Record Real Estate Sale For A Multi-Family In Cos Cob

GREENWICH, CT — As the pandemic wanes and normalcy returns to everyday life, the real estate market in Greenwich is heating up.

Recently, a three-unit multi-family home located at 7 Bible St. in Cos Cob sold for about $1.3 million at $520 per square foot, the highest ever in Cos Cob, according to Mike Parelli, a residential and commercial associate real estate broker with the New England Land Company. The previous high for a multi-family was $474 per square foot.

According to the Greenwich MLS in Cos Cob, since 2000 the average price per square foot for multi-family homes is $335.

Parelli believes the sale is a marker for how hot the real estate market is. Cos Cob in particular, Parelli says, is benefiting.

"I personally think that people coming from out of town, namely New York CIty and Westchester, want some aspect of a city lifestyle with a little downtown," Parelli said. "It has a good mix of businesses that have been there for years, like Arcuri's Pizza, Chicken Joe's, Garden Catering, and Scarpelli's. Then there are brand new, a little more high-end and trendy locations."

Parelli also noted the close proximity to Tod's Point and the train station as reasons why people are coming to Cos Cob.

"It's kind of a suburbs on training wheels for a lot of people," he said. "It's situated well."

Before the pandemic, Parelli noted that a lot of people from Westchester who wanted to move to Greenwich couldn't sell their homes. But because of the last 18 months, there has been a "double whammy" of New York City and Westchester people crossing the border into Connecticut.

"It's just kind of a timing that has worked out where we're getting all of this demand from people in Greenwich. Greenwich didn't really recover as much as other markets after 2008. But I think now we're seeing all of the recovery and all of the excitement back again. It's situated to be busy and in demand for a long time," Parelli said.