The tables have turned.
By: Anthony Ramamsumiran •
The tables have turned
Real estate investor Barry Sternlicht recently labelled Greenwich, Connecticut to have the worse housing market in the U.S. Which housing market is it? It’s the mega-mansions market. He continued stating the situation is so bad it’s at the point where you can’t give away a house there.
Real estate veteran Fred Glick has come up with a unique solution to this issue urging start-up companies to buy them and put 12 people in them to work. That particular model is currently used in Silicon Valley and has proven to be very successful. In San Francisco, start-ups are buying a big house and putting 12-15 employees at a cost of $3,000 to $4,000 a month.
Greenwich mansions, at one point was the jewel in the crown for success but now it seems that turning in to a spring-board for start-us will be a good way for the market to recover. A tax incentive would also be a good way to jumpstart the market, even start-ups in other states would probably leave expensive parts of the U.S to take advantage.
As of June 2016, the drop in sales and a surge in listing have resulted in a supply of properties that could easily last 12 months. Companies like ‘Start-Up BNB’ could be a good fit for this market, although the neighbors could get upset with the current and future changes of the market.
Something has to change in Greenwich, the possibility of start-up companies or deluxe accommodation is a good way to revive the market. If that doesn’t work there always is the student accommodation route.
Mega Mansion, Greenwich Mansions, Start-ups, Tax Issues