patrick.net

Yes, Greenwich & Darien have $15 million homes, but they also have lots of 3-br, 1,250 sq. ft. homes that are, frankly, dumps and are very expensive. All homes in the $500s need at least $150k worth of work (like major tree work, new roof, new kitchen, paint jobs, leaks), have major flaws like mildewy basements (or no basement because it is adjacent to a swamp), only one bathroom, rotting wood, no garage, no attic.

Shouldn't fixer-uppers cost $450k?

Is it because underwater sellers are trapped in their houses and can't put them on the market? Are they living for free and have no incentive to sell?

Do short sales really exist?

Some of the area's larger towns have social problems which make those high schools less desirable, so this nuclear family with two young kids is taking them off the table. (Private schools cost $25-$45k per year.)

Ridgefield is too far from civilization (ga$ prices in Conn. are among the nation's highest), has much higher taxes than Greenwich, Darien or Westport and its school budget is being cut (with more to come next year?).

Nearby Westchester County, NY's taxes are much, much higher.

AP says "Cities that weathered housing bust now suffering - Cities that had escaped the worst of housing bust are hurting now". Does anyone expect banker-central (Fairfield County CT and Westchester County, NY) to drop anytime soon?

#housing