Greenwich, CT Residential Real Estate Blog and Analysis:

Dear Greenwich,

The above pictured cottage is 9 Cottage Place. You will love this renovated and updated Colonial just a few blocks from everything Greenwich Avenue has to offer. Beautiful hardwood floors, period architectural details and A+ curb appeal combine with updated kitchens, expansive baths and fabulous storage including a big walk-in master bedroom closet. Entertain in style on a magnificent west-facing porch complete with a love seat swing. A wonderful condo-alternative with low property taxes. I will be hosting a public house on Sunday from 1-4 p.m. The price is $699.9K.

I have invested in my own MLS portal for individuals to set up their own custom searches. This way people can follow their specific search by area, school, price point, lot size, s.f. etc. Feel free tosearch properties. For a customized search click the gray arrows and you can edit the fields. For example, it is currently populated with all properties clicked. You can just click Residential then click type, area, and price range, and you can see what is available in your specific price range. After you have narrowed the search to your liking you can click “save this search” and you can set up your own portal, and receive emails as new properties come available. You can even track your favorites, and add notes or messages about properties. Or, you can just email me our parameters and I can set up a portal for you.

The goal of this blog has always been to inform buyers and sellers alike. I feel the Q3 Greenwich Report that the owners of my company put out, best describe the current landscape and market. You can click on the whole report broken down by area below. Here is what their summary is:

This summer had us doing a lot of number crunching here in Greenwich. The local market varies dramatically dependingon the neighborhood. While Greenwich itself remains a highly desirable area, buyers are willing to wait on the sidelines for theright property. Our team has become experts on the complicated and changing variables driving the current market, and whatmakes a property sell.

Wall Street’s volatility is increasingly evident in the real estate market. The summer was a roller coaster for investors, whoremain on edge. Those jitters have naturally spread to the housing market and have made buyers wary of making the wrongmove. They demand value to get off the sidelines. Recent evidence of some economic weakness has many believing rates will stay low for longer than expected, giving buyers even less reason to compromise, or buy into a property that isn’t turnkey.Here are some trends we see as the rest of 2015 plays out:Get ready to play “Deal or No Deal”. If your property is well renovated, in move-in condition, and priced right, you will be ableto make a deal. Bonus points if you are near transportation, restaurants, shopping and schools that buyers want. But be warned.

Miss on any of those and buyers may bypass your offering, and you will be scrambling to re-group. Buyers don’t want to playgames. They don’t want to lowball. They want value and quality.Fishing is not the sport of choice this season. Sellers must be realistic when setting a price. Many properties are sitting onthe market for longer than we would like. The key to cutting down Days On Market is setting the right price from the start. Let’stake some advice from Marie Kondo, author of “The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering andOrganising”. That means staging, painting and perhaps most importantly, de-cluttering. Sellers must take steps to limit thecreativity a buyer needs to imagine what their life would be like in the house.

Some regional statistics we’d like to share:Buyers with the biggest budgets can take their pick in Greater Greenwich. There is a lot to choose from in the $10m pluscategory with 53 homes to choose from. That said, the hottest price range in the area is the $5-6m, where sales are up 77 percent year-to-date. Overall though, the number of sales is down in the area, and they are taking longer to sell, but prices are higher.

Buyers will pay a premium for new or renovated properties.Patience is a virtue North of the Parkway: Homes sat on the market the longest in the area, an average of 276 days. It’s nosurprise that prices fell. But in the end that value pricing resonated with buyers, and units sold rose 66 percent.Location paid off South of the Parkway: Buyers were willing to pay more to be close to town. The median price of a home wentup 27 percent in the third quarter. It still took a long time to make those sales, and the number of homes sold held steady, butmore expensive homes did show gains.
The laws of supply and demand worked in sellers favor South of Post Road. Homes got 97 percent of their last list price, andmedian prices were up 11 percent in the third quarter. There were fewer homes to choose from. That meant fewer days on themarket, and a faster moving market working in favor of smart sellers.

Cos Cob took a break after a strong first half of the year. Inventory grew, and sat on the market longer. Prices fell, as did sales.Old Greenwich also slowed down, moderating after a strong 18 months. Both prices and sales were lower, though there was someimprovement in the amount of time it took to sell a home.Riverside was a mixed bag. More homes sold, but prices were down. Homes that sold were on the market a relatively shortamount of time, at an average of 89 days. The hottest category here was the $4m to $5m range. That is typically a new home or afully renovated home.
Condo sales remain solid, but value remains a high priority for buyers. Prices are down, as is inventory. Buyers are holdingout for renovated opportunities, but only at the right price.Outlook for the rest of 2015: We are energized and excited about the continued appeal of the Greenwich area. We are thrilled toreport that Houlihan Lawrence was the sole brokerage behind the largest transaction of the third quarter. We have the data andexpertise to get the best results for our clients, and look forward to sharing more good news with you, as we get ready for 2016.

THIRD QUARTER 2015EXECUTIVE SUMMARYStephen MeyersPresident and CEOChris MeyersManaging Principal
Q3 Greenwich Market Report
Please let me know if you would like me to provide customized information or statistics for you based on your criteria.
**The information on the featured property and all statistical information is from the Greenwich MLS.

**All opinions garnered from the statistics are my own

Properties Sold

The numbers for September and October are still pretty good comparatively. I feel from the amount of showings and feedback I am hearing from other agents that it seems slower than usual. I expect this to hit the date in 60-90 days.

New Listings

We had 96 new listings in October which is on point with the last few years.

Year to Date Sold
Looking at these two graphs as well as the months on average can really guide you on the markets in your price range. As you can see the markets are a lot more competitive under $2M than over.Year to Date Available

Open Houses for November 8th Below are the 57 open houses for Sunday. I will be hosting a public open house at 9 Cottage Place from 1-4 on Sunday.
Street NameAreaList PriceTimeListing Office

124 Putnam ParkGreenwich$479K1-3 p.m.Laurel

15 Putnam ParkGreenwich$495K1-3 p.m.Sotheby’s

3 Putnam HillGreenwich$525K1-3 p.m.Coldwell Banker

1 High Street (multi)Greenwich$539K1-4 p.m.Raveis

1 High Street (sf listing) Greenwich$539K1-4 p.m.Raveis

151 Putnam ParkGreenwich$585K1-3 p.m.BHHS

9 River Road #418Cos Cob$675K1-3:30 p.m.Laurel Properties

9 COTTAGE PLACE.Greenwich$699.5K1-4 p.m.Houlihan Lawrence

106 Putnam ParkGreenwich$785K1-3:30 p.m.Laurel Properties

17 Salem StreetCos Cob$789K1-3 p.m.Coldwell Banker

17 Salem Street (land)Cos Cob$789K1-3 p.m.Coldwell Banker

70 Riverdale #903Greenwich$859K1-3:30 p.m.Coldwell Banker

15 Stone Brook LaneCos Cob$1.195M1-3 p.m.Weichert

6 North StreetCos Cob$1.199M1-3 p.m.Raveis

7 Alec TempletonGreenwich$1.25M1-3 p.m.Higgins

7 Chapel LaneRiverside$1.295M1-3:30 p.m.Houlihan Lawrence

26 Valleywood RoadCos Cob$1.375M1-3 p.m.Coldwell Banker

10 Lockwood DriveOld Greenwich$1.395M1-3 p.m.Coldwell Banker

51 Forest #21Old Greenwich$1.395M1-3 p.m.Coldwell Banker

15 Cat Rock RoadCos Cob$1395M1-3 p.m.Aysseh

24 Shore RoadOld Greenwich$1.495M1-3 p.m.David Ogilvy

365 Round Hill RoadGreenwich$1.525M11:30-1:30 p.m.Davenport

108 Glenville RoadGreenwich$1.67M1:30-3:00 p.mDMK

87 StonehedgeGreenwich$1.675M2-4 p.m.Coldwell

2 Boxwood LaneGreenwich$1.795M1-3 p.m.Raveis

48 Locust RoadGreenwich$1.85M2-4 p.m.David Ogilvy

15 Dartmouth RoadCos Cob$1.945M1-3 p.m.Sotheby’s

172 Byram ShoreGreenwich$1.995M12-2 p.m.Coldwell Banker

79 Connecticut AvenueGreenwich$1.995M1-4 p.m.Sotheby’s

10 Park AvenueOld Greenwich$1.9995M12-2 p.m.Coldwell Banker

18 HighviewOld Greenwich$2.05M1-3 p.m.Coldwell Banker

11 Pintail LaneGreenwich$2.15M1-3 p.m.Houlihan Lawrence

116 Pecksland RoadGreenwich$2.375M1-3 p.m.William Pitt

16 Roosevelt AvenueOld Greenwich$2.395M12-3 p.m.Halstead

93 Summit RoadRiverside$2.395M1-3 p.m.Sotheby’s

42 Hendrie AvenueRiverside$2.595M2-4 p.m.Houlihan Lawrence

20 Steeple ChaseGreenwich$2.695M1-4 p.m.Coldwell Banker

58 Connecticut AvenueGreenwich$2.75M2-4 p.m.Halstead

3 Dewart RoadGreenwich$2.95M2-4 p.m.David Ogilvy

230 Bedford RoadGreenwich$2.95M1-3 p.m.David Ogilvy

175 Cat RockCos Cob$2.995M1-3 p.m.Sotheby’s

27 Chieftans RoadGreenwich$3M1-3 p.m.Coldwell Banker

83 Sawmill LaneGreenwich$3.1M1-3 p.m.Sotheby’s

22 Bedford RoadGreenwich$3.495M2-4 p.m.Real Living

294 Round HillGreenwich$3.495M1-3 p.m.Douglas Elliman

400 Stanwich RoadGreenwich$3.549M2-4 p.m.Coldwell Banker

212 Taconic RoadGreenwich$3.595M2-4 p.m.Sotheby’s

6 Lita DriveGreenwich$3.65M2-4 p.m.Houlihan Lawrence

28 Wooddale RoadGreenwich$3.85M1-3:30 p.m.Halstead

56 Milbank #2Greenwich$3.895M1-4 p.m.Coldwell Banker

215 Milbank WestGreenwich$3.999M1-3 p.m.Houlihan Lawrence