Old Greenwich Ct Real Estate

Buying Real Estate in Old Greenwich CT

I've spent countless hours weighing the pros and cons of owning real estate in Old Greenwich. First of all, I can't tell you how much I love the community. The con is that it is more expensive than other ares. You pay for what you get. Old Greenwich real estate over the past 20 years has got to be one of the best producing assets in town. The reason, in my opinion, has been the increase in demand to owning properties in close knit communities. Like Cos Cob, North Mianus and Riverside, Old Greenwich has one of the closest communities in Greenwich. I tell my clients all the time that if they end up buying on certain streets, I wouldn't be suprised if a couple apple pies and welcome baskets made it to their door within a couple weeks of closing.

In addition to the town, Tod's Point (Greenwich Point Park) is one of the biggest attractions.  Not only does this incredible 150 acre public waterfront mecca provide a fantastic place to visit durring the warmer months, but in the winter it is open to dogs.

I'm down there all the time with mine.

 

THANK YOU! Greenwich Real Estate Report

First and foremost, I want to thank all of my clients for helping make 2011 a great year.  I closed on 20 houses (13 sales, 7 rentals) in 2011, which was is my best year so far and owe it all to my wonderful clients.  I enjoyed working with everyone and appreciate the business. I also want to thank the many people who referred business to me.  The referral business is a huge part of my pipeline and I am grateful for every lead sent to me.

Looking back on 2011, I am pleased to say that the Greenwich Real Estate market held up well.  I am not going to sugarcoat it and tell you that it was a banner year and that I only see signs of the market improving from here on out.  When viewed from a macro-level, 2011 was still a very slow year.  We did not see the level of transactions that we had a couple years ago and we might never again.  As I mentioned in a previous blog/email, I think we might be witnessing the beginning of the new "normal" in real estate movement.

In Greenwich, CT, I feel that the baseline level of transactions should be roughly around 625 houses sold per year.  This is not the 750+ that we saw in 2007, but also higher than what we have witnessed in the past two years.  I am a strong believer that we are bouncing along the floor of our pricing, but also admit that I do not know when we will start to see price increases. I am confident in recommending a purchase (for investment purposes) with a 5+ year horizon, but have a hard time confidently supporting shorter horizons.  I see several factors that continue to affect the Greenwich (as well as national) market and keep it from a proper level of equilibrium/harmony.

Obviously the biggest factor keeping the Greenwich CT Real Estate market out of sync is the questionable economy.   As discussed in several previous blogs, residential real estate is almost entirely priced upon perception, so if anything were to affect perception and confidence the residential real estate market takes a hit.  Certain areas of residential real estate are hit harder than others.  For one, the second home market has been hit much harder than the primary home market. This is obviously because those who need money will unload their vacation homes before their primary residence's. Another factor that we are starting to see is that second and third tier markets are taking a harder hit than first tier markets as those who have money are starting to realize they can afford to upgrade to the better location (flight to quality).  Greenwich is fortunately on the right side of the trade for both of these factors.

I have worked with a lot of clients recently who have said they want to buy in Greenwich because of the low taxes (about 1/3rd of NY taxes), which is normal, but now I hear more and more clients say that they think they can afford to live in better neighborhoods than they used to look at because the prices have come down.  You used to need well north of $1,000,000 to buy a decent first home in Greenwich, but now you can find some great single families in the $700k range, especially in areas of Cos Cob and North Mianus, and you can find apartments in the $200-$300k range all through town.

This doesn't mean that all levels of real estate in Greenwich are lowering dramatically in price, it just means that there are many affordable areas of town.  On the high-end we have still seen some major trades and there are some fantastic homes on the market right now in the $10 to $20m range, which once commanded prices starting with a "3" or even "4".

I find myself fortunate to work in a town with such diversity in product.  Covering over 65 square miles and housing a population of over 60,000 people, Greenwich has a lot to offer.  I really consider it 4 neighboring towns that include Old GreenwichRiversideCos Cob and downtown Greenwich, but within those towns we have several communities including GlenvilleByramNorth Mianus and Pemberwick to name a few.  I've been able to work $1,500 rentals and $23 million estate sales, which is what I find to be so much fun about the job.

If you know of anyone who is looking at the Greenwich (or Rye, I closed on 4 houses in Rye last year!) area and are in need of some help, I'd really appreciate it if you pass on my name.

Sincerely,

Scott

Scott Elwell Real Estate Agent - MBA- GreenwichCT.com Greenwich Fine Properties 191 Mason Street, Greenwich, CT 06830 Mobile: 203.940.0444 : Email: scott@elwell.com

My Activity - Bio

Greenwich CT Real Estate Sales January 2012

Here is a list of all of the residential real estate trades that took place in Greenwich CT in January 2012. This includes homes that sold in Cos Cob, Riverside, Old Greenwich, North Mianus, Glenville, Belle Haven and Byram.

Jan. 3:

  • 39 Lancer Road : Richard L. and Lauren E. Lieberman to Ilya and Inga Skuratorsky; $840,000.

Jan. 5:

  • 275 N. Maple Avenue : Celine M. Stahl to Catherine C. and Stuart B. Nutting; $1,800,000.
  • 1465 E. Putnam Avenue , Unit 421: Josephine DiPalma to Robert A. Stevens; $305,000.
  • 33 Harold Street: Dominick M. and Marie Chiappetta to Yongi Hin and Wenqi Mou; $515,000.

Jan. 6:

  • 46 Locust Street: Greenwich Hospital to James F. Sun and Linda X. Lin; $681,5000.

Jan. 9:

  • 17 LeGrande Avenue , Unit 12: Maureen Shrahley to Helen Dillon; $650,000.
  • 25 W. Elm Street, Unit 43: Kathleen Conlon to Jocelyne Doll-Soulaine, trustee; $418,000.
  • 134 Cat Rock Road : Robert W. and Ann T. Rosenstock, trustees to Gordon J. and Susan J. Coburn; $3,237,000.

Jan. 10:

  • 57 Pemberwick Road : William Goodman IV to Pemberwick LLC; $530,000.
  • 0 Dearfield Lane: Curtis C. Wood to Dearfield LLC; $566,666.
  • 0 Dearfield Lane: Curtis C. Wood, trustee, to Dearfield LLC; $283,333.
  • 5 Hillside Drive: James T. and Susan G. Larkin to Karen and Charles M. Shaffer III; $2,950,000.
  • 201 Shore Road : Stuart B. and Catherine C. Nutting to Jeremy and Jessica Murphy; $3,800,000.

Jan. 11:

  • 54 Highmeadow Road : Norman F. and Robin G. LeBlanc to James T. Larkin; $2,150,000.
  • 1109 Lake Avenue : Deep Creek Lake LLC to High Lake Property LLC; $9,250,000.
  • 3 Elizabeth Lane: Grayson O. Brown to Newwork Development Co. LLC; $590,000.
  • 90 Maple Avenue : Lorraine Sykes to William Goodman IV; $1,130,000.

Jan.12:

  • 1353 King Street: R.K.D. Venture LLC to Congregation of Jevoha's Witnesses Inc., $1,000,00.
  • 1357 King Street: R.K.D. Venture LLC to Congregation of Jevoha's Witnesses Inc., $500,000.

Jan. 13:

  • Peter J. a132 Hamilton Avenue : The Castiglione Funeral Home Realty Trust to Greenwich Funeral Home Inc. LLC; $2,095,000.
  • 63 North Street: Peter T. and Andrea M. Brennan to Gloria Chambers; $2,775,000
  • 86 Round Hill Road : George S. Tsandikos and Kevin M. Ryan to William H. Pool; $1,800,000.
  • 8 Echo Lane: Estate of Maria A. Newton and John C. Newton, to Fredrick and Pamela Stoleru; $985,000.

Jan. 17:

  • 57 Grey Rock Drive: Helen A. and Joseph Augustyn to Abha Partners, FLP; $405,000.
  • 30 Riversville Road : Estate of Margaret Hoffkins to JC Merz; $345,000.

Jan. 18:

  • 25 Lismore Lane: Morris A. and Elaine F. Sandler to the estate of Rita K. Hillman; $2,900,000.
  • 28 Verona Drive: Londonderry Homes 28 LLC to William and Sarah Aaronson; $3,980,000.
  • 243B Hamilton Avenue : Paula and Brian Tobin to Peter Vitale; $695,000

Jan. 19:

  • 33 Scott Road : Sandro and Claudia Malagisi to Erjon and Mirsada Pacaj; $875,000.
  • 16 Walker Ct.: Patricia Ann Kristoff, trustee, to Jennifer and Anthony Socci Jr.; $515,000.

Jan. 20:

  • 2 Indian Knoll Place: Dev D. and Patricia Ann Panigrahi to Michael Bodson; $2,900,000.
  • 32 Cliff Avenue , Home site # 1: RMS Greenwich LLC to Jonas D. Slavien; $613,000.
  • 1031 North Street: Elia G. Gospodinoff to Sandro and Claudia Malagisi; $1,150,000.

Jan. 23:

  • 32 Cliff Avenue , Home site #3: RMS Greenwich LLC to Ashish Sharma; $675,000.
  • 50 Putnam Pk.: Dorothy White to Xiehnan Lu and Yuzhi Wang; $362,000.

Jan. 24:

  • 14 Meadow Road : Catherine B. Lepoutre to Peter B. and Barena B. Bailey; $1,200,000.
  • 59 LeGrande Avenue , Unit 14: Jean McCormick to Jeffrey D. Harris; $1,100,000.
  • 15 Street Claire Avenue : Gary K. and Michele G. Clarke to MCM Properties LLC; $1,657,500.
  • 460 North Street: Kenneth J. and Vanessa L. Savio to Drew Aaron and Hana Soukupova; $7,987,250.

Jan. 25:

  • 156 Taconic Road : Patricia S. Allain to Kenneth J. and Vanessa Savio; $1,600,000.
  • 15 So. Water Street: Western Greenwich Holdings LLC to Blue Mountain Partners LLC; $400,000.
  • 63-65 Pemberwick Road : Western Greenwich Holdings LLC to Blue Mountain Partners LLC; $472,500.
  • Jan. 26:
  • 318 and 320 Valley Road : Greyrock of Greenwich II LLC to RMS Valley LLC; $450,000.
  • 37 Ridgeview Avenue : Emily S. Lopatin to Rob and Meera Drelich; $1,087,500.
  • Jan. 27:
  • 213 Riverside Avenue : Kent D. and Nancy B. Holden to Matthew Emrigh and Felicia Schecter-Emrigh; $2,250,000.
  • 2 River Lane: Adriana Pena to Eduardo Pena; $335,000.

Jan. 30:

  • 18 Edson Lane: Damien A. and Ilona D. Kaali-Nagy to Scott F. Alderson; $5,850,000.

Jan. 31:

  • 425 N. Maple Avenue : Irene Soubry Revocable Trust to Benjamin P. and Lana E. Welsh; $1,750,000.
  • 11 Skyridge Road : Michael L. and Marian S. Yagemann, trustees, to Andrea M. Fraleigh, trustee; $13,000,000.
  • 59 Hillside Drive: Lydia Barberini to Brookside Properties LLC; $671,300.
  • 18 Rippowam Road , Unit 2B: Gina M. Pastore to Sasha Illingworth-Maloney and Ryan J. Maloney; $575,000.
  • 3 and 7 Juniper Hill Road : First Horizons Home Loans to Louis Zazzarino; $6,200.
  • 32 Lake Avenue : 32 Lake Avenue LLC to Jeremy E. Kaye, trustee; $860,000.

Ok, Greenwich Real Estate activity IS up, but will it last?

To add onto my last post, we have had some activity in the Greenwich CT Real Estate market in the past week.  Over the past 10 days, 31 houses have either gone into contract or have an "accepted offer" on them.  This is a significant level of movement in the market, though I am not ready to call all of my clients and tell them that they need to come on out before everything is gone.

The reason that I am skeptical about this uptick in activity is that it is just that, a quick uptick in activity. We are now in February and the weather has been nice, so those that are thinking of a spring market purchase might just be poking their heads out early. This is normal and happens in Greenwich real estate nearly every year.  If we close out February with some solid numbers I may start to get a little bit more excited.

The second reason I'm cautiously optimistic about the uptick in activity in the Greenwich real estate market is because a lot of this activity is under "accepted offers," which is still a long way away from a contract and then a closing.  An accepted offer just means that the seller agrees with the buyer on the price the house should close at. The next step involves the buyer doing inspections, getting financing, working with their attorney on contracts and more. There are a million things that could go wrong and often do.

In the longterm, I see the market coming up, but I have no clue how long that will take. We are in an election year and pending any major news I feel we will be bouncing around this floor for awhile. That being said, it will be spring soon and family real estate in Greenwich, Cos Cob, North Mianus, Old Greenwich and Riverside will sell because families move and want to be in before the next school year.

Growth in the Greenwich CT Real Estate Market

This article in the Greenwich Time is getting a lot of press amongst the Greenwich real estate/realtor world. Some think it is written too optimistically (buyers) and some say it's too negative (realtors). Although I'm a Greenwich realtor, I agree that we should proceed "cautiously optimistic"ly...

 

 

Critical Review of Old Greenwich Article in the New York Times

If you haven't read the New York Times article on Old Greenwich, you should (HERE), its worthy of a read. I give the article a solid B. I'm pretty critical when it comes to articles about Greenwich (including Cos Cob, Riverside, Old Greenwich and every other community), especially if they touch upon real estate.

Old Greenwich, Conn. Town

Since I'm a bit dorky, I'll just outline my 2 main criticisms in bullet points:

1) "The housing market is just now emerging from a nearly two-year slump induced by Hurricane Sandy." - This is the biggest concern I have about this article and the first red flag that went up in my head. Anyone that has been working on real estate in Greenwich for more than the past 4 years, understands that Old Greenwich (macro level) never went into a "slump" from Sandy or even from the bubble bursting (relative to the rest of town). Parts of Old Greenwich are now hotter than they have ever been, while areas of back country Greenwich are nowhere near their peak (adjusted for inflation). Yes, Sandy affected many homes that were under the new FEMA flood zone and slowed down some waterfront interest, but it did not put Old Greenwich into a slump. Heck, it helped houses that were just outside of the flood zone. For example, I sold an Old Greenwich house (central, south of town, just outside flood zone) for $2.121m in May 2013 that my clients had bought for $1.743m in August 2010. They didn't do any work to said house.  Yes, Hurricane Sandy caused all sorts of issues for waterfront and low lying houses in Old Greenwich, Riverside, Belle Haven, Byram, etc..., but no, it did not cause a "two-year slump."

2) North Mianus - Speaking about "slumps," the author really didn't explain the difference between southern Old Greenwich/Riverside and northern, affectionately referred to as North Mianus.  This area has seen a huge uptick over the past couple years and is one of my all-time favorite stories in Greenwich. As all Old Greenwich and Riverside residents know, there is a big difference in real estate north and south of the Post Road and Interstate 95 border. It has always been desirable to be closer to the water and therefore more expensive. In addition, as we have seen over the past 15 or so years, it has been more desirable to live close to town and the train, so that has helped spur the southern real estate growth even more. Now one area of discussion that is commonly overlooked, is not only the location differences between the two areas (north and south of Post Road), but the history of how they were created and defined.  North Mianus (northern Riverside and Old Greenwich for this discussion) was almost largely (for this discussion) built in the early 1950s after World War 2. Nimitz Place, Marshall Street, Hoover Road, you get the point. While southern Old Greenwich is much older and has a little more organic growth pattern. The 1950s brought lots of smaller cape and split level homes, which are not necessarily in vogue right now and can be very hard to convert to modern standards and demands.

This existing supply level of North Mianus (Northern Riverside and Old Greenwich) split level homes had created a bit of a ceiling in values, until the land value tipped the scales, which is why we started to see a serious pop in construction and sales starting 2 or so years ago. You see, for a long time houses in North Mianus had a hard time breaking the $1m price point. Its a fantastic place to live with great families and tons of houses/friends for kids to visit, though it was considered by some to be a bit dated as a whole. That was until the prices in lower Old Greenwich and Riverside came up so much. With the flood of buyers over the past 15 or so years looking for more of a community, close to water/town/train, we have seen a dramatic uptick in values in southern Riverside and Old Greenwich, pricing out many that started to move north to North Mianus. Eventually this pushed values and demand high enough that it made sense to tear down homes or blow out existing ones. Developers and buyers with sizable pocket books started realizing that this area of Greenwich is a fantastic place to invest in. It is still very close to downtown Old Greenwich, Binney Park, Old Greenwich and Riverside train stations and Tod's Point (Greenwich Point Park), while also providing a super family friendly tight nit environment. Kids everywhere. If you move there, you better buy lots of candy for Halloween.

*******************

Back to the original article and my critiques -  I understand that the writer has a limited number of words to use (unlike us bloggers that can go on and on and on - god bless SEO) and needs to simplify things. I also understand that the author is focusing on much more than just real estate, while I have blinders on and spend 95% of my time thinking about what houses are worth what in Greenwich. I did end up giving him a B, which is much better than passing grade in my book and am always excited when any national newspapers give attention to any Greenwich neighborhood or community. Maybe they could come back and write about the fascinating history in North Mianus!

 

meScott Elwell - Partner Fieldstone Group of Sotheby 's International Realty Stevens, Toepke, Kencel & Elwell One Pickwick Plaza, Greenwich, CT 06830 Mobile: 203.940.0444 | Fax: 203.930.2808

FIELDSTONE GROUP: Website | Facebook Sotheby's Page 

 

 

Comments

  1. Mrs. Ball on

    Do feel free to contact this teacher for proofreading.
    • Jerry on

      Nice article but you need to work on your spelling. Holloween, realy... other typos as well...
      • Peter Flierl on

        Horse feathers! Forget the real estate angle. Has the writer ever taken in the Old Greenwich art show? Or how about the Christmas celebration with a rock band in one garage, the best chili ever on Sound Beach, handouts from Garden Caterers, carriage rides and more? Or been a member of the Old Greenwich Merchants Association? Or enjoyed hoops, soccer, an antique show, or expo at the Civic Center? Old Greenwich is a crown jewel.