Greenwich Real Estate Guy: Greenwich CT-Residential Analysis and Blog: 09/28/12

Greenwich, CT Residential Real Estate Analysis: September 28th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com

The above Victorian is situated in the Hillcrest Park Section of Old Greenwich.  64 Hillcrest Park is for sale for $3.495M.  The pictures do not do this property justice.  The house was built in 1901 and renovated in 1992.  The flow of the house is very open with a meandering feel.  It is stated to be 8,300 s.f. sitting on 1.11 acres of land.  There are 7 bedrooms and 4.5 baths.  The character of the house is what impressed me the most.  It has the architectural detail of the original home, but the renovations make it feel open and lively for entertaining.   I mentioned in last week's article that the tremendous influx of inventory we are seeing in September tells us the market has not turned around yet.  Until, we see an uptick in the amount of properties being sold that is comparable to the amount of new properties being listed, the market will continue to sputter.  However, now that we have so much fresh inventory, it could bring buyers out.  I feel it will be interesting to see where we go from here.  My personal opinion is that we will start to see the pick up in February or March of 2013.  There could be a flurry at the end of the year due to the Healthcare tax that will go into effect January 2013.  We currently have 49 properties that are in Executed Contract, which is a good sign as there were 40 properties sold in October of 2010. Please let me know if you would like me to provide specific information or statistics for you. **The information on the featured property and all statistical information is from the Greenwich MLS. **All opinions garnered from the statistics are my own

Properties Sold   We are staying on trend in regards to sold properties as you can see above.  As stated above sold properties are typically 30-60 days old, as that is how long clients are in contract.  The interesting point will be to see the sold over the next two months.   New Listings We have more than doubled the amount of new listings there were in September of 2010 and already doubled the amount in 2011.  This graph shows the disparity between this year and previous years.    Year to Date Sold As we are getting closer to the end of the year, we would need to see drastic changes in the numbers of one price range to change this chart by any significant amount.  That did not happen so all percentages remained the same. 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 37 weeks through the year. In the $0-$500K range we have 7.38 months on average to sell through. $500K-$1M  we have 6.39 months.  In the $1M-$1.5M we have 10.9 months. $1.5M-$2M we have 9.5 months. $2M-$3M we have 11.9 months.  $3M-$4M we have 17.52 weeks. $4M-$5M we have 26.11 months. $5M-$7.5M we have 24.12 months. $7.5-$10M we have 33 months.  $10M and above we have 36.48 months.     Open Houses September 23th      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.  Enjoy your weekend. Address Town List Price Time Broker 21 Cat Rock Rd CC 8K/mo 2-4 PM Coldwell 29 Lockwood Av OG 15.5K/mo 1-4 PM Raveis 175 Putnam Park #175 GR $330K 2-4 PM Raveis 87 Putnam Park #87 GR $389K 2-4 PM Raveis 20 Nicholas Ave GR $560K 1-4 PM Real Living 47 Lafeyette Pl # 4-I GR $599K 1-4 PM PruCt 19 Wescott St RV $779K 2-4 PM Coldwell 5 North Ridge OG $898K 1-3 PM PruCt 20 West End Av (Rear) OG $899K 2-5 PM Raveis 17 Ronald Ln CC $959K 1-3 PM Raveis 349 Riversville Rd GR $995K 1-4 PM Raveis 179 Connecticut Av GR $1.05M 1-3 PM Raveis 25 Griffith Rd RV $1.099M 2-4 PM Raveis 128 Riverside Ave RV $1.15M 1-4 PM PruCt 73 Weaver St #18 GR $1.195M 1-3 PM Raveis 13 Center Dr OG $1.245M 1-4 PM Sotheby's 116 Lockwood Rd RV $1.275M 2-4 PM Raveis 86 Lower Cross Rd GR $1.349M 1-4 PM Weichert 16 Norton Ln OG $1.495M 1-4 PM Raveis 90 Buckfield Ln GR $1.55M 1-4 PM PruCt 99 Stanwich Rd GR $1.595M 1-3 PM Higgins Grp 21 Cat Rock Rd CC $1.649M 2-4 PM Coldwell 58 Orchard St Lot 1 CC $1.695M 1-3 PM Raveis 30 Stonebrook Ln CC $1.775M 1-4 PM Raveis 127 Havemeyer Pl GR $1.797M 1-3 PM Raveis 112 Taconic Rd GR $1.995M 1-4 PM PruCt 18 Ravenglass Dr OT $2.195M 1-4 PM Pruct 623 Steamboat Rd #A GR $2.95M 1-3 PM Ogilvy 230 Bedford Rd GR $3.35M 1-3 PM Ogilvy 29 Lockwood Av OG $3.495M 1-4 PM Raveis 623 Steamboat Rd #B GR $3.495M 1-3 PM Coldwell 71 S Baldwin Farms So GR $3.5M 1-4 PM Raveis 16 Indian Head Rd RV $4.195M 1-3 PM Coldwell 11 Club Rd RV $6.995M 1-4 PM PruCt   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

Greenwich Real Estate Guy: Greenwich CT-Residential Analysis and Blog: 09/21/12

Greenwich, CT Residential Real Estate Analysis: September 21tst A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com When I am in the many houses I tour, every now and then, I think to myself, this could be my family's next house.  When I toured the house above I thought to myself this time:  This could be the next house, of the next house, of the next house, of my next house if ever my next house.  This immaculate shore colonial is located at 15 East Point Lane in Old Greenwich.  It is for sale for $7.85M.  This five bedroom four bath home is directly on the water as you can see.  It has a beautiful flow and has breathtaking views of the Sound.  My favorite aspect of this house, you can see if you look really close, is the three windows on the roof.  When you walk up, you can actually open those windows and stand with your head out of the house overlooking the sound.  You feel the crisp air against your face. It is a spectacular house with views from just about every room of the house.  It is listed as .32 acres containing 4,356 s.f. It has been said that the residential real estate market is turning around.  There definitely are examples of this, such as 106 Parsonage Road, which sold for asking at $2.875M and was only on the market for 37 days.  However, understanding where the market is and more importantly where it is heading, one must take an over arching view.  Ultimately looking at the Sold information is already lagging as it typically takes thirty to sixty days to close.  While, looking at new properties that are coming on vs. sold gives us a better idea of Supply vs Demand in my opinion.  With that being said, even though we are hearing the market is turning around, I believe the numbers tell us a different story.  So far this month, we have had an incredible amount of new properties hit the market.  The first three weeks of September has given us ninety nine new listings.  When we scroll back and look at 2010 for the whole month of September there were only 53 new listings.  We have sold 50 properties so far in September which is a little stronger than years past (there were 53 in all of September of 2011, and 46 in 2010).  Hence, when just looking at the properties sold one could assume the market is heating up.  Yet, my belief is when one looks at the sold numbers vs the tremendous amount of new listings one realizes the supply is growing much larger than the growth of the demand.  This is most prevalent when you scroll down and see the current months on average it would take to sell through the properties. Almost completely across the board the months on average have increased due to the influx of inventory.  Only the $2-$3M range, $5M-$7.5M and $10M range remained unchanged or went down.  This is the fluctuation of time in each price range since the end of August. 0-$500K range up 1 week $500K-$1M up 2 weeks $1M-$1.5M- up 6 weeks $1.5M-$2M up 2 weeks $2M-$3M unchanged $3M-$4M up 9 weeks $4M-$5M up 3 weeks $5M-$7.5M down 12 weeks $7.5M-$10M up 12 weeks $10M+ unchanged Please let me know if you would like me to provide specific information or statistics for you. **The information on the featured property and all statistical information is from the Greenwich MLS. **All opinions garnered from the statistics are my own     Properties Sold   As stated above the closings are continually close to last year's number but over the last few months we have been exceeding the 2011 numbers.  So far this month we have had 50 closings.  In 2011 the month of September had 53 closings, and in 2010 there were 46 closings. New Listings Just in the first three weeks we have doubled the amount of new listings there were in September of 2010 and just about already doubled the amount in 2011.  This graph shows the disparity between this year and previous years.    Year to Date Sold As we are getting closer to the end of the year, we would need to see drastic changes in the numbers of one price range to change this chart by any significant amount.  That did not happen so all percentages remained the same. 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 7.22 months on average to sell through. $500K-$1M  we have 6.98 months.  In the $1M-$1.5M we have 11.52 months. $1.5M-$2M we have 9.587 months. $2M-$3M we have 11.99 months.  $3M-$4M we have 18.72 weeks. $4M-$5M we have 30.78 months. $5M-$7.5M we have 24.78 months. $7.5-$10M we have 36.16 months.  $10M and above we have 37.46 months.   Almost completely across the board the months on average have increased due to the influx of inventory.  Only the $2-$3M range, $5M-$7.5M and $10M range remained unchanged or went down.  This is the fluctuation of time in each price range since the end of August. 0-$500K range up 1 week $500K-$1M up 2 weeks $1M-$1.5M- up 6 weeks $1.5M-$2M up 2 weeks $2M-$3M unchanged $3M-$4M up 9 weeks $4M-$5M up 3 weeks $5M-$7.5M down 12 weeks $7.5M-$10M up 12 weeks $10M+ unchanged   Open Houses September 23th      Below are all of the Greenwich Open Houses for Sunday.  If you click on the link it will take you to the listing.  Enjoy your weekend. Address Town List Price Time Broker 41 Windsor Ln Cos Cob $4.7K/mo 2-4 PM Raveis 8 Fox Hollow Ln Cos Cob $7.9K/mo 1-3 PM Coldwell Bnkr 21 Cat Rock Rd Cos Cob $8K/mo 2-4 PM Coldwell Bnkr 39 Willow Rd Riverside $9.975K/mo 1-3 PM Coldwell Bnkr 55 Will Merry Ln Greenwich $14K/mo 2-4 PM Coldwell Bnkr 351 Pemberwick Rd #110 Greenwich $335K 1-3 PM Raveis 21 Byram Rd Greenwich $399K 1-3 PM Mary & Caruso 292 Hamilton Av Greenwich $409K 2-4 PM Coldwell Bnkr 13 Fletcher Av Greenwich $449K 1-3 PM Coldwell Bnkr 184 Peck Ave #2 Greenwich $455K 2-4 PM Coldwell Bnkr 9 River Rd #405 Cos Cob $469K 2-4 PM Raveis 1 Ocean View Greenwich $519K 1-3 PM Shore & Cntry 60 Valley Rd #A Cos Cob $645K 2-4 PM Raveis 45 Glenville St Greenwich $649K 2-4 PM Prudential 51 Forest Ave #156 Old Greenwich $680K 1-4 PM FF Realty 98 Putnam Park #98 Greenwich $695K 1-4 PM Raveis 60 Valley Rd #B Cos Cob $699.5K 2-4 PM Raveis 11 River Rd #122 Cos Cob $725K 2-4 PM Greenwich Fine Prop 133 Lake Av  Greenwich $749K 1-4 PM Prudential 5 Christiano St Greenwich $749K 1-3 PM Sothebys 89 Prospect St Greenwich $799K 1-3 PM Sothebys 297 Guinea Rd Greenwich $849K 1-4 PM Sothebys 349 Riversville Rd Greenwich $995K 1-4 PM Raveis 73 Weaver St #16 Greenwich $999.5K 2-4 PM Halstead 38 Breezemont Av Riverside $1.125M 1-4 PM Sothebys 37 Davenport Ave #4 Greenwich $1.199M 2-4 PM Greenwich Fine Prop 108 Hillcrest Park Old Greenwich $1.239M 2-4 PM Shore & Cntry 21 Mallard Dr Greenwich $1.25M 12-3 PM Coldwell Bnkr 116 Lockwood Rd Riverside $1.275M 2-4 PM Raveis 23 Dorchester Rd Riverside $1.295M 2-4 PM Greenwich Fine Prop 60 Valley Rd A & B Cos Cob $1.295M 2-4 PM Raveis 16 Norton Ln Old Greenwich $1.495M 1-4 PM Raveis 8 Fox Hollow Ln Cos Cob $1.499M 2-4 PM Coldwell Bnkr 21 Cat Rock Rd Cos Cob $1.649M 2-4 PM Coldwell Bnkr 30 Stonebrook Ln Cos Cob $1.775M 1-4 PM Raveis 127 Havemeyer Pl Greenwich $1.797M 1-4 PM Raveis 10 Stepping Stone Ln Greenwich $1.825M 1-4 PM Prudential 2 Stanwich Ln Greenwich $1.995M 1-4 PM Round Hill Prtners 120 Milbank Ave Greenwich $2.275M 2-4 PM Greenwich Fine Prop 20 Cherry Valley Rd Greenwich $2.35M 1-5 PM Raveis 23 Brown House Road Old Greenwich $2.395M 1-4 PM Blue Chip Prop 19 Crescent Rd Riverside $2.695M 2-4 PM Raveis 5 Dawn Harbor Ln Riverside $2.785M 2-4 PM Coldwell Bnkr 39 Willow Rd Riverside $2.8M 1-3 PM Coldwell Bnkr 20 Stoney Ridge Ln Riverside $2.849M 2-4 PM Shore & Cntry 35 Shore Rd Old Greenwich $2.85M 2-4 PM Greenwich Fine Prop 39 Shore Rd Old Greenwich $2.85M 2-4 PM Greenwich Fine Prop 8 Indian Point Ln Riverside $3.195M 2-4 PM Prudential 530 North St Greenwich $3.195M 1-4 PM Raveis 55 Will Merry Ln Greenwich $3.25M 2-4 PM Coldwell Bnkr 27 Chieftans Rd Greenwich $3.595M 2-4 PM Greenwich Fine Prop 35 Locust Rd Greenwich $3.65M 2-4 PM Greenwich Fine Prop 125 Cat Rock Rd Cos Cob $4.175M 1-4 PM Higgins Grp 1 Little Cove Ln Old Greenwich $4.195M 1-4 PM Raveis 38 Keofferam Rd Old Greenwich $4.495M 1-4 PM Raveis 487 North St, Lots 2&3 Greenwich $5M 2-4 PM Coldwell Bnkr 29 Cliffdale Rd Greenwich $5.495M 2-4 PM Greenwich Fine Prop 487 North St Lot #5&6 Greenwich $6M 2-4 PM Coldwell Bnkr 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

Greenwich CT, Residential Real Estate Analysis: September 14th

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.  So far this month we have had 28 properties close.  When you look below you will see it is not as strong compared to the flood of new listings, however, compared to last two years, that is good volume.  In 2011 September had 53 closings, and in 2010 there were 46 closings. New Listings As you can see above we are just two weeks into September and we have a huge increase already over the last two years, and already over last months.  I am intrigued to see if that will send a flurry of activity over the fresh properties or if it will continue to add to the excess inventory.    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 16th      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 eight are rentals.  Enjoy your weekend. Address Town List Price Time Broker 81 Sherwood Pl #D Greenwich $8.5K 1-4 PM Prudential 1397 King St Greenwich $9.5K 1-3 PM Coldwell Bnkr 39 Willow Rd Riverside $9.975K 1-3 PM Coldwell Bnkr 48 Arcadia Rd Old Greenwich $11.5K 1-3 PM Coldwell Bnkr 81 Sawmill Ln Greenwich $12.5K 2-4 PM Prudential 45 Close Rd Greenwich $12.5K 2-4 PM Prudential 30 Sherwood Ave Greenwich $12.5K 2-4 PM Prudential 55 Will Merry Ln Greenwich $14K 2-4 PM Coldwell Bnkr 1525 E Putnam Ave #301 Greenwich $299K 1-4 PM Prudential 87 Putnam Park #87 Greenwich $389K 2-4 PM Raveis 1465 E Putnam Ave #530 Old Greenwich $389K 1-3 PM Coldwell Bnkr 176 Hobart Ave Greenwich $500K 1-3 PM Coldwell Bnkr 21 Wescott St Riverside $534.9K 1-3 PM Raveis 24 Wessels Pl Greenwich $541K 2-4 PM Raveis 60 Valley Rd #A Cos Cob $645K 2-4 PM Raveis 230 Valley Rd Cos Cob $650K 2-4 PM Raveis 51 Forest Ave Old Greenwich $680K 1-4 PM FF Realty 98 Putnam Park Greenwich $695K 1-4 PM Raveis 60 Valley Rd #B Cos Cob $699.5K 2-4 PM Raveis 133 Lake Av Greenwich $749K 1-4 PM Prudential 9 Sinawoy Rd Cos Cob $950K 1-4 PM Prudential 73 Weaver St #23 Greenwich $985K 2-4 PM Coldwell Bnkr 9 Center Rd Old Greenwich $990K 1-4 PM Higgins Grp 1 Mortimer Dr Old Greenwich $1.05M 2-4 PM Sotheby's 19 Miltiades Av Riverside $1.195M 2-4 PM Shore & Cntry  49 Indian Mill Rd Cos Cob $1.25M 1-4 PM Raveis 116 Lockwood Rd Riverside $1.275M 1-4 PM Raveis 60 Valley Rd A & B Cos Cob $1.295M 2-4 PM Raveis 81 Sherwood Pl #D Greenwich $1.425M 1-4 PM Prudential 77 Sherwood Pl #B Greenwich $1.525M 1-4 PM Prudential 99 Stanwich Rd Greenwich $1.595M 1-3 PM Higgins Grp 483 Riversville Rd Greenwich $1.595M 1-4 PM Shore & Cntry  49 Pecksland Rd Greenwich $1.695M 1-3 PM Shore & Cntry  30 Stonebrook Ln Cos Cob $1.775M 1-4 PM Raveis 43 Stag Ln Greenwich $1.85M 2-4 PM Sotheby's 127 Havemeyer Pl Greenwich $1.897M 1-4 PM Raveis 17 Sherwood Ave Greenwich $1.899M 12-2 PM Keller Williams 79 William St Greenwich $1.925M 2-4 PM Coldwell Bnkr 24 Meadow Rd Riverside $2.15M 1-4 PM Prudential 17 Candlelight Place Greenwich $2.297M 1-3 PM Prudential 48 Arcadia Rd Old Greenwich $2.479M 1-3 PM Coldwell Bnkr 11 Grimes Rd Old Greenwich $2.575M 2-4 PM Coldwell Bnkr 21 Lake Dr Riverside $2.695M 2-4 PM Shore & Cntry  30 Sherwood Av Greenwich $2.75M 2-4 PM Prudential 39 Willow Rd Riverside $2.8M 1-3 PM Coldwell Bnkr 9 Miltiades Ave Riverside $2.85M 1-4 PM Prudential 81 Sawmill Ln Greenwich $2.95M 2-4 PM Prudential 55 Will Merry Ln Greenwich $3.25M 2-4 PM Coldwell Bnkr 38 Meadowbank Rd Old Greenwich $3.3M 1-4 PM Raveis 24 Sunset Rd Old Greenwich $3.495M 2-4 PM Sotheby's 24 Marks Rd Riverside $3.495M 2-4 PM Sotheby's 36 Montgomery Ln Greenwich $3.595M 2-4 PM Summit 21 Indian Head Rd Riverside $4.1M 2-4 PM Sotheby's 125 Cat Rock Rd Cos Cob $4.175M 1-4 PM Higgins Grp 4 Cove Ridge Ln Old Greenwich $4.195M 1-3 PM Coldwell Bnkr 1 Little Cove Ln Old Greenwich $4.195M 1-4 PM Raveis 585 Round Hill Rd Greenwich $4.495M 2-4 PM Coldwell Bnkr 45 Close Rd Greenwich $4.999M 2-4 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 504 North St Greenwich $6.85M 2-4 PM Coldwell Bnkr 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

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

Greenwich, CT Residential Real Estate Analysis: August 24th

Greenwich, CT Residential Real Estate Analysis: August 24th A weekly analysis brought to you by Jared Randall. www.greenwichrealestateguy.com

The above newly renovated colonial is 121 Clapboard Ridge Road in Mid Country.  I wanted to pick a property that in my opinion will move fast, so we can see the state of the market on a property that I believe is priced right.  In the coming weeks as changes happen with this property I will update all of you.  I love the detail and the renovations on the inside of the home, from the coffered ceilings to the basement.  The house sits on 2.25 acres of a beautiful lawn which ends at a small lake.  There are six bedrooms, and five and a half baths.  All of the bedrooms are ensuite.  The basement is finished with an exercise room, and another family room.  The price for this home is one dollar under $3M. While the market seems to be moving along around the same pace as of last year on a whole, we are seeing some interesting trends over the last month.  As I will delve into deeper in the statistics section below, we have seen the $2M-$3M price range get much more competitive over the last month or so. 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.

Properties Sold   I discussed before that July was the best month in five years for sold properties.  As you can see by the above graph, August is the last month where there is good volume of trading traditionally.  Last year there were sixty nine properties closed in August. This year we are headed to a similar number as we currently stand at fifty four so far this month. New Listings We have had fifty new listings so far in August, four less than the amount of properties sold.  I believe it is important to look at supply vs. demand when analyzing this market.  So, even though we may be having a great few months in properties sold, if the amount of inventory is also consistently growing then we are continuing the same trends.  Hence, even though the amount of sold properties are growing it is important we see if the inventory is declining.  Unfortunately, that is not the case yet.    Year to Date Sold   I believe these two charts let us see the true current state of the market.  Most importantly, that each price range constitutes it's own market.  If we look back from a little over a month ago at these same charts (all previous editions are posted under the blog section of  www.greenwichrealestateguy.com) we see an interesting trend.  From the July 20th newsletter, we have seen the 0-$500K, $500K-$1M, and the $1M-$1.5M markets each drop 2 percentage points respectively.  While in that five week span we see that the $1.5M-$2M grow one percentage point and remarkably the $2M-$3M price range jump three percentage points.  To simplify; in just five weeks the $2M-$3M price range has gained three percentage points over every other price range  in the total year to date properties sold.     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 33 weeks through the year. In the $0-$500K range we have 7.23 months on average to sell through. $500K-$1M  we have 6.59 months.  That is almost a one month drop off in just a week in an already competitive price point.  In the last week 8 properties sold in this range.  In the $1M-$1.5M we have 10 months. $1.5M-$2M we have 8.95 months. $2M-$3M we have 12.24 months.  This is half of a month's drop in just one week.  $3M-$4M we have 18.47 months. $4M-$5M we have 30.26 months. Although this is a two month drop, we cannot read too much into it as it is the reflection of just one property selling.  $5M-$7.5M we have 26.76 months. $7.5-$10M we have 40.34 months. $10M and above we have 40 months.  We see all the ranges under three million moving slightly down. Open Houses August 26th      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.  I apologize for not having the link for 12 Baldwin Farms Road. Address Town List Price Time Broker 80 Laddins Rock Rd Old Greenwich $579K 1-4 PM Prudential 18 Stone Ave #4 Greenwich $580K 2-4 PM Coldwell Bnkr 18 Stone Ave #3 Greenwich $594K 2-4 PM Coldwell Bnkr 358 Long Ridge Rd Stamford $599K 1-4 PM Prudential 51 Forest Ave #156 Old Greenwich $695K 1-4 PM FF Realty 38 Cary Rd Greenwich $749K 1-3 PM Edwards 19 Pintail Ln Greenwich $1.25M 1-4 PM Prudential 10 Stepping Stone Ln Greenwich $1.825M 1-4 PM Prudential 5 Dawn Harbor Ln Riverside $2.785M 2-4 PM Coldwell Bnkr 39 Williow Rd Riverside $2.8M 2-4 PM Coldwell Bnkr 21 Indian Head Rd Riverside $4.1M 3-5 PM Sotheyby's 125 Cat Rock Rd Cos Cob $4.175M 12-2 PM Higgins Grp 487 North St, Lots 2 and 3 Greenwich $5M 2-4 PM Coldwell Bnkr 487 North St Lots 5 and 6 Greenwich $6M 2-4 PM Coldwell Bnkr 12 Baldwin Farms South Greenwich $6.15M 2-4 PM Summit 487 North St Lot 1 Greenwich $6.95M 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