What’s been selling?

Not all closed transactions have been posted on the Greenwich MLS, but of the 89 homes reported sold in December, approximately one-third went for under $1 million. Approximately one-third were between $1 million and $2 million. More than one-tenth were between $2 million and $3 million. Approximately one-tenth were between $3 million and $4 million and the remaining were above $4 million.

With respect to the under-$1 million market, this has been and continues to be a very active market segment. These buyers are acquiring properties for the first time, are investing and are downsizing or relocating. These buyers represent all interests. Those with great credit are getting loans and enjoying affordable living in Greenwich.

 

An example of a great value is 95 Connecticut Avenue in downtown Greenwich. This is a single-family home that can be converted into a two-family home. It came on the market toward the end of October, went under contract in mid-November and closed the first week in December for $925,000.

The market between $1 million and $2 million is also active. These buyers are looking for opportunities. This market segment is also attracting developers seeking land in prime areas of Greenwich. Case in point, 7 Oakwood Lane, which is a 1.52 acre-property with a ranch on it in one-acre zoning with an asking price of $1,995,000. It went under contract in 22 days and closed in December for $1.8 million.

In the $2 million to $3 million market, buyers are seeking well-priced homes in great locations. A home went under contract in 12 days from list and sold for asking in this market segment. This home was 85 Zaccheus Mead Lane, a four-bedroom home on 2.21 park-like acres in two-acre zoning, which listed and sold for $2,795,000.

In the $3-$4 million market segment, 11 Round Hill Club Road, a 3.04-acre property in two-acre zoning with a pool, came on the market for $4,500,000 and closed for $3,850,000. This home is in a coveted location and on a level parcel.

An exceptional property in Riverside at 158 Indian Head Road, which has water views on 1.54 acres in one-acre zoning with an asking price of $12.5 million, sold for $11.991 million in December. It is more than 11,000 square feet, with a pool and 150 feet of direct water frontage, according to the listing agent.

In several of the market segments in Greenwich, we are low in inventory. Buyers are asking Realtors for any and all new listings that come on the market in their price range. Others are also waiting for homes on the market to make appropriate price reductions to be affordable. Many prospective buyers are eliminating surrounding areas from consideration because of higher taxes and having fewer amenities (e.g., beaches and parks).

Greenwich remains affordable, especially with the low interest rates.

 

Mary Ann Clark is a Realtor with Coldwell Banker at 177 West Putnam Avenue in Greenwich. Questions or comments may be emailed to [email protected] or she may be reached directly at 203-249-2244.

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