Greenwich Real Estate Guy: Greenwich CT-Residential Analysis and Blog: 10/26/12

Greenwich, CT Residential Real Estate Analysis: October 26th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Last week I featured 21 Ridge Road in Cos Cob.  It had been on the market for only four days, and is already in AOCTS (Accepted Offer Continue to Show) status.   The above outside fireplace and patio is attached to 180 North Street.  It is noted in MLS that the Normandy style house was built in 2008 but celebrity builder Mariani for a friend of his.  The house is on the lower portion of North Street close to town.  "...clapboard and stone house has rare charm.  Superb architectural details include 6 part mouldings  throughout the main floor, and coffered ceilings on both floors.  Ceilings with heights of 11-13 feet, give this house incredible open  volume.  The master suite is enormous, with 2 fully outfitted walk-in  closets.  There are four additional bedrooms (two are master size),  plus a large first floor guest suite.  This home is located 1 mile  from the top of Greenwich Avenue. Approved pool site."  It is listed as 6,346 s.f. and sits on 1.18 acres of land.  In my opinion approximately half of the land was wetlands, however the house sits back on the lot and has a nice level yard.  There is also a gate in the back of the fence so if you have small children you can take them for a walk on Martin Dale, which is a lovely cul de sac.  When talking to the Listing Realtors of the home, I was told many times they are "very motivated" to sell.  Hence, I believe one can get the house for a great price. Another week, and we continue to see more properties coming on than are being sold.  Last week there were 23 new properties listed on the Greenwich MLS, with only 12 properties sold.  Even though some pockets in the market may move like the above mentioned Ridge Road, the market cannot improve drastically until the properties coming off of the market outnumber the properties coming on in my opinion.  This weekend is supposed to be beautiful out and with the colors of the leaves changing, it will be a great day for touring open houses.  As always, if you have a house in mind you would like to see, please do not hesitate to call me.  I would also like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market atwww.greenwichstreets.com.  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   I believe these two graphs sum up the market perfectly.  If one is just looking at sold properties over the last few years they will continue to see that our numbers are outpacing the last two years.  However, when you look below you see that the new properties are also outpacing prior years.  My opinion is that this is the start of positive momentum, but the market may not still be as strong as others believe. New Listings We have had 23 new listings so far this week, which puts us up to 81 for the month.  This puts us over the new listings in October of 2010 and 2011.    Year to Date Sold All categories stayed the same in regards to percentages. Year to Date Available    The $1M-$1.5M dropped to 12% from 13% while the $2M-$3M grew from 15% to 16% of the available properties currently. 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 43 weeks through the year. In the $0-$500K range we have 7.81 months on average to sell through. $500K-$1M  we have 6.29 months.  In the $1M-$1.5M we have 10.95 months. $1.5M-$2M we have 9.55 months (growth of two weeks).  $2M-$3M we have 12.64 months (growth of two weeks).  $3M-$4M we have 18.87 (growth of two weeks) $4M-$5M we have 23.15 (drop of a month). $5M-$7.5M we have 23.66 months. $7.5-$10M we have 37.48 months (gain of two months).  $10M and above we have 37.21 months (drop of three months).     Open Houses October 28th      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.  It should be a beautiful weekend, so enjoy.  The first six on the list are for rent. Address Town List Price Time Broker 347 Riversville Rd Greenwich $5.8K 1-4 PM Raveis 21 Mallard Dr Greenwich $6K 1-5 PM Coldwell Bnkr 8 Fox Hollow Ln Cos Cob $7.9K 2-4 PM Coldwell Bnkr 40 Lockwood Ave Old Greenwich $8K 1-4 PM Raveis 523 E Putnam Ave #1B Cos Cob $9.75K 2-4 PM Prudential 1361 King St Greenwich $12.5K 1-4 PM Raveis 184 Peck Ave #2 Greenwich $439K 2-4 PM Coldwell Bnkr 47 Lafayette Pl #4-I Greenwich $599K 1-4 PM Prudential 1 Douglas Dr Greenwich $649K 1-4 PM Prudential 32 Heusted Dr Old Greenwich $739K 1-3 PM Sotheby's 17 Harold St Cos Cob $775K 1-3 PM Raveis 27 Orchard St Cos Cob $875K 1-3 PM Coldwell Bnkr 21 Mallard Dr Greenwich $1.199M 1-5 PM Coldwell Bnkr 86 Lower Cross Rd Greenwich $1.249M 1-4 PM Weichert 116 Lockwood Rd Riverside $1.275M 2-4 PM Raveis 347 Riversville Rd Greenwich $1.449M 1-4 PM Raveis 90 Buckfield Ln Greenwich $1.495M 1-4 PM Prudential 16 Norton Ln Old Greenwich $1.495M 1-4 PM Raveis 631 Long Ridge Rd #12 Stamford $1.495M 1-4 PM Prudential 8 Fox Hollow Ln Cos Cob $1.499M 2-4 PM Coldwell Bnkr 127 Havemeyer Pl Greenwich $1.797M 1-4 PM Raveis 18 Ravenglass Dr Stamford $1.995M 1-4 PM Prudential 35 Dunwoodie Pl Greenwich $2.495M 2-4 PM Raveis 523 E Putnam Ave #1B Cos Cob $2.85M 2-4 PM Prudential 1361 King St Greenwich $2.85M 1-4 PM Raveis 530 North St Greenwich $2.995M 1-4 PM Raveis 76 Cat Rock Rd Cos Cob $3.295M 1-4 PM Coldwell Bnkr 329 Shore Rd Greenwich $3.495M 1-3 PM Sotheby's 44 Upper Cross Rd Greenwich $4.995M 2-4 PM Coldwell Bnkr 487 North St Greenwich $5.495M 2-4 PM Coldwell Bnkr 2 Conyers Farm Dr Greenwich $5.895M 1-3 PM Sotheby's 44 Upper Cross Rd & Lot 35B Greenwich $8.499M 2-4 PM Coldwell Bnkr Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage. Jeff can be reached at 646-372-5181. Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.    CT Mortgage Rates Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.514% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.990% 4.116% 5/1 YR ARM Conforming 2.250% 3.081% 5/1 YR ARM Jumbo 2.250% 3.060% 10/1 YR ARM Jumbo 3.375% 3.453%  *as of July 15th