While long-timers may lament that Greenwich isn’t what it used to be (few places are), others see Greenwich for the value and upside it offers today. Given the initial price tag, long term effort and carrying costs, land purchasers assume risk and thus hold a strong belief in upside potential. Those with the capacity to invest in Greenwich land, tear down a home and build a new home remind us of the value Greenwich has to offer. It’s worth the effort.
In the prior twelve months, according to the Greenwich MLS, there were 27 land sales and currently there are 7 land parcels either pending or under contract. Of those currently under contract, half list a current home, with an average age of 1911. Most had been on the market for quite some time and now the inventory is poised to trade. The average age of those homes sold for land value in the prior 12 months is 1929.
Sold properties were located throughout Greenwich, which includes Greenwich, Cos Cob, Riverside and Old Greenwich, from waterfront to back country, averaged about 2.25 acres and ranged in price from $675,000 to over $9,000,000. Valuing land and the inherent risk in the hold and development is tricky with a greater chance of divergent opinions of value, so sales tend to take longer. While some parcels traded at a discount to original asking price others were more in line with a typical negotiation and 10 traded at or above asking price.
Considering selling or buying? Give me a call.
Feature Photo by Juan Manuel Mendez