeowners in one of America’s prototypical enclaves of wealth and privilege have begun to pull their stately mansions from the market as demand for high-end properties in Greenwich, Conn. Has plunged in recent years.

Despite sellers slashing prices, so far, only three Greenwich homes have sold for more than $10 million. In response, new listings have dropped 31% as sellers opt to wait out the gully in hopes of securing a higher price.

It used to be that low state income taxes and practically non-existent property taxes, at least compared the neighboring county of Westchester in New York, was more than enough to lure Manhattan's hedge fund billionaires out to Greenwich, CT.  But, it seems that a festering pension crisis and resulting state income tax hikes in Connecticut has resulted in many of NYC's gazillionaires choosing a trophy 3,000 square foot apartment in "the city" over a 10,000 square foot Greenwich mega-mansion.