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Subject: What will happen to the 20,000 square foot houses without Wall St bonuses?

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airplanedad
Posts:131
09/29/2008 6:46 PM Alert 
Anyone care to speculate about what is going to happen to the collections of 20,000 square foot mansions those hedge fund managers and Wall St. bigwigs bought during boom time? I think there must be some very big fire sales in the offing at the very top tier of the real estate market. Who else besides Russian oligarchs and maybe some Saudi oil prices will have the cash for that?
NCgirl
Posts:206
09/29/2008 7:24 PM Alert 
I've thought about that! One of my favorite pastimes in my 4 years in CT was to ride my bike around Greenwich and check out the mega mansions. They were so huge and over the top.

http://en.wikipedia.org/wiki/Greenwich,_Connecticut

Blood on the streets in Greenwich?

Then again those guys had so much money, even losing whatever they lost was a drop in the bucket.
NCgirl
Posts:206
09/29/2008 7:44 PM Alert 
They are calling it their "Katrina"

http://blogs.wsj.com/wealth/2008/09/25/for-greenwich-this-is-our-katrina/
anonymouse
Posts:103
09/29/2008 8:52 PM Alert 
yeah, this thought has been keeping me up at night. :)
TotoMMB66
Posts:98
09/29/2008 11:40 PM Alert 
Fire sale nothing...how about just plain old fire. Demolish these things and let's plant some trees. Bring some natural habitat back to the world...Just like shrinking cars, let's undo the excesses of the past 2...5...20 years.
italianbeef
Posts:13
09/30/2008 6:54 AM Alert 
same should be said about the people who bought those cookie cutter tract homes for 600k!
ilivehere
Posts:128
09/30/2008 8:08 AM Alert 
they'll be fine, they make their money in times like these...
lurknomore
Posts:270
09/30/2008 8:17 AM Alert 
Why do you care about this? Are you plannning to buy one of those properties? Aren't they mostly in the New York area? If anything, they suggest the owners who abandon/lose them will be competing with you for the lower-priced homes--not a good thing for you.
airplanedad
Posts:131
09/30/2008 12:54 PM Alert 
Posted By lurknomore on 09/30/2008 8:17 AM
Why do you care about this? Are you plannning to buy one of those properties? Aren't they mostly in the New York area? If anything, they suggest the owners who abandon/lose them will be competing with you for the lower-priced homes--not a good thing for you.





Why do I care? Since when did anyone have to have a "reason" to care about anything and since when did anyone have to justify the reason for caring.

I don't plan on buying any real estate in San Diego in the foreseeable future, but I still care for a number of reasons which I don't feel compelled to spell out as a prerequisite to posting an opinion or soliciting the opinions of others.

"Why do I care?" Silly question.
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