55 Open Houses on 9/22 – High End Market Surges in Greenwich

This week we have 55 open houses in Greenwich. As you can see in the market report below the high market is doing much better and catching up with the rest of the market. The upper end of the market has had a sharp turn around in the last two months and is well represented in today’s open houses with 16 open houses over $3 million. If you are interested in some of our most beautiful houses check out the inverted white triangles on our interactive map of this Sunday’s open houses.

Looks like a great day to get out and see some open houses so enjoy.

Address Town List Price Time Broker
212 Taconic Road Greenwich $16.9K 1-4 PM Prudential
52 Lafayette Place #4H Greenwich $320K 2-4 PM Coldwell Bnkr
47 Valley Road #B1 Cos Cob $385K 2-4 PM Prudential
21 High Street Greenwich $549K 2-4 PM Coldwell Bnkr
4 Lafayette Court #5B Greenwich $550K 2-4 PM Coldwell Bnkr
35 Pemberwick Road #2 Greenwich $558K 1-3 PM Coldwell Bnkr
88 Southfield Ave #203 Stamford $648K 2-4 PM Prudential
53 Locust Street 53 1/2 Greenwich $695K 2-4 PM Coldwell Bnkr
12 Circle Drive Ext Greenwich $695K 2-4 PM Raveis
62 Valley Road Cos Cob $729K 2-4 PM Raveis
347 Riversville Road Greenwich $995K 1-4 PM Coldwell Bnkr
17 Davenport Avenue Greenwich $1.195M 2-4 PM Raveis
54 Hawthorne Street No Greenwich $1.25M 1-3 PM Coldwell Bnkr
33 Maple Avenue Greenwich $1.375M 2-4 PM Grnwich Fine Prps
240 Palmer Hill Road Old Greenwich $1.375M 2-4 PM Sotheby’s
3 Tree Top Terrace Greenwich $1.479M 2-4 PM Sotheby’s
25 Nearwater Lane Riverside $1.515M 1-3 PM Shore & Cntry Prop
72 Stanwich Road Greenwich $1.59M 2-4 PM Sotheby’s
2 Bote Court Greenwich $1.595M 2-4 PM Grnwich Fine Prps
15 Linwood Avenue Riverside $1.599M 1-4 PM Weichert
68 Lockwood Road Riverside $1.695M 1-4 PM Prudential
12 Bryon Road Old Greenwich $1.795M 1-4 PM Coldwell Bnkr
20 Lockwood Road Riverside $1.95M 2-4 PM Sotheby’s
5 Dartmouth Road Cos Cob $1.995M 2-4 PM Sotheby’s
164 Dolphin Cove Quay Stamford $1.999M 2-4 PM Prudential
11 Angus Lane Greenwich $2.195M 2-4 PM Raveis
2 Finney Knoll Lane Riverside $2.195M 1:30-3:30 Raveis
48 Highview Avenue Old Greenwich $2.295M 2-4 PM Raveis
40 Lincoln Avenue Greenwich $2.385M 2-4 PM Coldwell Bnkr
19 Cresent Road Riverside $2.395M 1-3 PM Raveis
299 Palmer Hill Road Old Greenwich $2.399M 1-4 PM Raveis
12 Shore Road Old Greenwich $2.675M 2-4 PM Grnwich Fine Prps
22 Tomac Avenue Old Greenwich $2.689M 1-4 PM Grnwich Cust RE
208 Dolphin Cove Quay Stamford $2.695M 2-4 PM Prudential
6 Hemlock Drive Greenwich $2.775M 2-4 PM Sotheby’s
10 Deep Gorge Road Greenwich $2.85M 2-4 PM Grnwich Fine Prps
30 Sherwood Avenue Greenwich $2.85M 1-3 PM Prudential
9 Oakley Lane Greenwich $2.95M 1-4 PM Coldwell Bnkr
46 Will Merry Lane Greenwich $3.1M 1-4 PM Prudential
240 Riverside Avenue Riverside $3.199M 1-3 PM Coldwell Bnkr
93 Orchard Drive Greenwich $3.499M 2-4 PM Grnwich Fine Prps
514 Riverville Road Greenwich $3.55M 2-4 PM Sotheby’s
25 Nawthorne Road Old Greenwich $3.599M 12-3 PM Raveis
7 Hearthstone Drive Riverside $3.795M 1-4 PM Coldwell Bnkr
4 Cove Ridge Lane Old Greenwich $3.875M 2-4 PM Sotheby’s
20 West End Avenue Old Greenwich $4.189M 1-4 PM Higgins Grp
396 North Street Greenwich $4.2M 1-4 PM Prudential
212 Taconic Road Greenwich $4.395M 1-4 PM Prudential
5 Grimes Road Old Greenwich $4.495M 1-3 PM Raveis
150 Clapboard Ridge Greenwich $4.49M 1-4 PM Raveis
45 Baldwin Farms So Greenwich $4.995M 1-3 PM Sotheby’s
14 Red Coat Lane Greenwich $6.4M 2-4 PM Sotheby’s
421 Field Point Road Greenwich $6.4M 1-4 PM Prudential
28 East Point Lane Old Greenwich $7.995M 1-3 PM Sotheby’s

 

Thanks to Rob Pulitano for preparing the list of open houses and the interactive map and Jared Randall for the hot links. (Also sorry for the delay in getting this out, I just got three new listing including a beautiful $5 MM property on Round Hill and three active buyers so thing have been a little busy actually doing real estate work.)

 

 

HIGH END MARKET REPORT FOR GREENWICH, CT – September 22, 2013

September has been the month where you can see the high end market has started to really take off. If you been following my weekly market reports you know that sales under $1.5 million have been hot all year. As summer came along the hotness moved up the price ladder to around $3 million. The market over $7.5 million had been very slow with only two sales above that price prior to June 2013.

In August however, 140 Indian Head Road, 76 Winding Lane, 185 Taconic and 5 Old Round Hill Road  all four went to contract. Two of these four have already closed; 140 Indian Head Road closed at $11.9MM and 5 Old Round Hill Road closed for $10,375,000. In addition to these two September sales, 164 Round Hill Road closed this month for $15MM.

Sales are what economists like to look, but for buyers and sellers accepted offers, contracts and months of supply are a much better way of looking at what is going on in the market at any given moment. So far this month we’ve had two listing get accepted offers in only 3 days. Both 555 Lake Avenue (listed for $26,500,000) and 5 Conyers Farm Drive (listed for $11,995,000) accepted offers right after going on the market. In fact 555 Lake Avenue already has gone to executed contract. We also had 40 Field Point Circle sell for $24,000,000 in a private estate sale. Anytime you see houses at the price move off the market that fast something has changed.

Clearly the high end market is coming back. Many buyers have been in the market for months and even years waiting for the right time to buy. Three factors that have been talked about motivating this trend are the end of the Fed’s bonds buying, the de Blasio factor and the improving economy.  One potential buyer said that with interest rates going up the question became what to do with their bonds that would likely be dropping in value as the Fed reduced that stimulus effort. Even with the Fed sticking to its stimulus efforts for now Greenwich real estate looked like a good place to invest.

The second factor mentioned to me by a retired investment banker is the concern among New York City’s high income earners about NYC Democratic mayoral candidate Bill de Blasio.  De Blasio wants to raise taxes on everyone earning more than $500K/year to pay for child care.  He said that with Mayour Bloomberg leaving and likely to be replaced by Public Advocate Bill de Blasio, a classic NY tax and spend liberal,  Greenwich is looking like a really good place.

Lastly the economy is doing better and housing price are up nationwide so people are looking to reallocate assets into real estate. Having said all this at the moment we still have very much of a buyer’s market in this price range. We just got 19 new listings over $7.5 million come on the market in September as sellers want to move on to their next home(s).

If I were a buyer in this price range I’d be looking now as you have a good variety of choices, interest rates are still down for those looking to leverage their investment and a potential stampede🙂 out of New York is just in its beginning phase.

 

Address Stat L/Price C/Price SP/LP SP/SqFt SqFt Acres Assmt CD ADOM Bds Bths Gar# MillRt SP/Asmt Zone
555 LAKE AV AOCTS

26,500,000

 

18954

8.23

11178370

 

3

8

11

5

11.311

  RA-2
5 CONYERS FARM DR AOCTS

11,995,000

 

14706

12.77

4689790

 

3

8

8

6

10.675

  RA-4
44 CONYERS FARM DR CCONTR

14,500,000

 

12716

14.49

7827750

 

535

6

6

4

10.675

  RA-4
16 HURLINGHAM DR ECONTR

12,950,000

 

11980

10

6731410

 

83

6

8

4

10.39

  RA-4
6 MEADOWCROFT LN ECONTR

13,750,000

 

13196

8.07

7142520

 

168

6

8

8

10.39

  RA-2
76 WINDING LN ECONTR

11,750,000

 

16912

4.55

7639380

 

353

6

6

3

10.11

  RA-2
135 TACONIC RD ECONTR

14,950,000

 

14974

4.52

7110390

 

475

6

10

5

10.675

  RA-4
5 OLD ROUND HILL LN SOLD

10,750,000

10,375,000

0.965

737

14082

2.13

7360360

9/16/2013

181

6

8

4

10.675

1.41

RAC-4
435 LAKE AV SOLD

8,500,000

7,925,000

0.932

976

8122

2.15

4245360

5/13/2013

91

6

6

3

11

1.867

RA-1
516 NORTH ST SOLD

8,500,000

7,500,000

0.882

608

12334

2.75

5924170

6/3/2013

151

6

7

3

10.39

1.266

RA-2
75 CLAPBOARD RIDGE RD SOLD

10,350,000

9,050,000

0.874

0

 

2.5

5197360

7/3/2013

217

6

6

3

10.39

1.741

RA-2
140 INDIAN HEAD RD SOLD

12,395,000

11,900,000

0.96

891

13363

2.17

7461440

9/17/2013

377

7

6

3

10.675

1.595

RA-1
164 ROUND HILL RD SOLD

15,750,000

15,000,000

0.952

876

17121

4.17

8415750

9/6/2013

454

8

10

6

10.675

1.782

RA-1
41 MEADOWBANK RD SOLD

9,500,000

8,100,000

0.853

1,671

4847

1.02

5757850

6/10/2013

440

5

4

3

11

1.407

R-12
12 MEADOWCROFT LN SOLD

10,950,000

9,850,000

0.9

736

13391

2

4826710

8/7/2013

576

7

7

3

10.39

2.041

RA-2
25 LINDSAY DR SOLD

8,900,000

8,000,000

0.899

679

11778

2

4222260

3/11/2013

444

6

7

4

10.39

1.895

RA-2
21 MIDWOOD DR SOLD

11,999,000

10,650,000

0.888

650

16378

2.5

6598270

6/28/2013

1456

7

8

6

11

1.614

RA-2

 

 

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