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

Average Property Taxes on Sold Homes

In an ongoing analysis of of the heavy load of property taxes in the metro area, we can all appreciate that while neighboring towns have effective limits on the value of a home given exorbitant taxes, Greenwich can attract: purchasers reluctant to commit to a heavy and ongoing tax load investors who want home appreciation … Continue reading Average Property Taxes on Sold Homes

Less Than Half an Acre

Zoning regulations enable a town to manage land use and development.  A town map will identify zones.  Generally, zoning follows a logic based on historic and current use, transportation arteries, commercial districts, natural resources, the availability of public utilities, residential character, parks and topography. In Greenwich, commercial districts are centered along Greenwich Avenue, its environs, … Continue reading Less Than Half an Acre

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

2017 Home Sale Characteristics

What are some of the typical characteristics of single family homes that sold in Greenwich in 2017? Average Bedrooms: 4.5 Average Square Feet: 4,200 Average Full Baths: 3.5 Average Half Baths: 1.0 Average Fireplaces: 2.0 Average Garages: 2.1 Average Acres: 1.45 Clearly, real estate is not a commodity valued solely by a handful of objective … Continue reading 2017 Home Sale Characteristics

August Closings Smile on Luxury Market

Sales volume of single family homes in Greenwich was up 31% in the month of August compared to the same period last year. Eight sales in excess of $5 million drove the average price up 49%. There were 57 single family closings in August this year as compared to 65 in August of last year … Continue reading August Closings Smile on Luxury Market

Condominiums Correct on Long Term Growth

The condominium market in Greater Greenwich is larger and more diverse than many realize. In 2016 condominiums constituted over 20% of the number of sales and 10.5% of the sales volume. Over 70% of the condominium market was in Central Greenwich with Old Greenwich contributing 14% of the sales. The average sales price in 2016 … Continue reading Condominiums Correct on Long Term Growth

Year End Snapshot: No Bonus

Greenwich sold 573 single family homes in 2016 for a total volume of $1.26 billion. The average single family home sold for $2.2 million and the median sales price was $1.7 million. Overall the number of sales was down 5% and with more affordable homes outpacing luxury home sales volume was down 13% over 2015 … Continue reading Year End Snapshot: No Bonus