Greenwich CT, Residential Real Estate Blog and Analysis: February 7th

Greenwich, CT Residential Real Estate Blog and Analysis:  February 7th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Unfortunately, due to time constraints, I have updated just the open house list.  Enjoy your weekend.  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. From time to time I will feature a sold property to show what one can get with their money.  I felt this was a great property to feature to demonstrate the state of the market.  The above pictured 2 Roberta Lane, was listed for sale for $1.895M.  The five bedroom three and a half bath home is situated in the heart of mid country.  Halfway between the Merritt and Putnam Avenue.  The house was surrounded by reeds and has a beautiful swimming pool.  There was not a yard per say, more of a sitting area in the front of the house.  However, with that being said, it was off the market in twenty four days.  One, would have to imagine a couple of those weeks were negotiating etc.  It had multiple offers and closed for $2.15M 113% over asking.  This just shows the lack of inventory in the $2M price range, and how hot the market is. As you will see in the charts below, January was the best January in the past five years.  We had 52 properties sell a 15% increase over the previous best January way back in 2010.  Not to mention when you couple that with the amount of new listings we see things are heating up quickly.  We had 76 new listings in January which was the least amount of new listings in the past five years.  I still foresee more inventory coming to the market.  I tend to look at the Super Bowl as the cut off date to the busy season.  Hence, I believe over the next eight weeks we will see a lot of inventory.  We definitely need it.   We still only have 478 total properties for sale.  Still down from that 656 properties in September.  I have created two new months on average charts toward the end of the newsletter for you.  I will keep my analysis for the year of 2013 up below for your review for one more week. When we look at 2013 as a whole we can definitely see the market turn.  We sold 834 units, compared to 722 in 2012.  However, when we dig into the data we realize that it was the story of two different markets.  The under $3M market and the over $3M market.  Every price range under $3M grew.  In 2013 we sold 710 properties under $3M compared to 583 in 2012.  That is a 22% increase, which is incredible growth in one year.  However, over $3M we sold 124 units compared to 139 in 2012, which is an 11% decrease. Obviously, this is looking at 2013 as a whole.  It is important when looking at these numbers to compare with the current market.  I believe these numbers show that last year was the market regaining it's momentum.  In the beginning of the year it was anything under $1M was flying off the shelves, in the middle of the year it was anything under $2M, and by the end of the year, under $3M was heating up.  Hence, as we look at 2014, I believe we will see two things happen.  I believe the message will get out that the market has changed and we will see an onslaught of inventory in the spring.  It will be very interesting to see if that inventory moves quickly or not.  Secondly, I believe we will see the luxury market pick up steam.  If you look below at the Market Report pay close attention to the right side which shows the difference in the past two years.  For example the over $10M properties was down 43% last year.  However, our first property over $10M did not sell until late June, so in actuality we had eight properties sell in the last five and a half months.  Plus, there are three properties currently priced over $10M that are in contract or have executed contract.  Hence, you can see that even though 2013 as a whole was tough for that market, it is definitely a stronger market now than in the first six to nine months of 2013. There is a lack of inventory currently as properties come off of the market for the year end.  In my opinion that points to an onslaught of inventory in Spring.  If, you are looking to put your house on the market I would advise to put on before rather than later, as I feel there the philosophy of waiting until the spring market is outdated with the Internet.  The difficulty with that thought process is if everyone else is doing the same then you are competing against numerous properties.  However, if you put it between now and February you have the opportunity to differentiate yourself online as well as the Realtor Community.  As Realtors we tour houses every Tuesday and Thursday, and if there are not a lot of broker open houses your house will be seen by a lot of Realtors which obviously helps in those realtors showing your house.  Currently, we have 455 properties on the market.  When one looks at my blog from the end of September we had 656 properties, which is a 31 percent decrease in total inventory in the last couple of months.    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   Looking above and below you can see the year is off to a great start.  The amazing part about these numbers is every price range saw growth with the $3M-$4M moving from one sell to six in the last two weeks.  It is still early in the year, but a good sign that 14 of the 52 sales were above $3M. New Listings Notice how small the amount of new listings is compared to previous years.  I personally do not think this will hold up, but we shall see.    Year to Date Sold  Could this be the year of the luxury market.  Last year 69% of the properties sold were under $2M.  So far this year (all eighteen days of it) 44% are under $2M.  Amazing the $2M-$3M range is the hottest so far this year.     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.  Obviously, one month is not enough of a sample size, so I have created two months on average charts.  This one below is the amount of months on average to sell through our 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 0-$500K 4.26 4.4 5.2 4.2 4 4.2 $500K-$1M 4.65 4.9 4.6 3.4 3.2 3 $1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 $1.5M-$2M 5.61 5.6 5.1 5 4.7 5 $2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 $3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 $4M-$5M 22 23.9 25.3 18.8 14.1 15 $5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 $10M+ 272 103.2 92.1 72.2 61.5 66 **to calculate months on average in this chart I used the full year of 2012 sold properties in each price range   The chart below is the amount of months on average to sell through our current inventory based on ytd sold numbers by price range.  As you see, the small small sample size skews a bit, but could also show the beginning of trends. Price Range 1/31/14 0-$500K 10.2 $500K-$1M 9.7 $1M-$1.5M 5.5 $1.5M-$2M 8 $2M-$3M 4.7 $3M-$4M 11 $4M-$5M 11.9 $5M-$7.5M 20.7 $7.5M-$10M n/a $10M+ 22.4   ** 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 2012.  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 February 8th       There are 26 Open Houses this weekend.  PLEASE NOTE 9 MORTIMER IS ONLY ON SATURDAY. Street Area List Price Time Listing Office 1525 E Putnam #203 Old Greenwich $260K 1-4 p.m. Sothebys 52 Lafayette #4B 1535 East Putnam #301 Greenwich Old Greenwich $265.9K $299K 1-3 p.m. 2-4 p.m. Raveis 30 Edgewood Avenue Greenwich $585K 2-4 p.m. Weichert 102 Orchard Street Cos Cob $628K 1-3 p.m. Coldwell 328 Hamilton Avenue #3 Greenwich $675K 1-3 p.m. Realtyquest 11 River Road #113 Cos Cob $749K 1-3 p.m. Sothebys 9 Melrose Avenue Greenwich $799K 1-3 p.m. Weichert 70 Riverdale Ave #701 Greenwich $845K 1-3 p.m. Sothebys 139 Lake Avenue Greenwich $1.239M 1-3 p.m. Coldwell 9 Mortimer Drive   Old Greenwich $1.649M Sat 1-3 Weichert 330 Sound Beach Old Greenwich $1.799M 1-4 p.m. Raveis 36 Zaccheus Mead Lane Greenwich $1.8M 1-3 p.m. Coldwell 39 Bowman Drive Greenwich $2.195M 1-4 p.m. Raveis 13 St. Claire Avenue 6 Gaston Farm Road Old Greenwich Greenwich $2.195M $2.325M 1-3 p.m. 2-4 p.m. Sothebys Coldwell 55 Shore Road Old Greenwich $2.349M 1-3 p.m. Weichert 46 Will Merry Lane Greenwich $2.995M 1-4 p.m. BHHS 1333 King Street Greenwich $2.995M 1-3 p.m. Sothebys 5 Sylvan Lane Old Greenwich $3.195M 1-3 p.m. Coldwell 115 Old Church Road Greenwich $3.25M 1-3 p.m. Coldwell 349 Sound Beach Ave Old Greenwich $3.575M 1-3 p.m. Sothebys 585 Round Hill Road Greenwich $4.495M 1-3 p.m. Coldwell 41 Baldwin Farms South Greenwich $4.5M 1-3 p.m. Sothebys 29 Lindsay Drive Greenwich $4.995M 1-3 p.m. Coldwell 14 Red Coat Lane Greenwich $6.4M 1-3 p.m. Sothebys 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. 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 31st

Greenwich, CT Residential Real Estate Blog and Analysis:  January 31st    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Who is going to win the Super Bowl?  Coming from the West Coast would be nice to see Seattle do something, but can you really root against Manning?In the end, does it really matter as long as you have friends, family, food, drinks?  Enjoy the weekend.   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. From time to time I will feature a sold property to show what one can get with their money.  I felt this was a great property to feature to demonstrate the state of the market.  The above pictured 2 Roberta Lane, was listed for sale for $1.895M.  The five bedroom three and a half bath home is situated in the heart of mid country.  Halfway between the Merritt and Putnam Avenue.  The house was surrounded by reeds and has a beautiful swimming pool.  There was not a yard per say, more of a sitting area in the front of the house.  However, with that being said, it was off the market in twenty four days.  One, would have to imagine a couple of those weeks were negotiating etc.  It had multiple offers and closed for $2.15M 113% over asking.  This just shows the lack of inventory in the $2M price range, and how hot the market is. As you will see in the charts below, January was the best January in the past five years.  We had 52 properties sell a 15% increase over the previous best January way back in 2010.  Not to mention when you couple that with the amount of new listings we see things are heating up quickly.  We had 76 new listings in January which was the least amount of new listings in the past five years.  I still foresee more inventory coming to the market.  I tend to look at the Super Bowl as the cut off date to the busy season.  Hence, I believe over the next eight weeks we will see a lot of inventory.  We definitely need it.   We still only have 478 total properties for sale.  Still down from that 656 properties in September.  I have created two new months on average charts toward the end of the newsletter for you.  I will keep my analysis for the year of 2013 up below for your review for one more week. When we look at 2013 as a whole we can definitely see the market turn.  We sold 834 units, compared to 722 in 2012.  However, when we dig into the data we realize that it was the story of two different markets.  The under $3M market and the over $3M market.  Every price range under $3M grew.  In 2013 we sold 710 properties under $3M compared to 583 in 2012.  That is a 22% increase, which is incredible growth in one year.  However, over $3M we sold 124 units compared to 139 in 2012, which is an 11% decrease. Obviously, this is looking at 2013 as a whole.  It is important when looking at these numbers to compare with the current market.  I believe these numbers show that last year was the market regaining it's momentum.  In the beginning of the year it was anything under $1M was flying off the shelves, in the middle of the year it was anything under $2M, and by the end of the year, under $3M was heating up.  Hence, as we look at 2014, I believe we will see two things happen.  I believe the message will get out that the market has changed and we will see an onslaught of inventory in the spring.  It will be very interesting to see if that inventory moves quickly or not.  Secondly, I believe we will see the luxury market pick up steam.  If you look below at the Market Report pay close attention to the right side which shows the difference in the past two years.  For example the over $10M properties was down 43% last year.  However, our first property over $10M did not sell until late June, so in actuality we had eight properties sell in the last five and a half months.  Plus, there are three properties currently priced over $10M that are in contract or have executed contract.  Hence, you can see that even though 2013 as a whole was tough for that market, it is definitely a stronger market now than in the first six to nine months of 2013. There is a lack of inventory currently as properties come off of the market for the year end.  In my opinion that points to an onslaught of inventory in Spring.  If, you are looking to put your house on the market I would advise to put on before rather than later, as I feel there the philosophy of waiting until the spring market is outdated with the Internet.  The difficulty with that thought process is if everyone else is doing the same then you are competing against numerous properties.  However, if you put it between now and February you have the opportunity to differentiate yourself online as well as the Realtor Community.  As Realtors we tour houses every Tuesday and Thursday, and if there are not a lot of broker open houses your house will be seen by a lot of Realtors which obviously helps in those realtors showing your house.  Currently, we have 455 properties on the market.  When one looks at my blog from the end of September we had 656 properties, which is a 31 percent decrease in total inventory in the last couple of months.  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   Looking above and below you can see the year is off to a great start.  The amazing part about these numbers is every price range saw growth with the $3M-$4M moving from one sell to six in the last two weeks.  It is still early in the year, but a good sign that 14 of the 52 sales were above $3M. New Listings Notice how small the amount of new listings is compared to previous years.  I personally do not think this will hold up, but we shall see.    Year to Date Sold  Could this be the year of the luxury market.  Last year 69% of the properties sold were under $2M.  So far this year (all eighteen days of it) 44% are under $2M.  Amazing the $2M-$3M range is the hottest so far this year.     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.  Obviously, one month is not enough of a sample size, so I have created two months on average charts.  This one below is the amount of months on average to sell through our 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 0-$500K 4.26 4.4 5.2 4.2 4 4.2 $500K-$1M 4.65 4.9 4.6 3.4 3.2 3 $1M-$1.5M 4.96 5.2 4.6 3.6 3 3.5 $1.5M-$2M 5.61 5.6 5.1 5 4.7 5 $2M-$3M 7.84 9.1 8.3 6.3 5.4 5.9 $3M-$4M 20.22 23.4 21.3 17.1 15.8 16.3 $4M-$5M 22 23.9 25.3 18.8 14.1 15 $5M-$7.5M 40.8 31.6 26.4 25 21.5 22.2 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 46.3 $10M+ 272 103.2 92.1 72.2 61.5 66 **to calculate months on average in this chart I used the full year of 2012 sold properties in each price range   The chart below is the amount of months on average to sell through our current inventory based on ytd sold numbers by price range.  As you see, the small small sample size skews a bit, but could also show the beginning of trends. Price Range 1/31/14 0-$500K 10.2 $500K-$1M 9.7 $1M-$1.5M 5.5 $1.5M-$2M 8 $2M-$3M 4.7 $3M-$4M 11 $4M-$5M 11.9 $5M-$7.5M 20.7 $7.5M-$10M n/a $10M+ 22.4   ** 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 2012.  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 February 1st and 2nd      Please note I added the open houses on Saturday as with the Super Bowl, thought people may want to go out Saturday and not Sunday. Street Name Area List Price Time Listing Office 85 Putnam Park 48 Almira Drive Greenwich Greenwich $629K $635K Sat. 1-3 1-3 p.m. Weichert Raveis  9 Melrose Avenue Greenwich $799K 1-3 p.m. Weichert 40 Ettl Lane #14 Greenwich $875K 1-3 p.m. Weichert 123 E. Elm Street Greenwich $1.195M 1-3 p.m. Coldwell 54 Hawthorne Street Greenwich $1.25M 1-3 p.m. Coldwell 67 Prospect Street Greenwich $1.295M 1-4 p.m. Lockwood 6 Highview Avenue Old Greenwich $1.495M 1-3 p.m. Coldwell 23 Red Coat Lane Greenwich $1.5M 12-2 p.m. Keller Williams 68 Lockwood Road Riverside $1.695M 1-4 p.m. Bhhs 55 Shore Road Old Greenwich $2.349M 1-3 p.m. Weichert 268 Palmer Hill Road Riverside $2.895M 1-3 p.m. Raveis 45 Baldwin Farms Greenwich $4M Sat. 1-3 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. 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 24th

Greenwich, CT Residential Real Estate Blog and Analysis:   January 24th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com  Unfortunately, for the analysis and featured property readers, I have had showings all day Friday, Saturday, and in the morning on Sunday.  However, I have updated the open house list. I feel that I have done so many colonials as my featured property that it was time to pick a different style.  The above pictured English Manor home is located at 22 Frost Road in mid country.  The home sits on 2.53 acres on Horseneck Lake, was built in 1929 and renovated in 2013.  The grounds contain winding paths in a beautiful setting with great views and a lakeside dock.  The house is listed as 6,980 s.f. and the amenities are plentiful including, four car garage, a billiards room with a stunning stone fireplace and custom bar, an incredible master suite with a breathtaking balcony overlooking the lake.  The house holds eight bedrooms, six full baths and two half baths, was redesigned by Shope Reno Wharton and is priced at $5.995M. As you will see in the charts below.  January is off to just as hot of a start as 2013 ended, if not even hotter.  We have already had two over $10M properties sell in the first two weeks of the year.  Last year we only had eight sell in the whole year, and the first one did not sell until late July.  We have already sold 34 properties in the first two weeks of the year, where we sold 41 in the whole month of January last year.  I will keep my 2013 review to give you a comparison as we get January's data. When we look at 2013 as a whole we can definitely see the market turn.  We sold 834 units, compared to 722 in 2012.  However, when we dig into the data we realize that it was the story of two different markets.  The under $3M market and the over $3M market.  Every price range under $3M grew.  In 2013 we sold 710 properties under $3M compared to 583 in 2012.  That is a 22% increase, which is incredible growth in one year.  However, over $3M we sold 124 units compared to 139 in 2012, which is an 11% decrease. Obviously, this is looking at 2013 as a whole.  It is important when looking at these numbers to compare with the current market.  I believe these numbers show that last year was the market regaining it's momentum.  In the beginning of the year it was anything under $1M was flying off the shelves, in the middle of the year it was anything under $2M, and by the end of the year, under $3M was heating up.  Hence, as we look at 2014, I believe we will see two things happen.  I believe the message will get out that the market has changed and we will see an onslaught of inventory in the spring.  It will be very interesting to see if that inventory moves quickly or not.  Secondly, I believe we will see the luxury market pick up steam.  If you look below at the Market Report pay close attention to the right side which shows the difference in the past two years.  For example the over $10M properties was down 43% last year.  However, our first property over $10M did not sell until late June, so in actuality we had eight properties sell in the last five and a half months.  Plus, there are three properties currently priced over $10M that are in contract or have executed contract.  Hence, you can see that even though 2013 as a whole was tough for that market, it is definitely a stronger market now than in the first six to nine months of 2013. There is a lack of inventory currently as properties come off of the market for the year end.  In my opinion that points to an onslaught of inventory in Spring.  If, you are looking to put your house on the market I would advise to put on before rather than later, as I feel there the philosophy of waiting until the spring market is outdated with the internet.  The difficulty with that thought process is if everyone else is doing the same then you are competing against numerous properties.  However, if you put it between now and February you have the opportunity to differentiate yourself online as well as the Realtor Community.  As Realtors we tour houses every Tuesday and Thursday, and if there are not a lot of broker open houses your house will be seen by a lot of Realtors which obviously helps in those realtors showing your house.  Currently, we have 455 properties on the market.  When you look at my blog from the end of September we had 656 properties, which is a 31 percent decrease in total inventory in the last couple of months.  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    Looking above and below you can see the year is off to a great start.  We are already at the point of previous years in sold properties.  Yet, below we are light on the new inventory coming to the market. New Listings Notice how small the amount of new listings is compared to previous years.  I personally do not think this will hold up, but we shall see.    Year to Date Sold  Could this be the year of the luxury market.  Last year 69% of the properties sold were under $2M.  So far this year (all eighteen days of it) 51% are under $2M.  Not to mentione we had two properties sell over $10M     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 9/30/13 10/31/13 11/30/13 12/31/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 6.24 5.11 5.28 6.08 4.96 4.48 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 5.5 5.16 5.33 5 3.72 3.33 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 8.81 7.95 7.59 7.95 6.97 5.38 4.67 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 7.27 6.25 6.12 5.61 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 12.12 11.76 13.08 11.64 9.12 7.56 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 22 19.77 16.22 14 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 24 24.5 18 16.5 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 26.47 24 26.11 24.7 23.29 20.82 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 25.84 26.76 27.69 26.79 24.92 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36 31.71 29.14 39.42 40.28 39.42 25.89 **to calculate months on average in this chart I used the full year of 2012 sold properties in each price range   Look at the difference in the last month's numbers and how it has affected the overall market.  With so many people taking their homes off the market in the past month it has really affected the market.  The interesting aspect is that the luxury market has stayed consistent.  Yet, the other price ranges have dropped tremendously over the last month. Price Range 8/30/13 9/30/13 10/25/13 11/30/13 12/31/13 0-$500K 4.26 4.4 5.2 4.2 4 $500K-$1M 4.65 4.9 4.6 3.4 3.2 $1M-$1.5M 4.96 5.2 4.6 3.6 3 $1.5M-$2M 5.61 5.6 5.1 5 4.7 $2M-$3M 7.84 9.1 8.3 6.3 5.4 $3M-$4M 20.22 23.4 21.3 17.1 15.8 $4M-$5M 22 23.9 25.3 18.8 14.1 $5M-$7.5M 40.8 31.6 26.4 25 21.5 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 $10M+ 272 103.2 92.1 72.2 61.5 ** 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 2012.  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 January 19th      There are eleven open houses on Sunday. Please let me know if there is anything I can do to be of service. Street Name Area List Price Time Listing Office 3 River Avenue #2B Greenwich $550K 1-3 p.m. Coldwell 9 Melrose Avenue Greenwich $799K 2- 4 p.m. Weichert 5 Kinsman Lane Greenwich $949K 1-3 p.m. Shore and Country 7 Fletcher Avenue Greenwich $955.5K 2- 4 p.m. Anderson 42 Ridge Street 27 Shady Lane 123 East Elm Street Cos Cob Greenwich Greenwich $1.099M $1.15M $1.195M 1-3 p.m. 1-4 p.m. 1-3 p.m. Sotheby's BHHS Coldwell 67 Prospect Street Greenwich $1.295M 1-4 p.m. Lockwood 49 Byfield Lane Greenwich $1.595M 2- 4 p.m. Coldwell 36 Valleywood Road Greenwich $1.65M 2- 4 p.m. Houlihan Lawrence 469 Taconic Road Greenwich $1.679M 2- 4 p.m. Weichert 13 Richmond Drive Old Greenwich $1.695M 2- 4 p.m. Shore and Country 43 Stag Lane Greenwich $1.745M 2- 4 p.m. Sotheby's 16 Fairview Terrace Greenwich $1.995M 1-4 p.m. BHHS 31 Chapel Lane Riverside $1.995M 1-4 p.m. Sotheby's 55 Shore Road Old Greenwich $2.349M 1-4 p.m. Weichert 58 Park Avenue Old Greenwich $2.495M 1-3 p.m. Shore and Country 7 Juniper Hill Road Greenwich $2.995M 12-2 p.m. William Raveis 10 Spring House 585 Round Hill Road Greenwich Greenwich $4.25M $4.495M 2-3:30 p.m. 1-3 p.m. Coldwell Coldwell 45 Meadow Wood Drive Greenwich $10.75M 12-2 p.m. Coldwell 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. 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 17th

Greenwich, CT Residential Real Estate Blog and Analysis:   January 17th    A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

I feel that I have done so many colonials as my featured property that it was time to pick a different style.  The above pictured English Manor home is located at 22 Frost Road in mid country.  The home sits on 2.53 acres on Horseneck Lake, was built in 1929 and renovated in 2013.  The grounds contain winding paths in a beautiful setting with great views and a lakeside dock.  The house is listed as 6,980 s.f. and the amenities are plentiful including, four car garage, a billiards room with a stunning stone fireplace and custom bar, an incredible master suite with a breathtaking balcony overlooking the lake.  The house holds eight bedrooms, six full baths and two half baths, was redesigned by Shope Reno Wharton and is priced at $5.995M. As you will see in the charts below.  January is off to just as hot of a start as 2013 ended, if not even hotter.  We have already had two over $10M properties sell in the first two weeks of the year.  Last year we only had eight sell in the whole year, and the first one did not sell until late July.  We have already sold 34 properties in the first two weeks of the year, where we sold 41 in the whole month of January last year.  I will keep my 2013 review to give you a comparison as we get January's data. When we look at 2013 as a whole we can definitely see the market turn.  We sold 834 units, compared to 722 in 2012.  However, when we dig into the data we realize that it was the story of two different markets.  The under $3M market and the over $3M market.  Every price range under $3M grew.  In 2013 we sold 710 properties under $3M compared to 583 in 2012.  That is a 22% increase, which is incredible growth in one year.  However, over $3M we sold 124 units compared to 139 in 2012, which is an 11% decrease. Obviously, this is looking at 2013 as a whole.  It is important when looking at these numbers to compare with the current market.  I believe these numbers show that last year was the market regaining it's momentum.  In the beginning of the year it was anything under $1M was flying off the shelves, in the middle of the year it was anything under $2M, and by the end of the year, under $3M was heating up.  Hence, as we look at 2014, I believe we will see two things happen.  I believe the message will get out that the market has changed and we will see an onslaught of inventory in the spring.  It will be very interesting to see if that inventory moves quickly or not.  Secondly, I believe we will see the luxury market pick up steam.  If you look below at the Market Report pay close attention to the right side which shows the difference in the past two years.  For example the over $10M properties was down 43% last year.  However, our first property over $10M did not sell until late June, so in actuality we had eight properties sell in the last five and a half months.  Plus, there are three properties currently priced over $10M that are in contract or have executed contract.  Hence, you can see that even though 2013 as a whole was tough for that market, it is definitely a stronger market now than in the first six to nine months of 2013. There is a lack of inventory currently as properties come off of the market for the year end.  In my opinion that points to an onslaught of inventory in Spring.  If, you are looking to put your house on the market I would advise to put on before rather than later, as I feel there the philosophy of waiting until the spring market is outdated with the internet.  The difficulty with that thought process is if everyone else is doing the same then you are competing against numerous properties.  However, if you put it between now and February you have the opportunity to differentiate yourself online as well as the Realtor Community.  As Realtors we tour houses every Tuesday and Thursday, and if there are not a lot of broker open houses your house will be seen by a lot of Realtors which obviously helps in those realtors showing your house.  Currently, we have 455 properties on the market.  When you look at my blog from the end of September we had 656 properties, which is a 31 percent decrease in total inventory in the last couple of months.     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    Looking above and below you can see the year is off to a great start.  We are already at the point of previous years in sold properties.  Yet, below we are light on the new inventory coming to the market. New Listings Notice how small the amount of new listings is compared to previous years.  I personally do not think this will hold up, but we shall see.    Year to Date Sold  Could this be the year of the luxury market.  Last year 69% of the properties sold were under $2M.  So far this year (all eighteen days of it) 51% are under $2M.  Not to mentione we had two properties sell over $10M     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 9/30/13 10/31/13 11/30/13 12/31/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 6.24 5.11 5.28 6.08 4.96 4.48 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 5.5 5.16 5.33 5 3.72 3.33 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 8.81 7.95 7.59 7.95 6.97 5.38 4.67 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 7.27 6.25 6.12 5.61 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 12.12 11.76 13.08 11.64 9.12 7.56 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 22 19.77 16.22 14 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 24 24.5 18 16.5 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 26.47 24 26.11 24.7 23.29 20.82 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 25.84 26.76 27.69 26.79 24.92 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36 31.71 29.14 39.42 40.28 39.42 25.89 **to calculate months on average in this chart I used the full year of 2012 sold properties in each price range   Look at the difference in the last month's numbers and how it has affected the overall market.  With so many people taking their homes off the market in the past month it has really affected the market.  The interesting aspect is that the luxury market has stayed consistent.  Yet, the other price ranges have dropped tremendously over the last month. Price Range 8/30/13 9/30/13 10/25/13 11/30/13 12/31/13 0-$500K 4.26 4.4 5.2 4.2 4 $500K-$1M 4.65 4.9 4.6 3.4 3.2 $1M-$1.5M 4.96 5.2 4.6 3.6 3 $1.5M-$2M 5.61 5.6 5.1 5 4.7 $2M-$3M 7.84 9.1 8.3 6.3 5.4 $3M-$4M 20.22 23.4 21.3 17.1 15.8 $4M-$5M 22 23.9 25.3 18.8 14.1 $5M-$7.5M 40.8 31.6 26.4 25 21.5 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 $10M+ 272 103.2 92.1 72.2 61.5 ** 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 2012.  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 January 19th      There are eleven open houses on Sunday. Please let me know if there is anything I can do to be of service. Street Name Area List Price Time Listing Office 20 High Street Greenwich $575K 1-3 p.m. Coldwell 3 Green Lane Greenwich $729.5K 2:30-4:30 p.m. BHHS 40 Ettl Lane #14 Greenwich $875K 1-3 p.m. Weichert 5 Kinsman Lane Greenwich $949K 1-3 p.m. Shore and Country 16 Fairview Terrace Greenwich $1.99M 1-4 p.m. BHHS 55 Shore Road Old Greenwich $2.349M 1-3 p.m. Weichert 27 Chieftans Road Greenwich $3.395M 10-12:30 p.m. Houlihan Lawrence 349 Sound Beach Avenue Old Greenwich $3.575M 2-4 p.m. Sothebys 33 Ballwood Road Old Greenwich $3.895M 2-4 p.m. Houlihan Lawrence 20 West End Avenue Old Greenwich $3.899M 1-3 p.m. Higgins 45 Baldwin Farms South Greenwich $4M 1-3 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 Manhatan, and in Greenwich I prefer Treena David-Chirico of Wells Fargo. 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 10th

Greenwich, CT Residential Real Estate Blog and Analysis:   January 10th  2013 Year in Review A weekly analysis brought to you by Greenwich Real Estate Guy. www.greenwichrealestateguy.com

Dear Jared  I have decided to leave the year in review analysis for one more week for those of you who missed it.  However, I have updated the open house list. I decided to do a 2013 Year in Review as my first newsletter of 2014.  To that end the above pictured estate was the highest sold property through the Greenwich MLS in 2013.  555 Lake Avenue sold for $25M.  It boasts 8.23 acres of land.  The home has 8 bedrooms, 11 full baths, as well as 2 half baths.  The new owners will stay warm on days like this as there are eight fireplaces.  There are twenty five rooms, in the estate that was constructed and designed by award winning architect Dinyar Wadia and the twenty five room interior designed by Linda Ruderman. When we look at 2013 as a whole we can definitely see the market turn.  We sold 834 units, compared to 722 in 2012.  However, when we dig into the data we realize that it was the story of two different markets.  The under $3M market and the over $3M market.  Every price range under $3M grew.  In 2013 we sold 710 properties under $3M compared to 583 in 2012.  That is a 22% increase, which is incredible growth in one year.  However, over $3M we sold 124 units compared to 139 in 2012, which is an 11% decrease. Obviously, this is looking at 2013 as a whole.  It is important when looking at these numbers to compare with the current market.  I believe these numbers show that last year was the market regaining it's momentum.  In the beginning of the year it was anything under $1M was flying off the shelves, in the middle of the year it was anything under $2M, and by the end of the year, under $3M was heating up.  Hence, as we look at 2014, I believe we will see two things happen.  I believe the message will get out that the market has changed and we will see an onslaught of inventory in the spring.  It will be very interesting to see if that inventory moves quickly or not.  Secondly, I believe we will see the luxury market pick up steam.  If you look below at the Market Report pay close attention to the right side which shows the difference in the past two years.  For example the over $10M properties was down 43% last year.  However, our first property over $10M did not sell until late June, so in actuality we had eight properties sell in the last five and a half months.  Plus, there are three properties currently priced over $10M that are in contract or have executed contract.  Hence, you can see that even though 2013 as a whole was tough for that market, it is definitely a stronger market now than in the first six to nine months of 2013. There is a lack of inventory currently as properties come off of the market for the year end.  In my opinion that points to an onslaught of inventory in Spring.  If, you are looking to put your house on the market I would advise to put on before rather than later, as I feel there the philosophy of waiting until the spring market is outdated with the internet.  The difficulty with that thought process is if everyone else is doing the same then you are competing against numerous properties.  However, if you put it between now and February you have the opportunity to differentiate yourself online as well as the Realtor Community.  As Realtors we tour houses every Tuesday and Thursday, and if there are not a lot of broker open houses your house will be seen by a lot of Realtors which obviously helps in those realtors showing your house.  Currently, we have 455 properties on the market.  When you look at my blog from the end of September we had 656 properties, which is a 31 percent decrease in total inventory in the last couple of months.         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 mentioned above we outdid last year with 834 sold properties compared to 722 in 2012.  We outpaced last year in nine of the twelve months.   New Listings Not only did we outpace last year with sold properties, but we also did with new listings.  The positive here is that it was only a slight gain.  2012 we had 1,195 new listings, compared to 1,251 this year.  In my eyes this is promising as the percentage increase in sold properties outdoes the percentage increase in listings.    Year to Date Sold  If you read this blog you know I have been saying time and time again we have two different markets.  This graph speaks to it better than anything else.  86% of the properties sold last year were under $3M.    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 9/30/13 10/31/13 11/30/13 12/31/13 0-$500K 6.36 4.96 5.76 5.28 5.12 4.95 5.76 5.76 6.24 5.11 5.28 6.08 4.96 4.48 $500K-$1M 7.98 3.88 4.22 4.22 4.72 5.11 5.5 5.55 5.5 5.16 5.33 5 3.72 3.33 $1M-$1.5M 11.48 7.22 7.34 7.1 7.22 8.2 9.3 8.81 7.95 7.59 7.95 6.97 5.38 4.67 $1.5M-$2M 10.86 7 8.55 9.06 8.68 9.44 9.19 8.8 8.5 7.53 7.27 6.25 6.12 5.61 $2M-$3M 15.27 8.64 9.72 10.2 9.96 12.24 13.8 12.6 12.12 11.76 13.08 11.64 9.12 7.56 $3M-$4M 21.82 12.4 13.77 16.22 17.55 20.88 22.66 22 20.22 20.22 22 19.77 16.22 14 $4M-$5M 37.33 17.5 16.5 18.5 21.5 27.5 28 27.5 23.5 21.99 24 24.5 18 16.5 $5M-$7.5M 30.92 19.4 20.47 20.47 20.82 23.64 25.76 26.82 26.47 24 26.11 24.7 23.29 20.82 $7.5M-$10M 57 25.84 22.15 22.15 25.84 26.76 31.38 33.2 32.3 25.84 26.76 27.69 26.79 24.92 $10M+ 40.21 36 36.85 40.28 38.57 36 38.57 36 31.71 29.14 39.42 40.28 39.42 25.89 **to calculate months on average in this chart I used the full year of 2012 sold properties in each price range   Look at the difference in the last month's numbers and how it has affected the overall market.  With so many people taking their homes off the market in the past month it has really affected the market.  The interesting aspect is that the luxury market has stayed consistent.  Yet, the other price ranges have dropped tremendously over the last month. Price Range 8/30/13 9/30/13 10/25/13 11/30/13 12/31/13 0-$500K 4.26 4.4 5.2 4.2 4 $500K-$1M 4.65 4.9 4.6 3.4 3.2 $1M-$1.5M 4.96 5.2 4.6 3.6 3 $1.5M-$2M 5.61 5.6 5.1 5 4.7 $2M-$3M 7.84 9.1 8.3 6.3 5.4 $3M-$4M 20.22 23.4 21.3 17.1 15.8 $4M-$5M 22 23.9 25.3 18.8 14.1 $5M-$7.5M 40.8 31.6 26.4 25 21.5 $7.5M-$10M 44.8 52.1 58.8 53.1 46.3 $10M+ 272 103.2 92.1 72.2 61.5 ** 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 2012.  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 January 12th      There are fifteen open houses this weekend.  Enjoy your weekend. Street Name Area List Price Time Listing Office 47 Valley Road #B1 Cos Cob $365K 1-3 p.m. Berkshire 20 High Street Greenwich $575K 1-3 p.m. Coldwell 98 Riverdale Avenue Greenwich $625K 1-4 p.m. Berkshire 53 William Street #A Greenwich $725K 1-4 p.m. Berkshire 3 Green Lane Greenwich $729.5K 2:30-4:30 p.m. Berkshire 67 Prospect Street Greenwich $1.295M 1-4 p.m. Lockwood 30 StoneBrook Lane Cos Cob $1.445M 2-4 p.m. Houlihan 30 Stag Lane Greenwich $1.595M 1-4 p.m. Raveis 36 Zaccheus Mead Greenwich $1.8M 1-3 pm. Coldwell 55 Shore Road Old Greenwich $2.349M 1-4 p.m. Weichert 294 Round Hill Road Greenwich $2.495M 1-4 p.m. Berkshire 240 Riverside Avenue Riverside $3.149M 12-2 p.m. Coldwell 349 Sound Beach Avenue Old Greenwich $3.575M 2-4 p.m. Sothebys 20 West End Avenue Old Greenwich $3.899M 1-3 p.m. Higgins 45 Baldwin Farms South Greenwich $4M 1-4 p.m. Berkshire 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 Manhatan, and in Greenwich I prefer Treena David-Chirico of Wells Fargo. 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.