Greenwich, CT Residential Real Estate Blog and Analysis: August 1st
Sunday, August 3, 2014 at 12:44PM
Jared Randall
Greenwich, CT Residential Real Estate Blog and Analysis:  
August 1st
  
A weekly analysis brought to you by Greenwich Real Estate Guy.
 

  

 

I will be hosting an open house at the above colonial located at 10 Maher Avenue in Greenwich.  The open house will be from 1:00 p.m.-3:30 p.m. on Sunday.  We have just lowered the price to $2.049M.  We will also be putting it on the market for rent on Monday for $8K a month.  Please stop in and say hi.  Let me know if you would like to set up a showing.  My cell is 203-273-1034.

 

All charts, data and analysis has been updated.

 

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 acre

 

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:  $2.049M

 

 

We currently have 676  properties for sale in all of Greenwich, only down eleven from last week.  

 

In the amount of transactions July was disappointing.  We had 95 properties close vs 113 last July.  You may continue to hear that average sold prices have gone up.  That can be attributed to the market over $10M is way up over last year.  We had three more properties close over $10M in the month of July bringing us ytd to 11, not to mention the most expensive sold property in the US at $120M.  We only had 8 properties sell over $10M all year last year.  Hence, the average prices are going to rise. 

 

If you look at the months on average to sell through the inventory I believe it best shows the market.  I have done two reports, one based on last year's activity and one based on this year's activity.  You will see that across the board the months on average are down year to date, which may seem counter intuitive if I am saying that the transactions are down.  However, the end of July is typical when the least amount of inventory is out there, due to being past the spring market and before the fall market.  Hence, when you compare it to the chart with the 2013 activity you see that the months on average are higher.

 

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

 

We still cannot seem to catch up to last years number of transactions.  The year started off hot, and has since dwindled.  We are down 10-15% every month the last few months.  We will need a strong fall market to come close to 2013.  The positive is that we are still stronger than 2012.

 

New Listings

We had 97 new listings in July again surpassing last year's inventory.

 

 

  
Year to Date Sold

 

The percentages have leveled off and are sustaining, all percentages are the same vs. the end of last month.
 
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 7/31/14
0-$500K 10.2 6.0 7.0 6.1 5.5 5.6
$500K-$1M 9.7 8.6 9.0 8.7 8.6 5.2
$1M-$1.5M 5.5 9.5 8.9 10.3 7.8 6.4
$1.5M-$2M 8 14.5 13.6 18.4 17.8 11
$2M-$3M 4.7 9.2 11.6 14.3 14.2 11.1
$3M-$4M 11 13.1 11.8 14.2 14.5 10.4
$4M-$5M 11.9 8.9 13.1 14.4 22.1 17.7
$5M-$7.5M 20.7 32.0 39.5 59 56.6 32
$7.5M-$10M n/a n/a 71.5 51 31.5 59.5
$10M+ 22.4 27.2 42.0 22.7 33.8 29.9
 

 

 

I believe these chart above and below best show the Greenwich market.  If you look at the months on average to sell through the inventory I believe it best shows the market.  I have done two reports, one based on last year's activity and one based on this year's activity.  You will see that across the board the months on average are down year to date, which may seem counter intuitive if I am saying that the transactions are down.  However, the end of July is typical when the least amount of inventory is out there, due to being past the spring market and before the fall market.  Hence, when you compare it to the chart with the 2013 activity you see that the months on average are higher.
The chart below is the amount of months on average to sell through current 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 7/31/14
0-$500K 4.26 4.4 5.2 4.2 4 4.2 4 3.8 3.7 4 4.1
$500K-$1M 4.65 4.9 4.6 3.4 3.2 3 3.8 4.4 5.2 5.4 4.7
$1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 4 4.1 5.6 5.4 5.8
$1.5M-$2M 5.61 5.6 5.1 5 4.7 5 6.4 6.1 7.2 7.1 8.7
$2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 6.9 8 9.1 10.3 9.7
$3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 15.3 16.5 19.8 18.5 19.8
$4M-$5M 22 23.9 25.3 18.8 14.1 15 13.7 13.7 18 21 22.7
$5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 24 25.1 28.4 32 26.5
$7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 46.3 42.9 46.3 48 58.3
$10M+ 272 103.2 92.1 72.2 61.5 66 63 66 54 67.5 70.5

 

 

 

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 for August 3rd
  
 
 Below are the 32 open houses this Sunday.  I will be at my listing of 10 Maher Avenue, so please stop by.

 

 

 

Address Town List Price Time Listing Office
20 Harkim Road Greenwich $8K 2-4 p.m. Coldwell Banker
19 Woodland #A Greenwich $10.5K 12-2 p.m. Coldwell Banker
349 Sound Beach Old Greenwich $13.5K 1-3 p.m. Sotheby's
6 Hartford Avenue Greenwich $649.5K 2-4 p.m. BHHS
12 Cross Street Greenwich $689K 1-3:30 p.m. Raveis
10 Rex Street Greenwich $725K 1-4 p.m. BHHS
303 Bruce Park Greenwich $735K 12-3 p.m. Weichert
6 Buena Vista Greenwich $799K 12:30-4:30  Weichert
13 Spezzano Drive Riverside $800K 1-3 p.m. BHHS
34 Edgewood Avenue Greenwich $815K 2-4 p.m. BHHS
1020 North Street Greenwich $1.1M 11-3 p.m. Halstead
9 Durkin Place Riverside $1.1495M 1-4 p.m. BHHS
5 Brown House Road Old Greenwich $1.225M 1-3 p.m. Coldwell Banker
1017 North Street Greenwich $1.249M 12-3 p.m. Coldwell Banker
12 Ridgebrook Greenwich $1.395M 2-4 p.m. Sotheby's
14 Surrey Drive Riverside $1.399M 12-2 p.m. Raveis
51 Glen Road Greenwich $1.487M 1-4 p.m. BHHS
75 Taconic Road Greenwich $1.499M 12-12 p.m. Raveis
330 Sound Beach Old Greenwich $1.545M 1-4 p.m. Raveis
148 E. Elm Greenwich $1.55M 1-4 p.m. New England Land
365 Round Hill Greenwich $1.595M 1-3 p.m. Weichert
233 Milbank #8 Greenwich $1.795M 2-4 p.m. Houlihan Lawrence
20 Harkim Road Greenwich $1.995M 2-4 p.m. Coldwell Banker
10 MAHER AVENUE Greenwich $2.049M 1-3:30 p.m. Houlihan Lawrence
55 Shore Road Old Greenwich $2.195M 3-5 p.m. Weichert
19 Woodland #A Greenwich $2.25M 12-2 p.m. Coldwell Banker
25 Willowmere Avenue Riverside $2.295M 3-5 p.m. Coldwell Banker
270 Palmer Hill Road Riverside $2.295M 2-4 p.m. Raveis
265 Valley Road Cos Cob $2.995M 1-4 p.m. Higgins Group
349 Sound Beach Old Greenwich $3.575M 1-3 p.m. Sotheby's
146 Hendrie Avenue Riverside $4.595M 12-4 p.m. Pulse
 

 

 

 

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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.

 

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