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News Link • TAXES: State

Owners Of Luxury Greenwich Homes Are Pulling From The Market As Sales Plunge

• zerohedge.com by Tyler Durden

Once upon a time, a nonexistent income tax (Connecticut became the last state in the US to adopt an income tax in the early 1990s) and low property taxes - not to mention the gold coast tableau of beautiful beaches and lush greenery - made Greenwich, CT - just over the state line from Westchester - a haven for hedge fund bazillionaires and other wealthy finance types.

But since the financial crisis, sales of megamansions and other high-end homes in the city have tapered off as taxes have inexorably risen and trends have shifted to favor urban environments. As we reported back in June, there were only five sales of homes for $10 million or more in 2015 and 2016, less than half the historical average.

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