32 Carriglea, asking $4.499 (down from $4.999 has an executed contract. Very good house, I thought, on an acre, of Indian Head. I didn’t like its original price but obviously someone thought the lower price was attractive.
And, while I haven’t seen 21 Hendrie Avenue, also Riverside, yet (open house tomorrow) I remember it from 2004, when it sold for $1.6 million. The listing describes a complete renovation since then which, if true, makes its price now of $1.995 seem reasonable.
A client asked me whether all this recent activity in Riverside and Old Greenwich represents a permanent shift in the market. I don’t, not for a minute. Houses in good school districts will always attract young families, especially those without the means or the inclination to spend $40,000 per child per year for private schools. If you look at the bulk of recent sales in these two areas I believe you’ll find (I haven’t actually checked and am going on just my failing short term memory here) that the bulk of them are in the $1-$2.5 range. In another town, that would be the top of the market but in Greenwich, that’s a modest range indicative of young families. Just a few years ago many agents I worked with viewed Riverside and Old Greenwich with scorn, claiming that the streets were confusing, they got lost too easily “down there” and hence, wouldn’t show houses in such hinterlands. Like sharks smelling blood, those same agents have now followed their clients into the two neighborhoods and I suppose they’ve updated their GPS.
But trends in real estate are like any other and what’s in favor today may well shift tomorrow. I’m not saying that these areas will lose their allure for a certain set, just that the Greenwich market has never been all about Riverside, despite what you may read here.