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 be pushed around. Stand your ground. Your home has considerable value simply by being in Greenwich. At the same time, look around, and seek counsel. You may own something quite special, but if you are not in sync with the market, you may need to adjust so others can see your beauty and make sense of it’s value.
Depending on where you are looking, buyers should be aware that conditions vary widely in Greenwich and in some parts traffic moves quite quickly, so don’t fly in without preparing and seeking guidance. Proceed carefully. The State of Connecticut wants buyers to seek counsel of buyer brokers.
The 85 residential closings in February were primarily located south of the Merritt Parkway and distributed from west to east and above and below the Post Road. There were 15 residential sales under $1.0 million, including condominiums and cooperatives. As for the single family market in Greenwich, Cos Cob, Riverside and Old Greenwich, 13 sales constituting 27% of the volume sold between $2.0 and $3.0 million. February 2018 Closings Report
Come take a look at 15 Idar Court in Greenwich. This four bedroom, five bathroom new construction home is on a peaceful cul-de-sac with easy access to Greenwich Avenue, grocery stores, train station and I-95. Come see all the action and upgrades in the neighborhood too. March 4, 2018 Open House Report
The lights were flashing on multiple police cars. The officers were stopping traffic, but there was no honking, no anxious maneuvers up ahead. As I approached I had to smile when I saw the reason why! A swan had made herself comfortable in the crosswalk in neighboring Port Chester. She looked so beautiful, so familiar and so out of place. Before we moved, we used to see swans regularly. How quickly we forget the beauty of the land and the relaxing home it provides for so many. I like cities and towns and suburban villages. I also like to retreat to a quiet place to recharge so I can wake up early hear the birds sing and watch the sun rise from a distance. Let me help you find a home that suits you.
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!
At this time of year we often look forward to the leaves changing and the accompanying array of blazing colors. It wouldn’t be Autumn without the yield of green to orange, squirrels rushing to gather nuts and the sound of leaves blowing in the wind or crushing beneath a step.
Trees can be a major asset to a property and community throughout the year. Many serve as aesthetic enrichments, providing enormous canopies, asymmetrical complexity, dynamic movement and dappled light on exterior lawns and interior walls. Entering up a driveway lined with sugar maples is impressive. A grand window framing the view of a distant beech tree provides living art inside and out. An oak tree may extend a branch for a swing, pine trees trunks for a hammock, an apple orchard fruit for a pie or cedar branches kindling for a fire. In the summer, elm tress may beckon with welcomed shade whether in a field, by the barn, over a sun-blazed patio, beside the pool or surrounding the perimeter of the tennis court. Rows or arborvitae may deliver a curtain of privacy, noise reduction or structure and definition to property lines. Sycamore trees serve as homes to small mammals and birds who add joy to a daily walk, a song to the afternoon and entertainment for all. A scattering of specimen trees may bring lift, color, life, fruit and vibrancy throughout the year. Rare is the estate that does not have grand trees near and far. I treasure the bounty of trees.
Greenwich is abundant and rich with trees. To be sure, they offer enormous property value. Sometimes, like all assets, they require some protection. Before selling or buying a home look closely at the entire property and consider consulting with a tree expert. Healthy pruning and removal of fallen limbs can often offer opportunity for viable trees, bushes and lawns to multiply, thrive and give back. Threes serve as important monuments of the land. Treasure yours.
I have lived in New York City, Westchester and Fairfield Counties and loved them all. In New York we spent hours entertaining on the rooftop under the cherry tree and surrounded by the perimeter gardens my husband planted. In Westchester he planted a dozen sugar maples along a stone wall framing an open field. We soaked in the colors, shade and syrup. We planted an orchard and harvested the fruit. In Greenwich we were already rich with trees. Most recently we consulted with SavATree. Yesterday, they came to work their magic. My team was excellent.