Greenwich bankers are buying only '3, 4 or 5 million'-dollar homes now

The well-heeled bankers that saturate Greenwich, Conn., have become more conservative when it comes to buying mansions. Growing demand for less expensive luxury homes has been the driving force behind a local real estate recovery in the posh town.

“Instead of that $6 million, $7 million or $8 million home, they’re buying a ($3 million), ($4 million) or $5 million house,” a local real estate broker told Bloomberg.

Source: Bloomberg