Greenwich Real Estate Might Be The New Normal

While the Greenwich CT Real Esatate market has seen a fair number of trades in 2011, we were nowhere near the numbers during the boom. The market has seen a decent uptick over the last couple years, though I’m not going to sugar coat this and say that we are out of the woods and all in the future looks wonderful.  I’m not going to take some tiny details/growth-numbers and try to state that 2011 far exceeded 2010.  When looking at what happened over the past 9 months and comparing that to 2010, I’m seeing some surprising similarities.  List Price, Sales Price, Sales to List Price Ratio and Unit Sales are all very similar.  Even the time on the market is almost identical. While many are concerned about this and even more aren’t accepting of it, I am not that worried. 

What I believe we are witnessing right now is the new normal.  It doesn’t make sense to me, nor has it ever, to see compounding growth of 15%+ every year.  This asset class, that so many of us invest in, also provides an extra perk: a roof over our heads.  Municipal bonds provide an extra perk of tax incentives and therefore give out a little less in interest.  Equities provide a greater growth potential/upside than government bonds, but are more volatile/risky. There is a give and take with anything we invest in today. Because of this extra perk (roof over our heads) I have always been a strong proponent of investing in real estate.  I see it as a great place to put your money for the long term.  While I think the expression has been used too much, “they aren’t making any more of it” (land your house sits on).

If you or anyone else you know is interested in investing in Greenwich real estate, I am currently working with some fantastic developers and advisors to create full blown analytical reports on specific areas and property sites. We have had a lot of fun analyzing everything from the property envelopes (what you can build) to maximizing returns on additions to client’s primary residences. We’re always looking for new projects and clients, so please send them my way!

Scott Elwell 

Senior Vice President @ William Raveis
Founder/Real Estate Agent (MBA) - GreenwichCT.com
45 Field Point Road, Greenwich, CT 06830 | Licensed in CT & NY
Mobile: 203.940.0444 | Fax: 203.930.2808 | Email: scott@elwell.com
My 2011 Activity - Bio