Yes, the buyers are back, at least in Greenwich! We get 10 phone calls a day asking to see listings, asking for what is available in a certain price range, and asking for "deals". The "deals" are only "deals" when your budget is in the millions, then you can play. These buyers are mostly cash buyers, with little or no desire for a mortgage beyond the $1M mark that will give them a good tax break.
All those people who thought they couldn't affort Greenwich can now have a go at it. But listings still languish with no showings and no offers. Why? From my perspective: "the Emperor has no clothes!". The old school way of marketing and selling a house doesn't work; you need a new school broker and a new school method of marketing. It's a lot like the days before the Internet upended the way Wall Street and the Retail market did business. Now it's time for the same transformation to change the way Real Estate works. Imagine a home as a beautiful clock that an owner wants to sell for the highest and best price, in the shortest amount of time. A guy/gal comes along and says: "I'll sell that for you. Give me a small fee and I'll make it happen."
Old school style say: place an ad in the paper, call your local friends and wait. Lately, maybe even put it up on the Internet (aka Realtor.com) This is NOT marketing online. It's these listings that are stuck, gradually reducing the price, hemoraging budgets with repetitive newspaper ads that go stale in 24 hours.
New school agents "get it". They use sites like this to promote their properties, online blogs, email campaigns. The proof is in the pudding as they say, and those listings broadcast over digital space....are selling quickly and at higher list to price ratios.