Filed under: Estates
Starwood Hotels & Resorts veteran Barry Sternlicht is looking for real estate to surge in Greenwich, Connecticut. The wealthy New York City suburb got spanked over the past year as the city's financial industry gurus saw their bonuses jobs disappear and flooded the market with ostentatious homes on the market at a time when buyers were few and far between. A year later, Sternlicht thinks this town is ready to stage a comeback.
Sternlicht just raised the asking price on his 5.8 acre estate in Greenwich to $5.95 million, even though the local market is about to finish its worst year in the past 30. Jean Ruggiero, Sternlicht's real estate broker, said he pushed up the asking price because "we felt like we were giving it away." People showed some interest in the home, and the fact that other sellers were cutting prices didn't mean that Sternlicht had to follow. "Just because people are lowering their price doesn't mean it's right, because he's not a desperate seller, "Ruggiero said of Sternlicht.
The new number is 8.3 percent higher than the $5.495 million Sternlicht previously asked, even though prices for single-family homes in Greenwhich dropped 40 percent year-to-date.
Originally, the home was put on the market at $8.25 million in June 2008, and it was cut three times from September 2008 to April 2009. It boasts a tennis and shuffleboard court, pool and guest house ... and is of course gated.
Even at $5.95 million, Sternlicht will come out ahead. He bought the place in November 1994 for a mere $2.93 million.
Gallery: Barry Sternlicht in Greenwich