And the market resumes

Five reported accepted offers today for single family homes and a bunch of condos, rentals and a multifamily, none of which I follow unless I have a client interested in them.

Finding buyers were these houses.

25 Perna

25 Perna

25 Perna, Riverside NoPo, $585,000 (all prices are asking, not necessarily selling)

16 Hearthstone, Riverside, $1.7 million

5 North Ridge, Havemeyer next to the Big Dig, $829,000

76 Valleywood

76 Valleywood

76 Valleywood, $1.495

366 Stanwich, $2.095.

76 Valleywood is no surprise – while I thought I might have priced it at $1.395 I was obviously wrong. I like this street and the house is a charmer.

366 Stanwich’s sale, if it happens, will close a loong saga. The seller bought it for $2.738 million in 2006, which may have seemed like a bargain because it had been priced at $3.4 in 2004 and then sat, but when they tried to resell it for $2.999 back in 2009 they met the same buyer resistance. Now, four years and a slew of price cuts later, it seems they’ll be getting out from under. Hmm.

6 Comments

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6 responses to “And the market resumes

  1. Anonymous

    Are things moving quickly or is it my imagination? I wonder if there will be sale price increases quite soon. The demand seems to be much better, especially at the lower price ranges. Seems to put pressure on prices, no?

    • The New Normal

      things are improving, but you won’t get an honest answer from buyers’ brokers who need to keep prices low for their clients

      • That’s about as stupid a statement as you’ve posted here in a while, New, but I’m sure you’ll top it soon.

        • Riverside

          My sense is that things that are well priced are moving, and those that are not are not moving. And this fast movement really is confined to the lower priced properties – the higher ones will not budge unless buyers perceive very good value.

          So this is more a case of a stabilized market regaining some basic health and balance than an abrupt switch to a seller’s market.

        • Cos Cobber

          I agree Riverside. Those on the sidelines in the sub $2.5MM market recognize the bottom is in for now and are pouncing on the good listings.

          The higher priced stuff remains frosty, iced over by changing attitudes towards wealth allocation, shear over supply and rising taxes (which will really eat into those thinning I-banker comp packages). I’m of the opinion that many of those who would have reached for a $4MM house in 2007 are looking at $2.5MM houses today and that kind of downshift in expectations is increasingly true as you move up to $8MM houses…afterwhich you move into a different class of buyer.

  2. Anonymous

    The issue here is that many people who own houses on the high side bought low and watched their places appreciate from pure inflation and in Greenwich price increases above inflation. We may need to wait until interest rates go up and inflation returns for people who bought in the last ten years to have enough built in gain to trade up to the $2.5 million plus properties in large numbers. That will happen eventually of course.

    It seems to me that there is price pressure on the lower end properties because supply is limited.