Greenwich Real Estate Guy's Blog: Q3 Market Report and OH List

Dear Patch,

I get asked a lot how the luxury market of Greenwich is doing vs. Westchester County. We just came out with our 2018 Q3 luxury market report. Here is the summary:Dear Jared

Luxury homes sales north of NYC through the third quarter showed mixed results. In Westchester, luxury sales (sales over $2M) were down slightly; a very slow third quarter in Putnam and Dutchess (sales $1M and higher) contributed to a double-digit decline year to date. Luxury markets in Darien and New Canaan (over $2M) have softened considerably since last year, while neighboring Greenwich (sales $3M and higher) is unchanged.

Recent reports indicate the housing sales nationwide are slowing because wage growth is not keeping pace with the increase in real estate prices. Our luxury markets do indeed appear to be slowing down, but lack of wage growth is not a factor for luxury buyers. In fact, the ten-year bull market created $18 trillion in wealth since the Standard & Poor's 500 bottomed on March 9, 2009.

Despite these record-setting gains in the stock market and net worth, the luxury buyer north of NYC is defined by a cautious and restrained approach to real estate. They are reminded that real estate can decline in value, and the fear of overpaying is a primary concern. Luxury rentals have increased since last year and offer an easy wait-and- see solution.

The pursuit of value drives the purchase decisions of today's buyer. They want a fair price that can be justified by comparable sales, and confidence in the property's marketability should the need to sell arise. A surplus of luxury inventory justifies their caution: At the close of the third quarter, there were 467 luxury homes ($2M and higher) for sale in Westchester County and 57 homes in contract. In Greenwich, 317 luxury homes ($3M and higher) were for sale with 22 homes in contract.

Motivated sellers are paying attention to the importance of pricing and its outsized ability to attract the attention of buyers with a value-driven offering. Sellers who priced their homes ambitiously are reducing or withdrawing them from the market. In the third quarter, one out of four luxury listings in Westchester took a price decrease and sellers are lowering their expectations to meet the market.

The luxury market in New York City is feeling the same pricing pressure, however rising values the past several years have resulted in an overheated market that is now cooling down. Buyers are wary of top-of-the-market pricing and sellers are responding in kind with a record number of reductions. We continue to monitor shifts in NYCs real estate market for additional insights into ours.

Sincerely,

Anthony Cutugno
Senior Vice President Director of Private Brokerage

There are 114 Open Homes this Sunday.

Street Name
Area
List Price
Time
Listing Office
1 Bolling Place
Greenwich
$3.5K
1:30-3:30 p.m.
Coldwell Banker
10 Windy Knolls
Greenwich
$7.5K
1-4 p.m.
Higgins Group
37 Mianus View Terrace
Cos Cob
$8.25K
1-3 p.m.
Douglas Elliman
3 Orchard Place #B
Greenwich
$9.9K
2-4 p.m.
Coldwell Banker
3 Orchard Place #A
Greenwich
$9.9K
2-4 p.m.
Coldwell Banker
15 Dearfield Lane
Greenwich
$13K
12-2 p.m.
BHHS
184 Parsonage Road
Greenwich
$14K
1-3 p.m.
BHHS
22 Putnam Park
Greenwich
$419.5K
2-4 p.m.
Davenport
190 Putnam Park
Greenwich
$465K
12-2 p.m.
Davenport
109 River Run
Greenwich
$480K
1-3 p.m.
David Ogilvy
108 Putnam Park
Greenwich
$499.888K
2-4 p.m.
Weichert
333 Palmer Hill #2F
Riverside
$629K
1-3 p.m.
Sotheby's
25 Cary Road
Riverside
$670K
2-4 p.m.
Coldwell Banker
51 Forest Avenue #77
Old Greenwich
$675K
2-4 p.m.
Coldwell Banker
20 Hervey Street
Greenwich
$725K
1-4 p.m.
Coldwell Banker
11 River Road #116
Cos Cob
$748K
1-3 p.m.
Houlihan Lawrence
60 Prospect Street #B
Greenwich
$785K
1-3 p.m.
Coldwell Banker
55 Mary Lane
Riverside
$789K
12-2 p.m.
Houlihan Lawrence
24 Perna Lane
Riverside
$799K
11:30-3:30 p.m.
Keller Williams
60 Valley Road #B
Cos Cob
$850K
1-3 p.m.
Coldwell Banker
11 Gard Court
Greenwich
$900K
2-4 p.m.
Coats
31 Moshier Street #A
Greenwich
$949K
1-3 p.m.
Raveis
105 Hamilton Avenue #11
Greenwich
$995K
1-3 p.m.
BHHS
81 Indian Field Road
Greenwich
$998K
12-4 p.m.
BHHS
27 Hettiefred Road
Greenwich
$999K
2-4 p.m.
Davd Ogilvy
45 Hickory Drive
Greenwich
$999.5K
2-4 p.m.
Coldwell Banker
3 Park Avenue
Old Greenwich
$999.99K
1-3 p.m.
Coldwell Banker
37 Barton Lane
Cos Cob
$1.049M
1-3 p.m.
Houlihan Lawrence
22 The Avenue
Greenwich
$1.07M
1-3 p.m.
BHG Rand
6 Mortimer Drive
Old Greenwich
$1.095M
12-3 p.m.
Sotheby's
56 River Road
Cos Cob
$1.1M
1-3 p.m.
BHHS
31 Scott Lane
Greenwich
$1.225M
1-3 p.m.
Coldwell Banker
77 Gregory Road
Cos Cob
$1.249M
1-3 p.m.
Raveis
7 Jackson Street
Cos Cob
$1.295M
1-3 p.m.
Keller Williams
10 Windy Knolls
Greenwich
$1.3M
1-4 p.m.
Higgins Group
11 Pin Oak Lane
Cos Cob
$1.3M
2-4 p.m.
David Ogilvy
37 Fairway Lane
Greenwich
$1.335M
2-4 p.m.
Coldwell Banker
4 Chestnut Street
Cos Cob
$1.395M
1-3 p.m.
Fiver Corners
4 Banksville Road
Greenwich
$1.495M
1-3 p.m.
Coldwell Banker
62 Long Meadow Road
Riverside
$1.579M
1-3 p.m.
Houlihan Lawrence
17 Connecticut Avenue
Greenwich
$1.595M
1-3 p.m.
Raveis
37 Mianus View Terrace
Cos Cob
$1.6M
1-3 p.m.
Douglas Elliman
1 Lia Fail Way
Cos Cob
$1.649M
1-3 p.m.
Coldwell Banker
33 Ferncliff Road
Cos Cob
$1.695M
1-3 p.m.
Douglas Elliman
5 Neighborly Way
Riverside
$1.725M
12-2 p.m.
BHHS
3 Hendrie Lane
Riverside
$1.795M
2-4 p.m.
Halstead
17 Edgewater Drive
Old Greenwich
$1.85M
2-4 p.m.
Halstead
44 Summit Road
Riverside
$1.885M
2-4 p.m.
Houlihan Lawrence
380 Sound Beach
Old Greenwich
$1.895M
1-3 p.m.
Coldwell Banker
14 Knoll Street
Riverside
$1.895M
1-4 p.m.
Houlihan Lawrence
284 Riversville Road
Greenwich
$1.895M
1-3 p.m.
Raveis
15 Hycliff Road
Greenwich
$1.949M
2-4 p.m.
Raveis
46 Sawmill Lane
Greenwich
$1.995M
2-4 p.m.
Houlihan Lawrence
11 Pierson Drive
Greenwich
$1.995M
1-3 p.m.
Raveis
37 Crescent Road
Riverside
$2.095M
1-3 p.m.
Raveis
19 Home Place
Greenwich
$2.195M
1-4 p.m.
Sotheby's
19 Crescent Road
Riverside
$2.195M
1-3 p.m.
Sotheby's
2 Randolph Place
Cos Cob
$2.195M
2-4 p.m.
Coldwell Banker
1361 King Street
Greenwich
$2.195M
2-4 p.m.
Raveis
44 Benjamin Street
Old Greenwich
$2.225M
2-4 p.m.
Houlihan Lawrence
3 Orchard Place #B
Greenwich
$2.299M
2-4 p.m.
Coldwell Banker
3 Orchard Place #A
Greenwich
$2.299M
2-4 p.m.
Coldwell Banker
552 River Road
Cos Cob
$2.3M
2-4 p.m.
Coldwell Banker
22 Indian Head
Riverside
$2.35M
1-3 p.m.
BHHS
8 Grove Lane
Greenwich
$2.395M
1-3 p.m.
Douglas Elliman
91 Sawmill Lane
Greenwich
$2.395M
1-3 p.m.
Sotheby's
23 Stoney Ridge
Riverside
$2.398M
2-4 p.m.
BHHS
215 Riverside Avenue
Riverside
$2.495M
1-4 p.m.
BHHS
150 Riverside Avenue
Riverside
$2.5M
1-4 p.m.
BHHS
119 Lockwood Road
Riverside
$2.65M
1-3 p.m.
Halstead
17 Edgewood Drive
Greenwich
$2.68M
2-4 p.m.
Coldwell Banker
51 Sheephill Road
Riverside
$2.695M
1-3 p.m.
Raveis
4 Steep Hollow
Cos Cob
$2.7M
1-3 p.m.
Houlihan Lawrence
95 Stanwich Road
Greenwich
$2.75M
2-4 p.m.
Raveis
554 River Road
Cos Cob
$2.75M
2-4 p.m.
Coldwell Banker
24 Upland Drive
Greenwich
$2.775M
1:30-3:30 p.m.
Coldwell Banker
8 Carpenters Brook
Greenwich
$2.79M
11-12:30 p.m.
Douglas Elliman
12 Pintail Lane
Greenwich
$2.795M
12-2 p.m.
Douglas Elliman
43 Sawmill Lane
Greenwich
$2.795M
1-3 p.m.
Houlihan Lawrence
50 Sound View #4N
Greenwich
$2.849M
12-3 p.m.
Keller Williams
3 Maher Court
Greenwich
$2.875M
1-3 p.m.
Sotheby's
3 Juniper Lane
Riverside
$2.895M
2-4 p.m.
Houlihan Lawrence
8 Rockwood Lane Spur
Greenwich
$2.895M
2-4 p.m.
Houlihan Lawrence
60 Butternut Hollow
Greenwich
$2.94M
2-4 p.m.
BHHS
14 Bradbury Place
Riverside
$2.995M
1-3 p.m.
Coldwell Banker
100 Hendrie Avenue
Riverside
$2.999M
1-3 p.m.
Centric
102 Hendrie Avenue
Riverside
$3.095M
1-3 p.m.
Halstead
372 Cedar Hill
Greenwich
$3.15M
2:30-4:30 p.m.
Douglas Elliman
550 River Road
Cos Cob
$3.2M
2-4 p.m.
Coldwell Banker
15 Dearfield Lane
Greenwich
$3.395M
12-2 p.m.
BHHS
184 Parsonage Road
Greenwich
$3.395M
1-3 p.m.
BHHS
123 Maple Avenue
Greenwich
$3.495M
2-4 p.m.
Houlihan Lawrence
102 North Street
Greenwich
$3.5M
1-4 p.m.
Houlihan Lawrence
7 Binney Lane
Old Greenwich
$3.595M
1-4 p.m.
Sotheby's
569 Indian Field
Greenwich
$3.6M
2-4 p.m.
Sotheby's
154 Byram Shore Road
Greenwich
$3.75M
1-3 p.m.
Sotheby's
50 Sumner Road
Greenwich
$3.849M
11:30-1:30 p.m.
Compass
95 Indian Head Road
Riverside
$3.995M
2-4 p.m.
BHHS
52 Ridgeview Avenue
Greenwich
$3.995M
2-4 p.m.
BHHS
48 Pecksland Road
Greenwich
$3.995M
1-4 p.m.
Douglas Elliman
52 Ridgeview Avenue
Greenwich
$3.995M
2-4 p.m.
BHHS
184 Shore Road
Old Greenwich
$4.195M
2-4 p.m.
Coldwell Banker
54 Woodside Drive
Greenwich
$4.3M
12-2 p.m.
Sotheby's
9 Shaw Place
Riverside
$4.399M
2-4 p.m.
Sotheby's
3 Khakum Wood
Greenwich
$4.6M
11:30-1:30 p.m.
Compass
15 Pilot Rock Lane
Riverside
$4.75M
1-3 p.m.
Centric
15 Pilot Rock Lane
Riverside
$4.75M
1-3 p.m.
Centric
8 Buckthorne Lane
Greenwich
$4.995M
2-4 p.m.
Houlihan Lawrence
918 North Street
Greenwich
$4.999M
1-3 p.m.
Houlihan Lawrence
25 Tomac Avenue
Old Greenwich
$5.2M
1-4 p.m.
BHHS
10 West Crossway
Old Greenwich
$5.485M
1-3 p.m.
Raveis
29 Meadowcroft Lane
Greenwich
$5.499M
1-3 p.m.
Sotheby's
70 Midwood Road
Greenwich
$6.795M
2-4 p.m.
Houlihan Lawrence
11 Round Hill Club
Greenwich
$9.975M
2-4 p.m.
Halstead

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Best,

Jared Randall Join my Mailing List

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