Greenwich CT, Residential Real Estate Blog and Analysis: September 20th

Greenwich, CT Residential Real Estate Blog and Analysis:  September 20th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above colonial is located at 212 Taconic Road in Greenwich.  I am featuring this house again as I will be hosting an open house here on Sunday from one to four p.m.  I was struck by the drive up to the house.  As you pull into the driveway you are met with a beautiful lawn and picturesque pond greeting the entrance to the beautiful home.  It sits on 4.39 acres.  The house has five bedrooms, with five full baths and two half baths.  I also enjoyed the amenities of the house.  The five bedrooms are en suite.  There are five fireplaces, a media/home theatre, as well as a great patio with grill.  I also like the idea of the 2nd home laundry room.  This house has been on the market some time.  However, we are seeing the Back Country and higher price ranges finally start to move.  The house was bought for $4.9M in 2008.  The house first came on the market for $5.495M in May of 2010.  It has been on and off the market since and is currently priced at $4.395M.   As you may or may not know Prudential Connecticut was acquired by Warren Buffet's Berkshire Hathaway last year.  We will be changing our name next week.  Here is the letter describing the change: Prudential Connecticut Realty is proud to announce that our name will change on September 26, 2013 to Berkshire Hathaway HomeServices New England Properties.  As you may be aware, Prudential Real Estate was acquired by Berkshire Hathaway in October, 2012.  Berkshire Hathaway HomeServices brokerage network is among the few organizations entrusted to use the world-renowned Berkshire Hathaway name.   Berkshire Hathaway is the No. 1 company in Barron's 2013 ranking of the "World's Most Respected" companies; it stands at No. 8 in Fortune magazine's 50 Most Admired Companies survey; and is No. 18 in Harris Interactive's reputation study of the 60 Most Visible Companies. Although our name is changing, our commitment to our clients remains the same. We will continue to provide you with the highest quality real estate experience.  There is nothing you need to do during the transition, but enjoy our new association and your enhanced exposure.  If you have any questions, please do not hesitate to contact me.   This week we had 38 new properties and 13 sold properties bringing the total inventory up to 650.     I have updated the links, charts, and months on average.  I have started a new months on average based on the sales of this year so you can compare  the differences.  If there is one thing to take away from this newsletter it is the differences between the under $3M market and the over $3M market.  Now, is the perfect time to sell under $3M and buy over $3M.  Currently, the under $3M price ranges have nine months on average or less to sell through, where the over $3M price ranges are 25 months or more. Also there was a drop from 272 months on average for the over $10M market that has dropped to 92 months, as we have had three properties sell for over $10M in the past two weeks. Below are the Sold Price to List Price percentage for each of the four towns as well as some neighborhood data: Sold Price vs. List Price   Neighborhood Data      I would like to thank Mark Pruner for mentioning me in the Greenwich Patch.  Mark also does his own synopsis of the Greenwich Market at www.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   This demonstrates that we are still seeing great sold numbers.  The past few months we have outpaced previous years.  However, as you can see we are catching back up in new listings for September.  So, we may not hit the sold numbers of last year this year but will hit the new properties number. New Listings We have had 117 new properties and only are two thirds of the way through the year.  Now, there have been a lot of changes with Realtors changing firms.  If their customers want to stay with them, they would cancel the listing and make it a new listing with their new firm.  Hence, this months new listings could be affected.    Year to Date Sold  We are not seeing a huge change in the percentages of the properties that have sold.  They are staying relatively consistent.  I do see the over $10M market moving off of the 0% over the next month or two.    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.  I have broken this down by June of 2012 (which is the high in my opinion) to January of 2013 (the low in my opinion) then will add each month as we come to them.    Price Range 6/12/13 1/5/13 2/1/13 2/22/13 3/22/13 4/26/13 5/31/13 6/28/13 7/26/13 8/30/13 9/20/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 6.24 5.11 5.28 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 5.5 5.16 5.38 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 8.81 7.95 7.59 8.08 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 7.4 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 12.12 11.76 12.96 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 21.11 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 23 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 26.47 24 25.41 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 25.84 29.53 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36 31.71 29.14 36.85 **to calculate months on average in this chart I used the full year of 2012 sold properties in each price range   The numbers we have tracked to decide the months on average have been based on last year's sold numbers.  I find it very interesting when looking comparing the two charts that the under $3M market is even tighter and the over $3M is even slower when you use this year's sold numbers vs last years. Price Range 8/30/13 9/20/13 0-$500K 4.26 4.5 $500K-$1M 4.65 4.9 $1M-$1.5M 4.96 5.2 $1.5M-$2M 5.61 5.6 $2M-$3M 7.84 9.0 $3M-$4M 20.22 22.2 $4M-$5M 22 23.4 $5M-$7.5M 40.8 31.1 $7.5M-$10M 44.8 46.1 $10M+ 272 93.0 ** to calculate months on average in this chart I used year to date sold properties in each price range. Obviously the months on average were the lowest at the end of the year.  The uncertainty of the fiscal cliff, as well as the election (most properties that closed in December were negotiated before election was finalized), and uncertainty of taxes.  Not to mention if people are going to take their house off of the market they will tend to do it over the holidays.   Open Houses September 22nd      Below are all of the Greenwich Open Houses for Sunday.  I will be hosting an open house at 212 Taconic Road, stop by and say hi.  Thank you to Rob Pulitano for sending me the list of open houses so I can add the links, and Mark Pruner for publishing the list on Greenwich Patch.   Address Town List Price Time Broker 212 Taconic Road Greenwich $16.9K 1-4 PM Prudential 52 Lafayette Place #4H Greenwich $320K 2-4 PM Coldwell Bnkr 47 Valley Road #B1 Cos Cob $385K 2-4 PM Prudential 21 High Street Greenwich $549K 2-4 PM Coldwell Bnkr 4 Lafayette Court #5B Greenwich $550K 2-4 PM Coldwell Bnkr 35 Pemberwick Road #2 Greenwich $558K 1-3 PM Coldwell Bnkr 88 Southfield Ave #203 Stamford $648K 2-4 PM Prudential 53 Locust Street 53 1/2 Greenwich $695K 2-4 PM Coldwell Bnkr 12 Circle Drive Ext Greenwich $695K 2-4 PM Raveis 62 Valley Road Cos Cob $729K 2-4 PM Raveis 347 Riversville Road Greenwich $995K 1-4 PM Coldwell Bnkr 150 Clapboard Ridge Greenwich $4.49M 1-4 PM Raveis 17 Davenport Avenue Greenwich $1.195M 2-4 PM Raveis 54 Hawthorne Street No Greenwich $1.25M 1-3 PM Coldwell Bnkr 33 Maple Avenue Greenwich $1.375M 2-4 PM Grnwich Fine Prps 240 Palmer Hill Road Old Greenwich $1.375M 2-4 PM Sotheby's 3 Tree Top Terrace Greenwich $1.479M 2-4 PM Sotheby's 25 Nearwater Lane Riverside $1.515M 1-3 PM Shore & Cntry Prop 72 Stanwich Road Greenwich $1.59M 2-4 PM Sotheby's 15 Linwood Avenue Riverside $1.599M 1-4 PM Weichert 68 Lockwood Road Riverside $1.695M 1-4 PM Prudential 12 Bryon Road Old Greenwich $1.795M 1-4 PM Coldwell Bnkr 20 Lockwood Road Riverside $1.95M 2-4 PM Sotheby's 5 Dartmouth Road Cos Cob $1.995M 2-4 PM Sotheby's 164 Dolphin Cove Quay Stamford $1.999M 2-4 PM Prudential 11 Angus Lane Greenwich $2.195M 2-4 PM Raveis 2 Finney Knoll Lane Riverside $2.195M 1:30-3:30 Raveis 48 Highview Avenue Old Greenwich $2.295M 2-4 PM Raveis 40 Lincoln Avenue Greenwich $2.385M 2-4 PM Coldwell Bnkr 19 Cresent Road Riverside $2.395M 1-3 PM Raveis 299 Palmer Hill Road Old Greenwich $2.399M 1-4 PM Raveis 12 Shore Road Old Greenwich $2.675M 2-4 PM Grnwich Fine Prps 22 Tomac Avenue Old Greenwich $2.689M 1-4 PM Grnwich Cust RE 208 Dolphin Cove Quay Stamford $2.695M 2-4 PM Prudential 6 Hemlock Drive Greenwich $2.775M 2-4 PM Sotheby's 10 Deep Gorge Road Greenwich $2.85M 2-4 PM Grnwich Fine Prps 30 Sherwood Avenue Greenwich $2.85M 1-3 PM Prudential 9 Oakley Lane Greenwich $2.95M 1-4 PM Coldwell Bnkr 46 Will Merry Lane Greenwich $3.1M 1-4 PM Prudential 240 Riverside Avenue Riverside $3.199M 1-3 PM Coldwell Bnkr 93 Orchard Drive Greenwich $3.499M 2-4 PM Grnwich Fine Prps 514 Riverville Road Greenwich $3.55M 2-4 PM Sotheby's 25 Nawthorne Road Old Greenwich $3.599M 12-3 PM Raveis 7 Hearthstone Drive Riverside $3.795M 1-4 PM Coldwell Bnkr 4 Cove Ridge Lane Old Greenwich $3.875M 2-4 PM Sotheby's 20 West End Avenue Old Greenwich $4.189M 1-4 PM Higgins Grp 396 North Street Greenwich $4.2M 1-4 PM Prudential 212 Taconic Road Greenwich $4.395M 1-4 PM Prudential 5 Grimes Road Old Greenwich $4.495M 1-3 PM Raveis 45 Baldwin Farms So Greenwich $4.995M 1-3 PM Sotheby's 14 Red Coat Lane Greenwich $6.4M 2-4 PM Sotheby's 421 Field Point Road Greenwich $6.4M 1-4 PM Prudential 28 East Point Lane Old Greenwich $7.995M 1-3 PM Sotheby's   Best,                                                                                                                                                         Jared Randall                                                 Join my Mailing List Prudential CT, Greenwich Office                 Search Properties www.greenwichrealestateguy.com             Forward to a Friend cell:  203-273-1034                                        View My Website email:  jaredrandall@prudentialct.com       Like me on Facebook            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. Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.625% 2.863% 30 YR Fixed Conforming 3.625% 3.793% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.875% 3.999% 5/1 YR ARM Conforming 2.125% 2.789% 5/1 YR ARM Jumbo 2.125% 2.769% 10/1 YR ARM Jumbo 2.875% 2.995%