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Real Estate

What Good Is a $20 Million Mansion if You Can’t Walk to Dinner?

Home prices in the hedge fund capital of the U.S. are down 8 percent. What’s the matter, too far from the train?
A residential property in Greenwich, Connecticut.
Photographer: Daniel Acker/Bloomberg

For decades, Greenwich, Conn., has enjoyed a reputation as a bastion of wealth just 30 miles northeast of New York, known for its concentration of hedge funds, horse farms, and waterfront estates.

Lately, the home to more than 60,000 residents has come to be known for something else: lousy property investments.