It appears no one's immune to the housing nightmare, including the tony bastion of hedge funds, writes the New York Post. Plunging home prices and a dearth of buyers in Greenwich, Connecticut, the bedroom community popular with financial services professionals, has some owners taking unusual steps.
Over the July 4 holiday, Steve McMenamin threw open the doors of his swank, $7.5 million homestead on Greenwich Cove for an open house for sale by owner. He has been personally advertising the property in the local press for several weeks.
The investment adviser, and former COO of Cantor Fitzgerald, said he bought the 5-bedroom, 6-bathroom house with three fireplaces, a heated pool, private boat dock and its own Colonial-era oyster beds on Long Island Sound, in 2007 at the peak of the market and owns it outright. He said he was selling it at his cost and preferred not to use a broker.
So far he's had several open houses but no offers. Single family home sales in Greenwich actually hit a record in June, up 38 percent, from a year earlier, according to Prudential's Mark Pruner. But high-end home sales were dismal. "The only weak area were sales over $10 million, where only one house out of 54 listings sold in June 2011," Pruner said….
Read more at http://www.nypost.com/p/news/business/hedges_are_clipped_zPqblQsohtsXqLV7hBxNXI
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