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Greenwich Mansions Get Biggest Discounts Since Lehman Fell

  • Reductions of 13.5% on average help cut high-end backlog
  • Druckenmiller, Peterffy estates among year’s priciest deals
Trees stand around a spec home at 38 French Road in Greenwich, Connecticut, U.S., on Monday, Aug. 17, 2009. Greenwich homeowners saddled with the worst sales market in a 30 years century are turning to the rental market. The number of single-family properties for rent in this suburb an hour's drive from Manhattan climbed more than six-fold this year as sales dried up.

Photographer: Daniel Acker/Bloomberg

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The fourth quarter was the best time for luxury-home sales in Greenwich last year. It also had the biggest discounts in almost a decade for the tony Connecticut town

High-end homes that changed hands in the quarter had their prices cut by an average of 13.5 percent, the most since the last three months of 2008, when the housing market all but froze in the months after Lehman Brothers Holdings Inc. filed the largest bankruptcy in U.S. history, according to a report Thursday by Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.