Sunday
Oct212018
greenwich Real Estate Guy's Blog: Q3 Luxury Market Report and Open House List October 21st
Jared Randall
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I get asked a lot how the luxury market of Greenwich is doing vs. Westchester County. We just came out with our 2018 Q3 luxury market report. Here is the summary:Dear Jared
Luxury homes sales north of NYC through the third quarter showed mixed results. In Westchester, luxury sales (sales over $2M) were down slightly; a very slow third quarter in Putnam and Dutchess (sales $1M and higher) contributed to a double-digit decline year to date. Luxury markets in Darien and New Canaan (over $2M) have softened considerably since last year, while neighboring Greenwich (sales $3M and higher) is unchanged.
Recent reports indicate the housing sales nationwide are slowing because wage growth is not keeping pace with the increase in real estate prices. Our luxury markets do indeed appear to be slowing down, but lack of wage growth is not a factor for luxury buyers. In fact, the ten-year bull market created $18 trillion in wealth since the Standard & Poor's 500 bottomed on March 9, 2009.
Despite these record-setting gains in the stock market and net worth, the luxury buyer north of NYC is defined by a cautious and restrained approach to real estate. They are reminded that real estate can decline in value, and the fear of overpaying is a primary concern. Luxury rentals have increased since last year and offer an easy wait-and- see solution.
The pursuit of value drives the purchase decisions of today's buyer. They want a fair price that can be justified by comparable sales, and confidence in the property's marketability should the need to sell arise. A surplus of luxury inventory justifies their caution: At the close of the third quarter, there were 467 luxury homes ($2M and higher) for sale in Westchester County and 57 homes in contract. In Greenwich, 317 luxury homes ($3M and higher) were for sale with 22 homes in contract.
Motivated sellers are paying attention to the importance of pricing and its outsized ability to attract the attention of buyers with a value-driven offering. Sellers who priced their homes ambitiously are reducing or withdrawing them from the market. In the third quarter, one out of four luxury listings in Westchester took a price decrease and sellers are lowering their expectations to meet the market.
The luxury market in New York City is feeling the same pricing pressure, however rising values the past several years have resulted in an overheated market that is now cooling down. Buyers are wary of top-of-the-market pricing and sellers are responding in kind with a record number of reductions. We continue to monitor shifts in NYCs real estate market for additional insights into ours.
Sincerely,
Anthony Cutugno
Senior Vice President Director of Private Brokerage
Senior Vice President Director of Private Brokerage
There are 114 Open Homes this Sunday.
| Street Name | Area | List Price | Time | Listing Office |
| 1 Bolling Place | Greenwich | $3.5K | 1:30-3:30 p.m. | Coldwell Banker |
| 10 Windy Knolls | Greenwich | $7.5K | 1-4 p.m. | Higgins Group |
| 37 Mianus View Terrace | Cos Cob | $8.25K | 1-3 p.m. | Douglas Elliman |
| 3 Orchard Place #B | Greenwich | $9.9K | 2-4 p.m. | Coldwell Banker |
| 3 Orchard Place #A | Greenwich | $9.9K | 2-4 p.m. | Coldwell Banker |
| 15 Dearfield Lane | Greenwich | $13K | 12-2 p.m. | BHHS |
| 184 Parsonage Road | Greenwich | $14K | 1-3 p.m. | BHHS |
| 22 Putnam Park | Greenwich | $419.5K | 2-4 p.m. | Davenport |
| 190 Putnam Park | Greenwich | $465K | 12-2 p.m. | Davenport |
| 109 River Run | Greenwich | $480K | 1-3 p.m. | David Ogilvy |
| 108 Putnam Park | Greenwich | $499.888K | 2-4 p.m. | Weichert |
| 333 Palmer Hill #2F | Riverside | $629K | 1-3 p.m. | Sotheby's |
| 25 Cary Road | Riverside | $670K | 2-4 p.m. | Coldwell Banker |
| 51 Forest Avenue #77 | Old Greenwich | $675K | 2-4 p.m. | Coldwell Banker |
| 20 Hervey Street | Greenwich | $725K | 1-4 p.m. | Coldwell Banker |
| 11 River Road #116 | Cos Cob | $748K | 1-3 p.m. | Houlihan Lawrence |
| 60 Prospect Street #B | Greenwich | $785K | 1-3 p.m. | Coldwell Banker |
| 55 Mary Lane | Riverside | $789K | 12-2 p.m. | Houlihan Lawrence |
| 24 Perna Lane | Riverside | $799K | 11:30-3:30 p.m. | Keller Williams |
| 60 Valley Road #B | Cos Cob | $850K | 1-3 p.m. | Coldwell Banker |
| 11 Gard Court | Greenwich | $900K | 2-4 p.m. | Coats |
| 31 Moshier Street #A | Greenwich | $949K | 1-3 p.m. | Raveis |
| 105 Hamilton Avenue #11 | Greenwich | $995K | 1-3 p.m. | BHHS |
| 81 Indian Field Road | Greenwich | $998K | 12-4 p.m. | BHHS |
| 27 Hettiefred Road | Greenwich | $999K | 2-4 p.m. | Davd Ogilvy |
| 45 Hickory Drive | Greenwich | $999.5K | 2-4 p.m. | Coldwell Banker |
| 3 Park Avenue | Old Greenwich | $999.99K | 1-3 p.m. | Coldwell Banker |
| 37 Barton Lane | Cos Cob | $1.049M | 1-3 p.m. | Houlihan Lawrence |
| 22 The Avenue | Greenwich | $1.07M | 1-3 p.m. | BHG Rand |
| 6 Mortimer Drive | Old Greenwich | $1.095M | 12-3 p.m. | Sotheby's |
| 56 River Road | Cos Cob | $1.1M | 1-3 p.m. | BHHS |
| 31 Scott Lane | Greenwich | $1.225M | 1-3 p.m. | Coldwell Banker |
| 77 Gregory Road | Cos Cob | $1.249M | 1-3 p.m. | Raveis |
| 7 Jackson Street | Cos Cob | $1.295M | 1-3 p.m. | Keller Williams |
| 10 Windy Knolls | Greenwich | $1.3M | 1-4 p.m. | Higgins Group |
| 11 Pin Oak Lane | Cos Cob | $1.3M | 2-4 p.m. | David Ogilvy |
| 37 Fairway Lane | Greenwich | $1.335M | 2-4 p.m. | Coldwell Banker |
| 4 Chestnut Street | Cos Cob | $1.395M | 1-3 p.m. | Fiver Corners |
| 4 Banksville Road | Greenwich | $1.495M | 1-3 p.m. | Coldwell Banker |
| 62 Long Meadow Road | Riverside | $1.579M | 1-3 p.m. | Houlihan Lawrence |
| 17 Connecticut Avenue | Greenwich | $1.595M | 1-3 p.m. | Raveis |
| 37 Mianus View Terrace | Cos Cob | $1.6M | 1-3 p.m. | Douglas Elliman |
| 1 Lia Fail Way | Cos Cob | $1.649M | 1-3 p.m. | Coldwell Banker |
| 33 Ferncliff Road | Cos Cob | $1.695M | 1-3 p.m. | Douglas Elliman |
| 5 Neighborly Way | Riverside | $1.725M | 12-2 p.m. | BHHS |
| 3 Hendrie Lane | Riverside | $1.795M | 2-4 p.m. | Halstead |
| 17 Edgewater Drive | Old Greenwich | $1.85M | 2-4 p.m. | Halstead |
| 44 Summit Road | Riverside | $1.885M | 2-4 p.m. | Houlihan Lawrence |
| 380 Sound Beach | Old Greenwich | $1.895M | 1-3 p.m. | Coldwell Banker |
| 14 Knoll Street | Riverside | $1.895M | 1-4 p.m. | Houlihan Lawrence |
| 284 Riversville Road | Greenwich | $1.895M | 1-3 p.m. | Raveis |
| 15 Hycliff Road | Greenwich | $1.949M | 2-4 p.m. | Raveis |
| 46 Sawmill Lane | Greenwich | $1.995M | 2-4 p.m. | Houlihan Lawrence |
| 11 Pierson Drive | Greenwich | $1.995M | 1-3 p.m. | Raveis |
| 37 Crescent Road | Riverside | $2.095M | 1-3 p.m. | Raveis |
| 19 Home Place | Greenwich | $2.195M | 1-4 p.m. | Sotheby's |
| 19 Crescent Road | Riverside | $2.195M | 1-3 p.m. | Sotheby's |
| 2 Randolph Place | Cos Cob | $2.195M | 2-4 p.m. | Coldwell Banker |
| 1361 King Street | Greenwich | $2.195M | 2-4 p.m. | Raveis |
| 44 Benjamin Street | Old Greenwich | $2.225M | 2-4 p.m. | Houlihan Lawrence |
| 3 Orchard Place #B | Greenwich | $2.299M | 2-4 p.m. | Coldwell Banker |
| 3 Orchard Place #A | Greenwich | $2.299M | 2-4 p.m. | Coldwell Banker |
| 552 River Road | Cos Cob | $2.3M | 2-4 p.m. | Coldwell Banker |
| 22 Indian Head | Riverside | $2.35M | 1-3 p.m. | BHHS |
| 8 Grove Lane | Greenwich | $2.395M | 1-3 p.m. | Douglas Elliman |
| 91 Sawmill Lane | Greenwich | $2.395M | 1-3 p.m. | Sotheby's |
| 23 Stoney Ridge | Riverside | $2.398M | 2-4 p.m. | BHHS |
| 215 Riverside Avenue | Riverside | $2.495M | 1-4 p.m. | BHHS |
| 150 Riverside Avenue | Riverside | $2.5M | 1-4 p.m. | BHHS |
| 119 Lockwood Road | Riverside | $2.65M | 1-3 p.m. | Halstead |
| 17 Edgewood Drive | Greenwich | $2.68M | 2-4 p.m. | Coldwell Banker |
| 51 Sheephill Road | Riverside | $2.695M | 1-3 p.m. | Raveis |
| 4 Steep Hollow | Cos Cob | $2.7M | 1-3 p.m. | Houlihan Lawrence |
| 95 Stanwich Road | Greenwich | $2.75M | 2-4 p.m. | Raveis |
| 554 River Road | Cos Cob | $2.75M | 2-4 p.m. | Coldwell Banker |
| 24 Upland Drive | Greenwich | $2.775M | 1:30-3:30 p.m. | Coldwell Banker |
| 8 Carpenters Brook | Greenwich | $2.79M | 11-12:30 p.m. | Douglas Elliman |
| 12 Pintail Lane | Greenwich | $2.795M | 12-2 p.m. | Douglas Elliman |
| 43 Sawmill Lane | Greenwich | $2.795M | 1-3 p.m. | Houlihan Lawrence |
| 50 Sound View #4N | Greenwich | $2.849M | 12-3 p.m. | Keller Williams |
| 3 Maher Court | Greenwich | $2.875M | 1-3 p.m. | Sotheby's |
| 3 Juniper Lane | Riverside | $2.895M | 2-4 p.m. | Houlihan Lawrence |
| 8 Rockwood Lane Spur | Greenwich | $2.895M | 2-4 p.m. | Houlihan Lawrence |
| 60 Butternut Hollow | Greenwich | $2.94M | 2-4 p.m. | BHHS |
| 14 Bradbury Place | Riverside | $2.995M | 1-3 p.m. | Coldwell Banker |
| 100 Hendrie Avenue | Riverside | $2.999M | 1-3 p.m. | Centric |
| 102 Hendrie Avenue | Riverside | $3.095M | 1-3 p.m. | Halstead |
| 372 Cedar Hill | Greenwich | $3.15M | 2:30-4:30 p.m. | Douglas Elliman |
| 550 River Road | Cos Cob | $3.2M | 2-4 p.m. | Coldwell Banker |
| 15 Dearfield Lane | Greenwich | $3.395M | 12-2 p.m. | BHHS |
| 184 Parsonage Road | Greenwich | $3.395M | 1-3 p.m. | BHHS |
| 123 Maple Avenue | Greenwich | $3.495M | 2-4 p.m. | Houlihan Lawrence |
| 102 North Street | Greenwich | $3.5M | 1-4 p.m. | Houlihan Lawrence |
| 7 Binney Lane | Old Greenwich | $3.595M | 1-4 p.m. | Sotheby's |
| 569 Indian Field | Greenwich | $3.6M | 2-4 p.m. | Sotheby's |
| 154 Byram Shore Road | Greenwich | $3.75M | 1-3 p.m. | Sotheby's |
| 50 Sumner Road | Greenwich | $3.849M | 11:30-1:30 p.m. | Compass |
| 95 Indian Head Road | Riverside | $3.995M | 2-4 p.m. | BHHS |
| 52 Ridgeview Avenue | Greenwich | $3.995M | 2-4 p.m. | BHHS |
| 48 Pecksland Road | Greenwich | $3.995M | 1-4 p.m. | Douglas Elliman |
| 52 Ridgeview Avenue | Greenwich | $3.995M | 2-4 p.m. | BHHS |
| 184 Shore Road | Old Greenwich | $4.195M | 2-4 p.m. | Coldwell Banker |
| 54 Woodside Drive | Greenwich | $4.3M | 12-2 p.m. | Sotheby's |
| 9 Shaw Place | Riverside | $4.399M | 2-4 p.m. | Sotheby's |
| 3 Khakum Wood | Greenwich | $4.6M | 11:30-1:30 p.m. | Compass |
| 15 Pilot Rock Lane | Riverside | $4.75M | 1-3 p.m. | Centric |
| 15 Pilot Rock Lane | Riverside | $4.75M | 1-3 p.m. | Centric |
| 8 Buckthorne Lane | Greenwich | $4.995M | 2-4 p.m. | Houlihan Lawrence |
| 918 North Street | Greenwich | $4.999M | 1-3 p.m. | Houlihan Lawrence |
| 25 Tomac Avenue | Old Greenwich | $5.2M | 1-4 p.m. | BHHS |
| 10 West Crossway | Old Greenwich | $5.485M | 1-3 p.m. | Raveis |
| 29 Meadowcroft Lane | Greenwich | $5.499M | 1-3 p.m. | Sotheby's |
| 70 Midwood Road | Greenwich | $6.795M | 2-4 p.m. | Houlihan Lawrence |
| 11 Round Hill Club | Greenwich | $9.975M | 2-4 p.m. | Halstead |
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Best,
Jared Randall Join my Mailing List
Houlihan Lawrence Greenwich Search Properties
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