What is the price per bedroom in Greenwich? In order to get a current view, I looked at sales in the trailing twelve months and found the bulk of the homes sold had between three and five bedrooms. There were 566 sales and 37% of the homes sold had four bedrooms. Homes with five bedrooms constituted 24% of the sales and three bedrooms 18% of homes sold. The average sales price of a four bedroom home was approximately $1.7 million, or $430,600 per bedroom. The average sales price of a five bedroom home was $2.8 million for a 32% increase in price per bedroom or approximately $569,000 according to the Greenwich MLS.
In general, be prepared to pay at least $400,000 per bedroom up to four bedrooms and $800,000 and more for eight plus bedrooms. Do keep in mind that this is a simplified estimate based on averages. The average includes homes sold for land value or in need of considerable upgrades. Real pricing will vary considerably based on the location and condition of the home, among other things.
The price per bedroom rises even as number of bedrooms exceeds typical use, perhaps more a reflection of the location of the property than the number of bedrooms. Larger, more expensive homes, tend to be well located and thus on valuable land. Of the sales that exceeded $8 million in the prior twelve months, most were either a member of a luxury association (Conyers Farm, Indian Harbor) or had water views or frontage. The higher land value contributed to bedroom value (and reflected the bedrooms views).
There were three notable closings in the prior week: in the $4 million, $5 million and $8 million range. Each showed beautifully with magazine ready photos of updated homes. Call me to see how to best prepare your home to sell with the new paradigm.
As predicted, open houses are down considerably this weekend with only 33 houses opening their doors. Don’t wait for Open Houses if you are interested in buying. Clients can often get a heads up about inventory and a private a tour (sometimes before the open house).
August 27, 2017 Open House Report (contact me for access to report).
I will not publish a weekly next week in observance of the holiday and in anticipation of relatively few open houses. Enjoy Labor Day!
Connect with me on LinkedIn using the link below and call me to learn why Greenwich is so special.
Feature Photo by Neonbrand