Greenwich, CT Residential Real Estate Analysis: September 7th

Greenwich, CT Residential Real Estate Analysis: September 7th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com

The beautiful kitchen pictured above can be found at 81 Sherwood Place. I have never had a townhouse as my featured property, and felt only one of this magnitude would stand out as a great buy. This property won the 2009 Palladio award for design in the multi unit category. One of the aspects I love most is there are only five townhouses, so one does not feel they are in a townhouse community. It was built in 2007. There was not a detail overlooked as one can see by the pictures of the inside. It is listed as a 3 bedroom, 3.5 bath, with 3,459 s.f. The price was just lowered from $1.475M to $1.425M. Also, there is a neighboring townhouse for sale as well for $1.525M at 77 Sherwood that just came on three days ago. The most appealing aspect beyond the beautiful construction and design is the location. You are steps from a private school sports fields, 1/2 of a block from a playground for the little ones, one block from Whole Foods, and 2.5 blocks from the shops and restaurants of Greenwich Avenue. I found there to be a very intriguing article from Moody's a couple weeks back; Connecticut Biggest Losers As Wall Street Cuts: Mortgages. Two things I would be cognizant of when reading the article is differentiating when they speak of Greenwich vs. Fairfield County as a whole vs. the state of Connecticut. Lastly, in the article most of the stats are base on the 2nd quarter which ended three months ago. If, you look at the charts below you will see that we have been discussing the same concerns. As I mentioned in an earlier newsletter, July was the busiest July in the past five years. The August number are not official yet. However, by looking at the charts below with the preliminary numbers, one will see that August was 10 percent more busy than August of 2011 and 20 percent more busy than August of 2010. August is notoriously slower than other months when it comes to new listings as so many individuals are on vacation. However, when one looks below they will see this August's new listings were down 10 percent vs. August of 2011. When we couple the growth in sales with the decline in the new inventory, for the first time we see that the inventory declined over the last month. September and October are more busy than August, so will be important to see if this trend continues. Thank you for those of you who have given feedback in regards to what you would like to see. With this feedback I have made a couple of changes. I have added links to the Open House List. Now, if you click on the address of the Open House section it will take you to the listing. Also, I have added rentals to the open house list. Please do not hesitate to give feedback. 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. **The information on the featured property is from the Greenwich MLS.   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 We are continuing to see more properties close. As you can see above the last two months are the first two months of the year where the sold properties outpace the previous two years sold properties. New Listings This was the first month that new listings were below the last two year's new listings while the same time below the number of properties that sold.   Year to Date Sold In the past two weeks we saw a good number of properties sell. There were three price ranges that saw a higher percentage than the others. We saw about a 10% growth in these three price ranges. In the past two weeks four properties sold in the 0-$500K range bringing the year to date total to 46. We saw six properties sell in the $1M-$1.5M range bringing the total to 66. We also saw three properties sell in the $3M-$4M bringing the year to date total to 35. 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. We are currently 36 weeks through the year. In the $0-$500K range we have 7.04 months on average to sell through. $500K-$1M we have 6.41 months. In the $1M-$1.5M we have 10.19 months. $1.5M-$2M we have 9.56 months. $2M-$3M we have 12.04 months. This is half of a month's drop in just two weeks. There was a two week drop as well in the last newsletter meaning in the last three weeks we have dropped a month of inventory in this price range. $3M-$4M we have 17.08 months which is a six week drop in just the past two weeks. $4M-$5M we have 29.9 months. $5M-$7.5M we have 27.1 months. $7.5-$10M we have 33.21 months. This is a seven month decreas but is realistically one property selling in this price range. $10M and above we have 38.2 months. Open Houses September 9th     Below are all of the Greenwich Open Houses for Sunday. As mentioned above if you click on the link it will take you to the listing. The first three are rentals. Address Town Price Time Broker 14 Indian Chase Dr Greenwich $9.6K 1-3 PM Raveis 45 Close Rd Greenwich $12.5K 1-4 PM Prudential 29 Lockwood Av Old Greenwich $15.5K 1-4 PM Raveis 171 S Water St Greenwich $499K 1-3 PM Raveis 6 Nassau Pl #4 Cos Cob $515K 1-3 PM Coldwell Bnkr 358 Long Ridge Rd Stamford $599K 1-4 PM Prudential 47 Lafayette Pl #4-I Greenwich $619K 1-4 PM Prudential 60 Valley Rd #A Cos Cob $645K 2-4 PM Raveis 132 Henry St Greenwich $650K 1-3 PM Weichert 60 Valley Rd #B Cos Cob $699.5K 2-4 PM Raveis 48 Hettiefred Rd Greenwich $949.5K 1-4 PM Prudential 25 Griffith Rd Riverside $1.099M 2-4 PM Raveis 67 Long Meadow Rd Riverside $1.2M 1-4 PM Coldwell Bnkr 108 Hillcrest Park Rd Old Greenwich $1.239M 2-4 PM Shore & Cntry 116 Lockwood Rd Riverside $1.275M 2-4 PM Raveis 60 Valley Rd A and B Cos Cob $1.295M 2-4 PM Raveis 86 Lower Cross Rd Greenwich $1.349M 1-4 PM Weichert 15 Horseshoe Rd Cos Cob $1.375M 1-3 PM Sotheby's 11 Buena Vista Dr Greenwich $1.399M 2-4 PM Round Hill Prtners 186 Field Point Rd Greenwich $1.45M 1-3 PM Round Hill Prtners 90 Buckfield Ln Greenwich $1.55M 1-4 PM Prudential 16 Norton Ln Old Greenwich $1.595M 1-4 PM Raveis 70 Bedford Rd Greenwich $1.7M 1-3 PM Coldwell Bnkr 65 Lockwood Ln Riverside $1.769M 1-4 PM Prudential 30 Stone Brook Ln Cos Cob $1.775M 1-4 PM Raveis 11 Londonderry Dr Greenwich $1.795M 2-4 PM Raveis 36 Forest Ave Old Greenwich $1.795M 2-4 PM Greenwich Fine 59 Lockwood Ave Old Greenwich $1.895M 1-4 PM Sotheby's 127 Havemeyer Pl Greenwich $1.897M 1-4 PM Raveis 34 Bote Rd & Lot 10 Tomney Rd Greenwich $2M 1-3 PM Shore & Cntry 18 Ravenglass Dr Stamford $2.195M 1-4 PM Prudential 96 Riversville Rd Greenwich $2.597M 1-3 PM Weichert 18 Welwyn Rd Riverside $2.65M 1-4 PM Prudential 5 Dawn Harbor Ln Riverside $2.785M 2-4 PM Coldwell Bnkr 243 Dolphin Cove Quay, St Stamford $2.8M 1-4 PM Prudential 530 North St Greenwich $3.195M 1-4 PM Raveis 38 Meadowbank Rd Old Greenwich $3.3M 1-3 PM Raveis 242 Dolphin Cove Quay Stamford $3.46M 1-4 PM Prudential 29 Lockwood Av Old Greenwich $3.495M 1-4 PM Raveis 125 Cat Rock Rd Cos Cob $4.175M 1-3 PM Higgins Group 450 North St Greenwich $4.195M 2-4 PM Summit 3 Cherry Blossom Ln Greenwich $4.849M 2-4 PM Raveis 45 Close Rd Greenwich $4.999M 1-4 PM Prudential 487 North St, Lots 2&3 Greenwich $5M 2-4 PM Coldwell Bnkr 487 North St Lot #5&6 Greenwich $6M 2-4 PM Coldwell Bnkr 2 Conyers Farm Dr Greenwich $6.495M 3-5 PM Sotheby's 487 North St Lot 1 Greenwich $6.995M 2-4 PM Coldwell Bnkr 487 North St Greenwich $16M 2-4 PM Coldwell Bnkr Mortgage Information The two individuals I feel most confident about when it comes to home mortgages are Jeff Ihrig of First Republic in the city and Iliad Estrada of Connecticut Home Mortgage. 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% *as of July 15th