Greenwich, CT Residential Real Estate Analysis: July 13th

Greenwich, CT Residential Real Estate Analysis: July 13th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com   This week I will be discussing 59 Club Road. This is one of the properties that you have to click on the above link to see the pictures.  It is owned by a friend of mine I work with, whose wife just published a book about decorating from yard sales.  As one can see by the pictures it impeccably decorated.  When one decides on buying their next property or house, the most important aspect to think about is location.  59 Club Road screams location, location, location.  It is nestled on one of the most beautiful streets in Riverside.  At the end of Club Road within walking distance is the Riverside Yacht Club.  The house was built in the 1920's with some expansion since then.  It is currently 4,166 square feet but has FAR up to 7,600 square feet.  This Sunday I will be doing an open house at 65 Lockwood Lane in Riverside. I believe this is a great value located in a cul de sac within walking distance to schools and train. This could be used as an investment property or a residence.  It has an updated kitchen and is in pristine condition.  I have received a lot of questions from people in regards to the 3.8% tax from the Healthcare Legislation that goes into effect in 2013.  I believe this article explains it best.  3.8% Tax to go into Effect 2013  In the month of June we passed the 2010 numbers. Due to the Conveyance tax that hit July 1, 2011 we cannot really look at June of 2011 as a fair metric. We can combined June and July of this year and compare that to June and July of last year to give us a true assessment of the market.  Below you will find my analysis of the market, open houses, as well as mortgage information. I am still working on touching it up, but feel free to check it out at www.greenwichrealestateguy.com.     The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home. Call me with their name and number so I can give them the first class service they deserve.   Properties Sold       As you look at this chart June of 2011 jumps out with a huge spike of 120 sold properties. However, there was a rush to close properties before the new conveyance tax hit on July 1st of 2011.  In my opinion, we have to look at June and July together to see where the market is currently vs 2011.  The positive that their have been 33 properties sold so far this month which currently is outpacing July of 2011, it will be interesting to see when we combine June and July where we end up.    New Listings    It looks as for the first time this year new listings did not outpace last year's numbers.  As a continual trend from June, it looks like that the sold properties are staying even with the new listings.  In July we have had 35 new listings and 33 sold properties.  This is a good sign as in the first five months the new listings were outpacing the sold by a lot.    Year to Date Sold  This chart shows us the breakdown of the 343 properties sold year to date. As you can see, the 0-1M range is 41% of the properties that have sold. Yet, it is only 23% of the properties that are currently available. This is again reflective of the different markets that each price range is currently trading in. The lower price points are more seller's markets than the other price points. Whereas, the more expensive ranges the buyers have the majority of the leverage.     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. In the $0-$500K range we have 6.02 months on average to sell through. $500K-$1M  we have 7.82 months. $1M-$1.5M we have 9.55 months. $1.5M-$2M we have 10.4 months. $2M-$3M we have 15.81 months.  $3M-$4M we have 20.22 months. $4M-$5M we have 34.94 months. $5M-$7.5M we have 28.97 months. $7.5-$10M we have 44.93 months. $10M and above we have 41.9 months.  So, in only one week the amount to sell through the $1M-$1.5M inventory dropped two months.   Open Houses July 15th       I will be at 65 Lockwood Lane again this week. Below are all of the Greenwich Open Houses. Enjoy your week. Address Town Price Time Broker 87 Putnam Park #87 Greenwich $397K 2-4 PM Raveis 24 Wessels Pl Greenwich $541K 1-4 PM Raveis 358 Long Ridge Rd Stamford $625K 1-4 PM Prudential 60 Valley Rd #A Cos Cob $645K 2-4 PM Raveis 47 Lafayette Place #41 Greenwich $675K 1-4 PM Prudential 66 Richland Rd #B Greenwich $697K 12-2 PM Coldwell Bnkr 197 Sheephill Rd #C Riverside $699K 2-4 PM Coldwell Bnkr 51 Forest Av #109 Old Greenwich $725K 1-4 PM Coldwell Bnkr 19 Wescott St Greenwich $729K 2-4 PM Coldwell Bnkr 7 Mary Ln Riverside $750K 2-4 PM Raveis 123 Harbor Dr #203 Stamford $795K 1-4 PM Coldwell Bnkr 9 Sinawoy Rd Cos Cob $950K 1-4 PM Prudential 51 Forest Av #36 Old Greenwich $999.5K 2-4 PM Raveis 11 Bayside Terr Riverside $1.065M 1-3 PM Shore & Cntry 23 Mianus View Cos Cob $1.095M 1-4 PM Weichert 73 Weaver St #16 Greenwich $1.095M 2-4 PM Halstead Prop 71 Orchard Pl #B Greenwich $1.165M 2-4 PM Coldwell Bnkr 73 Weaver St #18 Greenwich $1.195M 2-4 PM Raveis 39 Cross Ln Cos Cob $1.199M 12-3 PM Weichert 35 Midbrook Rd Old Greenwich $1.475M 1-4 PM Prudential 130 Woodside Dr Greenwich $1.499M 2-4 PM Sotheby's 21 Cat Rock Rd Cos Cob $1.649M 2-4 PM Coldwell Bnkr 18 Spring St Riverside $1.695M 1-4 PM Prudential 70 Bedford Rd Greenwich $1.7M 1-3 PM Coldwell Bnkr 65 Lockwood Ln Riverside $1.769M 1-4 PM Prudential 16 Manor Rd Greenwich $1.795M 1-4 PM Prudential 11 Londonderry Dr Greenwich $1.795M 2-4 PM Raveis 79 William St Greenwich $1.975M 2-4 PM Coldwell Bnkr 9 S End Ct Old Greenwich $1.999M 2-5 PM Raveis 284 Riversville Rd Greenwich $2.395M 1-3 PM Raveis 42 Will Merry Ln Greenwich $2.49M 1-3 PM Round Hill Prtnr 182 Dolphin Cove Quay Stamford $2.595M 1-4 PM Prudential 243 Dolphin Cove Quay, St Stamford $2.8M 1-4 PM Prudential 196 Dolphin Cove Quay Stamford $2.995M 1-4 PM Prudential 1 Tyler Ln Riverside $3.275M 1-4 PM Weichert 25 Windabout Dr Greenwich $3.295M 2-4 PM Coldwell Bnkr 8 Indian Point Ln Riverside $3.45M 1-4 PM Prudential 242 Dolphin Cove Quay Stamford $3.46M 1-4 PM Prudential 2 Parsonage Rd Greenwich $4.295M 1-3 PM Round Hill Prtnr 585 Round Hill Rd Greenwich $4.495M 1-4 PM Coldwell Bnkr 45 Close Rd Greenwich $5.295M 2-4 PM Prudential 45 Close Rd Greenwich $5.295M 2-4 PM Prudential 2 Conyers Farm Dr Greenwich $6.495M 12-3:30 PM Sotheby's 25 West Way Old Greenwich $7.659M 2-5 PM Raveis 56 Clapboard Ridge Greenwich $9.95M 2-4 PM Ogilvy   Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of HSBC and Iliad Estrada or Ct. Home Mortgage. Jeff's rates can be found at:  http://www.us.hsbc.com/1/2/3/personal/home-loans  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 APR 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%  Updated: Friday June 22, 2012