Greenwich CT, Residential Real Estate Blog and Analysis: March 13th

Greenwich, CT Residential Real Estate Blog and Analysis:   March 13th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

I apologize for the delay in sending this out.  I have been invited to two charity events over the last two weeks.  They both are very impressive foundations.  You can learn more about both foundations by clicking the links: The Ty Louis Campbell Foundation is a nonprofit organization, certified 501(c)(3), that funds innovative research and clinical trials specifically geared toward the treatment of the deadliest childhood cancers (including brain and spinal cord tumors). Our organization seeks less toxic, more effective treatments that are specifically designed for children fighting cancer. Our ultimate mission is to help fund the intelligence and technology that will uncover new ways to cure children with cancer. B*CURED was founded in 2008 by Debbie Needle and Melissa Salamé after each lost a parent to brain cancer. The organization's primary goal is to help find a cure for brain cancer through research grants. To date, B*CURED has awarded ten grants to investigators searching for a cure for brain cancer at nationally ranked universities and hospitals. B*CURED is an all-volunteer organization. All money raised goes directly to brain cancer research. The above featured property is 34 Bruce Park Avenue #A.  This is a two unit complex unlike anything I have seen.  The second unit is in contract where I am representing the buyers.  It is a rare opportunity to own something newly constructed so close to town and the train.  However, the details and amenities are what sets this apart.  There is a modern flair that we do not see too much in Greenwich.  The windows are oversized and let in a ton of light.  Each window has Lutron shades that you can control how much light you want in.  There is a two car garage, with radiant heating driveway.  There is an elevator that goes to all floors including the roof top deck.  The deck is complete with an outdoor fireplace, outdoor kitchen, perfect for entertaining.  It is listed as 3,344 s.f. 3 bedrooms, 3 full baths, another two half baths, 3 fireplaces.  It is listed at $2.75M.  January was very slow as far as sold properties.  You will see as you look at the charts below that February more than out did January.  January was down 52% in volume over last year.  We made up for that in February, as we are now at the same point practically that we had at this point of last year.  This is a great one sheet on January and February Sales.  There are 541 properties for sale in Greenwich currently,up seven from last week.  438 of which are single family homes.  We had 82 properties sell on the MLS, up 18 from last week.  We have 79 properties under contract, down 16 from last week.  This makes sense as most properties close at the end of the year. February is definitely making up for the slower January.  All charts, graphs, and open house lists have been updated.  When looking at 2014 as a whole it was a very surprising year.  We finished 2013 with a flurry of activity and started 2014 with that activity.  The year as a whole however ended up 6.2% down in total transactions.  However, the average sales price was up 19.8%.  The median sale price was up 11.1%.  Even the average price per square foot was up 9.9%. When looking at all of this data we get a clearer picture.  Ultimately the high end market was extraordinary.  The over $10M market which has been hit so hard lately was up 87% over last year.  Obviously, this causes the median and average prices to jump.  We had an incredible year, especially in the high end.  When we hear that the average price per home is up, the median price is up, the amount per s.f. is up, it would be easy to say we had the year of all years.  Conversely, if we said that the amount of transactions is down 6.2% we could say it was a slow year.  As most times, the truth lies in the middle.  In 2013 we saw the activity jump from 2012, but most of that was in the under $2M range and especially under $1m.  This year, the inventory of these markets were lacking all year.  In turn, that really affected the activity, and is where we saw most of the activity in 2013.  The under $1M properties sold dropped 12% from 2013.  The $1M-$2M dropped and even more astounding 21%.  These price points have been the pulse of the market and is the reason that the activity dropped 6%.   In my opinion overall, the market in 2014 was good, and could have been great if we had more inventory, especially in the under $2M market.  Everything points to a robust market in 2015.  As mentioned, the activity for the year was down about 6%.  However, when you look at November and December of this year we are up 7.5% on activity vs. 2013.   I have also included a link to the 4th Quarter Market Report my firm puts out for your review. 4th Quarter Report   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. Properties Sold   January was obviously disappointing.  However, for how disappointing January was, February was promising.  We had 52 total properties sell in the month of February.  More than the last four years. New Listings The new listings for February were 95.  This number is slightly less than the last three years.     Year to Date Sold The value in these two charts are comparing the market of what is available vs. what has sold.  Obviously, we are only one month in, so each transaction would have a more profound impact on each graph.   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 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 0-$500K 4.5 $500K-$1M 6.3 $1M-$1.5M 4.8 $1.5M-$2M 6.9 $2M-$3M 10.1 $3M-$4M 31 $4M-$5M 54.3 $5M-$7.5M 49.1 $7.5M-$10M 20.4 $10M+ 41.7 This chart above is the months on average based on the amount sold so far this year.  I feel it is a good comparison between 12/31/14 based on last year's numbers vs. currently using this year's activity to date.  As you can see the market needs more inventory in under $3M range and continue to see improvement in the higher price ranges.  Obviously, in times of lower inventory it dramatically changes the numbers.     Open Houses for March 15th    Please Below are the 18 open houses this weekend.   Street Name Area List Price Time Listing Office 30 Almira Drive Greenwich $649.9K 2-4 p.m. Raveis 20 Highland Place Greenwich $799K 2-4 p.m. Anderson 8 Tremont Street Cos Cob $880K 1-3 p.m. Raveis 42 Ridge Street Cos Cob $975K 1-3 p.m. Raveis 265 Pemberwick Road Greenwich $985K 1-3 p.m. Raveis 285 Bruce Park #B Greenwich $1.195M 1-3 p.m. Weichert 41 Leonard Avenue Riverside $1.395M 1-4 p.m. Sotheby's 30 Old Stone Bridge Cos Cob $1.595M 1-4 p.m. BHHS 365 Round Hill Road Greenwich $1.695M 2-4 p.m. Davenport 15 Ferncliff Road Cos Cob $1.695M 1-3 p.m. Coldwell Banker 39 Bowman Drive Greenwich $1.85M 2-4 p.m. Raveis 88 Dingletown Road Greenwich $2.28M 1-4 p.m. William Pitt Sothebys 69 Mallard Drive Greenwich $2.375M 2-4 p.m. Sotheby's 18 Cat Rock Road Cos Cob $2.375M 1-3 p.m. Keller Williams 139 North Street Greenwich $2.695M 1-4 p.m. New England Land 11 Meyer Place Riverside $2.888M 2-4 p.m. Coldwell Banker 50 Lockwood Avenue Old Greenwich $3.495M 1-4 p.m. Raveis 22 Stillman Lane Greenwich $4.995M 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. **All opinions garnered from the statistics are my own

Greenwich CT, Residential Real Estate Blog and Analysis: March 6th

Greenwich, CT Residential Real Estate Blog and Analysis:   March 6th

A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

All charts, data, months on average, are up to date with February's numbers.

The above featured property is 34 Bruce Park Avenue #A.  This is a two unit complex unlike anything I have seen.  The second unit is in contract where I am representing the buyers.  It is a rare opportunity to own something newly constructed so close to town and the train.  However, the details and amenities are what sets this apart.  There is a modern flair that we do not see too much in Greenwich.  The windows are oversized and let in a ton of light.  Each window has Lutron shades that you can control how much light you want in.  There is a two car garage, with radiant heating driveway.  There is an elevator that goes to all floors including the roof top deck.  The deck is complete with an outdoor fireplace, outdoor kitchen, perfect for entertaining.  It is listed as 3,344 s.f. 3 bedrooms, 3 full baths, another two half baths, 3 fireplaces.  It is listed at $2.75M. 

January was very slow as far as sold properties.  You will see as you look at the charts below that February more than out did January.  January was down 52% in volume over last year.  We made up for that in February, as we are now at the same point practically that we had at this point of last year.  This is a great one sheet on January and February Sales.  There are 541 properties for sale in Greenwich currently,up seven from last week.  438 of which are single family homes.  We had 82 properties sell on the MLS, up 18 from last week.  We have 79 properties under contract, down 16 from last week.  This makes sense as most properties close at the end of the year. February is definitely making up for the slower January.  All charts, graphs, and open house lists have been updated.

When looking at 2014 as a whole it was a very surprising year.  We finished 2013 with a flurry of activity and started 2014 with that activity.  The year as a whole however ended up 6.2% down in total transactions.  However, the average sales price was up 19.8%.  The median sale price was up 11.1%.  Even the average price per square foot was up 9.9%.

When looking at all of this data we get a clearer picture.  Ultimately the high end market was extraordinary.  The over $10M market which has been hit so hard lately was up 87% over last year.  Obviously, this causes the median and average prices to jump.  We had an incredible year, especially in the high end.  When we hear that the average price per home is up, the median price is up, the amount per s.f. is up, it would be easy to say we had the year of all years.  Conversely, if we said that the amount of transactions is down 6.2% we could say it was a slow year.  As most times, the truth lies in the middle.  In 2013 we saw the activity jump from 2012, but most of that was in the under $2M range and especially under $1m.  This year, the inventory of these markets were lacking all year.  In turn, that really affected the activity, and is where we saw most of the activity in 2013.  The under $1M properties sold dropped 12% from 2013.  The $1M-$2M dropped and even more astounding 21%.  These price points have been the pulse of the market and is the reason that the activity dropped 6%.  

In my opinion overall, the market in 2014 was good, and could have been great if we had more inventory, especially in the under $2M market.  Everything points to a robust market in 2015.  As mentioned, the activity for the year was down about 6%.  However, when you look at November and December of this year we are up 7.5% on activity vs. 2013.  

I have also included a link to the 4th Quarter Market Report my firm puts out for your review.

4th Quarter Report

 

 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   January was obviously disappointing.  However, for how disappointing January was, February was promising.  We had 52 total properties sell in the month of February.  More than the last four years. New Listings The new listings for February were 95.  This number is slightly less than the last three years.

Year to Date Sold The value in these two charts are comparing the market of what is available vs. what has sold.  Obviously, we are only one month in, so each transaction would have a more profound impact on each graph.   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	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
0-$500K	4.5
$500K-$1M	6.3
$1M-$1.5M	4.8
$1.5M-$2M	6.9
$2M-$3M	10.1
$3M-$4M	31
$4M-$5M	54.3
$5M-$7.5M	49.1
$7.5M-$10M	20.4
$10M+	41.7

This chart above is the months on average based on the amount sold so far this year.  I feel it is a good comparison between 12/31/14 based on last year's numbers vs. currently using this year's activity to date.  As you can see the market needs more inventory in under $3M range and continue to see improvement in the higher price ranges.  Obviously, in times of lower inventory it dramatically changes the numbers.  

Open Houses for March 8th    Please visit me at my open house at 40 Riverside Lane from 1-4 on Sunday.  Here are the open houses for Sunday.   Street Name Area List Price Time Listing Office 1465 E. Putnam #311 Old Greenwich $324K 1-3 p.m. Raveis 147 Putnam Park Greenwich $500K 1-3 p.m. Raveis 30 Almira Drive Greenwich $649.9K 2-4 p.m. Raveis 16 Idar Court Greenwich $850K 1-3 p.m. Houlihan Lawrence 15 Strickland Road Cos Cob $879K 1-4 p.m. Coldwell Banker 285 Bruce Park #B Greenwich $1.195M 1-3 p.m. Weichert 1 Northfield Street #A Greenwich $1.295M 1-4 p.m. BHHS 11 Suburban Avenue Cos Cob $1.35M 1-4 p.m. Coldwell Banker 41 Leonard Avenue Riverside $1.395M 1-4 p.m. Sotheby's 405 W. Lyon Farm Greenwich $1.65M 3-5 p.m. Houlihan Lawrence 365 Round Hill Road Greenwich $1.695M 12-1:30 p.m. Davenport 16 Mackenzie Glen Greenwich $1.699M 1-4 p.m. Raveis 233 Milbank #6 Greenwich $1.795M 1-3 p.m. Houlihan Lawrence 233 Milbank #8 Greenwich $1.795M 1-3 p.m. Houlihan Lawrence 43 Riverside Lane Riverside $1.849M 1-4 p.m. BHHS 30 Chapel Lane Riverside $2.895M 1-3 p.m. Coldwell Banker 39 Oval Avenue Riverside $1.897M 1-3 p.m. BHHS 233-5 Milbank Greenwich $1.95M 1-3 p.m. Houlihan Lawrence 82 E Elm Street #B Greenwich $1.95M 1-3 p.m. Houlihan Lawrence 112 Taconic Road Greenwich $2M 1-4 p.m. BHHS 233 Milbank #2 Greenwich $2.05M 1-3 p.m. Houlihan Lawrence 40 RIVERSIDE LANE Riverside $2.095M 1-4 p.m. Houlihan Lawrence 233-3 Milbank Greenwich $2.1M 1-3 p.m. Houlihan Lawrence 270 Palmer Hill Road Riverside $2.25M 1-3 p.m. Coldwell Banker 38 Byfield Lane Greenwich $2.395M 1-3 p.m. Raveis 11 Meyer Place Riverside $2.88M 2-4 p.m. Coldwell Banker 50 Indian Head Road Riverside $3.1995M 1-3 p.m. Coldwell Banker 44 Cedar Cliff Riverside $3.4M 2-4 p.m. Coldwell Banker 1 Reynwood Manor Greenwich $3.495M 1-3 p.m. Coldwell Banker 38 Bramble Lane Riverside $3.895M 1-4 p.m. BHHS 14 Sherwood Farm Greenwich $3.995M 1-3 p.m. Halstead 8 Willow Road Riverside $4.095M 2-4 p.m. Coldwell Banker 10 Esther Place Old Greenwicj $4.295M 1-3 p.m. Houlihan Lawrence 26 Stillman Lane Greenwich $4.85M 1-3 p.m. Coldwell Banker 22 Stillman Lane Greenwich $4.995M 1-3 p.m. Coldwell Banker 3 Dunwoodie Place Greenwich $6.595M 1-4 p.m. BHHS 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.

Greenwich, CT Residential Real Estate Blog and Analysis: Special Edition 40 Riverside Lane

Greenwich, CT Residential Real Estate Blog and Analysis, Special Edition:  40 Riverside Lane

  

A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

I am excited to bring 40 Riverside Lane to the market.  Please let me know if you would like to set up a showing to view. 

Extraordinary Colonial with a Magnificent Stone Patio and Fireplace in Riverside

 This exceptional 4,000 sq. ft. colonial was built in 2006 and boasts lustrous hardwood floors, elegant custom millwork and a thoughtful floor plan that affords wonderful flow for both casual get-togethers and formal gatherings.  One hallmark of this distinctive property is the fabulous outdoor bluestone patio with a commanding natural stone fireplace as well as a custom stone barbeque area, with a built-in grill, Green Egg Cooker and refrigerator providing a sensational backdrop for countless hours of entertaining.

The lofty double-height, sundrenched entryway sets the tone for this beautifully appointed five bedroom home. The refined living room gives way to a gracious dining room, classically designed with custom raised paneling and built-in cabinetry, including shelving. A swinging French butler's door leads into a bright chef's kitchen.     The delightful eat-in kitchen features breakfast bar seating for three, rich granite countertops, an efficient built-in desk and gleaming bow windows overlooking the backyard, with access to the magnificent patio, creating a seamless flow for indoor/outdoor entertaining. The kitchen harmoniously expands into the family room, anchored by a fireplace with a fieldstone surround, which is flanked by custom bookcases and cabinetry. A fully equipped laundry room and mudroom with storage, sit nearby and offer access to the garage. A lovely powder room with a pedestal sink sits just off the entryway.

A dramatic open staircase leads to the comfortable second level with a stunning master bedroom offering a large walk-in closet with custom cabinetry and a sumptuous marble bathroom, complete with an inviting Jacuzzi soaking tub, generous shower and water closet. Two spacious bedrooms share a charming hall bathroom and one additional bedroom, with an en-suite bath punctuated by a sky-light, comprise the second floor.

The splendid lower level is defined by a very large recreational space featuring a gas fireplace and a wall of custom cabinetry, ideally suited as an additional family room with plenty of room for game tables or as a playroom, allowing for hours of creative fun. A separate bedroom and full bath, suitable as an au pair suite, or could be utilized as a home gym. Ample storage space round out the lower level.

Set on a .20 of a newly landscaped acre, this clapboard sided home exudes genuine curb appeal with a split rail fence and a welcoming, spacious front porch with columns, providing the perfect spot to sit and enjoy a leisurely afternoon! Conveniently located in Riverside with easy access to town, schools, highways and the train.

SPECIAL FEATURES:

4,002 Square Feet

5 Bedrooms (4 on the 2nd level, 1 on the lower level)

4 Full baths, 1 Half bath

.20 well landscaped acres

1 Outdoor stone fireplace

Outdoor kitchen with grill, and green egg barbecue for outdoor BBQ enthusiasts

Custom millwork - Raised paneling, wainscoting, extra wide crown moldings

Chef's Eat-in Kitchen

     Granite countertops

     Breakfast bar seating for 3

     Built-in Desk

     Sub-Zero refrigerator and freezer

     Viking six burner cooktop

     Bosch dishwasher

     Thermador double oven

     Sharp Microwave 

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

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

A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

A quick thank you to all of the readers and followers of the blog.  At last count there were 1,101 agents who belong the GMLS.  For the month of January I ranked fifth in total transactions, and have another six under contract.  It means a lot that so many of you have trusted me to help you.  I truly appreciate the referrals as well, thank you.

The above Kaali-Nagy built home was constructed in 2010.  264 Riverside Avenue boasts six bedrooms, five full baths, and one half bath, and five fireplaces throughout the 6,081 s.f. home which sits on .33 of an acre.  Kaali-Nagy is known for their quality and attention to detail, this house is no exception.  The oak floors, the kitchen details, the openness and flow, nine and ten foot ceilings set apart this beautiful colonial.  There is an integrated whole-house entertainment system and state of the art amenities.  It is close to the train and Riverside schools as well.  The asking price is $4.395M.

As we look at January, it was slower than last year.  Remember, we had a great January and February in 2014.  Still, we are down 52% vs. last year in volume.  This is a great one sheet on January Sales.  As you see we are down 52% but if you look at the supply and demand analysis we went from a nine to a six.  We need more inventory and this was the first week we see a good size bump in inventory.  There are 536 properties for sale in Greenwich currently, up 16 from last week.  There are 417 of which are single family homes.  We had 64 properties sell on the MLS, up 9 from last week.  We have 93 properties under contract, same as last week.  

When looking at 2014 as a whole it was a very surprising year.  We finished 2013 with a flurry of activity and started 2014 with that activity.  The year as a whole however ended up 6.2% down in total transactions.  However, the average sales price was up 19.8%.  The median sale price was up 11.1%.  Even the average price per square foot was up 9.9%.

When looking at all of this data we get a clearer picture.  Ultimately the high end market was extraordinary.  The over $10M market which has been hit so hard lately was up 87% over last year.  Obviously, this causes the median and average prices to jump.  We had an incredible year, especially in the high end.  When we hear that the average price per home is up, the median price is up, the amount per s.f. is up, it would be easy to say we had the year of all years.  Conversely, if we said that the amount of transactions is down 6.2% we could say it was a slow year.  As most times, the truth lies in the middle.  In 2013 we saw the activity jump from 2012, but most of that was in the under $2M range and especially under $1m.  This year, the inventory of these markets were lacking all year.  In turn, that really affected the activity, and is where we saw most of the activity in 2013.  The under $1M properties sold dropped 12% from 2013.  The $1M-$2M dropped and even more astounding 21%.  These price points have been the pulse of the market and is the reason that the activity dropped 6%.  

In my opinion overall, the market in 2014 was good, and could have been great if we had more inventory, especially in the under $2M market.  Everything points to a robust market in 2015.  As mentioned, the activity for the year was down about 6%.  However, when you look at November and December of this year we are up 7.5% on activity vs. 2013.  

I have also included a link to the 4th Quarter Market Report my firm puts out for your review.

4th Quarter Report

 

 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   When looking above, you can see that we are off to an average January. New Listings The new listings are on par with the past few years.

Year to Date Sold The value in these two charts are comparing the market of what is available vs. what has sold.  Obviously, we are only one month in, so each transaction would have a more profound impact on each graph.   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 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 As you can see the market needs more inventory in under $3M range and continue to see improvement in the higher price ranges.  Obviously, in times of lower inventory it dramatically changes the numbers.   Open Houses for February 22nd     There are 29 open houses on Sunday.  Please let me know if I can give you any insight to these or any other properties.   Street Name Area List Price Time Listing Office 7 Woodland Drive #2 Greenwich $3.5K 1-? P.m. Davenport 31 Green Lane #1 Greenwich $439K 1-4 p.m. Raveis 23 Pemberwick Road Greenwich $515K 1-3 p.m. Keller Williams 30 Almira Drive Greenwich $649.9K 1-3 p.m. Raveis 265 Pemberwick Road Greenwich $985K 1-3 p.m. Raveis 7 Brookside Park Old Greenwich $995K 1-3 p.m. RE/MAX 365 Round Hill Road Greenwich $1.695M 1-3 p.m. Davenport 15 Ferncliff Road Cos Cob $1.695M 1-3 p.m. Coldwell Banker 233 Milbank Avenue #6 Greenwich $1.795M 1-3 p.m. Houlihan Lawrence 233 Milbank Avenue #8 Greenwich $1.795M 1-3 p.m. Houlihan Lawrence 233-5 Milbank Avenue Greenwich $1.95M 1-3 p.m. Houlihan Lawrence 82 E Elm Street #B Greenwich $1.95M 1-3 p.m. Houlihan Lawrence 315 Field Point Road Greenwich $1.995M 1-4 p.m. BHHS 233-1 Milbank Avenue Greenwich $2.05M 1-3 p.m. Houlihan Lawrence 233 Milbank Avenue #2 Greenwich $2.05M 1-3 p.m. Houlihan Lawrence 88 Dingletown Road Greenwich $2.28M 12-3 p.m. William Pitt Sotheby's 104 E. Elm #2 Greenwich $2.395M 1-4 p.m. BHHS 30 Sherwood Avenue Greenwich $2.495M 1-4 p.m. BHHS 420 North Street Greenwich $2.699M 1-4 p.m. Sotheby's 15 Lexington Avenue Greenwich $3.475M 1-3 p.m. Coldwell Banker 5 Grimes Road Old Greenwich $3.595M 2-4 p.m. Coldwell Banker 38 Bramble Lane Riverside $3.895M 1-4 p.m. BHHS 10 Esther Place Old Greenwich $4.295M 2-4 p.m. Houlihan Lawrence 31 Owenoke Way Riverside $4.295M 1-4 p.m. BHHS 26 Stillman Lane Greenwich $4.85M 1-3 p.m. Coldwell Banker 22 Stillman Lane Greenwich $4.995M 1-3 p.m. Coldwell Banker 421 Field Point Road Greenwich $5.7M 1-4 p.m. BHHS 20 Langhorne Lane Greenwich $5.995M 11-1 p.m. Raveis 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.

Greenwich, CT Residential Real Estate Blog and Analysis: January 30th

Greenwich, CT Residential Real Estate Blog and Analysis:   January 30th A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

There are times when I walk into a home and everything feels perfect.  This is the feeling I had when I toured 2 Oneida Drive #E in downtown Greenwich.  As you know location is the most important aspect to me in buying real estate.  In my opinion that is what makes this so unique.  To have a new construction home, on the water, with exceptional views, but be able to walk to all that Greenwich Avenue offers is very rare.  The Harbor consists of 11 luxury homes and condominiums across the street from the Delamar Hotel.  One of the many perks is that homeowners of the Harbor receive complimentary concierge services,  charging privileges, and special rates from the Delamar Hotel during the first year.  Services range from use of the facilities, including the fitness center and room service, to maid services and dockage.  The house itself has 6,695 s.f. consisting of three fireplaces, an elevator, 10' ceilings, and custom cabinetry.  Outside of the home, I  was attracted to the views, the outdoor space and especially the decor.  The interior was professionally designed by Lauren Muse ofMuse Interiors.  The outdoor space consists of a roof top terrace with an outdoor kitchen and a spa with the breathtaking views.  The price is $5.295M, and the association is already 36% sold.

As you can see below 2015 is off to a non-descript beginning.  There are 517 properties for sale in Greenwich currently, 418 of which are single family homes.  We had 41 properties sell on the MLS.  However, the real impressive aspect is that we have 89 properties under contract.  This is an abnormally  high number and should point to a strong 1st quarter.

We typically see the market start to pick up after the Super Bowl.  However, in February we have public and private school recesses so should be in full swing in beginning of March.

When looking at 2014 as a whole it was a very surprising year.  We finished 2013 with a flurry of activity and started 2014 with that activity.  The year as a whole however ended up 6.2% down in total transactions.  However, the average sales price was up 19.8%.  The median sale price was up 11.1%.  Even the average price per square foot was up 9.9%.

When looking at all of this data we get a clearer picture.  Ultimately the high end market was extraordinary.  The over $10M market which has been hit so hard lately was up 87% over last year.  Obviously, this causes the median and average prices to jump.  We had an incredible year, especially in the high end.  When we hear that the average price per home is up, the median price is up, the amount per s.f. is up, it would be easy to say we had the year of all years.  Conversely, if we said that the amount of transactions is down 6.2% we could say it was a slow year.  As most times, the truth lies in the middle.  In 2013 we saw the activity jump from 2012, but most of that was in the under $2M range and especially under $1m.  This year, the inventory of these markets were lacking all year.  In turn, that really affected the activity, and is where we saw most of the activity in 2013.  The under $1M properties sold dropped 12% from 2013.  The $1M-$2M dropped and even more astounding 21%.  These price points have been the pulse of the market and is the reason that the activity dropped 6%.  

In my opinion overall, the market in 2014 was good, and could have been great if we had more inventory, especially in the under $2M market.  Everything points to a robust market in 2015.  As mentioned, the activity for the year was down about 6%.  However, when you look at November and December of this year we are up 7.5% on activity vs. 2013.  

I have also included a link to the 4th Quarter Market Report my firm puts out for your review.

4th Quarter Report

 

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   When looking above, you can see that we are off to an average January. New Listings The new listings are on par with the past few years.

Year to Date Sold Year to Date Sold Year to Date Sold The value in these two charts are comparing the market of what is available vs. what has sold.  Obviously, we are only one month in, so each transaction would have a more profound impact on each graph.   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 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 As you can see the market needs more inventory in under $3M range and continue to see improvement in the higher price ranges.  Obviously, in times of lower inventory it dramatically changes the numbers.     Open Houses for February 1st       Below are the 2 Open houses for this week. Street Name Area List Price Time Listing Office 7 Woodland Drive #2 Greenwich $3.5K 1-3 p.m. Davenport 6 Rockland Place Old Greenwich $725K 1-4 p.m. BHHS 7 Brookside Park Old Greenwich $995K 12-3 p.m. Re/Max 51 Lockwood Avenue Old Greenwich $1.395M 12-3 p.m. BHHS 30 Stag Lane Greenwich $1.499M 12:30-3 p.m. Real Living 365 Round Hill Road Greenwich $1.695M 1-3 p.m. Davenport 233 Milbank #6 Greenwich $1.795M 2-4 p.m. Houlihan Lawrence 233 Milbank #8 Greenwich $1.795M 2-4 p.m. Houlihan Lawrence 233-5 Milbank Avenue Greenwich $1.95M 2-4 p.m. Houlihan Lawrence 55 Shore Road Old Greenwich $1.999M 1-3 p.m. Coldwell Banker 233-1 Milbank Avenue Greenwich $2.05M 2-4 p.m. Houlihan Lawrence 233 Milbank Avenue #2 Greenwich $2.05M 2-4 p.m. Houlihan Lawrence 16 Crescent Road Riverside $2.295M 1-3 p.m. Coldwell Banker 65 Winthrop Drive Riverside $2.295M 1-3 p.m. Douglas Elliman 17 Lincoln Avenue Greenwich $2.795M 1-4 p.m. Sotheby's 129 Clapboard Ridge Greenwich $3.45M 1-3 p.m. Coldwell Banker 35 Upland Drive Greenwich $3.795M 12-2 p.m. Raveis 70 Sherwood Avenue Greenwich $3.975M Sat 10-4 Charles Paternina 8 Willow Road Riverside $4.095M 1-3 p.m. Coldwell Banker 26 Stillman Lane Greenwich $4.85M 1-3 p.m. Coldwell Banker 22 Stillman Lane Greenwich $4.995M 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.