Transparency revolution, its current impact on real estate and what's next.
Transparency and Pricing
High End Demand
While we may miss the frothy market and lament the pain that follows on resale, we have steady demand in the bulk of the Greenwich market price ranges.
While They’ll Come Back to Visit
Dropping college children off or saying goodbye at the airport isn't easy. We'll miss them. But we feel confident they will do well. They have had the blessing of a superior education in Greenwich. Sure the college application process was grueling, but that's in part because there are so many highly qualified applicants from Greenwich. … Continue reading While They’ll Come Back to Visit
Service and Gratitude
The fundamental real property right to quiet peaceful enjoyment of your home is but one of many blessings our honorable men and women have secured for us.
Lamenting Housing Supply
It's often repeated in major metro areas and elsewhere throughout the country: Housing supply is not meeting housing demand in terms of price, condition and location. To be sure, national trends do not always apply to high end markets like Greenwich, New York, San Francisco and Los Angeles. But large scale demographic trends, such as … Continue reading Lamenting Housing Supply
Proceed With Care
It's too soon to tell. Year to date analysis doesn't make much sense. The Spring market just started. Will the market take off? Progress slowly? Yield to other concerns? Or will it stick it's neck out and make others pay attention! We are not sure yet. Sellers need to protect their assets and not … Continue reading Proceed With Care
Online Consumption
The ease of access to listings online means consumers can view homes they cannot afford. They have access to the interior of luxury homes they wouldn’t otherwise see. With relatively little time invested one flips through volumes of high quality digital photos of professionally designed and decorated homes. Luxurious finishings are viewed repeatedly. It’s fun … Continue reading Online Consumption
Research Online, with Discretion
Most searches for a home start online, which makes sense. It’s convenient, informative, and efficient. I use it. I like it. I also create bespoke searches for clients so (a) as purchasers, they can see immediately listings that meet their particular needs and desires or (b) as sellers, they can see sales comparables in their … Continue reading Research Online, with Discretion
Young Adults Living with Parents Longer
According to the United States Census Bureau, living arrangements have changed dramatically over the last decade. Young Adults (1834) are more likely to be living with their parents than any other arrangement. As reported in The Changing Economics and Demographics of Young Adulthood 1975 - 2016, the US Census Bureau found: More young people today … Continue reading Young Adults Living with Parents Longer
Rules of Thumb, Variance and Agents
This week I took a look at year to date sales in Townwide Greenwich, which includes Greenwich, Cos Cob, Riverside and Old Greenwich, to see if any patterns are emerging for 2017 with respect to sales price, assessed value and original asking price. So far this year, there have been 213 single family sales reported … Continue reading Rules of Thumb, Variance and Agents
A Shift in the Rhythm of the Buying Process
The first quarter of 2017 primed the Greenwich residential real estate market with a Feel Good Feeling, and yet there were still mixed reports on the state of the market. If sales are up, why did it feel slow? I took a look at lockbox showings reports in Greenwich, Cos Cob, Riverside and Old Greenwich … Continue reading A Shift in the Rhythm of the Buying Process
Affordability and Original List Price
In the prior twelve months there were 604 single family home sales in Greenwich ranging from $400,000 to nearly $20 million. Sales in the entry market, below $500,000, were constrained by a lack of inventory and constituted 1.2% of homes sold. The picture changed dramatically in the $500,000 to $1.5 million range in which there … Continue reading Affordability and Original List Price
New York City and Greenwich Value
New York City echoes real estate themes found in Greenwich. Only 40 minutes apart, both markets feel the same macro trends affecting the broader area, as noted in the Sotheby's International Realty NYC Market Update for the fourth quarter: A jittery and apprehensive market characterized the final quarter of 2016 Buyer apprehension in respect of … Continue reading New York City and Greenwich Value
Election Jitters Loom Over Decision Making
Prospective home buyers may be refraining from making major investments ahead of the election. Other buyers may be delaying purchases because they are hard at work earning their year-end bonuses, need to receive the year end bonus before they can qualify for a mortgage loan or want to see how much of a down payment … Continue reading Election Jitters Loom Over Decision Making
Demand Mix
If sales are down, then why do I keep losing deals to higher offers? Notwithstanding the high profile luxury homes sales that make Greenwich famous and the apparent weakness in that market today, Greenwich is a diverse community with a wide range of inventory - and demand. Demand Mix Surge at Lower End Exceeds Pre-Crash … Continue reading Demand Mix
Homes Originally Built Years Ago Sell
There is much talk about purchasers preferring new construction and their willingness to pay up for it. While true, it does not mean that purchasers eschew older homes by any means. In fact, a large number of older homes sold in the prior twelve month period. There are several contributing factors: (a) many of the … Continue reading Homes Originally Built Years Ago Sell
Tapering Rental Market
The Greenwich single family rental market, unlike the sales market, exhibits strength through July and August as summer rentals and school year commencements drive timing. It begins to taper in Autumn. The bell curve for rentals is relatively smooth for single family rentals when looking at Greater Greenwich. which includes Greenwich, Cos Cos, Riverside and … Continue reading Tapering Rental Market
Wealth Matters
As the heart of Connecticut's Gold Coast, Greenwich is home to a lot of wealth. To be sure, the markets rule and there has been downward pressure on residential home pricing. Prices have dropped. In Greenwich terms, single family home prices have dropped to a mere $2.3 million on average. By any national, state or … Continue reading Wealth Matters