Greenwich Real Estate Guy: Greenwich CT-Residential Analysis and Blog: 10/12/12

Greenwich, CT Residential Real Estate Analysis: October 12th A weekly analysis brought to you by Greenwich Real Estate Guy, Jared Randall www.greenwichrealestateguy.com   The above colonial is located at 17 Welwyn Road in Riverside and just came on the market.  This stunning house was built in 2006 and is described on the Greenwich MLS as a "this 'Green' Chic and impeccable home was built by Ken Bacco and designed by Architect Mockler Taylor.  Beautiful touches abound-5 inch wide Oak floors on the first floor, hand stenciled dining room walls, butler's pantry with Calcutta Gold marble counters, Mahogany built-ins in the library just to name a few.  The square footage does not reflect the 1,651 sq. ft. basement which includes a game room, wine room, full bath and guest/au-pair/ exercise room."  The property is .47 acre and the house is listed at 4,486 square feet.  The list price is $4.195M. As I mentioned last week, the goal of this newsletter has always been to inform buyers and sellers alike.  Clients are always asking when is the right time to buy or sell.  My personal opinion is there is not a better time to buy than right now.  We know that regardless of who is president the Obama Healthcare plan that was passed, contains a federal transfer tax of 3.8% to go into affect January 1.  On top of that the Bush tax cuts are scheduled to expire at the end of the year.  If one, assumes a 60 day close and would want to spare the 3.8% transfer tax, they would need to be in contracts by the end of the month give or take a few weeks.  Which leaves only a few weeks to find the right house, negotiate a price, get inspections, and sign contracts to close by the end of the year. With last week being an extended weekend I wanted to reiterate that we are seeing the sold properties grow continually over the last three months vs the sold properties in the same time period last year.  For the last three months we are about 25% higher in sold properties than we were in 2011.  However, we are seeing more new listings than we did last year.  In my opinion this is a sign that things are in the beginning stages of improving.  We have sold 25% more in July-September than we did last year, but just as important is we have not sold more properties than the amount of new listings coming onto the market.  So, even though it is encouraging we have more activity, until the sold properties outnumber the new inventory we will not see much change as the excess inventory is not declining.  My personal opinion is we will start to see closed properties outnumber (or close to it) the new listings in the last quarter, and work into a more competitive 2013. 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    Best,                                                                                                                                                         Jared Randall    Greenwich, CT Residential Real Estate: Properties Sold Another week demonstrating that although the sold properties are improving (8 more last week), we are being outpaced by the inventory additions (20 new listings last week). Greenwich, CT Residential Real Estate: New Listings We have had 36 new listings so far this month, which is inline with the 71 we had last October. Greenwich, CT Residential Real Estate: Year to Date Sold Surprisingly we saw a one percentage change here and there, which is hard to believe this late in the year.  However, with only eight properties closing nothing that impacts the statistics. Greenwich, CT Residential Real Estate: Year to Date Available    In an effort to define the different markets as a good time to buy or sale I believe one needs to look at the months on average it would take to sell through the inventory we have.  We are currently 38 weeks through the year. In the $0-$500K range we have 7.23 months on average to sell through. $500K-$1M  we have 6.15 months.  In the $1M-$1.5M we have 10.8 months. $1.5M-$2M we have 8.43 months.  $2M-$3M we have 11 months, a drop of a week.  $3M-$4M we have 17.34 weeks a gain of a week. $4M-$5M we have 25.5 months, a gain of three weeks. $5M-$7.5M we have 23.4 months. $7.5-$10M we have 33 months providing a drop of one month.  $10M and above we have 37.63 months.   Open Houses October 14th      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.  I will be hosting an open house from 12-3 p.m. on Sunday at 106 Hunting Ridge Road in Greenwich.  Enjoy your weekend.  Address Town Price Time Broker 49 Indian Mill Road Cos Cob $5,200/mo 1-4 PM Raveis 21 Mallard Drive Greenwich $6,000/mo 1-4 PM Coldwell Bnkr 21 Cat Rock Road Cos Cob $8,000/mo 1-4 PM Coldwell Bnkr 39 Willow Road Riverside $8,500/mo 1-4 PM Coldwell Bnkr 18 Lexington Avenue #A Greenwich $10,000/mo 1-4 PM Coldwell Bnkr 525 River Road Cos Cob $10,500/mo 1-4 PM New England Land 351 Pemberwick Road #110 Greenwich $335K 1-3 PM Raveis 1465 E Putnam Avenue #530 Old Greenwich $389K 1-4 PM Coldwell Bnkr 51 Old Kings Highway #1 Old Greenwich $495K 1-3 PM Shore & Cntry Prop 358 Long Ridge Road Stamford $579K 1-4 PM Prudential 60 Valley Road #A Cos Cob $645K 2-4 PM Raveis 9 River Road #419 Cos Cob $685K 1-4 PM Coldwell Bnkr 98 Putnam Park #98 Greenwich $695K 1-4 PM Raveis 64 Richland Road Greenwich $699K 1-4 PM Coldwell Bnkr 60 Valley Road #B Cos Cob $699.5K 2-4 PM Raveis 53 Harvest Ln Stamford $849K 1-4 PM Prudential 4 Lockwood Drive Old Greenwich $1.15M 1-4 PM Coldwell Bnkr 21 Mallard Drive Greenwich $1.199M 1-4 PM Coldwell Bnkr 86 Lower Cross Road Greenwich $1.249M 1-4 PM Weichert 49 Indian Mill Road Cos Cob $1.25M 1-4 PM Raveis 116 Lockwood Road Riverside $1.275M 2-4 PM Raveis 60 Valley Road #A & B Cos Cob $1.295M 2-4 PM Raveis 90 Buckfield Lane Greenwich $1.495M 1-4 PM Prudential 631 Long Ridge #12 Stamford $1.495M 1-4 PM Prudential 16 Norton Lane Old Greenwich $1.495M 1-4 PM Raveis 16 Norton Lane Old Greenwich $1.495M 1-4 PM Raveis 24 Shore Road Old Greenwich $1.568M 2-4 PM Coldwell Bnkr 21 Cat Rock Road Cos Cob $1.599M 1-4 PM Coldwell Bnkr 30 Stonebrook Lane Cos Cob $1.68M 1-4 PM Raveis 70 Bedford Road Greenwich $1.7M 1-4 PM Coldwell Bnkr 106 Hunting Ridge Road Greenwich $1.695M 12-3 PM Prudential 320 Valley Road Cos Cob $1.795M 1-4 PM Coldwell Bnkr 318 Valley Road Cos Cob $1.795M 1-4 PM Coldwell Bnkr 127 Havemeyer Place Greenwich $1.797M 1-4 PM Raveis 525 River Road Cos Cob $1.899M 1-4 PM New England Land 29 Hunting Ridge Road Greenwich $1.95M 2-4 PM Grnwich Fine Prop 1 Idar Court #B Greenwich $1.995M 1-3 PM Reloc. Group 18 Ravenglass Drive Stamford $2.195M 1-4 PM Prudential 120 Milbank Ave Greenwich $2.275M 2-4 PM Grnwich Fine Prop 17 Candelight Place Greenwich $2.275M 1-3 PM Prudential 145 Porchuck Road Greenwich $2.3M 1-4 PM Coldwell Bnkr 191 North Street Greenwich $2.4M 2-4 PM Coldwell Bnkr 55 Shore Road Old Greenwich $2.495M 1-4 PM Coldwell Bnkr 39 Willow Road Riverside $2.695M 1-4 PM Coldwell Bnkr 5 Dawn Harbor Lane Riverside $2.785M 1-4 PM Coldwell Bnkr 20 Stoney Ridge Lane Riverside $2.849M 2-4 PM Shore & Cntry Prop 82 Glenville Road Greenwich $2.875M 2-4 PM Grnwich Fine Prop 530 North Street Greenwich $2.995M 1-4 PM Raveis 55 Will Merry Lane Greenwich $3.25M 2-4 PM Coldwell Bnkr 43 Koefferam Road Old Greenwich $3.45M 1-3 PM Prudential 27 Chieftans Road Greenwich $3.595M 2-4 PM Grnwich Fine Prop 4 Cove Ridge Lane Old Greenwich $4.195M 1-4 PM Coldwell Bnkr 585 Round Hill Road Greenwich $4.495M 1-4 PM Coldwell Bnkr 101 Brookside Drive Greenwich $4.995M 2-4 PM Grnwich Fine Prop 487 North Street Greenwich $5.495M 2-4 PM Coldwell Bnkr