.

Greenwich Real Estate Values up 11% in Two Years; 64 Open Houses Today

High-end sales continue improvement; Condos, co-ops up from 2011.

 

Another busy weekend as the fall market is in full swing. We have 64 open houses this Sunday ranging from a condo on Pemberwick Road for $335,000 to a large multi-acre property on North Street for $16 million. We have 19 houses and condos under $1 million and 15 open houses between $1 and $2 million.

As you can see in the report below, high end sales are continuing to pick up and we have 25 open houses over $2 million. You can see the live interactive map here and the open house list below. If you want to get directions to any open house just click on the pin and then “Get Directions” in the pop-up balloon.

 

SEPTEMBER 2012 GREENWICH REAL ESTATE MARKET REPORT

 Single Family Homes Sales in Greenwich Up Above $2 million

The market continues to chug along. As reported last week we exceeded last year's sales for the first time this year. So far 420 houses have been sold this year and we presently have 578 single family homes listed on the Greenwich MLS. We have sold 34 homes in September through Sept. 21 and presently have 79 accepted offers and houses under contract.  All of the good news that has been coming out about how house prices are up nationally and inventory is down in many areas seems to be encouraging buyers. 

Once again we have had some notable sales at the high end with 26 Pilot Rock Lane selling for $13.3 million in a private sale. 190 North St. sold for $11,500,000 after being on for as much as $15.7 million in 2009. In fact, 17 of the 34 sales recorded by the GMLS in September have been for more than $2 million a very nice change from the first half of the year.

Pricing is very important in today's market

Under $1 million supply is constrained in a market that continues very active. Houses that are priced right continue to move. We are even seeing houses in this price range that have been on 495, 438 and even 680 days selling. At the other end we have had houses close in 28, 37 and 56 days of listing.

Buyers who are at all active in the market know value there is just so much information floating around on the Internet. To illustrate this two of the long market houses went to contract within a month of taking a pricing reduction to what at least one buyer thought was market price. 

The first three sales with long days on market sold for an average of 87.3% of their original list price, while the second group of three sales with short days on market sold for an average of 97.7% of their original list price. The long days on market properties also had to pay taxes, insurance and likely mortgage payments for the year and more that they were on the market further reducing the seller's return. You can't sell a house that people won't come see.

Are House Price Up or Down in Greenwich?

Bloomberg/Businessweek  reported on the National Association of Realtors' survey showing that the Stamford SMSA (which includes Greenwich) had the biggest 2nd quarter drop in house prices in nation ranking 147th out of 147 metropolitan areas.  Our average price was down 12.9% according to the NAR. As I stated in the article, "What we’re seeing is a change in the market mix,” Pruner said. “The upper end of the market was been significantly slower. When you have a whole bunch of lower-end sales and fewer higher-end sales, the price has to drop.”  Ironically, as the article was being written this trend was starting to correct itself with better high end sales in June, July and August.

So are housing prices up or down? What I look to is the ratio of sales price to the 2010 tax assessment. As you can see from the chart this ratio varies greatly from month to month, but for 2012 the average is up 11% from the 10/1/10 Greenwich Tax Assessor’s valuation or a little over 5% per year.  Also the trend has been up every month since April. July was amazing with houses selling for an average of 30% more than their assessments, but even the August sales were up over 7% from their assessment.  In addition sales volume has exceeded 2011 numbers.

As to an individual house it can be hard to say whether it is worth more this year or last year since the trends are not strong and vary for any given month, since we are not dealing with large numbers. It also depends on where you are in town. Parts of the town are seeing very good demand and other parts are not.

Many people won't feel confident until they see the median and average house price rise, but for me I think we are seeing a real return in real estate investment particularly in this low inflation environment.

Greenwich Condos and Co-ops

The condo market is really turning around. For the last couple of years it has lagged the single family housing market, but the average price for condos is actually up in 2012 compared to 2011. Sales are also up in 2012 compared to 2011. This week we have 7 condo open houses.

Thanks again to Rob Pulitano for preparing the open house list and interactive map.

 

GREENWICH, CT OPEN HOUSE LIST FOR SUNDAY, 9/23/12

 

Address

Town

List Price


Open House Time

Broker

41 Windsor Ln

Cos Cob

$        4,700


2-4 PM

Raveis

8 Fox Hollow Ln

Cos Cob

$        7,900


1-3 PM

Coldwell Bnkr

21 Cat Rock Rd

Cos Cob

$        8,000


2-4 PM

Coldwell Bnkr

39 Willow Rd

Riverside

$        9,975


1-3 PM

Coldwell Bnkr

55 Will Merry Ln

Greenwich

$      14,000


2-4 PM

Coldwell Bnkr

351 Pemberwick Rd  #110

Greenwich

$    335,000


1-3 PM

Raveis

21 Byram Rd

Greenwich

$    399,000


1-3 PM

Mary & Caruso

292 Hamilton Av

Greenwich

$    409,000


2-4 PM

Coldwell Bnkr

13 Fletcher Av

Greenwich

$    449,000


1-3 PM

Coldwell Bnkr

184 Peck Av  #2

Greenwich

$    455,000


2-4 PM

Coldwell Bnkr

9 River Rd  #405

Cos Cob

$    469,000


2-4 PM

Raveis

1 Ocean View

Greenwich

$    519,000


1-3 PM

Shore & Cntry

60 Valley Rd  #A

Cos Cob

$    645,000


2-4 PM

Raveis

45 Glenville St

Greenwich

$    649,000


2-4 PM

Prudential

51 Forest Ave

Old Greenwich

$    680,000


1-4 PM

FF Realty

98 Putnam Park  #98

Greenwich

$    695,000


1-4 PM

Raveis

60 Valley Rd  #B

Cos Cob

$    699,500


2-4 PM

Raveis

11 River Rd  #122

Cos Cob

$    725,000


2-4 PM

Greenwich Fine Prop

133 Lake Av

Greenwich

$    749,000


1-4 PM

Prudential

5 Christiano St

Greenwich

$    749,000


1-3 PM

Sothebys

89 Prospect St

Greenwich

$    799,000


1-3 PM

Sothebys

297 Guinea Rd

Greenwich

$    849,000


1-4 PM

Sothebys

349 Riversville Rd

Greenwich

$    995,000


1-4 PM

Raveis

73 Weaver St  #16

Greenwich

$    999,500


2-4 PM

Halstead

38 Breezemont Av

Riverside

$ 1,125,000


1-4 PM

Sothebys

37 Davenport Ave  #4

Greenwich

$ 1,199,000


2-4 PM

Greenwich Fine Prop

108 Hillcrest Park

Old Greenwich

$ 1,239,000


2-4 PM

Shore & Cntry

21 Mallard Dr

Greenwich

$ 1,250,000


12-3 PM

Coldwell Bnkr

116 Lockwood Rd

Riverside

$  ,275,000


2-4 PM

Raveis

23 Dorchester Rd

Riverside

$ 1,295,000


2-4 PM

Greenwich Fine Prop

60 Valley Rd A & B

Cos Cob

$ 1,295,000


2-4 PM

Raveis

631 Long Ridge Rd  #12

Stamford

$ 1,495,000


1-4 PM

Prudential

16 Norton Ln

Old Greenwich

$ 1,495,000


1-4 PM

Raveis

8 Fox Hollow Ln

Cos Cob

$ 1,499,000


2-4 PM

Coldwell Bnkr

21 Cat Rock Rd

Cos Cob

$ 1,649,000


2-4 PM

Coldwell Bnkr

30 Stonebrook Ln

Cos Cob

$ 1,775,000


1-4 PM

Raveis

127 Havemeyer Pl

Greenwich

$ 1,797,000


1-4 PM

Raveis

10 Stepping Stone Ln

Greenwich

$ 1,825,000


1-4 PM

Prudential

2 Stanwich Ln

Greenwich

$ 1,995,000


1-4 PM

Round Hill Prtners

18 Ravenglass Dr

Stamford

$ 2,195,000


1-4 PM

Prudential

120 Milbank Ave

Greenwich

$ 2,275,000


2-4 PM

Greenwich Fine Prop

20 Cherry Valley Rd

Greenwich

$ 2,350,000


1-5 PM

Raveis

23 Brown House Rd

Old Greenwich

$ 2,395,000


1-4 PM

Blue Chip Prop

182 Dolphin Cove Quay

Stamford

$ 2,595,000


1-4 PM

Prudential

19 Crescent Rd

Riverside

$ 2,695,000


2-4 PM

Raveis

5 Dawn Harbor Ln

Riverside

$ 2,785,000


2-4 PM

Coldwell Bnkr

39 Willow Rd

Riverside

$ 2,800,000


1-3 PM

Coldwell Bnkr

20 Stoney Ridge Ln

Riverside

$ 2,849,000


2-4 PM

Shore & Cntry

35 Shore Rd

Old Greenwich

$ 2,850,000


2-4 PM

Greenwich Fine Prop

39 Shore Rd

Old Greenwich

$ 2,850,000


2-4 PM

Greenwich Fine Prop

196 Dolphin Cove Quay

Stamford

$ 2,995,000


1-4 PM

Prudential

8 Indian Point Ln

Riverside

$ 3,195,000


2-4 PM

Prudential

530 North St

Greenwich

$ 3,195,000


1-4 PM

Raveis

55 Will Merry Ln

Greenwich

$ 3,250,000


2-4 PM

Coldwell Bnkr

27 Chieftans Rd

Greenwich

$ 3,595,000


2-4 PM

Greenwich Fine Prop

35 Locust Rd

Greenwich

$ 3,650,000


2-4 PM

Greenwich Fine Prop

125 Cat Rock Rd

Cos Cob

$ 4,175,000


1-4 PM

Higgins Grp

1 Little Cove Ln

Old Greenwich

$ 4,195,000


1-4 PM

Raveis

38 Keofferam Rd

Old Greenwich

$ 4,495,000


1-4 PM

Raveis

487 North St, Lots 2&3

Greenwich

$ 5,000,000


2-4 PM

Coldwell Bnkr

29 Cliffdale Rd

Greenwich

$ 5,495,000


2-4 PM

Greenwich Fine Prop

487 North St Lot #5&6

Greenwich

$ 6,000,000


2-4 PM

Coldwell Bnkr

487 North St Lot 1

Greenwich

$ 6,995,000


2-4 PM

Coldwell Bnkr

487 North St

Greenwich

$16,000,000


2-4 PM

Coldwell Bnkr

 

For detailed instructions for the interactive map see GreenwichStreets.com.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »