Wednesday, June 07, 2006

Nobody starts out wanting a 30,000 square foot home

VANITY FAIR has a feature article about property values in my wife's home town:

On average, the price paid for a house in Greenwich last year was $2.5 million, up 40 percent in just two years. (Of all the houses sold in 2005, only seven fetched less than $500,000.) If houses worth more than $10 million used to be big news, they're not these days. The number that sold for $10 million or more in Greenwich has climbed more than fivefold in two years, from 3 houses in 2003 to 16 in 2005, according to a search of the town's Multiple Listing Service.

The average sized new home is 15,000 square feet, compared to the U.S. average of 2,400. The population of Greenwich is 63,000.

No comments: