Category: Mark Pruner


Greenwich’s Hidden Real Estate Market: Unveiling the Secrets

The segment of the market with the highest percentage of off-market sales is properties under $1 million, driven by high demand and seller resistance to full commissions. However, private sellers may miss out on knowing how many offers they could have received or getting the highest possible price. Nonetheless, for some sellers, the allure of privacy and the avoidance of public marketing hassles outweigh the pursuit of the highest price.

Greenwich Real Estate Sales Go Up in August – When They Shouldn’t?

August 2023 was a peculiar month, but peculiar in a good way. We witnessed 64 sales in August this year, and what makes it peculiar is that our August sales exceeded the 59 sales in July. Most years, August sees a decline in sales compared to July, unless external factors disrupt the natural flow of seasonal sales. In 2020, that disruptor was Covid, we had 85 sales in July 2020 followed by a large jump to 108 sales in August 2020. What's causing this rise in Greenwich home sales in August 2023?

High-End Houses in Greenwich in High Demand

We have a lot of things driving our high-end market, a strong stock market, work from home making larger houses more in demand and more people who want larger lots with more onsite amenities. The lifting of travel restrictions means we are also seeing more buyers from Europe and Asia as some recent sales have shown. The U.S., and particularly the Greenwich real estate market, are looking like safer places to invest for overseas money.

Greenwich Houses Sales Vary Greatly by School District

We are at the lowest level for inventory this time of year. Where we don't have inventory to sell, we don't have many sales. Parkway, Glenville and North Street districts are where the sales are and where we have inventory. Cos Cob, Hamilton Avenue, Dundee and other districts are severely supply constrained.

In Greenwich It is Location, Location, and FAR

Our zoning regulations have gone trhough a lot of updates over the years. We started with set backs and height limitations, then added floor area ratio. We also added green area regulations, drainage requirements and flood zone limitations. Know how these impact your property is crucial in figuring out what your property is worth in today's market.

What’s Selling & Not Selling in Greenwich

The normal wisdom, about what is selling and not selling in Greenwich, doesn't apply when inventory is at record low levels. Things like age of the house and price range are not effecting most sales. Condition is however very important.

Greenwich Real Estate Ends First Half with a High-Priced Bang

Despite record low inventory Greenwich sales jumped from last month. We had 10 sales over $5 million including the highest sale of the year at $15 million. Inventory continues to drop with each week since the beginning of May setting new weekly lows for inventory.

Column: How COVID Changed the Greenwich Real Estate Market

The COVID-19 pandemic posed unprecedented challenges for the Greenwich real estate market. The initial months of the pandemic brought about a decline in real estate sales in Greenwich. As the second half of 2020 unfolded, the market saw a remarkable turnaround. in September 2020, every subsequent month set a new, all-time record for monthly sales.

Column: Condo Sales in Greenwich are Looking Good

The last three years have lit a fire under the condo market. Sales are up from 159 sales in 2019 to 215 sales last year. Condo sales set an all-time high in 2021 with 274 sales. So far through May we have had 82 sales, which would be 197 sales for the year, which is exactly our average for the last 23 years.
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