If one person's misfortune is another's gain, then there may be a lot of fortunes to be made in the real estate market in tony Greenwich, Conn.
Home to wealthy individuals in New York City's finance sector, various properties in the surrounding area may be taking a hit related to hard times in the banking industry or other sectors. Goldman Sachs, for example, reported its second loss ever in the third quarter.
In October, 32 percent of current for-sale listings on Zillow in Greenwich were reduced. The median price cut was 7.44 percent.
However, home values in Greenwich are up 2.1 percent year-over-year to a Zillow Home Value Index (ZHVI), or median home value, of $1,134,100, according to Zillow's third quarter Real Estate Market Reports released last week.
Nationally, home values fell 4.4 percent year-over-year to a median value of of $171,500. The ZHVI measures the value of all homes, not just those that sold in a particular period.
Svenja Gudell, senior economist with Zillow, said Greenwich is "faring a lot better" than the national medium.
"Greenwich is an affluent area with high-priced homes. The high-end homes tend to fare better than low-end homes in terms of home value," she said.
In the larger Stamford metro, where Greenwich is located, 19.9 percent of all single-family homes with mortgages were underwater in the third quarter. Nationally, the negative equity rate is 28.6 percent.
By comparison, home values in Manhattan are up 12.0 percent year-over-year to a median home value of $913,800, according to Zillow. In October, 17.6 percent of current for-sale listings on Zillow in Manhattan were reduced. The median price cut was 5.81 percent.
This property was sold for $9 million in 2008 and listed for $8.75 million in October, after an initial listing of $9.95 million in February. The home has seven bedrooms, eight bathrooms and is 12,276 square feet.
"A glimpse back to the glamour of the 1930s tugs at the heart with this stone and slate-capped Georgian Manor," the listing states.
Sold for $7.2 million in 2003, the property was listed for $6.9 million in July, down 4.2 percent. It has six bedrooms, seven bathrooms over 9,100 square feet. Built in 1892, its ceilings are 10 feet tall, and the property has at least six fireplaces, including one outdoors, and a pool.
Behind both a stone wall and a picket fence, this home was sold for $5.65 million in 2007 and was listed for $4.9 million in October.
"Designed for maximum privacy amid an exquisitely landscaped one-half acre setting," the listing states, "the stylish, generously scaled interior with 11-foot main floor ceilings, extensive paneling, extraordinary architectural detail and state-of-the-art amenities offers a splendid layout for sophisticated 21st century living."
"This elegant, beautifully appointed colonial enjoys glorious privacy amid one-plus gorgeous acres highlighted by exquisite landscaping, lovely terraces, heated pool with spa and charming gazebo," the listing states.
In August 2004, the home was sold for $4.15 million and was listed for $3.79 million in October. It has five bedrooms, four baths, and "a guest/staff suite on the fabulous garden level comprising a recreation room with fireplace, entertainment bar and French doors to the pool, plus a library/home office."
In March 2006, this property sold for $3.2 million, and it was listed for $2.9 million in April 2011.
"Set amid four-plus park-like acres with a heated pool, this stylish colonial was exquisitely renovated in 2008 by the creative owner/architect," the listing states. Hopefully the owner enjoyed the five bedrooms, six-and-one-half baths and did not refashion the house solely to make a profit.
Described as "simply charming and unique," this home was sold for $2.8 million in 2004, subsequently listed for $3 million in January until the price was cut down to $2.7 million at the end of September. The home has four bedrooms and four bathrooms plus a horse barn on 4,404 square feet of land in Greenwich.
This Greenwich property sold for $3.8 million in September 2006 and was listed for $3.6 million in November 2010.
"At 8,300 square feet, it is grand and spacious, yet perfect for casual entertaining," the listing states. "Exceptional state-of-the-art amenities are throughout."
The home has six bedrooms, seven bathrooms and over 8,300 square feet of space.