Sotheby’s International Realty has published its New York City update for the third quarter of 2018. As noted in the report, according to Vanderbilt Appraisal Company, the third quarter was characterized by lower sales volume, rising inventory, longer marketing time and falling price measures. There was a concern that potential buyers are wrestling with the meaning of new tax laws and rising interest rates on the cost of ownership in New York City. If you are on my mailing list, look for the report.
Greenwich continues to offer substantial value as compared to New York City. Based on price per square foot of home, a buyer can afford a house twice the size of a residence in New York City, where the average price for a condominium in Manhattan was $1,695 per square foot. Larger home sizes for the same budget (not to mention yards and garages) and access to excellent schools, bodes well for the future of Greenwich as the millennial generation forms families and looks for more space.
Featured Photo: Arnold Weyts