Home Sales Over $10 Million Accelerating in Greenwich, CT

Over $10 Million Homes Sales Doing Much Better in Greenwich

John Christeroffersen of the Associated Press has a very good article about the rise in sales over $10 million homes in Greenwich and was nice enough to quote me. The article has appeared from coast to coast showing the continuing interest in Greenwich and the high end market.

The pace of the highest end sales is accelerating. We have had 6 properties sell for over $10 million this year. Three of these sales actually went to contract in 2013; one in March and two in October. We then had a contract in each of January, February and March. April is when things really started to take off with four “contracts” in the first 16 days. (Two of the properties went right from active to sold in the same day.)

$10M Real Estate Inventory as of  4/16/14

Greenwich CT Over $10M Real Estate Inventory as of 4/16/14

Greenwich Over $10M Home Inventory

Greenwich Over $10M Single Family Home Sales & Contracts as of 4/16/14

Our inventory of over $10 million listings is actually starting to deplete and months of supply is rapidly declining. In March of 2013 we only had one contract which with 44 active listings gave us 189 months of supply or over 15 years. As of today 4/16/13  we have 10 sales and contracts and only 38 listings. Our months of supply is down to 22.8 months or less than two years of supply.

The other interesting thing about sales this year are where they are in Greenwich.  Six of the ten properties are in backcountry Greenwich, the traditional home of Manhattanites looking for a weekend place. Backcountry Greenwich is less than an hour from Manhattan. Even on a Friday in the summer when the roads to the Hamptons are packed you can hop a Metro-North train and be by your pool in 75 minutes.

The great thing is all of these houses are gorgeous and each one is different. In this price range buyers are very particular and they may find that their options are actually very limited. If you want to live on Long Island in Old Greenwich you only have two choices in this price. So if you are interested in seeing one of these houses before they all disappear give me a call at 203-969-7900.

 

Greenwich, CT First Quarter Real Estate Report

MARKET REPORT 1st QUARTER PART TWO

 

  Under $1MM

As reported last week, 2014 has been a different year than the three proceeding years.  The two charts that show this best are below. The first pie chart shows first quarter sales. In the last couple of years the segment under $1 million was a small part of the inventory, but they represented a much larger portion of the sales. We see this somewhat in 2014 as the first three pie pieces are a little bigger in the Solds chart than in the Inventory chart, but not that much bigger.

Mar2014.SoldsYTDPie.mp.040314Mar2014.InvPie.mp.040314

 

 

 

 

 

 

 

 

 

 

 

$1M – 3M

If you look at the inventory chart and compare the width of the pie slices you can see that the standout section is the $2 – 3 million (ochre slice). It represents more than a quarter of sales, but less than a fifth of inventory. The other segment that stands out is the $1 – 1.5 M price range which has been selling well in Greenwich for years.

Over $3M

This price in prior years has been a fraction of sales. Now the $3 – 4M segment and the $4 – 5M sales slices are actually bigger than their inventory slices showing accelerating sales in these price ranges. It’s only when we get over $5M that we see the sales rate at less than the inventory. Having said this these categories were nearly none existent last year at this time. So far this year sales over $5 M represent 8% of our sales.

Mar2014.ContractPie.mp.040314 Mar2014.Inv.SalesPie.mp.040314

 

March Sales and Contracts

 

When you look at sales in March and pending contracts you can see that sales in low end under $2 million are rebounding from earlier this year, particularly in the $1.5 – 2.0M range. The good news for the high end is that we have contracts represented in every price range with the $3 – 4M price range looking particularly good.

 

Mar2014.Inv.Sale.YTD.mp.040314

 

49 Open Houses in Greenwich, CT on Palm Sunday

Greenwich Open Houses

Sunday, April 13, 2014

 

This  weekend presents a major effort to show off as much inventory as possible due to the holidays that start next week. There are 49 Open Houses scheduled for Sunday, April 13th. The prices range from a  $4,000 per month rental to a single family home for $6,500,000. The Open Houses span the full acreage of the town of Greenwich and into Stamford, from 31 Scott Road in Banksville to 7 Charter Oak Lane in Byram and up to Shippan in Stamford. Check out the interactive map and the schedules to plan your afternoon.

Please click here for the interactive map. The static map is below.

Thanks to Rob Pulitano for preparing the list of Open Houses and the interactive map and to Pam Toner for the hot links and the Word document attached and to Mark Pruner for the market analysis. The Word document prints out nicer if you are looking for something to take with you in the car.

 

Address Town Price Time Broker
333 Palmer Hill Road  #2B Riverside $4,000 12-2 PM Coldwell Bnkr
56 Milbank Avenue  #2 Greenwich $18,000 11-1 PM Coldwell Bnkr
79 Harbor Drive  #303 Stamford $465,000 1-4 PM Berkshire Hathaway
34 Talbot Lane Greenwich $475,000 1-4 PM Coldwell Bnkr
138 N Water Street Greenwich $525,000 1-3 PM Coldwell Bnkr
112 Putnam Park  #112 Greenwich $535,000 1-4 PM Berkshire Hathaway
43 Harbor Drive  #206 Stamford $549,000 1-4 PM Berkshire Hathaway
27 Byram Terrace Drive Greenwich $575,000 2-4 PM Coldwell Bnkr
48 Almira Drive Greenwich $635,000 1-3 PM Raveis
58 Greenwich Hills Drive  #58 Greenwich $700,000 2-4 PM Anderson Assoc
47 Lafayette Place  #2A Greenwich $745,000 1-4 PM Coldwell Bnkr
3 Windy Knolls Greenwich $750,000 2-4 PM Prime Sites
43 Sinawoy Road Cos Cob $769,000 2-4 PM Coldwell Bnkr
61 Seaside Avenue  #59 Stamford $790,000 1-4 PM Berkshire Hathaway
30 Ettl Lane Greenwich $820,000 1-3 PM Shore & Cntry
6 Buena Vista Drive Greenwich $875,000 1-3 PM Weichert
31 Scott Rd Greenwich $879,500 2-4 PM Weichert
42 Windy Knolls Greenwich $949,000 2-4 PM Raveis
7 Charter Oak Lane Greenwich $989,000 1-3 PM Shore & Cntry
5 MacArthur Drive Old Greenwich $1,150,000 1-4 PM Weichert
160 Valley Road Cos Cob $1,195,000 2-4 PM Raveis
62 Valleywood Road Cos Cob $1,295,000 2-4 PM Houlihan Lawrence
6 Highview Avenue Old Greenwich $1,395,000 1-3 PM Coldwell Bnkr
45 Orchard Place  #E Greenwich $1,398,888 1-3 PM Coldwell Bnkr
30 Stag Lane Greenwich $1,595,000 1-3 PM Raveis
330 Sound Beach Avenue Old Greenwich $1,695,000 1-4 PM Raveis
179 Stanwich Road Greenwich $1,695,000 1-4 PM Coldwell Bnkr
184 Shore Road Old Greenwich $1,795,000 1-4 PM Coldwell Bnkr
87 Lake Avenue Greenwich $1,800,000 2-4 PM Houlihan Lawrence
44 Orchard Place  #A Greenwich $2,050,000 1-3 PM Berkshire Hathaway
6 Gaston Farm Road Greenwich $2,325,000 2-4 PM Coldwell Bnkr
55 Shore Rd Old Greenwich $2,325,000 1-3 PM Weichert
25 Willowmere Avenue Riverside $2,495,000 1-3 PM Coldwell Bnkr
15 Palmer Terrace Riverside $2,495,000 1-4 PM Raveis
48 Lockwood Avenue Old Greenwich $2,875,000 2-4 PM Raveis
268 Palmer Hill Road Riverside $2,895,000 1-3 PM Raveis
7 Juniper Hill Road Greenwich $2,995,000 2-4 PM Raveis
276 Riversville Road Greenwich $2,995,000 2-4 PM Coldwell Bnkr
5 Sylvan Lane Old Greenwich $3,195,000 12-3 PM Coldwell Bnkr
16 Grant Ave Old Greenwich $3,200,000 2-4 PM New England Prop
35 Willow Road Riverside $3,350,000 1-3 PM Coldwell Bnkr
33 Alpine Road Greenwich $3,588,000 1-3 PM Raveis
96 Meadow Road Riverside $3,950,000 1-3 PM Coldwell Bnkr
56 Milbank Avenue  #B Greenwich $3,995,000 11-1 PM Coldwell Bnkr
132 Cedar Cliff Road Riverside $3,995,000 1-4 PM Berkshire Hathaway
12 Rocky Point Road Old Greenwich $3,995,000 2-4 PM Coldwell Bnkr
585 Round Hill Road Greenwich $4,495,000 1-3 PM Coldwell Bnkr
5 Grimes Road Old Greenwich $4,495,000 12-2 PM Coldwell Bnkr
421 Field Point Road Greenwich $6,500,000 1-4 PM Berkshire Hathaway

 

Copper Beech Farm sells for $120 million in Greenwich, CT

Copper Beach Farm - 499 Indian Field Road, Greenwich, CT

Copper Beach Farm – 499 Indian Field Road,
Greenwich, CT

***

Update @ 5 pm

The buyer of Copper Beech Farm is The Conservation Institute, LLC. This Connecticut LLC was formed on 4/2/14, presumably to purchase the property. The LLC is managed by Jonathan Whitcomb of Diserio Martin in Stamford as reported by the New Canaanite. The price is still a surprise to many in the community. So the identity of the Conservation Institute is still a matter of major speculation with some wondering whether this has anything to do with owner’s forestry properties in Montana.

***

 

The Greenwich MLS just listed Cooper Beach Farm at 499 Indian Field Road as having sold $120 million. This 50 acre Greenwich waterfront property included two small islands in Long Island Sound. David Ogilvy of David Ogilvy & Associates was both the listing and the selling broker. The 12 bedroom 7/2 house was constructed in 1898 and has 13,519 s.f. of above ground living space. While a beautiful house that was renovated in 1985 it was a period piece with no central air conditioning. As a result the bedrooms with best views in the house were the servants bedroom which were directly below the roof.

The 50 acres property is in a 2 acre zone which with a 15% subdivision set aside as required in Greenwich could theoretically allow 21 lots many with direct waterfront exposure, but when roads and other amenities are added there would be fewer lots. Certainly, the future use of this property will be the talk of the town for the next week.

 

Greenwich Real Estate 1st Quarter Statistics & Market Info – A New Year

MARKET REPORT

First Quarter Sales Numbers

 

Mar. 2014 Inventory Contracts Mo. Solds Tot. Solds+ Contracts YTD Solds  YTD+ Contracts Mos Supply Mos w/ Contracts
< $600K 12 3 2 5 4 7 9.0 7.7
$600-$800K 17 8 4 12 8 16 6.4 4.8
$800K-$1M 18 8 1 9 5 13 10.8 6.2
$1-$1.5M 44 16 6 22 15 31 8.8 6.4
$1.5-$2M 56 16 2 18 10 26 16.8 9.7
$2-$3M 88 11 6 17 25 36 10.6 11.0
$3-$4M 62 18 5 23 14 32 13.3 8.7
$4-$5M 32 7 1 8 8 15 12.0 9.6
$5-7.5M 71 3 1 4 5 8 42.6 39.9
$7.5-$10M 26 4 0 4 0 4 - 29.3
> $10M 44 4 0 4 3 7 44.0 28.3
TOTAL 470 98 28 126 97 195 14.5 10.8

 

If you just look at total solds graph below, sales are down after the tough winter, but they are up compared to last year in our mid-market $2 – 5 million. The $3 – 5 million market is also getting tighter with months of supply less than an year in what for anywhere else would be the high end mSales.SFH.2012-Mar2014Prelim.mp.040314arket. Our under $1 million market is supplied constrained and what is there is a very picked over market.

 

Sales Mostly Up & Some Down – Greenwich real estate had a stellar year in 2013 with 724 single family homes sold nearly the same as the 729 houses sold in the boom year of 2006. What had changed post-recession was the mix of sales with houses under $2 million dollars doing better as well properties closer to town. Many buyers now want to be closer to their neighbors with a house on a main road.  After March Greenwich sales stayed well above average until the U.S. government shutdown through a kink in September sales, but it only pushed sales into October. January 2014, normally a slow month was excellent then the hard winter slowed sales somewhat in February and March.

 

Mar2014.MoofSup.Ks.bar.mp.040314

$2 -5 M and over $10 million Takeoff

From 2010 to July 2013 the Greenwich house market was very consistent with a seller’s market under $1.5 million and a buyer’s market over $3 million. This changed with record highs in the market and the election of Mayor de Blasio. So far in 2014 we have seen $3 – 4 million homes sell almost as fast as houses under $600,000 homes. We’ve also seen the months of supply of over $10 million dollars home cut in half as financial company buyers become “fully bonused” with deferred compensation and their appreciated stock rewards from prior years accumulating vest in larger amounts.

All 46 Open Houses this Sunday 4/6 & Interactive Map

 

Greenwich Open Houses

Sunday, April 6, 2014

 

Spring has definitely sprung and we are in the first half of the spring market. We have 46 Open Houses scheduled for Sunday, April 6th. The prices range from $469,000 to $6,875,000.

 

Please click here for the interactive map. The static map is below along with the Market Report for the first quarter of 2014. We have a different market than anything we have seen in the past three years. The

4.6map

Thanks to Rob Pulitano for preparing the list of Open Houses and the interactive map and to Pam Toner for the hot links and the Word document attached. The Word document prints out nicer if you are looking for something to take with you in the car.

 

 

Address Town Price Time Broker
21 Cary Road Riverside $469,000 1-3 PM Coldwell Bnkr
51 Forest Ave  #1 Old Greenwich $532,000 1-4 PM Berkshire Hathaway
20 High Street Greenwich $575,000 12-4 PM Coldwell Bnkr
115 Halstead Ave  #B Greenwich $599,000 1-3 PM Raveis
32 Ettl Ln Greenwich $715,000 1-3 PM Keller Williams
30 Ettl Lane Greenwich $820,000 1-3 PM Shore &Cntry
82 Northfield Street A Greenwich $949,800 2-4 PM Coldwell Bnkr
5 MacArthur Dr. Old Greenwich $1,150,000 1-4 PM Weichert Realtors
304 Orchard Street Greenwich $1,285,000 1-4 PM Sotheby’s
16 Licata Terrace Cos Cob $1,350,000 2-4 PM Coldwell Bnkr
48 Orchard Street Cos Cob $1,495,000 1-3 PM Berkshire Hathaway
52 Benjamin Street Old Greenwich $1,535,000 1-3 PM Berkshire Hathaway
44 Bote Road Greenwich $1,595,000 1-3 PM Coldwell Bnkr
9 Mortimer Drive Old Greenwich $1,649,000 1-4 PM Weichert Realtors
276 Southfield Avenue Stamford $1,725,000 1-4 PM Berkshire Hathaway
330 Sound Beach Avenue Old Greenwich $1,745,000 1-4 PM Raveis
134 Butternut Hollow Road Greenwich $1,795,000 2-4 PM Houlihan Lawrence
76 Richmond Hill Road Greenwich $1,900,000 2-4 PM Houlihan Lawrence
741 Riversville Road Greenwich $1,995,000 2-4 PM Houlihan Lawrence
73 Connecticut Avenue Greenwich $1,995,000 1-3 PM Raveis
69 Hillcrest Park Road Old Greenwich $2,195,000 2-4 PM Newbridge
30 Montgomery Lane Greenwich $2,245,000 2-4 PM Houlihan Lawrence
35 Shady Lane Greenwich $2,295,000 2-4 PM Coldwell Bnkr
4 River Ave Greenwich $2,299,000 12-2 PM Raveis
55 Shore Rd Old Greenwich $2,349,000 1-3 PM Weichert Realtors
32 Welwyn Road Riverside $2,375,000 1-4 PM Centric Property
18 Hawkwood Lane Greenwich $2,550,000 2-4 PM Houlihan Lawrence
58 Thunder Mountain Road Greenwich $2,575,000 1-4 PM Berkshire Hathaway
2 Old Church Road 2 Greenwich $2,649,000 2-4 PM Houlihan Lawrence
10 Gaston Farm Road Greenwich $2,695,000 2-4 PM Houlihan Lawrence
268 Palmer Hill Road Riverside $2,895,000 1-3 PM Raveis
54 Dingletown Road Greenwich $2,950,000 2-4 PM Sotheby’s
46 Will Merry Lane Greenwich $2,995,000 1-4 PM Raveis
87 Perkins Road Greenwich $3,000,000 1-3 PM Berkshire Hathaway
46 Park Avenue Old Greenwich $3,199,000 2-4 PM Houlihan Lawrence
159 Park Avenue Greenwich $3,200,000 2-4 PM Houlihan Lawrence
36 Shore Road Old Greenwich $3,295,000 2-4 PM Houlihan Lawrence
27 Chieftans Road Greenwich $3,395,000 2-4 PM Houlihan Lawrence
75 Dearfield Drive Greenwich $3,495,000 1-4 PM Coldwell Bnkr
2 Winding Lane Greenwich $4,450,000 2-4 PM Houlihan Lawrence
212 Taconic Road Greenwich $4,500,000 1-4 PM Berkshire Hathaway
733 Lake Avenue Greenwich $4,795,000 2-4 PM Houlihan Lawrence
26 Glen Avon Drive Riverside $4,850,000 2-4 PM Houlihan Lawrence
22 Stillman Lane Greenwich $5,495,000 1-3 PM Houlihan Lawrence
20 Langhorne Lane Greenwich $6,195,000 1-3 PM Coldwell Bnkr
7 Oakwood Lane Greenwich $6,875,000 2-4 PM Houlihan Lawrence

We also have a couple of late entries so stop by and see my friends Harvey Thomas at 1 Lita Drive and Marilyn Harris at 215 Palmer Hill.

1 Lita Driver      $1,545,000   1 – 4 PM   Berkshire Hathaway

215 Palmer Hill Road     $1,199,000    1 – 4 PM    Berkshire Hathaway

 

Pressure Builds on CT to Repeal State Gift Tax – Now the Only Remaining State with a Gift Tax

forbes_logo_main

 

 

I testified in Hartford about the need to repeal Connecticut’s state gift tax. It doesn’t raise a lot of money and discourages high net worth people from moving to Connecticut and encourages those in CT to relocate. Until this month we at least had one other state, Minnesota, that also had a gift tax, but as Ashlea Ebeling reports for Forbes Minnesota has repealed its statute.

She quotes me as saying the tax is an abomination and it is. What is the point of a tax that costs a state more money than it raises. The gift tax’s greatest impact is on very large estates so by being the only state in the union with such a tax we are discouraging the very families that would pay much more in income and other taxes, start businesses, give to charities and keep the gold in the Gold Coast from moving to Connecticut.

Connecticut is also on of the few states in the US with an estate tax, but as you can see from Ashlea’s article analyzing the state estate tax laws every state in New England and the Mid-Atlantic states also have a death tax so the CT estate tax is less of a factor in home buying. In fact for the moment, moving to CT from NY will save you estate taxes. Greenwich’s high end is definitely doing better in 2014 than 2013, but we still have a ways to go.

Now is an even better time to write you state legislator and ask him or her to repeal the last remaining gift tax in the nation.