Posted on 02/16/2009 5:09:42 AM PST by dennisw
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.
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, including:
* A 22,185-square-foot Georgian mansion on 4.8 acres off prestigious Round Hill Road with eight bedrooms, elevator, butler's pantry, home theater and fancy flourishes such as crown moldings in the closets. The sale price is $25 million, and it has been on the market since May.
* A seven-bedroom Georgian mansion with 13,000 square feet that includes a solarium, wine cellar and elevator. It is still under construction, giving buyers time to add custom details. It just went on the market for $12.7 million.
* A stone-and-shingle mansion that replaced the one where real-estate developer Andrew Kissel was found murdered in 2006. It has been on the market since September 2007, despite a price cut from $10.7 million to $8.4 million.
The spec homes are scattered throughout town from the woodsy "back country" in the north to the Long Island Sound waterfront.
Julianne Ward, a broker with Prudential Connecticut Realty who sells spec homes, said CEOs, CFOs and other moneyed buyers used to snatch up these manses in just months. "Most houses used to sell before they finished building them," she said.
Now they may linger for a year or longer, Ward said.
There were 161 houses from $5 million to $95 million for sale in Greenwich as of Friday, according to Realtor.com.
(Excerpt) Read more at nypost.com ...
Real Estate tanking in an overwhelmingly Blue State. Cry me river.
Pigs get fat and hogs get slaughtered.Still holds true.
Most of the time, when you GAMBLE, you lose.
Real estate in Brazos County, Texas, is still going strong and prices are steady. Actually, our house increased in value 14% this past year.
gonna look good as apartment houses, rent paid by stimulous checks to the unemployed.
Where oh where are my hankies?/sarc
Been keeping up with the Mainstream Medias class warfare agenda, i see.
The hedgers and Wall St thieves made class warfare on average Americans
You are regurgitating nonsense from the Rush Limbaugh show
As an avarage American, I did very well from their labors. Besides, they are not the ones being hurt by the subject of this article.
I didn’t hear anything like this on Rush. I don’t listen very often. Even if I did, it’s correct. The lamestream media is lock, stock and barrel supporting dems, and class warfare is part of that, and so are those sheep who bliundly follow that agenda, as it appears at least 2 on this thread do.
Seems as though Kalifornika’s real estate market is right there with Solyent Greenwich Konnecticut’s.
Real estate has been tanking everywhere. Greenwich, fwiw, is a traditional country-club Republican stronghold. When it went narrowly for Obama last November, it actually made national news.
TOTJ -
What about the class warfare that the bankers and the deadbeats are waging on the rest of us - the producers?
Privatizing profits and socializing losses shouldn’t even be an option - why are the likes of you in favor of the bankers’ class warfare agenda? What’s your percentage in defending these assorted scum?
Agreed - I enjoy listening to Rush but don’t care for the “class warfare” nonsense he spouts on behalf of his Wall St. friends.
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. ... 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 ...
I think the US Gubmint should buy all these empty mansions with money from the Porkulous Bill, turn them into Section Eight Apartments, and move all those poor *people of color* (Blacks and Illegals) who've lost their homes to (cough) 'unscrupulous lenders', in them. That Obama supporter lady who was living in her car and crying to Barry and all over television that she "wanted a kitchen" is an example
I'm suuuuure that the LIBERAL Billionaires in Greenwich, Conn. would welcome them with open arms.
Really.
I'm 'series'.
.....
..........
................
Bwaaaaahaha!! 
Liberal democrat thieves shoot selves in foot.
Man, I just love happy news like this!
First off, please explain how you get that bankers, etc. are waging class warfare on us? That’s pretty damn tenuous, at best. They provide a service to us, the producers. They help us investers out.
I blame the government for giving them the bailout, it should not have happened.
I get no percentage, other than through what i earn by using their services.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.