Greenwich
Sylwester Lemanski, manager of a Lamborghini dealership in ritzy Greenwich, Conn., says a customer backed out of a $400,000 sale because of teetering financial markets.
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Shoppers get a bite on Greenwich Avenue in Greenwich, Conn. The economy of the wealthy enclave is being hurt by weakness on Wall Street, where many of the resident make their fortunes.
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Greenwich, Conn., is home to weathly bankers and hedge fund managers, but it has not been sheltered from the downturn in the housing market. Sales of single-family homes in the city fell 37% in the first quarter, with median prices falling 3%.
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With median household income last year of $115,644, compared with $49,314 for the U.S., Greenwich , Conn., can afford amenities such as police officers directing traffic on Greenwich Avenue. But shopkeepers have complained of dwindling foot traffic and well-heeled customers demanding bargains.
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