|
Dear Jared,
Happy Mother's Day to all of the mothers.
I wanted to let you know that it has come to my attention that emails replied directly to the newsletter have not been delivered to me. I apologize if you replied to the newsletter directly and did not get a response from me. If you did reply, please do so again, as I would like any and all feedback. I have fixed the issue and will now get all replies.
Hope your Friday is going well, and you are looking forward to a great weekend. As summer creeps closer we are officially halfway through the spring market. I had the opportunity to attend the New York Real Estate Summit on Wednesday. It was sponsored and mediated by Michael Stoler of 1010 WINS. There were a few panel discussions ranging from Developments in the Tri-State Region, to Private Equity, Investment Bankers, Commercial Lending, and to state of the Residential Market. The panel was comprised of C-level Executives from JP Morgan, New York Community Bank, Kimco Realty Corporation, Silverstein Properties, TD Bank, UBS, among many other Investment Banks, Hedge Funds, and Insurance Companies. The "Main Event" or main topic was what is the outlook for 2012 and 2013. I was surprised that the resounding answer seemed to be consistent among all of the Real Estate professionals. Whether, they were discussing REIT's, Lending, New Developments, Mixed Use (combination of residential, retail, and commercial in one structure), Commercial, or Residential, they all seemed to concur that 2012 and 2013 will be relatively stagnant to mild growth. They see modest gains in transactions, and feel there are values and opportunities to be had, but they do not see incredible growth for another 2-3 years. The main reasons they give for this is they still see Underwriting being very strict for 2-3 years, the uncertainty of Europe, as well as the uncertainty of the elections. However, they did seem to feel that we were making our way back up from the bottom of the market.
I decided that some of my ranges to help you follow the market were to vague, so I have changed them so that we can follow more specific price ranges. Instead of giving you the statistics for 2-5 Million, I will break it up into three categories (2-3M, 3-4M, and 4-5M). Since, we are seeing more movement (albeit still a slow pace) in the over 5 million range, I will break this up into three categories (5-7.5M, 7.5-10M, and over 10M). I have not received the detailed statistics from April yet, and will discuss those when they become available. However, I will discuss the transactions so far in May.
Below you will see the statistics and my viewpoint of the market in Greenwich. Below that will be a list of the open houses for the weekend. On the right hand side will be useful mortgage or community information. If you know someone who would benefit from this information please click on "forward to a friend" on the right. If you have received this in error feel free to unsubscribe. Please contact me if you or someone you know is interested in buying or selling real estate. Also, if there is specific information you would like to see or think it would be good to add to this newsletter please send me an email.
The last updated Sale Price vs Listed Price numbers are as of April 24, 2012. The average sale price vs list price and average days on market were as follows:
Town %SP/LP AVG DOM
Riverside 94.2 133
Old Greenwich 94.1 249
Greenwich 91.3 279
Cos Cob 91.9 262
Total 92.8 225
So far in May we have had 16 properties sold . In May of 2011 there were 70 Single Family and condos sold, so we are tracking that number. They were as follows:
$0-$500K= 0 properties
$500-$1M= 6 properties
$1M-$1.5M= 0 properties
$1.5M-$2M= 5 properties
$2M-$3M= 3 properties
$3M-$4M= 0 properties
$4m-$5m= 1 property ($5M)
$5m-$7.5M= 0 properties
$7.5M-$10M= 0 properties
$10M and up= 0 properties
Since May 1 we have had 20 properties executed contract (meaning all contingencies have been met, awaiting close). They were as follows:
$0-$500K= 0 properties
$500-$1M= 3 properties
$1M-$1.5M= 6 properties
$1.5M-$2M= 2 properties
$2M-$3M= 3 properties
$3M-$4M= 3 properties
$4M-$5M= 1 property
$5M-$7.5M= 2 properties
$7.5M-$10M= 1 property
$10M+= 0 properties
*note executed prices are based on most current list price
We have had 101 accepted offers in the past ten days. The price ranges for the 101 Accepted Offers and Contingent Contractors were as follows:
$0-$500K= 8 properties
$500-$1M= 43 properties
$1M-$1.5M= 12 properties
$1.5M-$2M= 13 properties (1 at $2M)
$2M-$3M= 13 properties
$3M-$4M= 6 properties
$4M-$5M= 2 properties
$5M-$7.5M= 3 properties
$7.5M-$10M= 0 properties
$10M+= 1 property
**All information from Greenwich MLS
Sincerely,
Jared Randall
203-273-1034
Prudential Connecticut
|
Jared Randall
Reader Comments