Greenwich, Connecticut Continues Reputation For Desirability
by Blanche Evans
From historical country estates to new construction, Greenwich, Connecticut is still one of the most popular towns for New York City commuters. "Greenwich is often referred to as 'The Gateway to New England,'" says Realtor Ward M. Davol. "It is comprised of rolling, back country estates and horse farms, waterfront properties on Long Island Sound, as well as many substantial to moderate-sized homes in between. Greenwich also has several fine condominiums as well as income-producing multi-family homes." He surmises, "Real estate in Greenwich, Connecticut (which includes Old Greenwich, Riverside, Cos Cob, Byram & Glenville) is rolling along at a brisk pace in spite of the traditional, seasonal slowdown. We're finding that buyers want to buy; they want to lock in the still very good interest rates before the Fed raises them yet again. Our biggest problem now is the lack of inventory to sell. The buyers are buying, but the sellers are waiting, hopefully, to list their homes in the new year. If you're a buyer, there are deals afoot; if you're a seller, now is the time to sell." "One of the most coveted real estate markets in the US, featuring 50 square miles of magnificent topography from wooded back-country stonewalled lanes to sandy beaches along the coastline of Long Island Sound with sparkling vistas of Manhattan," says Realtor Kaye Lewis, "Greenwich is only 52 minutes to NYC by commuter train. This legendary community offers the finest public and private schools, unparalleled shopping and restaurants, recreational facilities, unbelievably low taxes and sophisticated cultural centers and events." About the market, Lewis says, "New construction and land are commanding the highest prices at this time, while sales of existing homes enjoy continued strength. Fear of rising interest rates and year-end bonuses are driving buyers to buy now, so inventory moves quickly when priced appropriately. There are fewer homes on the market now than in recent months, and decreased inventory levels result in higher prices due to demand. Greenwich real estate remains a safe investment with unlimited growth potential for buyers and investors alike. It's a sound investment, not only for a good ROI, but for the amenity-filled lifestyle Greenwich affords its residents through it's libraries, museums, cultural events, recreational facilities and more." "Charming, vibrant and unique describe this wonderful town, located just 28 miles from New York City," agrees Realtor Pamela S. Cunconan. "Populated by 60,000 residents, Greenwich offers one of the lowest tax rates in the region, nationally recognized public and private schools, express commuting from the railroad, parkways and airports, exceptional waterfront facilities, outstanding parks and sports facilities, private golf, yacht and country clubs, state-of-the-art libraries, and excellent social and cultural centers. It is no wonder that Greenwich residents share such a feeling of pride in this special town." Cunconan advises, "End of year total numbers were up in both actual sales (7.9 percent) and sale prices (31.2 percent). While the overall inventory was higher than the previous year (18.9 percent), this did not negatively affect prices. The average sale price for single family homes was $2,349,330 up 28.3 percent from the previous year. About 829 single family homes sold last year, the highest price was $45,000,000 for an 80-acre equestrian estate in Conyers Farm. The lowest price was $430,000 for a home in Pemberwick. And, 233 condos sold. The high was $3,100,000 for a 2-bedroom waterfront condo, and the low a 546 sq ft 1-bedroom for $184,000. All signs are pointing towards a very active 2005. Remember the spring market can begin as early as the middle of January." |
