Greenwich, CT Residential Real Estate Blog and Analysis: November 6th-8th

Greenwich, CT Residential Real Estate Blog and Analysis:   November 6th-8th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

The above pictured cottage is 9 Cottage Place.  You will love this renovated and updated Colonial just a few blocks from everything Greenwich Avenue has to offer. Beautiful hardwood floors, period architectural details and A+ curb appeal combine with updated kitchens, expansive baths and fabulous storage including a big walk-in master bedroom closet. Entertain in style on a magnificent west-facing porch complete with a love seat swing. A wonderful condo-alternative with low property taxes.  I will be hosting a public house on Sunday from 1-4 p.m.  The price is $699.9K. I have invested in my own MLS portal for individuals to set up their own custom searches.  This way people can follow their specific search by area, school, price point, lot size, s.f. etc.  Feel free to search properties.  For a customized search click the gray arrows and you can edit the fields.  For example, it is currently populated with all properties clicked.  You can just click Residential then click type, area, and price range, and you can see what is available in your specific price range. After you have narrowed the search to your liking you can click "save this search" and you can set up your own portal, and receive emails as new properties come available.  You can even track your favorites, and add notes or messages about properties.  Or, you can just email me our parameters and I can set up a portal for you. The goal of this blog has always been to inform buyers and sellers alike.  I feel the Q3 Greenwich Report that the owners of my company put out, best describe the current landscape and market.  You can click on the whole report broken down by area below. Here is what their summary is: This summer had us doing a lot of number crunching here in Greenwich. The local market varies dramatically depending on the neighborhood. While Greenwich itself remains a highly desirable area, buyers are willing to wait on the sidelines for the right property. Our team has become experts on the complicated and changing variables driving the current market, and what makes a property sell. Wall Street's volatility is increasingly evident in the real estate market. The summer was a roller coaster for investors, who remain on edge. Those jitters have naturally spread to the housing market and have made buyers wary of making the wrong move. They demand value to get off the sidelines. Recent evidence of some economic weakness has many believing rates will stay low for longer than expected, giving buyers even less reason to compromise, or buy into a property that isn't turnkey. Here are some trends we see as the rest of 2015 plays out: Get ready to play "Deal or No Deal". If your property is well renovated, in move-in condition, and priced right, you will be able to make a deal. Bonus points if you are near transportation, restaurants, shopping and schools that buyers want. But be warned. Miss on any of those and buyers may bypass your offering, and you will be scrambling to re-group. Buyers don't want to play games. They don't want to lowball. They want value and quality. Fishing is not the sport of choice this season. Sellers must be realistic when setting a price. Many properties are sitting on the market for longer than we would like. The key to cutting down Days On Market is setting the right price from the start. Let's take some advice from Marie Kondo, author of "The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organising". That means staging, painting and perhaps most importantly, de-cluttering. Sellers must take steps to limit the creativity a buyer needs to imagine what their life would be like in the house. Some regional statistics we'd like to share: Buyers with the biggest budgets can take their pick in Greater Greenwich. There is a lot to choose from in the $10m plus category with 53 homes to choose from. That said, the hottest price range in the area is the $5-6m, where sales are up 77 percent year-to-date. Overall though, the number of sales is down in the area, and they are taking longer to sell, but prices are higher. Buyers will pay a premium for new or renovated properties. Patience is a virtue North of the Parkway: Homes sat on the market the longest in the area, an average of 276 days. It's no surprise that prices fell. But in the end that value pricing resonated with buyers, and units sold rose 66 percent.  Location paid off South of the Parkway: Buyers were willing to pay more to be close to town. The median price of a home went up 27 percent in the third quarter. It still took a long time to make those sales, and the number of homes sold held steady, but more expensive homes did show gains. The laws of supply and demand worked in sellers favor South of Post Road. Homes got 97 percent of their last list price, and median prices were up 11 percent in the third quarter. There were fewer homes to choose from. That meant fewer days on the market, and a faster moving market working in favor of smart sellers. Cos Cob took a break after a strong first half of the year. Inventory grew, and sat on the market longer. Prices fell, as did sales. Old Greenwich also slowed down, moderating after a strong 18 months. Both prices and sales were lower, though there was some improvement in the amount of time it took to sell a home. Riverside was a mixed bag. More homes sold, but prices were down. Homes that sold were on the market a relatively short amount of time, at an average of 89 days. The hottest category here was the $4m to $5m range. That is typically a new home or a fully renovated home. Condo sales remain solid, but value remains a high priority for buyers. Prices are down, as is inventory. Buyers are holding out for renovated opportunities, but only at the right price.  Outlook for the rest of 2015: We are energized and excited about the continued appeal of the Greenwich area. We are thrilled to report that Houlihan Lawrence was the sole brokerage behind the largest transaction of the third quarter. We have the data and expertise to get the best results for our clients, and look forward to sharing more good news with you, as we get ready for 2016. THIRD QUARTER 2015 EXECUTIVE SUMMARY Stephen Meyers President and CEO Chris Meyers Managing Principal Q3 Greenwich Market Report 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     The numbers for September and October are still pretty good comparatively.  I feel from the amount of showings and feedback I am hearing from other agents that it seems slower than usual. I expect this to hit the date in 60-90 days. New Listings We had 96 new listings in October which is on point with the last few years.  Year to Date Sold Looking at these two graphs as well as the months on average can really guide you on the markets in your price range.  As you can see the markets are a lot more competitive under $2M than over.   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.  The first chart is the 2014 inventory vs. sold numbers.  The second chart is inventory today vs. sold properties.        Price Range 1/31/14 2/28/14 3/28/14 4/25/14 5/16/14 7/31/14 12/31/14 0-$500K 10.2 6.0 7.0 6.1 5.5 5.6 3 $500K-$1M 9.7 8.6 9.0 8.7 8.6 5.2 3.7 $1M-$1.5M 5.5 9.5 8.9 10.3 7.8 6.4 4.4 $1.5M-$2M 8 14.5 13.6 18.4 17.8 11 6.7 $2M-$3M 4.7 9.2 11.6 14.3 14.2 11.1 7 $3M-$4M 11 13.1 11.8 14.2 14.5 10.4 9 $4M-$5M 11.9 8.9 13.1 14.4 22.1 17.7 18.4 $5M-$7.5M 20.7 32.0 39.5 59 56.6 32 25.1 $7.5M-$10M n/a n/a 71.5 51 31.5 59.5 21.6 $10M+ 22.4 27.2 42.0 22.7 33.8 29.9 35.2 Price Range 2/28/15 3/30/15 4/30/15 5/31/15 6/30/15 7/31/15 9/21/15 0-$500K 4.5 4 9.6 9.6 5.4 5.3 4.1 $500K-$1M 6.3 4.2 7.5 8.6 7.4 6.8 5.3 $1M-$1.5M 4.8 4.5 6 5.5 4 3.3 4.5 $1.5M-$2M 6.9 7 8.8 8.1 6.5 5.8 8 $2M-$3M 10.1 8 14 15 11.6 11.6 11.1 $3M-$4M 31 20.5 25.5 25.3 16.2 13.1 24.3 $4M-$5M 54.3 26.6 30.3 27.3 17.2 15.5 23.6 $5M-$7.5M 49.1 30.2 34.6 31.7 23.8 20.9 30.2 $7.5M-$10M 20.4 36 31.3 36.4 49.6 47 37.7 $10M+ 41.7 76.5 80.5 86 103.1 120.8 78 Open Houses for November 8th    Below are the 57 open houses for Sunday.  I will be hosting a public open house at 9 Cottage Place from 1-4 on Sunday. Street Name Area List Price Time Listing Office 124 Putnam Park Greenwich $479K 1-3 p.m. Laurel 15 Putnam Park Greenwich $495K 1-3 p.m. Sotheby's 3 Putnam Hill Greenwich $525K 1-3 p.m. Coldwell Banker 1 High Street (multi) Greenwich $539K 1-4 p.m. Raveis 1 High Street (sf listing) Greenwich $539K 1-4 p.m. Raveis 151 Putnam Park Greenwich $585K 1-3 p.m. BHHS 9 River Road #418 Cos Cob $675K 1-3:30 p.m. Laurel Properties 9 COTTAGE PLACE. Greenwich $699.5K 1-4 p.m. Houlihan Lawrence 106 Putnam Park Greenwich $785K 1-3:30 p.m. Laurel Properties 17 Salem Street Cos Cob $789K 1-3 p.m. Coldwell Banker 17 Salem Street (land) Cos Cob $789K 1-3 p.m. Coldwell Banker 70 Riverdale #903 Greenwich $859K 1-3:30 p.m. Coldwell Banker 15 Stone Brook Lane Cos Cob $1.195M 1-3 p.m. Weichert 6 North Street Cos Cob $1.199M 1-3 p.m. Raveis 7 Alec Templeton Greenwich $1.25M 1-3 p.m. Higgins 7 Chapel Lane Riverside $1.295M 1-3:30 p.m. Houlihan Lawrence 26 Valleywood Road Cos Cob $1.375M 1-3 p.m. Coldwell Banker 10 Lockwood Drive Old Greenwich $1.395M 1-3 p.m. Coldwell Banker 51 Forest #21 Old Greenwich $1.395M 1-3 p.m. Coldwell Banker 15 Cat Rock Road Cos Cob $1395M 1-3 p.m. Aysseh 24 Shore Road Old Greenwich $1.495M 1-3 p.m. David Ogilvy 365 Round Hill Road Greenwich $1.525M 11:30-1:30 p.m. Davenport 108 Glenville Road Greenwich $1.67M 1:30-3:00 p.m DMK 87 Stonehedge Greenwich $1.675M 2-4 p.m. Coldwell 2 Boxwood Lane Greenwich $1.795M 1-3 p.m. Raveis 48 Locust Road Greenwich $1.85M 2-4 p.m. David Ogilvy 15 Dartmouth Road Cos Cob $1.945M 1-3 p.m. Sotheby's 172 Byram Shore Greenwich $1.995M 12-2 p.m. Coldwell Banker 79 Connecticut Avenue Greenwich $1.995M 1-4 p.m. Sotheby's 10 Park Avenue Old Greenwich $1.9995M 12-2 p.m. Coldwell Banker 18 Highview Old Greenwich $2.05M 1-3 p.m. Coldwell Banker 11 Pintail Lane Greenwich $2.15M 1-3 p.m. Houlihan Lawrence 116 Pecksland Road Greenwich $2.375M 1-3 p.m. William Pitt 16 Roosevelt Avenue Old Greenwich $2.395M 12-3 p.m. Halstead 93 Summit Road Riverside $2.395M 1-3 p.m. Sotheby's 42 Hendrie Avenue Riverside $2.595M 2-4 p.m. Houlihan Lawrence 20 Steeple Chase Greenwich $2.695M 1-4 p.m. Coldwell Banker 58 Connecticut Avenue Greenwich $2.75M 2-4 p.m. Halstead 3 Dewart Road Greenwich $2.95M 2-4 p.m. David Ogilvy 230 Bedford Road Greenwich $2.95M 1-3 p.m. David Ogilvy 175 Cat Rock Cos Cob $2.995M 1-3 p.m. Sotheby's 27 Chieftans Road Greenwich $3M 1-3 p.m. Coldwell Banker 83 Sawmill Lane Greenwich $3.1M 1-3 p.m. Sotheby's 22 Bedford Road Greenwich $3.495M 2-4 p.m. Real Living 294 Round Hill Greenwich $3.495M 1-3 p.m. Douglas Elliman 400 Stanwich Road Greenwich $3.549M 2-4 p.m. Coldwell Banker 212 Taconic Road Greenwich $3.595M 2-4 p.m. Sotheby's 6 Lita Drive Greenwich $3.65M 2-4 p.m. Houlihan Lawrence 28 Wooddale Road Greenwich $3.85M 1-3:30 p.m. Halstead 56 Milbank #2 Greenwich $3.895M 1-4 p.m. Coldwell Banker 215 Milbank West Greenwich $3.999M 1-3 p.m. Houlihan Lawrence 558 Lake Avenue Greenwich $4.275M 1-3 p.m. Sotheby's 91 E. Elm Street Greenwich $4.295M 1-3 p.m. Houlihan Lawrence 191 Milbank Penthouse Greenwich $5.75M 1-3 p.m. Houlihan Lawrence 11 Laurel Lane Greenwich $6.295M 1:30-3:30 p.m. Halstead 303 Milbank Avenue Greenwich $6.4M 1-3 p.m. Coldwell Banker 35 Winding Lane Greenwich $6.995M 1-3 p.m. Coldwell Banker 15 Andrews Road Greenwich $8.77M 1-3 p.m. Coldwell Banker 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.