Consider the $4 to $7 million price range for residential homes. Luxury, quality and privileged few come to mind for the average American. In other communities such a high price range might reflect a location in an exclusive gated community within the most desirable neighborhoods in town. One might expect few bidders.
Greenwich is more accustomed to a great diversity of homes, including a broad inventory in the $4 to $7 million range. The superior selection of schools, proximity to New York City and the beauty and bounty of Greenwich serve as a natural habitat for well appointed homes. Sales in the $4 to $7 million price range are scattered throughout Greenwich, with a concentration on the water and in the center of town as shown on a map of year to date sales derived from the Greenwich Multiple Listing Service.
What are the basic stats of a $4 to $7 million home in Greenwich?
The average home would have between five and six bedrooms, offer a little over 7,000 square feet, a pool, at least two and generally three garages on two acres of land. The higher priced homes tend to have been recently renovated or newly constructed, trading for significantly more than their assessed value. Many have water views or access.
How Many Have Sold This Year?
At this time last year, there had been 44 sales for the year, according to the Greenwich MLS. In 2017, there have been 64 sales totaling over $335 million. So far, this year’s performance is a 45% increase in the number of sales, and a 55% increase in sales volume over last year. This year sales are closing at an average rate of 1.4 per week. Not a bad clip for such fine quality homes.
There Are Not Enough Ribbons To Go Around
That said, the Greenwich market for the $4 to $7 million is a competitive and crowded field. There are currently 125 homes on the market. So notwithstanding the improving sales pace, it still doesn’t feel good to many because there are a fair number of participants with no ribbon in hand. Only the best in class will earn them.
Selling luxury real estate is not a standard undertaking. Everything must be meticulously prepared and considered. Like show jumping, the verticals, spreads and double and triple combinations standing between you, your agent and the finish require poise, strength, endurance, agility, patience and perseverance. A misstep costs precious time. Refusing to clear certain obstacles may leave one disqualified. It’s not for everyone. But some of us are undaunted and love the challenge, hard work and thrill of negotiating the way to a close. Let’s prepare together. Call me with your real estate questions today.
Come join me at 86 Indian Field Road between 12:00 and 2:00PM Sunday. At $799,900 it is quite an opportunity!
20 years professional real estate advice.