Barry Sternlicht vs. Gideon Fountain

 

82 Doubling Road, Greenwich, came on this week for $5,995,000. Gideon predicts a quick sale...we shall see, shan't we? Listed by: Leslie McElwreath

82 Doubling Road, Greenwich, came on this week for $5,999,000, Gideon predicts a quick sale. We shall see, shan’t we?
Listed by: Leslie McElwreath

As we all read this week,Starwood Capital’s own Barry Sternlicht is down on Greenwich, possibly because he’s been trying to sell a property or two and is encountering difficulties. But is it really as bad as he says? Mr. Sternlicht’s done famously well for his investors, and, after all, Starwood’s focus is real estate, but is he an expert on Greenwich, CT? No, he ain’t.

And I’m not disagreeing with him about the ongoing destruction of the Connecticut economy by Hartford politicians and their “public service” unions; we are heading down fast, presently one notch above Puerto Rico.

But guess what? California’s doing the same thing, none worse than San Francisco, where taxes are practically raised hourly. Yet San Fran’s real estate continues to chug along. Can it last forever? Hell, no! But continue, it undeniably does.

For the nonce, then, my view of Greenwich real estate is simple: If you price it right, buyers will suddenly appear. In fact, I saw a house this week (featured above) that I believe was well-priced and will therefore sell immediately. Let’s watch and see if I’m right.

6 thoughts on “Barry Sternlicht vs. Gideon Fountain

  1. That is a great house and does appear to be priced to sell. I guess Mr Sternlicht should have modified his comments to say you can’t give a high end house away in most of Greenwich unless you price it at 2003 prices. Since 2003 NYC apartments have appreciated 2 to 2.5 times.

    • Some:
      It’s more complicated than that, however, because PARTS of Greenwich have appreciated very nicely since 2003 (and even since 2007!). But north of the Merritt continues to lag, and that’s where Sternlicht happens to have bought.

      • Not just back country. I believe most mid country homes above $5mm are still below 2007 peak prices and in many cases are now lower than 2012-2013 recent peak prices also. Agree that Riverside is generally comfortably above 2003 levels.

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