Well known for grand estates and wealthy owners that make high class subjects for popular news articles and gorgeous spreads in glossy magazines, Greenwich boasts many luxurious estates. While still attracting well-healed residents, Greenwich, like the rest of the nation, has not seen as much activity in the super luxury market.
In noting 2016 single family transactions above $6 million were slow, one invariably observes there were luxury sales to over $17 million, generating a long tail. To be sure, the tail is thinner than in prior years, but Greenwich continues to ring in sales for the rich that would raise eyebrows elsewhere. The mere wealthy, perhaps seeking homes over $4 million, consistently find reasons to move into or upgrade within Greenwich. The single family market in Greater Greenwich is vibrant in the $1.0 to $2.0 million range and active up to $4 and $5 million. Schools continue to fill and expand supporting evidence for Greenwich’s continued attractiveness to young working families.
One of the key strengths of Greenwich is its graduated inventory. This is not a tale of a few uber rich either on the water or in the back country (although they exist) and a second class. Importantly, Greenwich thrives on a deep bench, with a multitude of price ranges available along with the ability to transition from starter homes to larger homes and then on to estates all while living and enjoying the same community, easy access to New York City and a full range of parks, clubs, schools and activities. Greenwich is a valued community.
