Barry Sternlicht, chairman and chief executive officer of Starwood Capital Group LLC, said his former town of Greenwich, Connecticut, may be the worst housing market in the U.S.
“You can’t give away a house in Greenwich,” Sternlicht said Tuesday at the CNBC Institutional Investor Delivering Alpha Conference in New York.
The town — about 45 minutes north of Manhattan and home to some of the country’s largest hedge funds — is seeing a pile-up of houses on the market and prices that are faltering as properties linger. Home sales in the second quarter fell 18 percent from a year earlier to 169 deals, according to a report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.
At the same time, new listings surged 27 percent. The absorption period, or the time it would take to sell all the homes on the market at the current pace, was 12 months, compared with 7.7 months a year earlier, Miller Samuel and Douglas Elliman said.