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Greenwich Real Estate: 4th Quarter, 2017 Market Report

Greenwich Real Estate: 4th Quarter, 2017 Market Report

FOURTH QUARTER
It was an exciting double-digit ending to 2017 for Single Family sales. Usually a quiet quarter with the distraction of holidays, buyers were focused as the +19.3% increase in volume sales vs. Year Ago (YAGO) indicates. The average sales price rose +37.8% with the gain being somewhat skewed by three sales in the $20+ million price bracket. The median sale price rose +13.4% to $1.8 million.
On the condo/coop side, sales were up +5.4%; the average sales price fell -15.2% to $1.1.  With the average price per sq ft at $523, no wonder Manhattanites and Brooklyn folks are coming to Greenwich.  More house, green grass and lots going on in town-what not to like?
Hot spots and quarterly trends can be seen below. For specific neighborhood and price segment information, please click here.
 
NEIGHBORHOOD HIGHLIGHTS
(Cos Cob, Riverside, Old Greenwich, Greenwich)
  • Riverside sales were up(+18.8%) vs. YAGO, while OG was down (-13%); Riverside average sales price was $2.4 million and OG was $2 million,
  • Cos Cob continues to be sought after with sales up 50% vs. YAGO.  Average sales price in Cos Cob is $1.2 million, the lowest entry price of the four primary neighborhoods,
  • Volume sales in the high end of the marketplace, $6+ million, were +81% vs. YAGO, a compelling statistic to guide perceptions of Greenwich’s uber luxury market,
  • Fastest pace growth by neighborhood was seen South of the Post Rd, as convenience and close to town continues to be important purchase criteria

HIGHS AND LOWS

 

Waterfront 1923 estate, Purchased for over $20 Million
The luxury end of the Greenwich market had an impressive show in the Fourth Quarter. Three sales exceeded $20 million, all early 20th century estates of spectacular architectural and construction quality, spanning back country to the waterfront.  The home featured above is in the Indian Harbor Association, has two parcels totaling nearly 4 acres of waterfront and a 9,781 sq. ft. home. The much talked about signature Conyers Farm property with 80 acres and multiple buildings sold for $21 million. While it is touted for the heavily discounted sales price (originally listed for $65 million), the fact is that valuing one-of-a-kind properties is no easy task.  The third top of the market sale was Sabine Farm at $25 million in mid country, fronting Round Hill Road with 19 acres and a 12,000 sq ft. residence. All properties from the Great Estates era that defined Greenwich as an uber luxury market.
The least expensive single family property sold for $1.2 million on Nimitz Place.
A 1949 home of 2,260 square feet on .23.
IN THE KNOW: CELEBRITY HOMES
Tom Petty’s California lakefront home, just three bedrooms, three baths was the ultimate retreat. Built in 1931 with fieldstone from the site, it evokes a feeling of summer camp. Seems like the perfect setting for a creative soul like Petty was. Listed at $5.9 million, it is only 9 miles from the ocean and has it’s own dock.
Pretty perfect…just like his music. Tom Petty’s lakefront home
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