Greenwich Open Houses, September 16

We have 69 open houses this week with a nice concentration of over $2MM homes in Old Greenwich and Riverside. We also have eight rentals though in some cases the same house is on for rent and sale. Rentals even over $10,000 often go fast so if you are interested in buying a house that is also for rent take a look sooner rather than later. We have 18 houses and condos under $1 million, 15 open houses between $1 and $2 million and 28 listings over $2 million. It’s amazing to me how the recovery of the over $2MM in market in Greenwich brings out the open houses. Guess brokers feel it’s worth their time now. Check out the market report below for more about the pickup in the market.

You can see the live interactive map here and the open house list below. For detailed instructions for the interactive map see GreenwichStreets.com. One nice feature of the interactive map is if you click on a pin you get a pop-up balloon with price, open house time and location.

GREENWICH REAL ESTATE MARKET REPORT

The Greenwich real estate market continues to gain strength as you can see from the chart below. For the month of August we had 70 single family home sales. As you can see by the red line, this is significantly better than we did in either 2010, 2011 or the six average. Even in the boom year of 2007 we only sold 74 homes in August. So the market is recovering nicely.  

John Cooke’s numbers show Greenwich real estate market turn around

John Cooke, my fellow broker in Prudential’s Greenwich office, prepares a monthly sales analysis, which puts everything on one page. If you are interested in Greenwich real estate statistics it is a must read. The full report is attached, but to me the biggest highlight is that our year to date sales of condos and houses have now both exceeded sales in 2011. For most of 2012 our sales had trailed 2011 by several percentage points, but as of August 2012 we are up 1% in home sales to a total of 441 homes sold and up 8% in condos sold to 103 condos.

 Average and median prices still down due to market mix shift earlier this year, Condos up

Our median house price for the year is $1,590,000 down from $1,750,000, but this is not dueto a fall in house prices, but to the increase in sales under $2 million and the earlier decrease in 2012 sales over $2 million. As you can see from John’s numbers the under $2 million market in Greenwich is up 15% in market sales while the over $2 million market is still down 16% for the year. This change has gotten better since June as the higher end market has recovered, but any time the market shift its mix of sales the median will move.  For condos the average price is up 8% for the year, but once again this gain tends to jump around from month to month, but 8% up is very nice year to year price increase in a no inflation environment.

$400 - $700K market hottest, $4 – 5MM market slowest

As you can see from John Cooke’s analysis, sales in the $400,000 to $600,000 market are up 70% and sales from $600,000 to $750,000 are up 47%. In this price range most of the purchasers receive salaries rather than bonuses as their primary compensation. At the other end the $4 – 5 million market is down 46% as Wall Street’s change to deferred compensation bonuses means there is less cash to buy these houses. Over $5 million things aren’t quite so bad. Sales volume is only down 5% as we see more foreign buyers looking to the U.S. as a safe haven.

As Yogi Berra said, “You can see a lot by just looking.” and these numbers are worth spending some time with.

Thanks again to Rob Pulitano for his good work on preparing the list and the map. Apologies from me for getting it out so late. I had a call in and a walk in yesterday as well as a couple of active negotiations going on and couldn’t get to the list until now. 

Sunday should be a beautiful day so if you are thinking about buying it’s a good day to go for a drive. If you are out and about you can see the open house I’m hosting at 9 Sinawoy Road in Cos Cob from 1 – 4 pm and also stop by the Cos Cob Fire Department’s huge flea market from 10 – 4 pm just around the corner.

GREENWICH OPEN HOUSE LIST FOR SEPT. 16, 2012

Address

Town

List Price

Open House Time

Broker

81 Sherwood Pl  #D

Greenwich

$8,500

1-4 PM

Prudential

1397 King St

Greenwich

$9,500

1-3 PM

Coldwell Bnkr

39 Willow Rd

Riverside

$9,975

1-3 PM

Coldwell Bnkr

48 Arcadia Rd

Old Greenwich

$11,500

1-3 PM

Coldwell Bnkr

81 Sawmill Ln

Greenwich

$12,500

2-4 PM

Prudential

45 Close Rd

Greenwich

$12,500

2-4 PM

Prudential

30 Sherwood Av

Greenwich

$12,500

2-4 PM

Prudential

55 Will Merry Ln

Greenwich

$14,000

2-4 PM

Coldwell Bnkr

1525 E Putnam Ave  #301

Greenwich

$299,000

1-4 PM

Prudential

87 Putnam Park  #87

Greenwich

$389,000

2-4 PM

Raveis

1465 E Putnam Av  #530

Old Greenwich

$389,000

1-3 PM

Coldwell Bnkr

455 Hope Street  #4B

Stamford

$389,000

1-4 PM

Prudential

176 Hobart Av

Greenwich

$500,000

1-3 PM

Coldwell Bnkr

21 Wescott St

Riverside

$534,900

1-3 PM

Raveis

24 Wessels Pl

Greenwich

$541,000

2-4 PM

Raveis

60 Valley Rd  #A

Cos Cob

$645,000

2-4 PM

Raveis

230 Valley Rd

Cos Cob

$650,000

2-4 PM

Raveis

230 Valley Rd

Cos Cob

$650,000

2-4 PM

Raveis

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

133 Lake Av

Greenwich

$749,000

1-4 PM

Prudential

53 Harvest Hill Ln

Stamford

$875,000

1-4 PM

Prudential

9 Sinawoy Rd

Cos Cob

$950,000

1-4 PM

Prudential

73 Weaver St  #23

Greenwich

$985,000

2-4 PM

Coldwell Bnkr

9 Center Rd

Old Greenwich

$990,000

1-4 PM

Higgins Grp

1 Mortimer Dr

Old Greenwich

$1,050,000

2-4 PM

Sotheby's

19 Miltiades Av

Riverside

$1,195,000

2-4 PM

Shore & Cntry

49 Indian Mill Rd

Cos Cob

$1,250,000

1-4 PM

Raveis

116 Lockwood Rd

Riverside

$1,275,000

1-4 PM

Raveis

60 Valley Rd A & B

Cos Cob

$1,295,000

2-4 PM

Raveis

81 Sherwood Pl  #D

Greenwich

$1,425,000

1-4 PM

Prudential

77 Sherwood Pl  #B

Greenwich

$1,525,000

1-4 PM

Prudential

99 Stanwich Rd

Greenwich

$1,595,000

1-3 PM

Higgins Grp

483 Riversville Rd

Greenwich

$1,595,000

1-4 PM

Shore & Cntry

49 Pecksland Rd

Greenwich

$1,695,000

1-3 PM

Shore & Cntry

30 Stonebrook Ln

Cos Cob

$1,775,000

1-4 PM

Raveis

43 Stag Ln

Greenwich

$1,850,000

2-4 PM

Sotheby's

127 Havemeyer Pl

Greenwich

$1,897,000

1-4 PM

Raveis

17 Sherwood Ave

Greenwich

$1,899,000

12-2 PM

Keller Williams

79 William St

Greenwich

$1,925,000

2-4 PM

Coldwell Bnkr

24 Meadow Rd

Riverside

$2,150,000

1-4 PM

Prudential

18 Ravenglass Dr

Stamford

$2,195,000

1-4 PM

Prudential

17 Candlelight Place

Greenwich

$2,297,000

1-3 PM

Prudential

18 Flying Cloud Rd

Stamford

$2,375,000

1-3 PM

Prudential

48 Arcadia Rd

Old Greenwich

$2,479,000

1-3 PM

Coldwell Bnkr

11 Grimes Rd

Old Greenwich

$2,575,000

2-4 PM

Coldwell Bnkr

21 Lake Dr

Riverside

$2,695,000

2-4 PM

Shore & Cntry

30 Sherwood Av

Greenwich

$2,750,000

2-4 PM

Prudential

39 Willow Rd

Riverside

$2,800,000

1-3 PM

Coldwell Bnkr

9 Miltades Ave

Riverside

$2,850,000

1-4 PM

Prudential

81 Sawmill Ln

Greenwich

$2,950,000

2-4 PM

Prudential

55 Will Merry Ln

Greenwich

$3,250,000

2-4 PM

Coldwell Bnkr

38 Meadowbank Rd

Old Greenwich

$3,300,000

1-4 PM

Raveis

24 Sunset Rd

Old Greenwich

$3,495,000

2-4 PM

Sotheby's

24 Marks Rd

Riverside

$3,495,000

2-4 PM

Sotheby's

36 Montgomery Ln

Greenwich

$3,595,000

2-4 PM

Summit

21 Indian Head Rd

Riverside

$4,100,000

2-4 PM

Sotheby's

125 Cat Rock Rd

Cos Cob

$4,175,000

1-4 PM

Higgins Grp

4 Cove Ridge Ln/Hendrie Dr Ext

Old Greenwich

$4,195,000

1-3 PM

Coldwell Bnkr

1 Little Cove Ln

Old Greenwich

$4,195,000

1-4 PM

Raveis

585 Round Hill Rd

Greenwich

$4,495,000

2-4 PM

Coldwell Bnkr

45 Close Rd

Greenwich

$4,999,000

2-4 PM

Prudential

45 Close Rd

Greenwich

$4,999,000

2-4 PM

Prudential

487 North St, Lots 2&3

Greenwich

$5,000,000

2-4 PM

Coldwell Bnkr

487 North St Lot #5&6

Greenwich

$6,000,000

2-4 PM

Coldwell Bnkr

504 North St

Greenwich

$6,850,000

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