Greenwich's Luxury Listings Spike As Hedge Funders Decamp

With hedge fund managers' lucrative performance fees having taken a hit along with the rest of the economy, one town's real estate market is paying the price.

Greenwich, Conn., where hedge funders had set up shop in droves after tiring of the Manhattan commute, has seen its uber-luxury home inventory skyrocket recently, the New York Post reports.
The number of homes priced at $8 million or more has spiked by a third, according to a report by Prudential Connecticut Realty, as suburban masters of the universe cope with pay cuts or lose their jobs altogether. John Cooke, Prudential's "Greenwich Specialist," told the Post that 10 percent of those homes for sale were built on spec.

Hedge Fund Research reported in July that, for the first half of 2011, hedge funds had lost 2.1 percent of their value on average, according to StreetInsider.com. Prior to the financial crisis, many managers oversaw funds that posted gains well above 10 percent. On top of management fees, managers are typically paid 20 percent of the profits they generate. Back in the glory days, that meant big, big bucks, especially since the performance fees were treated as capital gains and therefore only subject to a 15 percent tax rate.

But now many managers, due to their funds' poor performances, only receive a staid management fee -- typically 2 percent of a fund's total worth. Some of the bed-of-roses mansions in town are even facing foreclosure.

See our gallery below of Greenwich, Conn., mega-homes for sale.

• <p> Price: $21 million<br /> Beds/Baths: 6/10<br /> Sq. Ft.: 15,210<br /> Lot Size: 8.39 acres&nbsp;<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/41-Alpine-Rd_Greenwich_CT_06830_M33589-21352" target="_blank">more photos of this listing</a>.&nbsp;</p>
• <p> Price: $19 million<br /> Beds/Baths: 7/9<br /> Sq. Ft.: 10,132<br /> Lot Size: 1.31 acres<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/229-Byram-Shore-Rd_Greenwich_CT_06830_M32505-51991" target="_blank">more photos of this listin</a>g.&nbsp;</p>
• <p> Price: $17.4 million<br /> Beds/Baths: 12/16<br /> Sq. Ft.: 13,196<br /> Lot Size: 8.07 acres<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/25-Grahampton-Ln_Greenwich_CT_06830_M47156-62520" target="_blank">more photos of this listing</a>.&nbsp;</p>
• <p> Price: $13,950,000<br /> Beds/Baths: 5/7<br /> Sq. Ft.: 10,465<br /> Lot Size: 2 acres<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/549-Indian-Field-Rd_Greenwich_CT_06830_M35606-41899" target="_blank">more photos of this listing</a>.&nbsp;</p>
• <p> Price: $13.75 million<br /> Beds/Baths: 6/10<br /> Sq. Ft.: 12,136<br /> Lot Size: 2.30 acres<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/18-Parsonage-Rd_Greenwich_CT_06830_M32447-38504" target="_blank">more photos of this listing</a>.&nbsp;</p>
• <p> Price: $18.75 million<br /> Beds/Baths: 8/13<br /> Sq. Ft.: 17,121<br /> Lot Size: 4.17 acres<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/Round-Hill-Rd_Greenwich_CT_06831_M36162-43662" target="_blank">more photos of this listing</a>.&nbsp;</p>
• <p> Price: $17.5 million<br /> Beds/Baths: 6/9<br /> Sq. Ft.: 12,000<br /> Lot Size: 13.5 acres&nbsp;<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/772-North-St_Greenwich_CT_06831_M43560-46176" target="_blank">more photos of this listing</a>.&nbsp;</p>
• <p> Price: $15.75 million<br /> Beds/Baths: 7/10<br /> Sq. Ft.: 14,000<br /> Lot Size: 12.18 acres<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/88-Conyers-Farm-Dr_Greenwich_CT_06831_M45732-43033" target="_blank">more photos of this listing</a>.&nbsp;</p>
• <p> Price: $15.75 million<br /> Beds/Baths: 6/9<br /> Sq. Ft.: 9,791<br /> Lot Size: 9.43 acres<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/15-Reynwood-Mnr_Greenwich_CT_06831_M40462-17130 " target="_blank">more photos of this listing</a>.&nbsp;</p>
• <p> Price: $14.9 million<br /> Beds/Baths: 5/10<br /> Sq. Ft.: N/A<br /> Lot Size: N/A<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/5-Cowdray-Park-Dr_Greenwich_CT_06831_M43802-64788" target="_blank">more photos of this listing</a>.&nbsp;</p>

Also see:
Where Are the Real Home Bargains? Not Where You Think!
Anna Chapman: Tinker, Tailor, Soldier ... Realtor?

• <p> Location: Cherry Hills Village, Colo.<br /> Price: $8.95 million<br /> Beds/Baths: 8/9<br /> Sq. Ft.: 21,320<br /> <br /> Situated in affluent Cherry Hills Village, <a href="http://realestate.aol.com/homes-for-sale-detail/16-Sandy-Lake-Rd_Englewood_CO_80113_M22053-98313" target="_blank">this home</a> is absolutely enormous, spanning more than 20,000 square feet on its 2.5-acre plot. The home boasts mountain views, five fireplaces, a giant family room and a garage that holds a whopping nine cars. The neighborhood homeowner's association offers a clubhouse, pool, tennis courts and trash removal.&nbsp;<br /> <br /> Now see <a href="http://realestate.aol.com/homes-for-sale-detail/16-Sandy-Lake-Rd_Englewood_CO_80113_M22053-98313" target="_blank">what you find inside of all 21,320 square feet</a>.&nbsp;</p>
• <p> Location: Orono, Minn.&nbsp;<br /> Price: $6.95 million<br /> Beds/Baths: 4/6<br /> Sq. Ft.: 9,683<br /> <br /> This <a href="http://realestate.aol.com/homes-for-sale-detail/1655-Bohns-Point-Rd_Wayzata_MN_55391_M87417-96554" target="_blank">shingle-style mansion</a> commands 359 feet of beachy lakefront and three total acres of prime Orono real estate. The residence, which features tile floors and vaulted ceilings, also offers a carriage house for any guests you'd like to keep at arm's length on their lake house sojourn.&nbsp;<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/1655-Bohns-Point-Rd_Wayzata_MN_55391_M87417-96554" target="_blank">some stunning photos</a> of the listing.&nbsp;</p>
• <p> Location: Scottsdale, Ariz.&nbsp;<br /> Price: $4.85 million<br /> Beds/Baths: 5/8<br /> Sq. Ft.: 10,423<br /> <br /> Behind its stately stone and stucco exterior, <a href="http://realestate.aol.com/homes-for-sale-detail/20490-N-112th-St_Scottsdale_AZ_85255_M28418-49435" target="_blank">this home offers</a> equally elegant interior character with decorative features, like exposed-beam ceilings, reclaimed wood floors and Victorian-style chandeliers. The home sits on a ridge in the Upper Canyon of Silverleaf that has uninterrupted panoramas of the city.&nbsp;<br /> <br /> See the <a href="http://realestate.aol.com/homes-for-sale-detail/20490-N-112th-St_Scottsdale_AZ_85255_M28418-49435" target="_blank">listing</a> for details.&nbsp;</p>
• <p> Location: San Diego, Calif.&nbsp;<br /> Price: $1.729 million<br /> Beds/Baths: 5/5<br /> Sq. Ft.: 5,922<br /> <br /> With ocean and golf-course views, this <a href="http://realestate.aol.com/homes-for-sale-detail/7858-Entrada-Angelica_San-Diego_CA_92127_M20886-84957 " target="_blank">home</a> boasts 5,992 square feet of total space and a swimming pool.&nbsp;<br /> <br /> Well, actually, that's not even the half of it. See what else you get by viewing the <a href="http://realestate.aol.com/homes-for-sale-detail/7858-Entrada-Angelica_San-Diego_CA_92127_M20886-84957 " target="_blank">listing</a>.&nbsp;</p>
• <p> Location: Los Angeles, Calif.&nbsp;<br /> Price: $999,999<br /> Beds/Baths: 2 Units<br /> Sq Ft: 3,916<br /> <br /> $1 million gets you two units in the Beverly Center-Miracle Mile neighborhood of L.A. Originally built in French style, the units go pretty far back, all the way to 1936, in fact.&nbsp;<br /> <br /> See what the bank really <a href="http://Of French style and built in 1936" target="_blank">has on its hands</a>.&nbsp;</p>
• <p> Location: Portola Valley, Calif.&nbsp;<br /> Price: $6.9 million<br /> Beds/Baths: 4/6<br /> Sq. Ft.: 7,500<br /> <br /> This <a href="http://realestate.aol.com/homes-for-sale-detail/Portola-Valley_CA_94028_M24755-53099" target="_blank">stately Georgian</a>'s 8.5 acres pack&nbsp;amenities that include an equestrian facility and tennis courts.<br /> <br /> See the <a href="http://realestate.aol.com/homes-for-sale-detail/Portola-Valley_CA_94028_M24755-53099" target="_blank">listing</a> for jaw-dropping photos and more details.&nbsp;</p> <p> </p>
• <p> Location: Malibu, Calif.&nbsp;<br /> Price: $2.699 million<br /> Beds/Baths: 4/3<br /> Sq. Ft.: 3,153<br /> <br /> Offering hill and ocean views from its private balcony, this <a href="http://realestate.aol.com/foreclosures-listings/Malibu_CA" target="_blank">snappy Malibu property</a> costs $856 per square foot and delivers residents a gated acre that includes a wet bar, pool and spa.<br /> <br /> See the <a href="http://realestate.aol.com/foreclosures-listings/Malibu_CA" target="_blank">listing</a> for details.&nbsp;</p>
• <p> Location: Castle Rock, Colo.&nbsp;<br /> Price: $2.55 million<br /> Beds/Baths: 6/8<br /> Sq. Ft.: 8,607<br /> <br /> This <a href="http://realestate.aol.com/foreclosures-listings/Castle-Pines-North_CO" target="_blank">home</a> fits its town's name: With its turret and a stone exterior the mansion resembles a castle. Officially labeled a &quot;mountain contemporary,&quot; the home is located on a cul-de-sac and comes with a four-car garage.&nbsp;<br /> <br /> But that's not all it comes with. Get the full details by viewing the <a href="http://realestate.aol.com/foreclosures-listings/Castle-Pines-North_CO" target="_blank">listing</a>.&nbsp;</p> <p> </p>
• <p> Location: Elizabeth, Colo.&nbsp;<br /> Price: $1.95 million<br /> Beds/Baths: 4/3<br /> Sq. Ft.: 3,277<br /> <br /> This <a href="http://realestate.aol.com/homes-for-sale-detail/4570-Cr-114-Rd_Elizabeth_CO_80111_M11453-11868" target="_blank">estate</a> brings you a whopping 838 acres of Colorado countryside. Topped with Spanish tile, the residence contains four bedrooms and comes with a barn.&nbsp;<br /> <br /> See the <a href="http://realestate.aol.com/homes-for-sale-detail/4570-Cr-114-Rd_Elizabeth_CO_80111_M11453-11868" target="_blank">listing</a> for details.&nbsp;</p>
• <p> Location: Newport, R.I.<br /> Price:&nbsp;$7.9 million<br /> Beds/Baths: 7/8<br /> Sq Ft: 12,500<br /> <br /> The <a href="http://realestate.aol.com/homes-for-sale-detail/36-Beacon-Hill-Rd_Newport_RI_02840_M34387-56036?ex=RI528220025" target="_blank">&quot;Wyndham Estate&quot;</a> sits on Newport's posh Ocean Drive. Having undergone extensive renovations, the massive stone baronial mansion offers a ballroom, music room, elaborate landscaping and a rooftop deck with panoramic views of the ocean.&nbsp;<br /> <br /> See the <a href="http://realestate.aol.com/homes-for-sale-detail/36-Beacon-Hill-Rd_Newport_RI_02840_M34387-56036?ex=RI528220025">listing</a>&nbsp;for more details.&nbsp;</p>
• <p> Location: Phoenix, Ariz.&nbsp;<br /> Price: $6.95 million<br /> Beds/Baths: 9/11<br /> Sq. Ft.: 17,799&nbsp;<br /> <br /> It's hard to argue with the listing description when it describes this&nbsp;<a href="http://realestate.aol.com/homes-for-sale-detail/41-Biltmore-Est_Phoenix_AZ_85016_M26911-00504" target="_blank">behemoth</a>&nbsp;as &quot;extraordinarily opulent.&quot; Adjacent to the world-class Arizona Biltmore Golf Course, the estate has a sweeping paved motor court that leads up to a massive amalgamation of stone, wood and iron -- 17,799 square feet of it.&nbsp;<br /> <br /> See the <a href="http://realestate.aol.com/homes-for-sale-detail/41-Biltmore-Est_Phoenix_AZ_85016_M26911-00504" target="_blank">listing</a> for more details.&nbsp;</p>
• <p> Location: Atlanta, Ga.<br /> Price: $3.75 million<br /> Beds/Baths: 7/9<br /> Sq Ft: 22,000&nbsp;<br /> <br /> It's the sort of <a href="http://realestate.aol.com/homes-for-sale-detail/6025-Blackwater-Trl-Nw_Atlanta_GA_30328_M53708-45199" target="_blank">home</a> you can actually get lost in. For avid cooks -- servants or otherwise -- there's a lot to work with: The mansion has four kitchens. In addition to myriad other amenities, the monster residence offers a home theater, pool, spa, sauna, steam room and elevator.&nbsp;<br /> <br /> Find out <a href="http://realestate.aol.com/homes-for-sale-detail/6025-Blackwater-Trl-Nw_Atlanta_GA_30328_M53708-45199" target="_blank">what else comes with the package</a>.&nbsp;</p>
• <p> Location: Del Mar, Calif.&nbsp;<br /> Price: $4.495 million&nbsp;<br /> Beds/Baths: 3/3<br /> Sq. Ft.: 3,142<br /> <br /> Said to offer the most square footage of all <a href="http://realestate.aol.com/homes-for-sale-detail/153-25th-St_Del-Mar_CA_92014_M22583-84094" target="_blank">homes</a> in the ritzy Beach Colony of Del Mar, this stunner is steps from the beach. Special features include a great room, multiple patios and a secluded outdoor area with a spa, sand room and game room.&nbsp;<br /> <br /> See the <a href="http://realestate.aol.com/homes-for-sale-detail/153-25th-St_Del-Mar_CA_92014_M22583-84094" target="_blank">listing</a> for details.&nbsp;</p>
• <p> Location: Coral Gables, Fla.&nbsp;<br /> Price: $3.999<br /> Beds/Baths: 3/3<br /> Sq. Ft.: 5,710<br /> <br /> This storied <a href="http://realestate.aol.com/homes-for-sale-detail/8021-Old-Cutler-Rd_Coral-Gables_FL_33143_M58119-89890" target="_blank">estate</a> built in 1930 may need &quot;major renovating,&quot; according to the listing, but its lush landscaping is sure to impress: Three whole acres of garden stretch across the premises, offering paths, grottoes, waterfalls, caves, and ponds draped with tropical trees and other foliage.&nbsp;<br /> <br /> Get a look into <a href="http://realestate.aol.com/homes-for-sale-detail/8021-Old-Cutler-Rd_Coral-Gables_FL_33143_M58119-89890" target="_blank">this stunning garden</a>.&nbsp;</p>
• <p> Location: Las Vegas, Nev.&nbsp;<br /> Price: $2.45 million<br /> Beds/Baths: 7/8<br /> Sq. Ft.: 13,198<br /> <br /> One of many, many other foreclosed homes in Las Vegas, Ground Zero of the housing crisis, this <a href="http://realestate.aol.com/homes-for-sale-detail/3730-Topaz-St_Las-Vegas_NV_89121_M14400-07702?ex=NV528531012 " target="_blank">home</a> shows just how far the dollar really goes when it comes to Sin City dirt. For $2.45 million, you get seven bedrooms, eight bathrooms, 13,198 square feet, a lighted tennis court, a come-hither pool and much more.&nbsp;<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/3730-Topaz-St_Las-Vegas_NV_89121_M14400-07702?ex=NV528531012 " target="_blank">some jackpot photos</a>&nbsp;of the property.</p>
• <p> Location: San Diego, Calif.<br /> Price:&nbsp; $1,150,000<br /> Beds/Baths: 4/5<br /> Sq. Ft.: 3,953<br /> <br /> Live it up in this <a href="http://realestate.aol.com/homes-for-sale-detail/7458-Collins-Ranch-Ter_San-Diego_CA_92130_M12744-04120" target="_blank">Spanish-style mansion</a> built in 2002 -- you know, back when Kelly Clarkson and home prices were on the rise. The years have not been kind, however, and another millionaire&rsquo;s misfortune could be your ticket to the good life.<br /> <br /> See the <a href="http://realestate.aol.com/homes-for-sale-detail/7458-Collins-Ranch-Ter_San-Diego_CA_92130_M12744-04120" target="_blank">listing</a> for more.&nbsp;</p>
• <p> Location: Austin, Texas<br /> Price: $2,350,000<br /> Beds/Baths: 5/7<br /> Sq. Ft.: 7,173<br /> <br /> Whoo, doggie! Everything&rsquo;s bigger in Texas, including this&nbsp;<a href="http://realestate.aol.com/homes-for-sale-detail/217-Canyon-Turn-Trl_Lakeway_TX_78734_M78233-91341" target="_blank">over-the-top, Mediterranean-style villa</a>. Unfortunately for the previous owner, this dream castle was built in 2009, right in the middle of the housing market&rsquo;s freefall. The massive manor includes three bars, a game room, a lounge, a &ldquo;poolside kitchen and fountain,&rdquo; multiple fireplaces and two elevators. So much for fiscal austerity.<br /> <br /> <a href="http://realestate.aol.com/homes-for-sale-detail/217-Canyon-Turn-Trl_Lakeway_TX_78734_M78233-91341" target="_blank">Gaze</a> at this Texas beauty.</p>
• <p> Location: Denver, Colo.<br /> Price: $1,373,300<br /> Beds/Baths: 4/5<br /> Sq. Ft.: 4,206<br /> <br /> The fact that a <a href="http://realestate.aol.com/homes-for-sale-detail/1770-E-Cedar-Ave_Denver_CO_80209_M22701-77893" target="_blank">home</a> of this caliber can end up in the bank&rsquo;s pocket shows just how pervasive the housing crisis has been. Built in 2004, this glass and concrete beauty is one sprawling, intricate showroom. With panoramic views of the hilly Denver landscape, this modern four-bedroom is perfect for star gazing &ndash; just so long as you&rsquo;re comfortable with the neighbors staring back.<br /> <br /> See <a href="http://realestate.aol.com/homes-for-sale-detail/1770-E-Cedar-Ave_Denver_CO_80209_M22701-77893" target="_blank">what they'll stare at</a>.&nbsp;</p>