Foreclosed on during the recent mortgage crisis? Take heart! The guys responsible for giving you the crummy loans in the first place are now having some housing troubles of their own. Back in March, it was reported that former Bear Stearns CEO Alan Schwartz was having trouble selling his Greenwich home and had resorted to renting out the $5 million mansion. Now Schwartz’s brother-from-another-mother, fired Citigroup CEO Chuck Prince, is in the same boat. Prince’s five-bedroom,Tudor estate, which sits in chintz-and-plaid splendor on 2.3 acres of prime Greenwich land, has been on the market since January, even though Prince has reduced the price down a full $300,000, to $5.85 million. And they’re not alone: According to a Bloomberg survey,
The housing recession has hit the bedroom communities that Wall Street favors most. The median home price fell 8.1 percent in Greenwich in the first quarter from a year earlier. Declines were as much as 25 percent in 14 of 19 wealthy Manhattan suburbs in Connecticut, New Jersey and Westchester County, New York, since the start of the year.
What will become of Greenwich, we wonder? Is it only a matter of time before an undesirable element starts moving on in? By which we of course mean the Russians. Valery Kogan may yet get the space for his 26 bathrooms.