Riverside property worth as much or more than what it sold for in 2007
Gideon Fountain writes:
By January 2009, Apple’s share price had dropped to $78. Today, two years and eight months later, Apple reached a mid-day high of $422.77, finally closing out at $413.45, representing a 530% increase since those dark days of ’09.
Has Greenwich real estate done as well in that period? No. But real estate, at least the type I sell, first and foremost provides a place to live. It’s not supposed to surge in value like the stock of a well-run, profit-making enterprise. During that period, in fact, a lot of properties in town dropped about 25%. An $8,000,000 back-country Greenwich mansion, for instance, is now worth around $6,000,000.
So is it safe to say that Greenwich real estate is down 25% from its peak? No. Here’s an example of an exception: The property pictured is on Club Road in Riverside. It went to contract December 14, 2006 and closed January 31, 2007. The asking price was $5,500,000 and the selling price was $5,350,000. But if this property were to come on the market today it would sell for at least $5,350,000 and, more likely, as much as $5,800,000. The reason is, there’s a scarcity of this kind of property in Riverside, but there are presently too many 10,000+ square foot mansions available in other parts of Greenwich.
An example like this shows that you can’t make blanket statements about even one town’s real estate values, so consider how pointless it is to make blanket statements about real estate nationally.
