Financier Stanley Cheslock thinks his $15.95 million, 26,000-square-foot Connecticut mansion is a bargain.
The original listing price was $30 million.
But Cheslock is one of many Greenwich residents that can’t offload a multi-million dollar home.
According to Bloomberg, via Dealbreaker, “homes priced at $10 million and above are accumulating on the market in Greenwich… They’re moving so slowly that it would take more than four years to sell them all, the biggest backlog since at least 2004.”
And realtors are blaming Wall Street’s new penchant for deferred compensation.
“Deferred compensation has totally hammered the over-$10 million market because people just aren’t getting large amounts of cash, and that market has traditionally been a cash market,” one realtor told Bloomberg.
“Previously, if you got a $10 million bonus, buying a $5 million house wasn’t that big a deal. If you get $20 million — $3 million in cash and 17 in deferred compensation — are you going to borrow another $2 million in cash to buy a house? I don’t think so.”
“Everyone’s toned down their price range by at least a couple of million,” another broker said.
Apparently those home buyers who used to be in the $5+ million market, are now shopping for cheaper properties.