People aren't movin' on up from Manhattan to the suburbs like they used to.
So-called "move-up" sales, which benefit southern Fairfield county towns like Greenwich have hit a steep decline, according to Business Week.
In the last year, sale of Greenwich houses listed between $2 million and $2.99 million dropped 45 percent last year. That's more than any other price category and the most since records have been kept since 1976, according to Business Week.
“That’s, in many cases, a trade-up, or entry level,” Pruner told Business Week.
Move-ups are driven by locals looking for bigger homes and New York apartment owners looking for their first place in the suburbs, he said.
The problem: lenders have curbed financing for homes that are that expensive, people don't having as much money to spend because they are not getting as much from their existing homes and Wall Street firms are paying less in bonuses and cutting jobs, so there are less people with less money looking for expensice homes, Business Week reports.
“In the past, when you sold one home to buy another, you normally reaped a nice profit and you used that profit as a down payment for your new home,” Alen Rosenbaum, a mortgage broker, told Business Week. “Many people who are trading up from the smaller home don’t have enough equity.”