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Greenwich Upper End Housing Market Improves [VIDEO]

25 open houses for July 22, 2012; prices range from $650K to $4.2 million, with video tours.

 

We have 25 open houses this week in Greenwich with a distinct move to the higher end of Greenwich real estate as sales have done. We have only 4 open houses under $1 million, 10 between $1 and 2 million and 9 over $2 million. You can find the  list of Greenwich open houses below,  see this week’s interactive map here and find detailed instructions for its use here

 

Major Improvement in Upper Half of the Market in July

Until now the Greenwich market above $2 million, and particularly above $4 million, has been slower than in 2011. We saw some improvement in June in all price categories but the higher end of the market only inproved from poor to slow. Even under $2 million, most of the sales improvement over 2011 was for homes under $1 million. Home sales so far in July are a dramatic reversal of what we saw previously in 2012.

48 Sales Through July 20, 23 Above $2 Million

Through July 20 we have had 48 single-family home sales the same number as we had in all July 2011. What is really surprising, however, is the distribution of sales. Thirteen of these 48 sales have been above $3 million or 27%. Prior to this month, sales above $3 million were only 19% of the market. We also have had another 10 sales in July between $2 and $3 million. So 48% of the July sales were over $2 million compared to only 34% earlier this year. In addition, we have 19 pending contracts and accepted offers over $2 million.

 

25 Sales Under $2 Million 14 of which are Above $1 Million

So far we have had 55 sales of all types, 30 executed contracts and 47 accepted offers and contingent contracts. This totals 132 houses, condos and co-ops moving off of the market while at the same time we have had only 55 new listings so far in July. Throw in 38 expired contracts and the Greenwich real estate market is improving.

 

Increasing Federal Taxes on Greenwich Real Estate

The great imponderable is whether more homeowners will list their properties to avoid the increased capital gains tax and 3.8% investment tax that under present law will go into effect on Jan. 1, 2013. Most people seem to be taking a wait-and-see approach. If they are waiting until election day, Nov. 6, the chances of them getting the best price and closing before Dec. 31 are slim. Regardless, the increasing sales in the upper part of the Greenwich real estate market is a promising sign.

 

GREENWICH, CT OPEN HOUSE LIST FOR SUNDAY, JULY 22, 2012

Address

Town

List Price


Open House Time

Broker

21 Cat Rock Rd

Cos Cob

$8,000


2-4 PM

Coldwell Bnkr

9 S End Ct

Old Greenwich

$9,000


12-3 PM

Raveis

132 Henry St

Greenwich

$650,000


1-4 PM

Weichert

51 Forest Ave  #156

Old Greenwich

$695,000


1-4 PM

FF Realty

42 Mead Ave

Cos Cob

$775,000


1-3 PM

Sotheby's

17 Ronald Ln

Cos Cob

$979,000


1-3 PM

Raveis

39 Cross Ln

Cos Cob

$1,050,000


1-3 PM

Weichert

71 Orchard Pl  #B

Greenwich

$1,165,000


2-4 PM

Coldwell Bnkr

37 Ettl Ln

Greenwich

$1,300,000


3-5 PM

Sotheby's

274 North St

Greenwich

$1,345,000


1-4 PM

Prudential

15 Horseshoe Rd

Cos Cob

$1,485,000


1-3 PM

Sotheby's

483 Riversville Rd

Greenwich

$1,595,000


1-4 PM

Shore & Cntry

21 Cat Rock Rd

Cos Cob

$1,649,000


2-4 PM

Coldwell Bnkr

65 Lockwood Ln

Riverside

$1,769,000


1-4 PM

Prudential

16 Manor Rd

Old Greenwich

$1,795,999


1-4 PM

Prudential

9 S End Ct

Old Greenwich

$1,999,000


12-3 PM

Raveis

3 Oakwood Ln

Greenwich

$2,195,000


1-4 PM

Prudential

6 Stanwich Ln

Greenwich

$2,250,000


2-4 PM

Coldwell Bnkr

18 Flying Cloud Rd

Stamford

$2,375,000


1-4 PM

Prudential

243 Dolphin Cove Quay, St

Stamford

$2,800,000


1-4 PM

Prudential

1 Tyler Ct

Riverside

$3,190,000


1-3 PM

Weichert

6 Raymond St

Old Greenwich

$3,295,000


2-4 PM

Round Hill Prtnrs

242 Dolphin Cove Quay

Stamford

$3,460,000


1-4 PM

Prudential

120 Cummings Point Rd,St

Stamford

$3,995,000


1-3 PM

Sotheby's

450 North St

Greenwich

$4,195,000


2-4 PM

Summit

 

Thanks to Rob Pulitano for all his help in preparing the list above and the interactive map of the open houses.

Here are property-transfer and similar columns in other Patch communities:

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