Greenwich, Ct Residential Real Estate Analysis June 29th

A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com I hope this newsletter finds everyone well. Since, I could never figure out what picture to put at the top of this newsletter, I thought I might as well switch it up every week.  So, every week the picture will be of a house I have toured that I think is of good value and I will write a quick synopsis of why I feel that way.  The above picture is of 2 Parsonage Road. It is currently listed at $4,295,000  The link is 2 Parsonage Road.  Obviously, as one can tell by the pictures it is a beautiful house with great details an amenities.  However, what attracts me the most is the value I believe.  It is located at the corner of Parsonage and North Street.  So, the buyer will have the opportunity to own an 8,000 sf house, but have the ability to walk to town, while still almost having an acre of lot size.  The history of the property is also where I see value.  It was bought in March of 2008 for $3,684,375 as a 4,926 square foot house.  I am assuming the owners did some work  and tried to sell it in late August of 2008 for $4,425,000 at 6,500 square feet. Today, it is 8,000 sf, with new roof, heated floors, top end appliances, and beautiful molding.  It also has incredible amenities such as finished lower level with exercise room, play room and wine cellars.  It has five bedrooms, 6.5 baths, and four fireplaces.  Hence, when you couple the location, the top end renovations, and the amenities, you have a house you would think you would find in back country, with the charm of North Street, and in town living at a reasonable price. This week is the week I feel things may start to catch up.  For the first time we have looked at these values, we had the same amount of properties close, as new listings come on.  As we have discussed and you can see by the charts below we have been a tad off of last year's pace in sold properties but have been on a faster pace of new listings.  Hence, adding more inventory to the marketplace.  There were 24 properties sold this past week, with 24 new listings as well. Below you will find my analysis of the market, open houses, as well as mortgage information.  I am still working on touching it up, but feel free to check it out at www.greenwichrealestateguy.com.   The highest compliment I can receive is the referral of someone you know who is looking to buy or sell their home.  Call me with their name and number so I can give them the first class service they deserve.     Best,                                                                                                                                                         Jared Randall                                                Join my Mailing List Prudential Ct, Greenwich Office                   Search Properties www.greenwichrealestateguy.com               Forward to a Friend cell:  203-273-1034                                         View My Website email:  jaredrandall@prudentialct.com      Like me on Facebook     Properties Sold       As you look at this chart June of 2011 jumps out with a huge spike of 120 sold properties.  However, there was a rush to close properties before the new conveyance tax hit on July 1st of 2011.  In my opinion, we have to look at June and July together to see where the market is currently vs 2011.  As you can see of June 29th this year we have had 84 properties sold.  We should outpace the 86 in June of 2010 and can better gauge against 2011 after the end of next month.  In the last week we had 24 properties close.  With the same trend we have been discussing, 15 of the 24 were under 2 million.    New Listings     When we look at this chart as monthly we continually see that the new listings are exceeding last year's new listings.  The promising sign is that we may not hit June of last year's numbers as well as there were the same amount of new listings as sold properties last week could show a slowing in the inventory which would be a positive sign for the overall market.    Year to Date Sold   This chart shows us the breakdown of the 304 properties sold year to date.       Year to Date Available    The above chart breaks down the available properties broken into the same price segments as the properties sold.  One can see the true disproportion in certain price points.  The goal of these charts and data have always been to help educate the seller and the buyer.  Ultimately, to know the kind of market we are in.  I sometimes get surprised myself on how even in a week these numbers can change.  We have discussed how the under 2 million segment would take 11.02 months to sell through the inventory.  However, just with last weeks data entered that has dropped to 9.99 months.  Again, demonstrating that the under 2 million dollar market is competitive.   Open Houses July 1st       Wow, where did June go.  I cannot believe Sunday is already July.  This week there are thirty three open houses.  Have a great 4th of July, and enjoy your week.  Address Town List Price Time Broker 25 Oval Ave Riverside $7.9K 2-4 PM Raveis 21 Cat Rock Rd Cos Cob $9K 2-4 PM Coldwell Bnkr 9 South End Ave Old Greenwich $218K 2-4 PM Raveis Putnam Park #87 Greenwich $397K 2-4 PM Raveis Putnam Park #72 Greenwich $615K 1-4 PM Weichert 19 LeGrande Ave #16 Greenwich $649K 2-4 PM Raveis 230 Valley Rd Cos Cob $685K 2-4 PM Raveis 28 Woods Ave Greenwich $699K 12-3 PM Raveis 60 Valley Rd Cos Cob $699.5K 2-4 PM Raveis 6 Robertson Ln #3 Cos Cob $749K 2-4 PM Coldwell Bnkr 41 Windsor Ln Cos Cob $875K 2-4 PM Raveis 127 Lake Ave Greenwich $920K 2-4 PM Coldwell Bnkr 20 West End Ave Old Greenwich $950K 2-4 PM Raveis 71 Orchard Pl #B Greenwich $1.165M 2-4 PM Coldwell Bnkr 67 Bowman Dr Greenwich $1.175M 2-4 PM Anderson 86 Lower Cross Rd Greenwich $1.349M 1-4 PM Weichert 16 Norton Ln Old Greenwich $1.595M 1-3 PM Raveis 25 Oval Ave Riverside $1.595M 2-4 PM Raveis 99 Stanwich Rd Greenwich $1.675M 1-3 PM Higgins Grp 21 Cat Rock Rd Cos Cob $1.695M 2-4 PM Coldwell Bnkr 33 Ferncliff Rd Cos Cob $1.875M 2-4 PM Prudential 127 Havemeyer Pl Greenwich $1.897M 1-4 PM Raveis 7 Lighthouse Ln Old Greenwich $2.475M 2-4 PM Grnwch Fine Prop 18 Welwyn Rd Riverside $2.65M 1-3 PM Prudential 11 Grimes Rd Old Greenwich $2.675M 2-4 PM Coldwell Bnkr 71 Valley Rd Cos Cob $2.695M 1-4 PM Raveis 21 Lake Dr Riverside $2.695M 1-3 PM Shore & Cntry 35 Shore Rd Old Greenwich $2.995M 2-4 PM Grnwch Fine Prop 20 Stoney Ridge Ln Riverside $2.995M 2-4 PM Shore & Cntry 196 Dolphin Cove Quay Stamford $2.995M 1-4 PM Prudential 1 Tyler Ln Riverside $3.275M 12-3 PM Weichert 2 Parsonage Rd Greenwich $4.295M 1-3 PM Round Hill Prtnr 170 Old Mill Rd Greenwich $7.795M 3-5 PM Sotheby's Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of HSBC and Iliad Estrada or Ct. Home Mortgage. Jeff's rates can be found at:  http://www.us.hsbc.com/1/2/3/personal/home-loans  Jeff can be reached at 646-372-5181. Rates below courtesy of Iliad Estrada.  She can be reached at 203-637-6202.   CT Mortgage Rates Product Interest Rates Annual Percentage Rate 15 YR Fixed Conforming 2.625% 2.863% 30 YR Fixed Conforming 3.375% 3.514% 30 Year Fixed Agency  Jumbo n/a n/a 30 YR  Fixed Jumbo 3.990% 4.116% 5/1 YR ARM Conforming 2.250% 3.081% 5/1 YR ARM Jumbo 2.250% 3.060% 10/1 YR ARM Jumbo 3.375% 3.453%  Updated: Friday June 22, 2012