Greenwich Is the Worst U.S. Housing Market, Sternlicht Says
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‘You can’t give away a house,’ Starwood Capital CEO says
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Sternlicht says he’s now taken up residence in Florida
Barry Sternlicht, chairman and chief executive officer of Greenwich, Connecticut-based Starwood Capital Group, said the town may be the worst housing market in the U.S., and that he now officially lives in Florida.
“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 30 miles (48 kilometers) northeast of midtown 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 appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate…
Greenwich Is the Worst U.S. Housing Market, Sternlicht Says
