Sternlicht Bets on Greenwich Rebound by Raising Home Price to $6 Million w/Photo Bloomberg
Real estate investor Barry Sternlicht is betting the Greenwich, Connecticut, housing market is making a comeback.
Sternlicht, who helped build Starwood Hotels & Resorts Worldwide Inc. and took his real estate investment company public this year, raised the asking price of his 5.8-acre estate there to $5.95 million, even as the town is headed for its worst year for property sales in more than three decades.
“We increased it because we felt like we were giving it away,” and there was interest in the property, Sternlicht’s broker, Jean Ruggiero of William Raveis Real Estate, said in an interview. “Just because people are lowering their price doesn’t mean it’s right, because he’s not a desperate seller.”
Sternlicht, 48, raised his price 8.3 percent from $5.495 million as single-family home sales in Greenwich slid 40 percent to 245 this year through September, according to data from local broker Russell Pruner, owner of Shore & Country Properties. As prices fall and inventory rises in the town, which is home to more than 100 hedge funds, Sternlicht’s Starwood Property Trust Inc., raised $810 million to invest in distressed commercial and residential real estate debt.
Sternlicht was chairman of Starwood Hotels, the third- largest U.S. lodging company, from 1997 to 2005 and has been chief executive officer of closely held investment firm Starwood Capital Group LLC since its founding in 1991. He’s also chairman and CEO of Starwood Property Trust Inc......
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