Greenwich Real Estate Report: May 22-29, 2020

Total transformation inside and out, a classical home with a transitional flair! Set back from road in a mid-country setting 5 min. to town and schools. Grand foyer with iron staircase and formal rooms with generous custom millwork and high ceilings. Chef’s kitchen and breakfast room adjacent to sun-lit family room with fireplace and 2 french doors to expansive terrace. 

The heated pool and yard overlook a land trust for total privacy. Lovely master suite with Juliet balconies. LL walkout to pool with gym, media and pool rooms, cabana bath. 2 room suite over garage with separate entrance has a 2nd family room for a possible 5th bedroom. Third floor with iron staircase and dormers ready to be finished. Wonderful opportunity!

As we begin to slowly reopen, it is apparent the Greenwich real estate market never shutdown. While we did see a bit of a slow down, real estate services are considered an essential business and sales in Greenwich, CT remained strong. Buyers are out looking and homes are selling. 

This week’s highlights in Greenwich real estate:

  • 50 new to market listings
  • 13 sold properties
  • 39 price reductions
  • 15 accepted offers
  • 16 signed contracts

Greenwich Real Estate Report: May 8-15, 2020

Hundreds of people have reached out to me since we began to shelter in place due to the coronavirus and they all had one request in common, everyone wanted a pool. No matter what the ages of their children, from toddlers to teenagers, all of the families were in search of a pool this summer, which will serve as both summer camp and summer vacation.

As of this Monday, the price of 4 Doverton Drive will be reduced by $505,000, bringing the asking price down from $4,450,000 to $3,945,000. This significant price reduction is meant to motivate buyers with a competitive price in line with comparative active listings in town.

This spacious, 4 bedroom home is 5,869 square feet and fits the description of what most everyone has been looking for in recent weeks, a large property with a POOL. The house sits on 2 private acres in an exclusive association called Sabine Farm which has a great deal of history in Greenwich (*see full description of 4 Doverton below).

The Fisher family purchased Sabine Farm in July 1909. The property consisted of 210 acres, which stretched from Quail Road to Round Hill Road. After Mr. Fisher’s death in 1965, the majority of the land was sold off for the development of single family homes on 2+ acre parcels. Sabine Field was later purchased by the Greenwich Land Trust in 1998 in order to save the last remaining field from development. Today, horses are turned out in the field, along Round Hill Road, from June until the end of October.

Many NYC families say they plan to purchase in Greenwich soon but they are trying to determine what will prove to be the best timing, should they rent first or buy now, will prices decrease before they increase? Have we hit bottom? No one knows for sure but many are speculating that prices will be heading north soon.

Covid-19 doesn’t seem to be slowing home sales here. 54 Byram Rd sold last week for $17,100,000 demonstrating that, even in the midst of a pandemic, high end sales are still taking place in Greenwich.

*4 Doverton Drive description: VIRTUAL & IN PERSON** showings are now available. This private haven in Sabine Farm, just off Round Hill Rd, is a sophisticated property with 2 home offices, set on 2 exquisitely landscaped acres.

Entirely remodeled in 2012 with meticulous attention to detail, the house reveals a deep appreciation for elegant aesthetics and modern efficiency. The open and welcoming 1st floor affords versatility between living room, dining room and study, with 2 fireplaces, vaulted ceiling, custom cabinetry and access to the terrace.

The gourmet kitchen is well appointed with Wolf and Sub-Zero appliances and custom accessories. The adjacent sunny family room has  a radiant heated floor and a door to the terrace. Butler’s pantry opens to outdoor kitchen. The 2nd floor master suite has a fireplace, balcony overlooking pool, luxe bath and dressing room and remote-controlled shades.

There are 3 additional bedrooms, all en suite, and a 2nd floor office with built ins and access to the balcony.

Several 1st floor rooms open to the limestone terrace which leads past a built-in outdoor kitchen and stone fire pit to a serene, heated pool and spa, flanked by luminous perennial blooms.

Downstairs, a walk-out lower level boasts a billiard room, gym, family room with fireplace, wet bar and a temperature-controlled wine cellar, access to the pool, a full spa-like bathroom with sauna. Additional 2000+ square feet of finished space in basement not included on tax card.

Lutron lighting throughout the house and a custom audio system includes built-in speakers in many rooms. Even the oversized 3 car Garage has been thoughtfully laid out with abundant storage, a sink and radiant floor heating beneath custom vinyl flooring.

Don’t miss this rare jewel, convenient to town, schools, and major transportation. Town septic plan allows for 5 bedrooms.

**All in person showings in CT must be done wearing a mask and gloves.

This week’s highlights in Greenwich real estate:

  • 57 new to market listings
  • 18 sold properties
  • 20 price reductions
  • 12 accepted offers
  • 20 signed contracts

Greenwich Real Estate Report: April 24-May 1, 2020

As we follow the news reports and try to determine where things are headed, we are most certainly in uncharted territory, as NY state Governor Andrew Cuomo likes to remind us in daily briefings. Governor Cuomo does his best to relay the facts in a way that keeps the residents of New York City calm, yet prepared for the future.

Despite this, many have fled to the suburbs and some have run for the hills. I know of many NYC residents who are sheltering in place in the Catskills, the Poconos and towns like Rhinebeck, NY.

I have received well over 300 inquiries from NYC residents who are looking for short term rentals in Greenwich, CT and surrounding towns. Once the majority of short term rentals were gone, and it was apparent that life will not be back to normal anytime soon, many started asking about long term rentals. Most say they plan to purchase a home here within one year. The majority who plan to buy soon, admit that they had intended on moving out of NYC eventually but they did not plan on doing so for another 1-3 years.

I was curious about those young families who decided to stay in NYC, even though life as they knew it in the city has changed, perhaps for quite a long while and perhaps forever. I asked three different NYC moms three questions. Below are their responses:

1. Why did you decide to stay put in NYC?

2. How old are your kids?

3. Do you think you’ll reconsider moving out of the city at a later time?

A: “I decided to stay put at first because I am an essential employee that had to keep working. Plus, in NYC, you don’t have to leave your apartment for anything. Food, medications, even dog walkers are all available to come to you. I live on Roosevelt Island where there is green space everywhere. It’s nice to be outside and see other people even if it’s from six feet away. I can say hi to friends from our balconies. Also, where was I going? I don’t have a second home. I am going to rent an Airbnb in the Catskills for a week though. Just for a little break from the monotony. My daughter is 8 years old. I’m definitely not leaving the city. I did the suburban thing once, it’s not for me. I will however never live in an apartment without a balcony ever again. As for those who did leave the city, they will be back or they would have left eventually anyway.”

A: “I feel so overwhelmed by the idea of making a permanent move out of the city. It’s not like the virus isn’t elsewhere. I’m wondering if we would feel more isolated outside of the city, just with more space. I’ve decided to stay just for the time being. Given the uncertainty of current times, I felt it was best to keep my apartment in NYC.  I felt like after I crunched the numbers, my monthly expenses would double and I would be adding over an hour each way to commute. I wasn’t comfortable making such a huge transition in a time of crisis. I want to leave all emotions out of my decision. My kids are in ages 8, 10 and 17. I will probably reconsider moving out of the city next summer.”

A: “We are currently staying in our home second home in Westport, CT. We won’t go back to NYC until schools reopen. My husband’s job (he’s a tutor) went mandatory work from home in early March and we have two young boys, ages 4 and 7. We are sheltering with my parents and one of my sisters. The only real reason to go back would be for school.

My husband works 100+ hrs per week and he has a 7 block commute to work in the city. We LOVE both of our kid’s schools. But we are lucky that we have a second house to escape to. I don’t know what we would have done if not.

We love NYC. We have spent 20 years building our lives there. We love the parks, the noise and the personalities on the street. All of it. There is no place like New York. The only reasons we would reconsider the city is if my youngest didn’t get into his brother’s school or if my husband were to lose his job.

I can’t imagine leaving, even if the city is different after this. We’ve weathered 9/11, the blackout and hurricanes. Being part of the revitalization of the city feels sort of like a civic duty to us. But again, we’re lucky that we have a second house to shelter in right now. That is a privilege. Anyone bunkering down with children in a small apartment, that is true dedication. That is an amazing story.

I miss the city so much. My kids ask when we can go home almost every day. I can’t wait to bring them home.”

The bottom line is there will always be die hard New Yorkers who will never leave NYC. There have always been those who thought they might stay but realized that city life can become a bit more challenging once kids arrive. For the most part, we are now seeing those who had always planned to move out of the city once their children reached a certain age and their time table has just been bumped up a bit.

Why is Greenwich paying close attention to NYC? Because the NYC real estate market directly impacts the Greenwich real estate market. If homeowners can’t sell their NYC apartments, many may not be able to buy in Greenwich. If they can sell in NYC, but take a big loss, they can’t afford to spend as much here and that can drive prices down. This is what we were seeing in the last few years but things were turning the corner. We were off to a strong start in Greenwich in 2020 and I believe that we will end 2020 strong as well.

Home sales in Greenwich have not slowed, as matter of fact, the number of new listings and closed listings have increased from last week. This may be in part because Realtors are still able to work in CT as they are considered essential workers whereas they are unable to work in NY.

Most Westchester homeowners are not listing their homes for sale but more homeowners are doing so in CT. Serious buyers are out looking. Potential buyers, renters and Realtors, must all wear a face mask and gloves before entering a home for a showing. Many showings are being done virtually using photos, floor plans, 3D tours, video tours and live Facetime showings. Some are using these methods to narrow down their search while others are renting site unseen.

The way we do business has changed drastically over the past few weeks and some of these new approaches to home sales will likely be around for a while if not permanently. All homes listed for sale or rent should have professional and realistic photos, floor plans, 3D tours and/or video tours to help people narrow down their search while sitting in front of their computers. All buyers should be pre-approved or pre-qualified by a mortgage lender before touring homes. Renters should know their credit cores and share them with their agents before viewing homes. This would save everyone valuable time, limit exposure and reduce the number of people walking through homes unnecessarily.

I am excited to see what the next few months will bring to the Greenwich real estate market and to the real estate industry in general.

This week’s highlights in Greenwich real estate:

  • 41 new to market listings
  • 21 sold properties
  • 20 price reductions
  • 11 accepted offers
  • 17 signed contracts

Greenwich Real Estate Report: April 17-24, 2020

We are now seven weeks into the shutdown and the majority of my current clients are interested in securing either summer or one year rentals in Greenwich.

Most say they will likely purchase a home here within the year. The buyers who I had been working with before Covid-19 are all waiting to see what happens before making any major long term commitments.

In the past few weeks, I have met and worked with a new group of people who all have one thing in common. They want to leave New York City because of the Coronavirus. Almost all of them prefer to lease single family homes, especially those who have children. They want to be further apart from their neighbors and they prefer a private yard.

I wanted to know what some NYC residents have to say about the real estate market both in the city and here in Greenwich so I asked four of my NYC clients the following questions:

“You live in NYC and, due to current conditions surrounding Covid-19, you’re now considering a move to either rent or purchase a home in Greenwich, CT. What were the deciding factors that pushed you to move from NYC to the suburbs? Why did you decide to rent vs purchase? Why did you choose Greenwich? What are your thoughts in regards to which direction home prices are headed in both NYC and in Greenwich?”

Below are their responses:

1) “We have a child and live in a small apartment. The idea of not having anywhere to go or anything to do is what lead us to consider moving to the suburbs. We plan to rent because I’m scared I’ll hate suburban living and may regret the purchase. I also have no idea where to live in the suburbs or where I’d fit in. I lived in Greenwich for 2 years while growing up and we later had a country house there. I believe that NYC home prices are going down while Greenwich prices are going up.”

2) “We have lived in our one bedroom co-op for almost ten years. We had planned to sell and upgrade to a 2 bedroom in the city. If it were just my husband and I with our 2 cats, we would have hunkered down in NYC. That’s not possible in a 1 bedroom with a 2 year old while we are both on work calls, especially since I’m a psychotherapist and need privacy. We needed space to work from home and the ability to take walks with a toddler with more social distance. I’m originally from New Haven, CT, so moving to CT makes sense. We want to be in a town within commutable distance to NYC for when we return to our offices. We are renting due to timing so we can move sooner rather than later but we also prefer to do so given the uncertainty with respect to what the new normal will look like. Maybe we’ll be working remotely a large percentage of the time and will need to consider office space more carefully. I assume prices in the suburbs, especially those with good schools like Greenwich, will go up. Supply and demand! I’m not sure what will happen in NYC.”

3) “My children were the deciding factor. We want to give them more space to run around and have more things to do outside. For now, we plan to rent. We want to try out an area before we decide where to buy in the future. We chose Greenwich due to it’s easy access back to the city if we need to get back for work, kids, etc. We want to be in Connecticut, which feels like more a retreat than Westchester. In regards to prices, I would imagine prices are headed down in NYC and up in Greenwich.”

4) “We have been debating moving out of the city to the suburbs of NY since before the Covid-19 pandemic and this experience provided us with the kick in the butt we needed. We came to the realization that the city will not be back to pre-Covid norms for at least a year, which has made it easier to leave.”

The reality is, Greenwich may very well run out of rental inventory before the NYC influx is over and many who had planned to rent could turn into buyers sooner rather than later. The number of sales and new listings have not decreased. It will be interesting to see what happens in a few weeks when the majority of contracts that were signed before the pandemic have closed.

Proximity to NYC, low taxes and highly rated schools often lure NYC residents to Greenwich. Once renters experience Greenwich for a short time, they usually want to stay. The current mortgage rates along with our low taxes make purchasing more favorable than renting long term.

This week’s highlights in Greenwich real estate:

  • 32 new to market listings
  • 14 sold properties
  • 11 price reductions
  • 13 accepted offers
  • 12 signed contracts

Greenwich Real Estate Report: April 10-17, 2020

As we begin the sixth week of social distancing, home schooling and self quarantining, uncertainty seems to be the overwhelming theme of many conversations, including conversations about real estate. Some Greenwich residents offered their thoughts regarding the real estate market.

Q: You recently purchased a house in Greenwich. How do you feel about the timing of your purchase and what are your thoughts about the real estate market now that Covid-19 has impacted our lives?

A: “I’m bullish on NYC suburban real estate as a result of the quarantine.  I think a lot of NYC/Brooklynites will reconsider the need for more space. This also coincides with an aging millennial generation who have been communal living advocates up until now.

This whole ordeal has gotten us to appreciate friends and family more. I think there has been a return to family values which will continue when this passes. All of which lends well to buying a home. Interest rates speak for themselves.”

A: “We moved in to our new home right before social distancing began in earnest — having the green space, play space, and WORK space has made all the difference. Putting down roots in Greenwich is exciting, and we love the community.

Though the market is expensive, we feel we paid a fair price for our home and got a lot for our money; plus there are many many opportunities to build sweat equity, and add value. Being open to location is important, as there are no ‘bad parts’ of Greenwich…but trying to get everything you think you want, where you want it, may be a costly venture.”

A: “Regarding the Greenwich Real Estate market, I have the impression that it has already dropped so much that it’s probably bottoming up. Greenwich will always be the only Connecticut town that’s 40min away from Manhattan. I don’t see the market losing another 30% at these prices. People who were hesitating before are definitely going to want to get out of Manhattan after this is over.”

Q: You’re a current Greenwich resident and homeowner who was considering selling your home prior to Covid-19. Have you decided to wait until this pandemic is behind us before listing your house for sale and if so why?

A: “We have decided to hold off on listing for the time but will reconsider when the traditional “spring market” arrives, which may be in the fall at this rate! Given my belief that interest rates will remain low for the time being, I believe both buyers and sellers will benefit from what will likely be a ‘motivated’ market on all fronts once some sense of normalcy returns.”

I also spoke with a well known local developer who said that he plans to continue buying investment properties to be rented out since there is currently a high demand for rental properties.

As you can see below, homes are still being listed on the market for sale but the number of closings are down. I suspect that we won’t truly know how much this has affected sales for a few more weeks since many of the closings that are happening now, were already under contract before we were facing Covid-19.

In contrast, 24 homes rented this week in town which demonstrates the current trend in real estate. Many people have reached out to me and my colleagues stating that they plan to rent for one year before deciding where in Greenwich they would like to purchase a home. Many of the same people were looking for short term rentals just a few weeks ago. The question is, will we soon run out of rental inventory and will those who had planned to rent first, decide to buy instead or will more sellers offer their homes for rent now in hopes of selling to their tenants a year from now?

We will see more and more New Yorkers headed our way over the next year as their leases end and they’re able to sell or rent out their apartments but many are unable to make a permanent move right away.

This week’s highlights in Greenwich real estate:

  • 24 new to market listings
  • 5 sold properties
  • 5 price reductions
  • 6 accepted offers

Greenwich Real Estate Report: April 3-10, 2020

A few weeks ago, I wrote about New York City residents who will likely want to move out of the city when the Covid-19 health crisis is behind us. I did not expect much to happen before the shutdown ends, but I am slowly seeing an increase of people contacting me now who are trying to end their leases early in NYC in order to move to the suburbs ASAP. They want out!

At the same time, I have seen multiple social media comments from current Greenwich residents who agree that backcountry Greenwich will likely see a resurgence and people will recognize the value and appreciate the extra land.

When I wrote about that in my weekly feature two weeks ago, I received one negative comment from someone who appeared to be insulted that I singled out backcountry as an area of probable renewed interest in the near future. He obviously missed the message.

The other sections of Greenwich are currently sought out by people relocating to town, especially those moving here from NYC. In recent years however, it seems as though most families preferred to be close to town, within 5-10 mins of the train.

Many believe that we will see a shift in thinking and people will have a desire for more acreage while looking for distance between neighbors, more room for kids to play, land to grow vegetables and maybe even raise chickens for fresh eggs. So naturally the easiest place to achieve that in Greenwich is in the backcountry, where we can find the best values and the largest parcels of land.

Remember when Conyer’s Farm was one of the most sought after communities in Greenwich? Then one day, the houses were considered too large, the lots too big and the drive too far from downtown. Not only do I predict that families will welcome that space again but many will realize it’s really not that far, especially when you are telecommuting to work.

As for the other neighborhoods in town, there are many different styles of living in Greenwich and everyone loves their own neighborhood. I have friends who would never think of living anywhere but in Cos Cob and others who will never leave Old Greenwich. Don’t even get me started on Glenville, those residents are diehard fans of their community.  This seems to be the case wherever you look, including the current residents of backcountry. They love their community also and it is a community, people do know their neighbors but appreciate their privacy at the same time.

That is not to suggest that people moving here will not be interested in other neighborhoods, there certainly will be interest in all areas of Greenwich, but the thought now is that there will once again be an interest in backcountry, which we have not seen in quite a while. One mom also pointed out that many families might be seeking a pool since it’s possible that camps and summer vacations might be canceled this summer and we don’t know when our beaches will reopen. I agree with that mom, a pool may very well serve as summer camp and summer vacation in 2020.

This week’s highlights in Greenwich real estate:

  • 13 new to market listings
  • 9 sold properties
  • 3 price reductions
  • 5 accepted offers

Greenwich Real Estate Report: March 27 – April 3, 2020

“Coronavirus Special” – Some houses are move-in ready. This house is live-in ready. It comes with all furniture, kitchen appliances, washer & dryer, dishes, silverware, TVs, pool table, beds, linens, lawn equipment and even a car. Everything you need to enjoy living in your own house in Greenwich.

The house was designed by an award winning architect with lots of custom features. The first floor has high ceilings and two fireplaces. You have a Costco closet just off the 2-car garages and 5 bedrooms upstairs. You have town water, gas and sewer and are close to both public and private schools. Tomney is a quiet side street, but near downtown, the train and I-95. If you don’t want the time and hassle of arranging movers and buying lots of new items, this house is ready for you now.

Things are changing rapidly each week. Three weeks ago, in a matter of two days, more than 60 people inquired about securing 1-2 week rentals which is next to impossible to find in Greenwich at any time. The following week, some of those same people as well as an additional 100+ people reached out inquiring about 1-2 month rentals.

On Thursday night, Governor Lamont announced that short term rentals, 31 days or less, are no longer permitted in CT at this time.

Week three has shifted people’s thoughts and most are now asking for 2-6 month rental periods. While most recently, several people have started asking for 6-12 month rentals. Many have shared that they were planning to move out of the city eventually and now they’re deciding to move earlier than expected due to the Coronavirus.

Some sellers have decided to offer their homes for rent now since it may be difficult to sell in the immediate future. Rental properties are receiving multiple offers and landlords are accepting offers within a few days of listing them.

The listing above is being marketed as a “Coronavirus special” because the current owner is willing to leave all of his furnishings as well as linens, kitchenware and even his car! Yes, a car comes with this house! The goal is to enable a family to move in quickly and easily with only their personal belongings.

The question that remains to be answered is, will people purchase a home based on photos and videos alone? That seems highly unlikely but I do suspect that searches will be narrowed and more homes will now be ruled out based on photos and videos.

Therefore, it’s more important than ever that Realtors provide high quality yet realistic photos, accurate floor plans and virtual tours of their listings for potential buyers to review in detail.

Buyers will likely decide on a home purchase faster than they had in the past or at least it may feel that way to real estate agents because their clients may end up doing more online research from home before deciding on a handful of homes to see in person. Those who are willing to go out looking now are, or should be, very serious buyers who are ready to make an offer right away and close quickly. This shift could easily last through the fall market, and perhaps even into next spring, if not change the way many people purchase homes altogether.

This week’s highlights in Greenwich real estate:

  • 21 new to market listings
  • 9 sold properties
  • 4 price reductions
  • 8 accepted offers

Greenwich Real Estate Report: March 20-27, 2020

Almost 2 weeks after a simple Facebook post, I have since received close to 200 requests for short term rentals in Greenwich by families who want to escape New York City and hope to evade Covid-19. Most have young children and they’ve been cooped up in their apartments for days with no end in sight. Some are bored and some are scared.

It’s been suggested by both medical professionals and government officials that anyone leaving NYC should self quarantine for 14 days. I can’t speak for everyone but I myself have been reminding my clients that it’s important for anyone relocating from NYC to Greenwich to self quarantine for 14 days.

The reality is that only a handful of short term leases were reported on the MLS this week and there aren’t many short term rentals on the market to begin with so I don’t believe that Greenwich has to worry about an influx of NYC residents coming here right now.

There is a tremendous amount of uncertainty ahead. We don’t know when schools will reopen or when we will all be able to get back to the lives we were accustomed to just a few weeks ago. Just one week ago, I wrote that I wasn’t confident that this would be a catalyst for real estate prices increasing in Greenwich. Obviously, the economy has been and continues to be greatly effected.

I have since changed my thought process after receiving another 100+ requests from NYC residents who want to leave the city. Will prices increase immediately after this health crisis is over? Maybe not but I do believe that many people will want to move here from NYC and I believe people will once again value and appreciate the backcountry of Greenwich, CT. People will likely want more space, larger yards and a greater ability to distance themselves from their neighbors. There is currently incredible value in backcountry Greenwich real estate and I do believe that both buyers and sellers will realize this and prices will increase, perhaps sooner rather than later.

I also believe that many more people will be telecommuting which will make it easier for home buyers to consider backcountry real estate. I have always explained to my clients who are considering backcountry that living north of the Merritt Parkway generally does not add much if any time to the drive from backcountry to central Greenwich as compared to, for example, someone who lives in Old Greenwich or Riverside. This is somewhat dependent on time of day as there is very rarely any traffic in addition to there being no traffic lights coming from backcountry to central Greenwich. There is really not much that will slow people down except the occasional deer crossing the road. Check your maps app to see that although the mileage is slightly higher, the driving time is about the same.

I’m looking forward to the days when we can once again hold open houses in Greenwich but for now, virtual tours will have to do.

This week’s highlights in Greenwich real estate:

  • 21 new to market listings
  • 12 sold properties
  • 9 price reductions
  • 10 accepted offers

Greenwich Real Estate Report: March 13 -20, 2020

There are NO open houses this week in Greenwich.

The Greenwich Board of Realtors made the announcement to Realtors earlier this week to halt all open houses, which was obviously the right decision given our current situation.

How will Covid-19 effect the Greenwich real estate market? No one can be sure but it seems apparent to me that home sales will likely slow down in the short term. However, buyers and sellers will probably see a boom in the real estate market as soon as this nightmare is over. This will be advantageous if you don’t need to make a move immediately. Inventory should be up and interest rates are currently at an all time low. This should encourage buyers to purchase right away instead of milling around open houses wondering if we have hit rock bottom yet. We might even see some bidding wars!

This week, in a matter of 2 days, I received 60+ inquiries from NYC residents who wanted to find a short term rental in Greenwich to escape NYC during this difficult time while residents are asked to stay indoors. Most have young children and they want more space indoors as well as outdoor space where their kids can run and play.

My prediction is that we’ll see an influx of young families moving from NYC to Greenwich as soon as this is behind us, more than the usual migration we see each spring. Perhaps our fall market will look like what our spring market should have been in the coming weeks. Does that mean that home prices will go up? Not necessarily right away but it probably means that homes won’t sit on the market as long as they had been. This is good news for sellers who’s homes have been sitting on the market and were having trouble selling as well as new listings, assuming sellers price their homes realistically. This is also good news for buyers since there should be a lot of new inventory to choose from.

What’s the best way for a seller to determine the value of their home? Call in an experienced Realtor for a price opinion. A good real estate agent will not only give their opinion as to what your house is worth but they will also let you know what needs to be done to your house, if anything, to prepare it for a sale. That can be anything from decluttering and painting to removing carpeting and pieces of furniture.

As for buyers, it seems that many prefer to begin the process by perusing sites like Zillow and then heading out to open houses before committing to working with one particular agent. Once ready to take it to the next level, it’s to the buyer’s advantage to work with one agent who will get to know you, learn what you’re looking for and help you navigate the different neighborhoods in Greenwich that might be best suited for you. Once an agent gets a feel for which houses you might like, they can preview homes with you in mind and help you narrow down your search saving valuable time in the process.

I believe that this virus will hurt the Greenwich real estate market in the short term only and that we will be in a better place than we were before this all started once this is behind us. My advice to buyers will be to purchase right away, don’t wait for prices and interest rates to go back up because both will happen, it will just be a matter of time.

This week’s highlights in Greenwich real estate:

  • 25 new to market listings
  • 12 sold properties
  • 13 price reductions
  • 7 accepted offers

Greenwich Real Estate Report: March 6 -13, 2020

Sophisticated new construction with Smart home capabilities, 10’+ ceilings, open floor plan & quality finishes, located on a cul-de-sac just minutes from Greenwich Ave.
7 BR with 7 ensuite BA & 2 powder rooms. Over 10,500 sf includes 4 finished floors (1st Flr: 3,695 sf, 2nd Flr: 3,225 sf, 3rd Flr: 1,410 sf, Lower Level: 2,635 sf).
The double height foyer with elegant millwork leads to an open kitchen & family room with fireplace & adjoining living room with striking floor-to-ceiling stone fireplace.
Oversized windows & doors, & beamed & vaulted ceilings, give this home a grand feeling. Custom closets, master suite with luxe bath & spacious finished lower level. The stone terrace with fireplace overlooks the level fenced yard. Pool site & room for a pool house.

This week’s highlights in Greenwich real estate:

  • 34 new to market listings
  • 8 sold properties
  • 19 price reductions
  • 20 accepted offers
  • 69 open houses are scheduled for this weekend.

Open houses are added daily.

Please click HERE, or on any listing below, for the most up to date open house list.