Mansions are evaporating in Greenwich

The number of high-end property listings in ritzy Greenwich, Conn., is on the decline, according to appraiser Miller Samuel Inc. The number of luxury homes dropped 21 percent in the second quarter from a year earlier, the most in at least two and a half years.

For quite some time there had been a glut of high-priced mansions languishing on the market. Houses spent an average of 319 days on the market compared to 218 days the previous year. But now that number has dwindled significantly due to owners lowering prices or removing their listing from the market altogether, according to Bloomberg.

The average price reduction was 8.3 percent, or a $498,889 discount.

“They’ve chased the market and they came up without selling so they’ve retreated for now,” Scott Durkin, chief operating officer of Douglas Elliman, tells Bloomberg.  “Many times, sellers had an unrealistic perception of the market.”

Miller adds, “When expectations are lowered, properties sell,” Miller said. “It doesn’t matter what happened in the past. This is now the reset.”