Hedge Fund Homes at a Discount

With housing at the forefront of the financial crisis, the high-end market is not immune. The national drop in home values and turmoil in the stock market have combined to lower demand for homes of the ultra-rich, such as hedge fund titans.

However, in the face of multi-million dollar price reductions, these homes are beginning to offer potentially profitable (and in the mean time, prestigious) investments.

With information from Trulia.com, these lavish homes in close proximity or actually in New York City are typical of the Wall Street elite, and are also examples of some of the most significant price drops in the area over the past several months.

So, want to see some hedge fund homes currently on the market? Click ahead to see the examples!

By Paul Toscano
Posted 22 Oct 2009

Current Listing Price: $9.99 million
Reduced by: $1.50 million
6,000 sq ft

Located on Manhattan's Upper East side, this five-story home (built circa 1880) has an entryway featuring a marble gallery, fireplace and grand staircase. The main floor includes a gym and sauna while the living room and dining room feature fireplaces. There also is an outdoor terrace facing south.

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Current Listing Price: $75 million
Reduced by: $20 million
21,897 sq ft

This massive estate in Greenwich Connecticut would be a gem to even the richest of the hedge fund elite. Featuring 14 bedrooms, 13 full and 4 half bathrooms, the home is situated on 40 acres of property. It also features a 52-foot indoor pool, a walled courtyard with a 70-foot marble reflecting pool and three - tier fountain and a grand staircase that splits after a mid-level landing. Massive carved stone fireplaces, coffered ceilings and luxuriously designed rooms are located throughout. In addition, the home, which is currently listed at $75 million, has been reduced by $20 million.

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Current Listing Price: $10.9 million
Reduced by: $1.10 million
5,000 sq ft

This interestingly designed home in the Hamptons offers panoramic ocean views and pond views from other rooms.The home is available for rent over the summer, currently for $225,000. It features 5 bedrooms and 4.5 bathrooms, a pool and a balcony.

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Current Listing Price: $12.5 million
Reduced by: $2.35 million
17,000 sq ft

This impressive mansion in Westchester county sits on 5 acres of land and embodies classical designs throughout. With a spectacular front driveway and interior space spanning 17,000 square feet, the home includes 7 bedrooms, 9 full and 2 half bathrooms, formal rooms, a wine cellar, a theater and an infinity pool.

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Current Listing Price: $12.5 million
Reduced by: $2 million
4,262 sq ft

Located in New York's Tribeca, this penthouse commands the entire floor of the building with 10 rooms and an estimated size of 4,262 sq ft. It features views of the Hudson River a wrap-around terrace and 12 ft high floor-to-ceiling windows and a master bathroom with heated stone floors. This home was featured in Architectural Digest.

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Current Listing Price: $14 million
Reduced by: $2.3 million
6,240 sq ft

Another Greenwich estate, this home features 2.78 acres of waterfront on the Long Island Sound, a second floor balcony and 7 bedrooms and 6.5 bathrooms. The home also includes a 5,000 bottle wine cellar, a master suite with a large fireplace and waterfront balcony, and waterfront views for the remaining bedrooms. There is a deep water dock, gazebo and waterfront swimming pool. The house is located within 45 minutes of New York City.

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Current Listing Price: $6.19 million
Reduced by: $800,000
8,000+ sq ft

This contemporary-designed home, located in Long Island's East Hampton, is marked by large ceiling to floor windows and  features a white marble-dusted gunite pool. Currently on the market for $6.195 million, the home was recently reduced by $800,000.

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Current Listing Price: $6.25 million
Reduced by: $1.2 million
12,000 sq ft

Located in the New York City suburb of Rye, 25 miles away, this property spans 4.4 acres. The home is bordered by a blue stone terrace and features a Clive Christian-designed kitchen, home theater, billiard room, wine room, tennis court, shoreline pool and 4-car garage.

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Current Listing Price: $10.9 million
Reduced by: $1.6 million
2,656 sq ft

Located near the Plaza Hotel in midtown Manhattan, this 2,656 sq ft apartment features a "plaza" bathroom that includes original marble mosaic patterns derived from the historic plaza lobbies. The home also features 5 - star services of the Plaza Hotel and offers views of Central Park.

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Current Listing Price: $5.99 million
Reduced by: $805,000
10,547 sq ft

On the market for the first time, this single family home is constructed of all brick, featuring 8 bedrooms, 7 full and 2 half bathrooms, a paneled library and a grand entryway. With four acres of property, an in-ground pool and garage space for 7 cars, this Greenwich residence is what many would envision as a prototypical hedge fund home.

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Current Listing Price: $9.95 million
Reduced by: $2.55 million

This five-story Manhattan townhouse on East 65th  Street between Park and Lexington avenues  features an 800 sq ft roof deck (which would technically be the sixth floor) and a 400 sq ft planted garden on the ground floor. Along with a second floor terrace, there is some 1660 sq ft of total outdoor space. The house, originally built in 1874, has a kitchen is designed by Wolfgang Puck and includes 14 rooms with 5 bedrooms and 5.5 bathrooms.

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Current Listing Price: $2.99 million
Reduced by: $400,000
5,000 sq ft

This single-story home in Southampton, New York, home features vaulted ceilings in every room, along with two master suites. It includes a cascading waterfall, fish pond, heated outdoor pool and an attached spa. Built in 2005, the home sits on 5.1 acres and is currently listed at $2,995,000 after a $400,000 reduction in price.

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Current Listing Price: $3.5 million
Reduced by: $350,000
6,450 sq ft

This Nantucket-style home in Chappaqua, New York, features a wrap-around porch, two fireplaces, a turreted eating area, wainscoted screened-in porch and a loft-style bonus room. Sitting atop 2 acres, this home took a 9% ($350,000) price cut this summer.

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Current Listing Price: $11.5 million
Reduced by: $2.49 million
4,000 sq ft

On New York's Charles Street in lower Manhattan, this home features 10 ft ceilings and open river views. It has a 180 bottle capacity wine cellar, a private roof with a BBQ, a yoga studio and electronically controlled fireplace, water and air systems.

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Current Listing Price: $5.5 million
Reduced by: $800,000
10,670 sq ft

Sitting atop 6.5 acres, this contemporary home in Greenwich features a water garden, professional landscaping, a pool, spa, tennis court and even a shooting range. The home was also designed for openness, with high ceilings and an extensive use of large windows to make the most of natural sunlight.

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Current Listing Price: $4.8 million
Reduced by: $695,000
5,000 sq ft

This classically designed, custom built stucco home is reminiscent of many homes found in the area, but includes amenities such as a professional kitchen, large living room with a fireplace, 6 bedrooms, 6.5 bathrooms, gunite pool and close proximity to the beach. Currently listed at $4,800,000, this home was reduced by $695,000 last spring.

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Current Listing Price: $11.6 million
Reduced by: $3.2 million

High above Central Park, this home on the south side of the park and offers grand views from a living room with 22 foot high ceilings and double-height picture windows. The home also features a wood-burning fireplace and is in a full service building with white glove accommodations.

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