The 2017 Condo Market in Greenwich, CT

From a real estate view Greenwich is really more like a small city than a town. We have a variety of different types of housing from large single-family homes that everybody reads about in the national press to studio apartments for rent. As a result, we have something for just about everybody.

The Condo Market: One area that doesn’t always get a lot of attention is our condominium market. Right now, we have 89 condos and 17 co-ops listed for sale in Greenwich. This compares to 540 single family homes. These condos vary in price from $349,000 to $4.9 million. Our median price condo (including the co-ops) listing is $1.25 million. Most of our condominiums are located within a half mile of the Post Road with a major concentration in central Greenwich.

On the sales side we have sold 35 condos so far this year and we have 30 condos under contract. Under $1 million we have 48 condos for sale and 33 sales so far this year. It is a hot market. We only have 3.7 months of supply under $1 million. This means that if no more inventory work to come on the market at the present sales rate we would be out of condominiums by the middle of July.

Above $1 million we have a different market. We have 58 condominiums for sale and so far this year we’ve sold 10. This works out to about one year of supply. The same resistance is seen in the single family home market except instead of at $1 million as it is with the condominium market it is at the $1.5 million level.

Over $4 million months of supply for single-family homes take another jump up to over 2 years supply, but we don’t see this in the condominium market because there is practically no supply of condominiums above $3 million.

Condos come in a lot of different flavors. You have apartment style condominiums like 40 W. Elm St. in downtown Greenwich and you also have townhouse condominiums like at the Commons on the Post Road in Old Greenwich. You even have free standing houses like those at Lyon Farm, which are also condominiums due to the way the land is owned.

When buying a condominium, you need to be more careful to find out just what it is that you are buying into. Many condominium deeds only transfer the interior spaces to the buyer sometimes described as ownership from wallpaper to wallpaper. The structure itself as well as the driveways, roads and other common elements are jointly owned by all association members. Also the items that the buyers is getting may not be in the unit. Things such as parking spaces and storage units may be a good distance from the unit.

One thing that sellers may not know is that under the Connecticut Common Interest Ownership Act the buyer has a five day right of rescission until they are given the condominium resale certificate which includes rules, regulations and a balance sheet. So anyone selling a condominium should put in a phone call to the person who prepares the resale certificate and let them know that the request may be coming in soon. For this right of rescission to apply the association needs 13 or more lots, so buyers in associations with a small number of units don’t have this right though you still should take a look at the documents.

If you are a buyer you want to read over the documents to make sure there are adequate reserves and also to see what rules apply. Pet policies in particular may be a surprise to some prospective buyers who may or may not want pets.

Co-ops: While the structures themselves may look very similar to a condo, co-ops are an older and very different ownership model. When you buy a co-op you’re not buying a fee simple in land or more appropriately air space, you’re buying shares of stock in a corporation. Each set of shares is assigned to a particular unit and gives you the right to occupy that unit.

In a co-op, the individual shareholders don’t pay taxes. The corporation itself pays taxes since it’s the owner of all of the land and buildings. One of the issues with that is that you can’t go down to the tax assessors office and pull the field card for a particular unit, since there is only one field card for the entire property. As such, things that might normally be easy to find out such as the square footage of a particular unit or prior owners can be more difficult to ascertain.

Another unique thing about co-ops is their boards can decide whether or not a co-op owner/buyer can do the transaction. While we don’t have the epic struggles to get into a co-op as you hear about in New York City, the boards often meet with the prospective buyer and some co-ops want to see your balance sheet and references before they will let you in. Co-op financing in Connecticut may also be difficult since they’re only a couple of banks that will make loans on co-ops in Connecticut. For all these reasons condos are more populus here in Greenwich.

Overall condos and co-ops provide the right type of housing for a variety of people and different life stages. Our market is busy, so if you don’t see what you like now, it may get listed next month.


Buyer’s Guide to Winning Multiple Offer Bidding

So far this year, we have had 180 single family homes go to contract or closed. Of those 180 transactions about one-sixth have either sold for list price or more or been on the market for less than a month. Now you would think that these properties were our lower priced properties, but the price distribution matches our sales distribution fairly well. Eight of the 29 properties were priced less than $1M, 13 were from $1 – 2M and eight of the properties were priced over $2M. So a well-priced, desirable property can sell quickly at any price.

1st Quarter Over List and Quick Sales

So how does a buyer get an advantage in competitive bidding situations or a tight market? The short answer is to be better prepared than your competition and then use that preparation to move quickly.

Build a Team Early

Everyone knows to get a good Realtor when they buy a house, but you will need other professionals too. If you are going to need financing talk to a mortgage broker or banker early. Meet with them and build a relationship. Very few financings are pro forma today.

Most buyers don’t think about a real estate attorney until after their offer has been accepted. Be prepared and find your attorney early. Let him or her know your level of experience and that you’ll probably need a quick turn around on the contract rider.

Building inspectors can also be a big help. Once again, speed can be crucial. In a competitive bidding situation you may only have a day or two to inspect the property. The only thing worse than coming in second in a bidding war is winning it and getting a house with problems.

The top capital gains tax has increased and there is an additional 3.8% Medicare tax on gains. The rules are complex, but if you have a significant gain in your present house, you may face a bigger tax bite this year. If you are selling your own house and you need the funds from that house to close consult a tax attorney or accountant to see just how much the taxman taketh and ways to minimize the take.

Finally, houses come and go, so don’t let planning get in the way of the house that just came on that may not be there by the time you do your preparation.. If you see a house come on that you might like go see it and if you like it make a bid. You don’t want to have paralysis by analysis. So while you are preparing keep your eyes open for the right house for you and don’t wait if you see something that looks good.

What follows below is a set of tactics that can give you the most advantage in negotiating in a multiple offer situation.


First relax you’ve got a team of advisors if things get difficult. You’re better prepared than most of your competition.

Second, have your mortgage broker or banker pull your credit and check for any problems. Get not only pre-qualified, but pre-approved. A pre-approval letter and shorter mortgage contingency goes a long way when bidding against someone without one. Also now’s a good time to fix your credit score rather than when your loan hangs on getting a higher rating.

If there is some way you can do all cash great. An all cash offer in a competitive bid situation can move you to the top of the list and often reduce your purchase price by $10,000 to $20,000 for deals under $1,000,000 and by as much as $50,000 for deals under $2,000,000. Consult with your team before you do this. Refinancing later can be tricky and may affect your taxes.

Third, be available. If one of you can’t always take phone calls, what about email or texts? Whenever possible whoever is most available should be able to make decisions for both. Discuss various options in advance so you are both comfortable with this.

Fourth, be flexible and reasonable. Don’t let a minor deal point or few dollars become an ego issue. Work with your team to come up with other options, particularly when the other side is being unreasonable. Don’t yell and scream. The seller has lived in your house-to-be for years and knows all your new neighbors. You want to arrive in their good graces.

Fifth, be human. Let the seller know why you like their place and what it will mean to you and your family to live there. Also try to connect with each person you deal with; don’t become just another case number.

Lastly, have fun. How often will you get to do this? With a good team you’ve got people to talk with. Even if you lose out the first time around you will have gained valuable experience. You will get a house and often a better house at a better price.

February 2017 Greenwich Real Estate Report

Inventory Down, Contracts Up & $2 – 4M Looking Good

By Mark Pruner

Douglas Elliman – Greenwich – 203-969-7900

  • Contracts up 32% year over year with spike from $2 -4 million
  • Heavy activity as buyers rush to do deals before interest rates rise
  • High-end market gets off to a good start

January 2017 was an okay month for sales in Greenwich, but an excellent month for contracts.  Our contracts as of the end of this February were up 21 over February 2016 jumping from 65 contracts last year to 86 contacts this year. More than half of this increase in contracts was in the price range from $2 – 4 million where contracts up by an even dozen.

February Sales, Inventory, Contracts & Months of Supply

Inventory Contracts Last Mo. Solds Tot. Solds+ Contracts  YTD Solds  YTD+ Contracts Mos Supply Mos w/ Contracts Last Mo. Annlzd
< $600K 3 4 1 5 2 6 3.0 1.8 3.0
$600-$800K 15 8 2 10 2 10 15.0 5.3 7.5
$800K-$1M 12 6 1 7 5 11 4.8 3.8 12.0
$1-$1.5M 36 14 8 22 20 34 3.6 3.7 4.5
$1.5-$2M 57 11 2 13 10 21 11.4 9.5 28.5
$2-$3M 90 18 8 26 15 33 12.0 9.5 11.3
$3-$4M 67 13 3 16 9 22 14.9 10.7 22.3
$4-$5M 53 4 1 5 3 7 35.3 26.5 53.0
$5-6.5M 55 3 3 6 4 7 27.5 27.5 18.3
$6.5-$10M 53 4 0 4 0 4 46.4
> $10M 34 1 0 1 1 2 68.0 59.5
TOTAL 475 86 29 115 71 157 13.4 10.6 16.4

Our inventory was down significantly from last year with only 475 listings down from 493 listings last February. Of this drop of 18 listings, 16 were between $800K and $2M. Our sales and contracts are about the same in this price range, so the drop in inventory was the main factor in significantly lower months of supply from $800K – $2M. From $1 – 1.5M we have a remarkably low 3.6 month of supply.



February 2017 vs. February 2016

2/17 vs. 2/16 Inventory Contracts Mo. Solds Tot. Solds+ Contracts  YTD Solds  YTD+ Contracts Mos Supply Mos w/ Contracts Mo. Annlzd
< $600K 1 2 -2 0 -2 0 2.0 0.6 2.3
$600-$800K 2 3 -1 2 -6 -3 11.75 1.8 3.2
$800K-$1M -5 1 -2 -1 -2 -1 -0.1 -1.1 6.3
$1-$1.5M -4 0 -1 -1 9 9 -3.7 -1.9 0.1
$1.5-$2M -7 1 -4 -3 0 1 -1.4 -1.7 17.8
$2-$3M 3 6 4 10 7 13 -9.8 -5.7 -10.5
$3-$4M -5 6 -2 4 2 8 -5.7 -7.3 7.9
$4-$5M 2 2 -1 1 1 3 -15.7 -18.1 27.5
$5-6.5M 3 -2 2 0 1 -1 -7.2 4.8 -33.7
$6.5-$10M 4 2 0 2 -2 0 3.5
> $10M -12 0 -1 -1 0 0 -24.0 -21.0
TOTAL -18 21 -8 13 8 29 -2.3 -2.9 3.1

When you look at contracts in all price ranges, the other area that jumps out at you is the $2-4 million price range where we are up 12 contracts from last year and our closed sales are up 9 houses from last year. In this $2 – 4 million price range we have 21 contracts in the queue. As these sales close over the next two months we will continue to see good sales in this price range.


Now overall, February sales were down 8 houses from last year, but this is not overly worrisome as February 2016 was a record month for February sales. Our 10-year average for February is 30.9 single family home sales so 29 is not far off the average. The drop in sales from 2016 is fairly evenly distributed across the price ranges. We also had a good January so we are still up for the year in sales.


We may even be seeing a bit of a supply constraint in sales, since the small drop of sales in most price ranges roughly corresponds with the drop in inventory in those same price ranges. Two other positive indicators, albeit purely anecdotal, are a good numbers of showings and significantly higher open house attendance.

If you look at just the inventory compared to the first two months of sales it looks like we have plenty of inventory, but that’s not the case from many buyers’ viewpoint. By the time they pick a price range, a neighborhood, a housing condition and a style of house there may be only a handful of houses that fit their desires. As a result, houses that have been on the market for a good period are selling.

February 2017 Pie Charts - Inventory, Sales YTD, February Sales and ContractsActivity over $4 million is doing well with 20 sales or contracts so far this year. We had one sale for $19,250,000 and a contract of a house listed at $17,500,00.

Old inventory is also being absorbed. A third of our 158 sales and contracts in 2017 were for houses that have been on the market for more than 8 months. We even had 22 sales that were on for more than a year. The record holder so far for 2017 was a house that had been on and off the market since 2010 and sold in January after 1,233 cumulative days on the market.

For buyers being prepared with information and financing is key. We have inventory coming on every day in the Greenwich spring real estate market, albeit a little slower than last year, but it is going to contract faster than last year, so email alerts of new listings are crucial.

I used to set up alerts to go to clients 2 – 3 times per week, now I set them up so they get new listings within 5 minutes of them going on the Greenwich MLS. The sooner the buyer has an accepted offer in hand the fewer competitors they have, since most buyers won’t go see a listing with an accepted offer. In Greenwich, however an accepted offer doesn’t mean the buyers can relax. The rule here is that the deal is not binding until the contract is signed. Buyers need to have their inspectors, bankers and attorneys lined up before the offer is accepted not after. In a busy market, like this, they need to cut every day possible off of the time period from accepted offer to signed contract.

If the market follows the Dow as it has been doing this could be a very interesting year for buyers and sellers.


99 Open Houses in Greenwich, CT on March 4-5, 2017

Greenwich Weekend Open Houses March 4-5, 2017

Greenwich Open Houses for March 5, 2017

99 Open Houses this weekend! WOW! There are 9 on Saturday and 90 on Sunday. Prices range from 3 rentals at $5,495 to the highest priced home at $6,950,000.

Click here for  the interactive map to plan your route.

The number of homes in each price range is as follows:

Rentals: 3 Homes

Under $1,000,000: 9 Homes

From $1,000,000 to $2,000,000: 31 Homes

From $2,000,000 to $3,000,000: 28 Homes

Above $3,000,000: 28 Homes


Address Town Price Saturday
12 Georgetowne North  #12 Greenwich $1,250,000 Sat 12-2 PM
365 Round Hill Road Greenwich $1,495,000 Sat 12-2:30 PM
12 Shore Acre Drive Old Greenwich $1,875,000 Sat 2-4 PM
22 Indian Head Road Riverside $2,345,000 Sat 2-4 PM
69 Circle Drive Greenwich $2,545,000 Sat 12-2 PM
151 Milbank Avenue  #1 Greenwich $2,975,000 Sat 1-3 PM
5 Brown House Road Old Greenwich $2,995,000 Sat 3-5 PM
303 Milbank Avenue Greenwich $5,949,000 Sat 2-4 PM
Address Town Price Sunday
62 Orchard Place  #A Greenwich $5,495 Sun 2-4 PM
195 Bible Street Cos Cob $7,500 Sun 1-3 PM
303 Milbank Avenue Greenwich $18,000 Sun 2-4 PM
33 Talbot Lane  #18 Greenwich $519,000 Sun 1-3 PM
245 Byram Road Greenwich $549,500 Sun 1-4 PM
193 Hamilton Avenue  #18 Greenwich $699,000 Sun 2-4 PM
302 River West Greenwich $715,000 Sun 1-4 PM
64 Cambridge Drive Greenwich $799,000 Sun 2-4 PM
77 Havemeyer Lane  #412 Stamford $835,000 Sun 1-3 PM
65 Florence Road Riverside $850,000 Sun 1-3 PM
48 Spring Street  #7 Greenwich $975,000 Sun 1-3 PM
48 Spring Street  #5 Greenwich $985,000 Sun 1-4 PM
7 Riverview Court Greenwich $1,195,000 Sun 1-3 PM
1044 North Street Greenwich $1,199,000 Sun 12-2 PM
21 Center Drive Old Greenwich $1,200,000 Sun 1-3 PM
2 Nassau Place  #3 Cos Cob $1,249,000 Sun 2-4 PM
61 Orchard Place  #A Greenwich $1,280,000 Sun 2-4 PM
28 Powell Street Greenwich $1,299,000 Sun 1-3 PM
20 Georgetown North  #20 Greenwich $1,325,000 Sun 1-3 PM
85 Bowman Drive Greenwich $1,325,000 Sun 1-4 PM
150 Pemberwick Road Greenwich $1,349,000 Sun 1-3 PM
172 Field Point Road 5 Greenwich $1,349,000 Sun 1-3 PM
4 Charter Oak Lane Greenwich $1,375,000 Sun 2-4 PM
61 Lockwood Road Riverside $1,400,000 Sun 1-3 PM
219 Glenville Road Greenwich $1,449,000 Sun 1-3 PM
73 Taconic Road Greenwich $1,545,000 Sun 1-3 PM
3 Nutmeg Drive Greenwich $1,549,500 Sun 1-3 PM
50 Old Orchard Road Riverside $1,550,000 Sun 1-3 PM
28 Caroline Place Greenwich $1,639,000 Sun 12-2 PM
12 Laddins Rock Road Old Greenwich $1,649,000 Sun 2-4 PM
17 Tory Road Riverside $1,749,000 Sun 1-3 PM
311 Cognewaugh Road Cos Cob $1,785,000 Sun 1-3 PM
260 Stanwich Road Greenwich $1,800,000 Sun 1-4 PM
260 Stanwich Road Greenwich $1,800,000 Sun 1-4 PM
65 Summit Road Riverside $1,850,000 Sun 1-3 PM
58a Orchard Cos Cob $1,875,000 Sun 11:30-2:30 PM
12 Shore Acre Drive Old Greenwich $1,875,000 Sun 2-4 PM
7 Tinker Lane Greenwich $1,925,000 Sun 1-3 PM
29 Old Stone Bridge Road Cos Cob $1,950,000 Sun 1-3 PM
17 Candlelight Place Greenwich $1,995,000 Sun 2-4 PM
36 Burning Tree Road Greenwich $2,050,000 Sun 1-3 PM
116 Pecksland Road Greenwich $2,100,000 Sun 1-4 PM
70 Summit Road Riverside $2,125,000 Sun 2-4 PM
37 Crescent Road Riverside $2,195,000 Sun 1-4 PM
12 Old Wagon Road Old Greenwich $2,249,000 Sun 2-4 PM
22 Indian Head Road Riverside $2,345,000 Sun 1-4 PM
23 Clapboard Ridge Road Greenwich $2,395,000 Sun 1-3 PM
5 Shorelands Court Old Greenwich $2,395,000 Sun 2-4 PM
25 Copper Beech Road Greenwich $2,425,000 Sun 1-3 PM
268 Palmer Hill Road Riverside $2,495,000 Sun 1-3 PM
143 Woodside Drive Greenwich $2,495,000 Sun 11-1 PM
10 Pine Ridge Road Greenwich $2,500,000 Sun 1-3 PM
777 Lake Avenue Greenwich $2,500,000 Sun 1-3 PM
69 Circle Drive Greenwich $2,545,000 Sun 12-2 PM
80 Glenville Road Greenwich $2,550,000 Sun 1-4 PM
15 Hycliff Road Greenwich $2,650,000 Sun 1-4 PM
17 Lincoln Avenue Greenwich $2,650,000 Sun 1-4 PM
75 Dearfield Drive Greenwich $2,695,000 Sun 1-3 PM
350 Riversville Road Greenwich $2,950,000 Sun 2-4 PM
20 Dewart Road Greenwich $2,950,000 Sun 2-4 PM
152 Milbank Avenue  #1 Greenwich $2,975,000 Sun 1-3 PM
1016 Lake Avenue Greenwich $2,995,000 Sun 1:30-4 PM
8 Dearfield Drive Greenwich $2,995,000 Sun 1:30-4 PM
150 Riverside Avenue Riverside $2,997,000 Sun 1-3 PM
50 Hillcrest Park Road Old Greenwich $3,100,000 Sun 1-4 PM
9 Game Cock Road Greenwich $3,199,000 Sun 1-3 PM
444 Old Church Road Greenwich $3,199,000 Sun 1-4 PM
22 Widgeon Way Greenwich $3,250,000 Sun 2-4 PM
26 Stag Lane Greenwich $3,295,000 Sun 1-3 PM
323 Cognewaugh Road Cos Cob $3,295,000 Sun 2-4 PM
14 Sherwood Farm Lane Greenwich $3,495,000 Sun 1-4 PM
15 Cottontail Road Cos Cob $3,495,000 Sun 2-4 PM
340 Old Church Road Greenwich $3,675,000 Sun 1-3 PM
106 Lockwood Road Riverside $3,985,000 Sun 1-4 PM
7 Hawkwood Lane Greenwich $4,100,000 Sun 1-3 PM
52 Ridgeview Avenue Greenwich $4,195,000 Sun 1-3 PM
390 Lake Avenue Greenwich $4,199,000 Sun 1-4 PM
6 Greenwich Cove Drive Old Greenwich $4,199,000 Sun 2-4 PM
61 Winding Lane Greenwich $4,200,000 Sun 1-3 PM
4 Jones Park Drive Riverside $4,295,000 Sun 1-3 PM
2 Lakewood Circle South Greenwich $4,295,000 Sun 2-4 PM
79 Pecksland Road Greenwich $4,497,000 Sun 1-3 PM
22 Welwyn Road Riverside $4,595,000 Sun 1-3 PM
15 Northway Old Greenwich $5,295,000 Sun 2-4 PM
6 Andrews Farm Road Greenwich $5,350,000 Sun 2-4 PM
35 West Way Old Greenwich $5,495,000 Sun 1-3 PM
38 Dairy Road Greenwich $5,495,000 Sun 11:30-1:45 PM
29 Calhoun Drive Greenwich $5,975,000 Sun 1-3 PM
11 Angus Lane Greenwich $6,250,000 Sun 1-3 PM
85 Indian Head Road Riverside $6,750,000 Sun 1-3 PM
27 Doverton Drive Greenwich $6,950,000 Sun 1-3 PM


What’s Happening to the Practice of Real Estate

Few things have changed real estate more than technology. A generation ago real estate agents got a weekly book with all the listings from the Greenwich MLS. With Realtors being the only ones that had this information they had a powerful advantage over buyers and sellers. A buyer couldn’t easily find out what properties were selling for in each area of Greenwich. Sellers generally knew, because then as now, sales prices got printed in the paper, but it was a lot of effort to research these prices without one of these books.

Now buyers and sellers have most of the information that agents have on sites like and Zillow. Some folks predict that such sites will put Realtors out of business as sellers just post their properties online and buyers will run some searches and find the right house on their computer and wire transfer the funds. The chances of that happening are nil.

While the information is easy to find, the government and people’s demands have made the job of real estate agent much more complicated. We have a whole series of environmental demands that we didn’t have before. Issues of oil tanks, asbestos, lead paint and radon all must be checked and remediated if necessary.

Local government issues have also gotten much more complex. We have planning & zoning regulations that have evolved greatly in the last 30 years. In additions to setback and height restrictions, we have an ever evolving floor area regulation that has become a competition between developers and regulators to control how big houses can be. We now also have green area requirements and the building department has a very complicated set of water drainage rules. We also have inland wetland regulations and real estate tax issues. All of these issue are controlled by state and local rules.

The idea that someone would make a million dollar purchasing decision by looking at some photos is just not very likely and fool hardy. Now some would argue that computers are becoming so powerful that systems like IBM’s Watson, that can diagnose diseases, would end up replacing Realtors. That also is not likely because real estate is so local. The negotiation process in Greenwich and Stamford are distinctly different while the closing process in New York and Connecticut are very different. As a result you don’t have a the economies of scale that you have with a say Trulia where the programming for the website can be used for any house in the US and the site can be used by anyone anywhere in the world.

The other place where technology has clearly changed the practice of real estate is in buyers and sellers expectations on communications. Email and in particular text messages have called on agents to be much more communicative than before. Often, the younger the client the more immediate communication is demanded. Sellers want to know what buyers thought of their house very quickly. Buyers want to see new listing minutes after the come on the market and set up showings the same day.

The amount of information communicated has also gone up. Every real estate office has a high-speed scanner to convert paper to digital files that can be emailed. Photos are no longer enough, now plot plans, aerials, septic permits and building permits are all moved electronically. The job is getting faster and more complicated to provide state of the art services to the client.