A GIFT for Greenwich



It is no secret that Greenwich has been hurt by the most severe recession since the 1930s. Our town is at or near the epicenter of the
financial earthquake that has spread across the country and the world, and when the tremors die down it’s safe to say that nothing is going to be quite the same. The economic impact on Greenwich is magnified by the sudden fall from the heights of prosperity spawned by Wall Street’s million dollar bonuses and the outsized earnings of many of our local hedge funds. The pain of adjustment is manifested in the sudden loss of value in both residential and commercial real estate.

At last count there were twenty-two stores in the Central Business District available for lease. The decline in retail sales varies widely by store according to the Chamber of Commerce, but they have been substantial. Recently, with leasehold costs more reasonable, brokers are seeing an increase in negotiation over new storefront space. Office space, however, has yet to turn around. As of September 745,844 square feet, or 17 percent of the total market was available for rent or sublet, with a disproportionate increase in sublets as companies downsize or close. Meanwhile, the median price of homes has tumbled 22 percent, and at the present rate of sales it will take over two years to eliminate our inventory of high-end homes. Not surprisingly, rental occupancy has increased as owners put their unsold homes up for rent.

Still, Greenwich is not like Las Vegas, Phoenix or a retirement community. We have a solid foundation of domestic and international business, as well as many hedge funds and other financial companies that have survived the worst of the financial tsunami. Signed contracts for single family homes have increased each month through August, albeit from a dismal historic low in January. While Greenwich may take longer this time to return to full economic well-being, it has shown an amazing ability to spring back from previous recessions. Its balance sheet of assets is so uniquely appealing that we need to remind ourselves, as well as our neighbors, what a fabulous town this is in which to live and work.

This is precisely the mission of a new campaign that has grown out of several brainstorming sessions sponsored by the Chamber of Commerce. Under the umbrella name GIFT, standing for Greenwich Initiative for Tomorrow, it is a cooperative advertising and promotion campaign designed to burnish the image and enhance the reputation of our town. For many living in the city or elsewhere, the mention of Greenwich conjures up images of the rich and super-rich living in imposing mansions behind gated entrances. It should be noted, however, that many of the town’s most outstanding facilities would not have been created were it not for the generosity of some of our wealthiest residents. And, what is lost to many not living here is our wide diversity that includes a large and important middle-income population as well as a solid number of families in the service industry and low income housing projects. This diversity extends beyond wealth. There is a rich tapestry of different cultures from around the world, of languages and races including both Hispanic and a growing number of Asians. Even among those born in the United States, so many of us have moved here from elsewhere that born and bred Greenwichites are becoming a distinct minority. Rather than a liability, this diversity has made Greenwich inter-esting and vibrant.

The GIFT program will remind us and neighboring communities of our town’s impressive list of amenities that include the availability to residents of a wide range of cultural and recreational activities at little or no cost. To touch on a few:

We have Long Island Sound at our doorstep for sailing, fishing, swimming and crew; eight private golf courses plus our world class municipal course; riding on backcountry trails; hiking and bird- watching in our multitude of parks.

The YMCA with a new fifty-meter pool, the YWCA with pool and fitness center, and the Boys & Girls Club with both pool and indoor skating rink provide outstanding facilities.

Cultural opportunities abound with the Bruce Museum of Art & Science; the Greenwich Historical Society, preserving 375 years of Greenwich history; Greenwich Library plus three neighborhood branches the Symphony and the Choral Society.

For our health and safety, a superb new hospital, a top-rated ambulance service and our recently completed police headquarters, incorporating hi-tech emergency communications systems, play major roles.

High on the list of many a prospective homebuyer is our excellent public school system including eleven elementary schools, three middle schools, and a high school. In addition there is a choice of three private schools pre-K through 12 and six pre-K through 9.

There are at least eighteen nonprofit organizations serving children, senior citizens and everything in between. Whatever a person’s needs or interest may be, there is an organization or service that provides them. We doubt there is another town or city anywhere the size of Greenwich that offers so much.

Last but not least, Greenwich is widely known as a premier shopping destination. The GIFT message will be delivered in cooperation with stores and businesses that want to enhance the image of Greenwich not only as a place to live and work, but as an attractive commercial center offering quality products and services at fair prices. The vitality of our retail business has a direct influence on the value of properties in Greenwich as a whole.

We are blessed with a wonderful place to live, work, play and shop. With real estate prices low, there has never been a better time than now to buy a home or lease space for your business in Greenwich. This is the bottom line message of GIFT.

Best Of Greenwich

 

 

Greenwich Agenda

  • Seaside Center: Shoreline Seining and Plankton Tow

    2014.07.20
     @ Seaside Center

    Help us gather plankton and see what creatures are living in our ocean’s water! Examine microscopic organisms caught in our plankton net...

  • Cool and Collected ‘14

    2014.07.10
     @ Kenise Barnes Fine Art

    (Gallery 1) Featuring artists:  Carla Goldberg, Melanie Kozol, Francis Sills, and Eve Stockton Summer exhibition at Kenise Barnes...

  • Magazine Mavens | New Canaan, CT

    2014.07.07
     @ Greenwich Education Group New Canaan Campus

    A Summer Magazine Publishing Workshop for Aspiring Young Writers Calling all aspiring young writers. This July, Greenwich Education Group...

  • Richards: Semi Annual Sale | Greenwich, CT

    2014.06.16
     @ Richards of Greenwich

    Starting June 16th going through mid-August is Richard's semi annual sale. All Spring clothing will be marked down! Further markdowns will...

  • TREEHOUSES: Look Who's Living in the Trees!

    2014.06.21
     @ Stamford Museum & Nature Center

    Saturday, June 21 - Monday, September 1 Hidden in the leaves, snug in the trunk or burrowed under the roots, what types of animals actually...

  • Exhibit: Tales of Two Cities: New York & Beijing | Greenwich, CT

    2014.05.03
     @ Bruce Museum

    May 3 – August 31, 2014 Tales of Two Cities: New York & Beijing This exhibition focuses on two of the world’s leading...

  • Seaside Center: Seaweed Pressing

    2014.07.18
     @ Seaside Center

    Look at the different seaweeds around Greenwich Point and learn about their role in the marine ecosystem. We will end with a seaweed pressing...

  • Seaside Center: Arts and Crafts

    2014.07.18
     @ Seaside Center

    Let your creativity float free! Practice the art of Gyotaku fish prints; make a sundial, a shell wind chime, or fish bowl! Activities vary every...

  • Vals Free Weekly In-Store Wine Tasting | Greenwich, CT

    2014.05.09
     @ Val's Putnam Wine And Liquors

    Each Friday we feature new wines just released and new to market for you to have an opportunity to taste and learn about through our sponsored...

  • Wine Time Social Hour | Greenwich, CT

    2014.01.27
     @ Barcelona Greenwich

    $4.00 select wines, $4.00 well drinks, and $3.00 beers.

  • Happy Hour | Greenwich, CT

    2014.01.26
     @ Morello Italian Bistro

    Refresh yourself with our famous Red & White Sangria! Don’t forget that during happy hour every day 4:30pm-6:30pm your 2nd drink...

  • College Application Boot Camp | Greenwich, CT

    2014.08.02

    College Prep 360 will be offering two college admissions “boot camps” in their Greenwich office over the summer. The first workshop...

  • SAT & ACT Prep Classes

    2014.08.02
     @ Greenwich Education Group

    If you are planning on taking the SAT or the ACT in October or November, this is an ideal time to start your preparation! Once school begins,...

  • Greenwich: Creativity for Kids Hosts Creativity Day

    2014.08.02
     @ Smart Kids

    As a part of their U.S. movement, Creativity for Kids and Faber-Castell will be hosting a special Creativity Can event at Smart Kids on August...

  • Fabulous Forests Summer Family Campout

    2014.08.02
     @ Stamford Museum & Nature Center

    Saturday, August 2, 5:30 pm - Sunday, August 3, 9 am Discover the wonders of the Stamford Museum & Nature Center "after hours"...

  • Seaside Center: Story Time

    2014.07.19
     @ Seaside Center

    Grab a comfy seat as we read stories about our favorite sea creatures. We will even take a peek at a real-life version of the animal in our...

  • Saturday Vals Free Weekly In-Store Wine Tasting | Greenwich, CT

    2014.05.10
     @ Val's Putnam Wine And Liquors

    We will feature an array of new and different International wines that are selected by our staff as “Staff Picks Favorites” in...

  • Seaside Center: Naturalist's Choice

    2014.07.19
     @ Seaside Center

    Be surprised! Changing topic that is fun and fascinating, selected by the Naturalist!

  • Animal Meet and Greet

    2014.06.22
     @ Stamford Museum & Nature Center

    Sundays, June 22 - August 31, 3:30 - 4:00pm Stop by for a chance to meet one of our Overbrook Nature Center or Heckscher Farm animals up...

  • Bar: Live Music | Greenwich, CT

    2014.03.09
     @ Barcelona Greenwich

    Join us in Greenwich every Sunday for live music and half-priced bottles of wine!


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