Greenwich, CT Residential Real Estate Blog and Analysis: July 18th

Greenwich, CT Residential Real Estate Blog and Analysis:   July 18th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above colonial is located at 10 Maher Avenue in Greenwich.  I will be hosting an open house here from 1-4 on Sunday.  Please stop in and say hi.  Let me know if you would like to set up a showing.  My cell is 203-273-1034. Charming Colonial in the Heart of Greenwich A sundrenched, in-town 5 bedroom colonial, steps away from shopping and schools, affords an open and airy floor plan providing wonderful flow. Built in 1933 this gracious 2334 sq. ft. home boasts hardwood floors, lofty ceilings and unique vintage details and sits on .19 acres of well-manicured, beautifully landscaped property. Recent upgrades include the cedar shingle roof and copper gutters. A quaint, new white picket fence graces the front of this delightful residence adding to its genuine curb appeal.   Step through the latched gate to a lush lawn, punctuated by mature hydrangea and rhododendron bushes.   A welcoming, large front porch with an inviting Dutch door leads into a stately entryway. The generous formal living room is bathed in natural light from the front facing bay windows and unfolds into the elegant dining room, complete with a wood-burning fireplace and swinging door to the butler's pantry. The casual living room, centered around another fireplace, expands into the bright kitchen, providing a perfect backdrop for intimate gatherings.   A small mudroom, powder room and side porch entry sit just conveniently off the family room, rounding out the main level. A spacious master bedroom, three additional bedrooms and a full bath comprise the sunlit second level. The top floor provides an additional private home office or bedroom, with a small landing space and easy access to a walk-in attic. A full bathroom and laundry room are located in the unfinished lower level, offering endless potential for additional recreational living space. The side porch accesses the detached two-car garage, and pristine level backyard with a private stone terrace. Ideally located on the same street as Brunswick Academy and just steps away from Greenwich Academy, Whole Foods and the esteemed Greenwich Avenue shopping and dining district. Convenient to the train and major highways to New York City. A charming home close to it all! Bullet Points: Built in 1933 New Cedar Shingle Roof New Copper gutters 2334 square feet .19 well-manicured, level acres 5 bedrooms 2 full baths/1 half bath Four levels Detached Two Car Garage Completely Rebuilt Large Front Porch Gas-lit Outdoor sconces Backyard Stone Terrace Belgian Block Lined Driveway White Picket Fence, recently added Mature plantings Central Air Conditioning 2 wood-burning fireplaces Listing Price:  $2.195M We currently have 690 properties for sale in all of Greenwich.  For the month of June we sold 99 places compared to 110 in 2013, thus continuing the trend of 10% behind in activity.  In July we have sold 60 properties month to date, which is on pace for the 113 we sold last year. The couple of positives in the market is that we have 110 properties that have met all of their contingencies and are just waiting for a close date.  With another 71 properties that are under contingent contract.   Another of the positives vs. last year is the luxury market, we have sold 8 properties over $10M which is more than all of last year.  When you look at the charts you will see the market leans more and more toward the buyer as you go up in price range.  This shows that this is the best time to trade up in price range.  If you can sell in the $2M-$3M range you will have a market where the buyers are looking, but if you buy in the $3M-$5M range you will buy in a market where it is less competitive. I have invested in my own MLS Search for my readers.  This will give access to a lot of the listing information I have.  Also, if I have already set you up with your personal portal, you will now be able to search your own searches outside of what I set up for you.  Feel free to test out and search properties.  I feel the best attribute is that you can save your own search and choose to get alerts as new properties come on to the market, properties are sold, or change in price.  All specific to your customized search.  Hence, you will speed up your learning curve, becoming an expert in the specific market you care about. 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   As one can see this market in terms of transactions is still figuring itself out.  The first three months were on pace for the same output as last year and the last three have been below.  However, July is less below than June was so it will be interesting to see if we can catch up in August and September then demonstrating it was the longer winter that put us off. New Listings We had 158 new listings in May and 130 in June. We had more listings in June than the past few years, where May was more in line.    Year to Date Sold The percentages have leveled off and are sustaining.   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.  This one below is the amount of months on average to sell through our current inventory based on 2014 ytd sold numbers by price range. Price Range 1/31/14 2/28/14 3/28/14 4/25/14 5/16/14 0-$500K 10.2 6.0 7.0 6.1 5.5 $500K-$1M 9.7 8.6 9.0 8.7 8.6 $1M-$1.5M 5.5 9.5 8.9 10.3 7.8 $1.5M-$2M 8 14.5 13.6 18.4 17.8 $2M-$3M 4.7 9.2 11.6 14.3 14.2 $3M-$4M 11 13.1 11.8 14.2 14.5 $4M-$5M 11.9 8.9 13.1 14.4 22.1 $5M-$7.5M 20.7 32.0 39.5 59 56.6 $7.5M-$10M n/a n/a 71.5 51 31.5 $10M+ 22.4 27.2 42.0 22.7 33.8   I believe these chart above and below best show the Greenwich market.  We had an influx of inventory lately.  However, if you look at the specific price ranges 0-$500K dropped from 7 months to 5.5.  When looking closely you notice over the last six weeks the under $1.5M became more competitive, where the $1.5M-$4M became less competitive adding approximately three months per price range.  The $4M-$7.5M range is ice cold, and the luxury market of over $7.5M has actually done pretty well. The chart below is the amount of months on average to sell throughcurrent inventory based on all of 2013 sold numbers by price range.  Price Range 8/30/13 9/30/13 10/25/13 11/30/13 12/30/13 1/31/14 2/28/14 3/28/14 4/25/14 5/16/14 0-$500K 4.26 4.4 5.2 4.2 4 4.2 4 3.8 3.7 4 $500K-$1M 4.65 4.9 4.6 3.4 3.2 3 3.8 4.4 5.2 5.4 $1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 4 4.1 5.6 5.4 $1.5M-$2M 5.61 5.6 5.1 5 4.7 5 6.4 6.1 7.2 7.1 $2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 6.9 8 9.1 10.3 $3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 15.3 16.5 19.8 18.5 $4M-$5M 22 23.9 25.3 18.8 14.1 15 13.7 13.7 18 21 $5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 24 25.1 28.4 32 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 46.3 42.9 46.3 48 $10M+ 272 103.2 92.1 72.2 61.5 66 63 66 54 67.5 I find these two charts to be very intriguing.  One can see the huge discrepancy based on the 2013 numbers between the luxury market and under $3M.  However, at the top if we use the inventory based on the ytd sold numbers it is not as definitive. The luxury market is doing much better than last year and each market seems to be doing relatively well.   Open Houses July 20th       Below are the 50 open houses this Sunday.  Feel free to visit me at 10 Maher Avenue from 1-4 p.m. Street Name Area List Price Time Listing Office 10 Birchwood Drive Greenwich $9.5K 1-3 p.m. Houlihan Lawrence 268 Palmer Hill Road Riverside $13K 1-3 p.m. Raveis 194 Putnam Park Riverside $375K 1-3 p.m. Real Living 10 Hollow Wood #A Greenwich $499K 1-3 p.m. Relocation Group 9 River Road #418 Cos Cob $550K 1-3 p.m. Real Living 47 Lafayette Place #2I Greenwich $575K 1-3 p.m. Raveis 112 Pemberwick Road Greenwich $610K 2-4 p.m. Shore and Country 28 Rippowam Road #A Cos Cob $659.9K 1-3 p.m. Raveis 8 Nedley Lane Greenwich $699K 1-3 p.m. Coldwell Banker 6 Buena Vista Drive Greenwich $839K 2-4 p.m. Weichert 122 Lancer Road Riverside $895K 12-2 p.m. Coldwell Banker 23 Georgetown North Greenwich $925K 1-4 p.m. Raveis 52 Hettiefred Road Greenwich $965K 1-3 p.m. Relocation Group 15 Lyon Farm #15 Greenwich $1.195M 1-4 p.m. Sotheby's 94 Cognewaugh Road Cos Cob $1.195M 2-4 p.m. Houlihan Lawrence 1017 North Street Greenwich $1.249M 3:30 -5:30 p.m. Coldwell Banker 392 Davis Avenue Greenwich $1.495M 1-4 p.m. Raveis 34 Loading Rock Riverside $1.495M 1-4 p.m. Raveis 365 Round Hill Road Greenwich $1.595M 1-3 p.m. Weichert 65 Fairfield Road Greenwich $1.695M 12-2 p.m. Raveis 29 Bowman Drive Greenwich $1.89M 1-4 p.m. Raveis 5 Idar Court #B Greenwich $1.899M 1-3 p.m. Relocation Group 15 Spring Street Riverside $1.95M 1-3 p.m. BHHS 1397 King Street Greenwich $1.995M 1-3 p.m. Weichert 127 Sound Beach Avenue Old Greenwich $1.995M 2-4 p.m. Shore and Country 24 Bedford Road Greenwich $2.15M 12-2 p.m. Raveis 55 Shore Road Old Greenwich $2.195M 1-3 p.m. Weichert 10 MAHER AVENUE Greenwich $2.195M 1-4 p.m. Houlihan Lawrence 45 Old Stone Bridge Cos Cob $2.225M 1-3 p.m. Sotheby's 270 Palmer Hill Riverside $2.295M 1-4 p.m. Raveis 19 Pine Ridge Road Greenwich $2.295M 1-3 p.m. Sotheby's 10 Birchwood Drive Greenwich $2.495M 1-3 p.m. Houlihan Lawrence 98 Londonderry Drive Greenwich $2.495M 12-2 p.m. Sotheby's 81 Sawmill Lane Greenwich $2.595M 1-3 p.m. Sotheby's 28 Sawmill Lane Greenwich $2.695M 1-3 p.m. Sotheby's 268 Palmer Hill Riverside $2.85M 1-3 p.m. Raveis 6 Interlaken Road Greenwich $2.875M 12-2 p.m. Raveis 30 Hillcrest Park Old Greenwich $2.975M 1-4 p.m. Higgins Group 115 Maple Avenue Greenwich $3.225M 3-5 p.m. Douglas Elliman 348 Sound Beach Old Greenwich $3.395M 1-4 p.m. BHHS 44 Cedar Cliff Riverside $3.4M 1-3 p.m. Coldwell Banker 349 Sound Beach Old Greenwich $3.575M 1-3 p.m. Sotheby's 132 Cedar Cliff Road Riverside $3.75M 1-4 p.m. BHHS 2 Meadow Place Old Greenwich $4.2M 2-4 p.m. Coldwell Banker 585 Round Hill Road Greenwich $4.295M 11:30-1:30 p.m. Coldwell Banker 146 Hendrie Avenue Riverside $4.595M 11:00-2:00 p.m. Pulse Realty 19 Shoal Point Lane Riverside $4.85M 3-5 p.m. Coldwell Banker 20 Langhorne Lane Greenwich $5.995M 2-4 p.m. Coldwell Banker 7 Oakwood Lane Greenwich $6.495M 12-2 p.m. Houlihan Lawrence 26 Mayfair Lane Greenwich $7.2M 2-5 p.m. Weichert Best,                                                                                                                                                         Jared Randall                                                 Join my Mailing List Houlihan Lawrence Greenwich                     Search Properties www.greenwichrealestateguy.com                Forward to a Friend cell:  203-273-1034                                         View My Website email:  jrandall@houlihanlawrence.com     Like me on Facebook            Mortgage Information There are two individuals I feel most confident about when it comes to home mortgages.  One in Manhattan and one in Greenwich.  They are Jeff Ihrig of First Republic in Manhattan, and in Greenwich I prefer Treena David-Chirico of Wells Fargo NMLSR ID 404288. Jeff can be reached at 646-372-5181.  Treena's phone number is 203-618-3923.  You can go to her website to input your specific information to receive rates.  Her website is www.wfhm.com/treena-david-chirico.