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My clients and I were able to procure the above colonial 1/2 of a block from Sound Beach Avenue in Old Greenwich. 5 West End Court is steps away from coffee, bagels, shops, restaurants, train, elementary school, and minutes from the beach at Tod's Point. Scroll down to the open house list and you can see that most of the properties under $1M are condos. In this negotiation there were once again multiple offers, but by taking specific measures in the presentation of our offer we were able to distinguish ourselves and win the negotiation. We closed for $960K which actually was less than the house appraised for in the mortgage process. I am very excited for the new owners.
A friend of mine has started a Greenwich Parent List. Coming from Park Slope we belonged to a Parents of Twins Group in Brooklyn and a Park Slope parents group. I found it very informational, a great place to ask advice or find interesting items. Moving to Greenwich, I wished there was such a site here, and now there is. Click on the link to check out; Greenwich Parent List.
We had 10 new properties and 14 sold properties to end July. Since, these numbers will not affect the charts I have left them the same. I believe the point made last week best sums up the market. The months on average points are staying relatively similar. We ar still experiencing a hot market under $2M. Even though the $2M to $3M range Months on Average is similar to a few months ago the activity has grown, signifying that the market is moving up in price range. In my opinion we are seeing the beginning stage of the $2M to $3M market becoming more competitive. In my opinion now is the time to jump price ranges if at all possible. For example, if you sell in the $1.5M to $3M range and buy in the over $3M range, I feel you will do incredibly well.
As mentioned last week:
The idea of this newsletter was always to educate buyers and sellers on the pulse of the market. I feel the months on average is the best way to do this. However, I also think by looking at the statistics from a few months back we can get an idea of the way we are trending. If, you read this weekly you know the under $2M market has been hot for a while. However, I believe we are starting to see that trend up into the next price range. I reviewed the numbers from three months ago. You can look at my April 26th entry on my website, www.greenwichrealestateguy.com/blog. You will see that the months on average in the $2M to $3M range is relatively consistent at 12.24. However, if you look at the total properties sold pie chart you will see that over the last three months the $2M to $3M range has grown from 12% of the total sold properties three months ago to 16% of the total properties sold. Hence, that price range we are seeing a lot more action. We are also seeing more new inventory come to the market in this range which is why the months on average is not diminishing. In my opinion this shows that the Greenwich market is continuing to improve and the improvement is moving into the higher price ranges.
Below are the Sold Price to List Price percentage for each of the four towns as well as some neighborhood data:
Sold Price vs. List Price
Neighborhood Data
I would like to thank Mark Pruner for mentioning me in the Greenwich Patch. Mark also does his own synopsis of the Greenwich Market at www.greenwichstreets.com.
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
Best,
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Jared Randall
