GT – Teardowns are up in Greenwich as people and contractors build for today’s Greenwich real estate market

Greenwich Time LogoThe Greenwich Time has an interesting article about the increasing number of teardowns in Greenwich. At the depth of the recession only 50 demolition permits were issued by the Greenwich Building Department in FY 2009 – 2010. This was down from a peak of 192 demolition permits in 2005 – 06. In the last two years they have jumped back up approaching boom time levels. For the last fiscal year 2013 – 14, as Robert Marchant reported in the Greenwich Time article, Greenwich issued 125 building reports.

Driving around town it looks like since the start of this fiscal year on July 1, 2014 this trend is only going to increase in this fiscal year. Central Greenwich, Old Greenwich and mid-country all seem to have their share of tear downs. Greenwich Demolition Permits 2000 - 2014As the reporter quoted me, “Colonial styles are very popular. But what people want is a more open floor plan, with a large family room, or great room, where you can watch the kids while making dinner. People want higher ceilings, they want color and wood paneling is not favored as much.”

Most of the tear downs are often just that. Houses from the 1920s to the 1950s that haven’t been taken care are of a design that hasn’t aged well. Contemporaries and split-levels are tough sells and often a candidate for replacement by a modern open floor plan which many buyers are looking for in today’s market.

We are, however, also losing some great antique houses from one hundred and even two hundred years ago. Other than a demolition notice posted on the property, neither the town nor the state provide any statutory protection. The Greenwich Historical Society plaques many of these great, older houses, but this doesn’t prevent a new owner from tearing down it only lets the new owner know he has a house of historical significance.

We should have some way to protect these older houses of historical significance without making them worth less to their owners. A tax abatement or some other encouragement to discourage teardowns of these historic houses would be a great idea.

GREENWICH REAL ESTATE MARKET REPORT FOR OCTOBER 2014

We had 42 sales of single family homes in October 2014 this is up from last year and up from September. Seeing sales increase in October is unusual and the market does seem a little busier. Inventory is also tightening up as we have barely 500 houses on the market. We have 43 houses under $1M on the GMLS which represents a 3 – 4 months of supply under a million dollars.

At the other end of the market we have sold 14 houses sold over $10M, but we have 54 houses on the market or a 3 year supply. We seemed to have had pent up supply over $5 million and as sales in this market have come back, we have seen owners move to put their properties on the market. Over $5M we have 163 listings.

OCTOBER MARKET REPORT Inventory As of 11/7/14 Contracts Last Mo. Solds Tot. Solds+ Contracts YTD Solds  YTD+ Contracts Mos Supply Mos w/ Contracts Last Mo. Annlzd
< $600K 8 7 2 9 20 27 4.0 3.4 4.0
$600-$800K 18 3 9 12 47 50 3.8 4.1 2.0
$800K-$1M 17 11 1 12 45 56 3.8 3.5 17.0
$1-$1.5M 51 17 6 23 87 104 5.9 5.6 8.5
$1.5-$2M 51 12 5 17 74 86 6.9 6.8 10.2
$2-$3M 89 20 9 29 99 119 9.0 8.6 9.9
$3-$4M 70 9 3 12 59 68 11.9 11.8 23.3
$4-$5M 51 6 1 7 28 34 18.2 17.3 51.0
$5-7.5M 79 10 4 14 24 34 32.9 26.7 19.8
$7.5-$10M 30 3 1 4 7 10 42.9 34.5 30.0
> $10M 54 0 1 1 14 14 38.6 44.4 54.0
TOTAL 518 98 42 140 504 602 10.3 9.9 12.3

The good thing is that we 98 contracts waiting to close and sales all the way up to $4 million are moving along.

 

Greenwich Sunday Open Houses, Novermber 9, 2014

There are 46 Open Houses in Greenwich this weekend! As the Holidays creep closer, the Open House activity increases. The rentals range in price from $3,500 per month to $12,000 per month. The homes for sale range in price from $275,000 to $10,850,000. The times vary so plan your tour carefully.

 

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

Greenwich, CT Open Houses

Thanks to Rob Pulitano for preparing the list of Open Houses and the interactive map and to Pam Toner for the hot links.

Address Area Price Time Broker
5 Grove Street Cos Cob $3,500 10-12 PM Coldwell Banker
4 Waterfall Lane Cos Cob $3,600 2-4 PM Raveis
70 Wesskum Wood Road Riverside $12,000 1-3 PM Raveis
2 Homestead Lane  #112 Greenwich $275,000 1-3 PM Coldwell Banker
1465 E Putnam Avenue  #616 Old Greenwich $350,000 1-3 PM Coldwell Banker
20 High Street Greenwich $549,000 12-2 PM Coldwell Banker
165 Pine Street Greenwich $565,000 1-3 PM Weichert
98 Valley Road  #9 Cos Cob $599,000 1-3 PM Houlihan Lawrence
24 Taylor Drive Cos Cob $629,000 1-3 PM Berkshire Hathaway
13 Fletcher Avenue Greenwich $650,000 2-4 PM Weichert
57 Richmond Drive Old Greenwich $895,000 2-4 PM Coldwell Banker
7 Sickle Bar Lane Riverside $895,000 1-3 PM Shore and Country
9 Linwood Avenue Riverside $899,500 1-4 PM Berkshire Hathaway
14 Cat Rock Road Cos Cob $965,000 1-4 PM Berkshire Hathaway
285 Bruce Park Avenue  #A Greenwich $1,195,000 1-3 PM Weichert
1017 North Street Greenwich $1,275,000 1-3 PM Douglas Elliman
17 Manor Road Old Greenwich $1,295,000 1-3 PM Coldwell Banker
69 Stanwich Road Greenwich $1,350,000 1-4 PM Berkshire Hathaway
51 Glen Road Greenwich $1,395,000 1-4 PM Berkshire Hathaway
53 Indian Field Road Greenwich $1,399,000 12-2 PM Raveis
365 Round Hill Road Greenwich $1,595,000 1-3 PM Weichert
314 N Maple Avenue Greenwich $1,775,000 1-3 PM Shore and Country
178 Milbank Avenue  #B Greenwich $1,795,000 1-3 PM Coldwell Banker
233 Milbank Avenue  #8 Greenwich $1,795,000 12-2 PM Houlihan Lawrence
3 Whitney Drive Greenwich $1,949,000 1-4 PM Coldwell Banker
11 Circle Drive Greenwich $1,950,000 1-4 PM Berkshire Hathaway
233 Milbank Avenue  #1 Greenwich $2,050,000 12-2 PM Houlihan Lawrence
55 Shore Road Old Greenwich $2,195,000 12-4 PM Weichert
16 Crescent Road Riverside $2,295,000 1-3 PM Coldwell Banker
69 Mallard Drive Greenwich $2,450,000 1-3 PM Sotheby’s
39 Bedford Road Greenwich $2,500,000 11-1 PM Auction
106 Patterson Avenue Greenwich $2,850,000 2-4 PM Raveis
44 Cedar Cliff Road Riverside $3,400,000 1-3 PM Coldwell Banker
9 Stallion Trail Greenwich $3,450,000 1-4 PM Berkshire Hathaway
5 Grimes Road Old Greenwich $3,595,000 2-4 PM Coldwell Banker
29 Byfield Lane Greenwich $3,595,000 1-3 PM Raveis
15 Lexington Avenue Greenwich $3,695,000 2-3 PM Coldwell Banker
95 Connecticut Avenue Greenwich $3,695,000 2-3 PM Coldwell Banker
98 North Street Greenwich $3,850,000 11-1 PM Coldwell Banker
21 Walsh Lane Greenwich $4,295,000 1-4 PM Berkshire Hathaway
29 Keofferam Road Old Greenwich $4,295,000 1-3 PM Coldwell Banker
19 Shoal Point Lane Riverside $4,500,000 2-5 PM Coldwell Banker
22 Stillman Lane Greenwich $4,995,000 1-4 PM Coldwell Banker
11 N Crossway Old Greenwich $5,995,000 1-3 PM Shore and Country
14 Golf Club Road Greenwich $6,850,000 12-1:30 PM Coldwell Banker
21 Midwood Drive Greenwich $10,850,000 1-3 PM Coldwell Banker

 

Static Map:

PRIVATE REAL ESTATE SALES IN GREENWICH

Most of the statistics that you see for Greenwich, CT are for sales on the Greenwich MLS, but about 1 out of 8 sales are done outside the GMLS. This doesn’t always mean that a real estate agent is not involved, but does mean that it was never listed for sale publicly on the GMLS.

At the lower end of the market you see bank owned properties that only appear on the Greater Fairfield County MLS (the CMLS). Banks often retain one firm to handle all sales of bank owned property in Fairfield County. Since belonging to the GMLS is expensive and the GMLS charges for each listing whereas listing on the CMLS are free, lots of bank owned properties end up there. Of the 89 properties sold under $600K, 14 didn’t appear on the GMLS.

Total Private % % Diff.
Average 2,323,452 2,341,176 100.8%
Median 1,500,000 1,637,500 109.2%
< $600K 89 14 15.7% 2.7%
$600-$800K 75 5 6.7% -6.4%
$800K-$1M 71 10 14.1% 1.1%
$1-$1.5M 116 14 12.1% -1.0%
$1.5-$2M 88 15 17.0% 4.0%
$2-$3M 105 10 9.5% -3.5%
$3-$4M 67 9 13.4% 0.4%
$4-$5M 29 2 6.9% -6.1%
$5-$10M 37 10 27.0% 14.0%
> $10M 14 1 7.1% -5.9%
TOTAL 691 90 13.0%

At the other end of the price range and by far the stand out for private sales is the $5 – 10M price range where 27% of the sales are private or more than double the average for the rest of the market. Of these sales two were in Millbrook, three were on Club Road and another was on Field Point Circle. People here often let owners of these high end properties know that in the event they should ever want to sell they’d be happy to buy.

Private Real Estate Sales in Greenwich

Private Greenwich Real Estate Sales by Price Range (Not listed on GMLS)

This price range has had our largest months of supply, but when you add in the 10 private sales this segment definitely looks better. So when you see sales figures you might want to ask whether they include all sales.

If you need information about a private sale in Greenwich feel free to give me a call at 203-969-7900. Mark

Greenwich Open Houses Sunday, November 2, 2014

32 Open Houses in Greenwich this weekend! The rentals range in price from $3,500 per month to $11,000 per month. The homes for sale range in price from $494,000 to $10,850,000. The times vary so plan your tour carefully.

Please click here for the interactive map.

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 his weekly Market Analysis which is published weekly at www.greenwichstreets.com.

 

 

Address Town Price Time Broker
28 Rippowam Road  #A Cos Cob $3,500 2-4 PM Ogilvy
45 William Street  #A Greenwich $6,500 1-4 PM Berkshire Hathaway
2 Idar Court  #A Greenwich $11,000 2-4 PM Coldwell Banker
53 Rodwell Avenue  #A Greenwich $494,000 1-4 PM Keller Williams
47 Lafayette Place  #2i Greenwich $549,000 1-3 PM Raveis
165 Pine Steet Greenwich $565,000 1-3 PM Weichert
66 Richland Road  #B Greenwich $629,000 12-3 PM Raveis
13 Fletcher Avenue Greenwich $650,000 2-4 PM Weichert
48 Rodwell Avenue  #A Greenwich $669,000 1-3 PM Raveis
100 Strickland Road  #8 Cos Cob $670,000 2-4 PM Raveis
303 Bruce Park Avenue Greenwich $699,000 1-3 PM Weichert
6 Caroline Farms Road  #4 Cos Cob $795,000 2-4 PM Douglas Elliman
80 Bedford Road Greenwich $1,000,000 1-4 PM Berkshire Hathaway
35 Center Drive Old Greenwich $1,085,000 1-3 PM Halstead Property
21 West End Avenue Old Greenwich $1,099,000 1-3 PM Berkshire Hathaway
285 Bruce Park Avenue  #A Greenwich $1,195,000 1-3 PM Weichert
1017 North Street Greenwich $1,275,000 12-3 PM Douglas Elliman
1 Old Church Road  #7 Greenwich $1,400,000 2-5 PM Coldwell Banker
45 William Street  #A Greenwich $1,630,000 1-4 PM Berkshire Hathaway
55 Shore Road Old Greenwich $2,195,000 2-4 PM Weichert
88 Dingletown Road Greenwich $2,395,000 12-3 PM William Pitt Sotheby’s
3 Azalea Terrace Cos Cob $2,399,000 1-4 PM Berkshire Hathaway
2 Idar Court  #A Greenwich $2,475,000 2-4 PM Coldwell Banker
34 Hearthstone Drive Riverside $2,500,000 1-4 PM Berkshire Hathaway
39 Bedford Road Greenwich $2,500,000 11-1 PM Auction
17 Mortimer Drive Old Greenwich $2,749,000 1-3 PM Houlihan Lawrence
420 North Street Greenwich $2,795,000 1-4 PM Sotheby’s
1333 King Street Greenwich $2,845,000 1-4 PM Berkshire Hathaway
7 Holman Lane Old Greenwich $3,395,000 2-4 PM Raveis
38 Bramble Lane Riverside $3,895,000 1-4 PM Berkshire Hathaway
30 Vineyard Lane Greenwich $4,850,000 1-3 PM Coldwell Banker
21 Midwood Drive Greenwich $10,850,000 1-3 PM Coldwell Banker