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.

 

Greenwich Agenda

  • Harvest Fair and Gift Show

    2014.11.01
     @ Second Congregational Church

    Event Will Include Hay Mazes, Games, Crafts, Food, Holiday Shopping The community is invited to a Harvest Fair and Gift Show on Saturday, Nov....

  • New Fitness Class: SalsaTone

    2014.11.01
     @ Latin Moves Dance Studio

    Starting November 1st ~ Every Saturday morning 10 to 11 AM Instructor: Melissa Lopez Start your weekend off right with this exciting cardio...

  • Exhibit Ira BARKOFF

    2014.10.11
     @ Canfin Gallery

    “The beauty of the physical world becomes a metaphor for the capacity of the spirit to reveal itself". Ira Barkoff Evocation of...

  • Parties at the JCC Center

    2014.09.02
     @ Stamford JCC

    A place to celebrate birthdays and special occasions. Be a guest at your own party! The JCC offers a wonderful space for you and your guests to...

  • Flinn Gallery Art Opening

    2014.10.30
     @ Flinn Gallery 2nd floor

    FLINN GALLERY Opening Reception 'IN FOCUS' Thursday October 30, 6 - 8pm Seven artists share their visions - Carolyn Conrad,...

  • IMAGINE CANDY- SWEET TASTINGS!!!

    2014.10.24
     @ Imagine Candy

    Imagine Candy located in Scarsdale Village- Winner of 2014 Best West of Westchester by Westchester Magazine- holds a Belgian Chocolate and Candy...

  • Flower Power

    2014.10.08
     @ SM Home Gallery

    SM Home Gallery show featuring two Greenwich based artists: Margaret Bragg and Penny Putnam. The art show runs thorough November 22nd....

  • Lynne Scalo Design Opening

    2014.11.05

    Please join Lynne Scalo, Greenwich Magazine and athome Magazine to celebrate the Greenwich showroom opening of Lynne Scalo Design Cocktails...

  • Breast Cancer Alliance Benefit Luncheon & Fashion Show

    2014.11.06
     @ Hyatt Regency Greenwich

    Breast Cancer Alliance to Host Branching Out, Coming Together, Aspiring to a Cure 19th Annual Benefit Luncheon & Fashion Show: November 6,...

  • Free Screening of Documentary ' Children of the Inquisition'

    2014.11.06
     @ Bush-Holley House

    Join filmmaker Joseph Lovett as he presents his documentary film and multi-platform project of personal exploration and...

  • P.A.L.S. 2nd Annual Soarin' Soiree~ November 7, 2014

    2014.11.07
     @ Greenwich Country Club

    You are invited to join our State Senator, L. Scott Frantz and our First Selectman, Peter J. Tesei, for an awe-inspiring evening to benefit Patient...

  • John Hardy Event

    2014.11.08
     @ Bloomingdale's

    John Hardy One of a kind. One at a time. Each by hand. Bloomingdale's is inviting YOU to meet the head designer Guy Bedarida as he presents...

  • Olivine Gabbro Opening

    2014.11.08

    Olivine Gabbro invites you to join them for their Opening Party! DJ | Cocktails | H'Orderves | Gift Bags Made to Measure Beautifully...

  • Meet Joshua Safran, Author of "Free Spirit: Growing Up On the Road and Off the Grid"

    2014.11.11
     @ YWCA Greenwich

    Meet the author of this powerful memoir. Joshua Safran is an author, attorney, occasional rabbi, and nationally recognized advocate for...

  • Markham Roberts: Decorating the Way I See It

    2014.11.13
     @ Belle Haven Club

    Join us as Interior Designer Markham Roberts shares coveted design insights, key to creating the perfect home. The program will include...

  • AGAPANTHUS RISING

    2014.11.18
     @ Greenwich Water Club

    Like the Agapanthus flower, which starts as just a seed, we all have something to share with the world.  Sadly, we don't always nurture...

  • The Enchanted Forest

    2014.11.21
     @ Hyatt Regency Greenwich

    Junior League of Greenwich presents 2014 Enchanted Forest! Holiday Boutiques Gingerbeard Workshops Santa's Breakfast...

  • Junior League of Greenwich The Enchanted Forest

    2014.11.21
     @ Junior League of Greenwich

    The Junior League of Greenwich (JLG) will host its annual holiday fundraiser, The Enchanted Forest on Friday, November 21 through Sunday, November...


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