We were talking about 2004 prices …

20 Dewart Rd

20 Dewart Rd

This house sold for $3.075 million in April 2004, renovated in 2005 and came back on the market today for $2.850. That’s a pretty good buy on a very nice, 4,000+ sq. ft. house. Of course, who knows? The price may get even nicer.

3 Comments

Filed under Buying/Selling Greenwich Real Estate

3 responses to “We were talking about 2004 prices …

  1. Anonymous

    Chris:

    The past 10 years have been one big bubble – first the tech bubble which morphed into the real estate & commodity bubble.

    You have been writing that Greenwich home prices are now back to 2003/4 levels.

    Well, the U.S. stock market (S&P 500) is back to the lows of 2002 (which was a quick bottom) and also to the same level as Spring 1997.

    Since the real estate market usually lags the equity market by a few years, I would argue that when housing prices in Greenwich bottoms – it will probably be at 1990s prices.

    Of course, if you bought a house and plan on living there for 10+ years, you’ll probably do o.k.

    I would be interested to know the avg. holding period (in years) for all the homes sold here in Greenwich.

    From my own personal experience, it seems like it’s around 4-5 years. I rarely ever come across a home for sale where the owner bought it 10+ years ago.

  2. christopherfountain

    I tried to find the average holding period once and was unsuccessful. I’ll try again, but I suspect that your guess of 4-5 years may even be a little high. Of course, that was when people could unload their houses and move to new cities and new jobs – maybe they’ll stick around now.

  3. Anonymous

    I think your perspective on homeowner holding period is skewed by the people you tend to know. I have lived in town my entire life, and my parents have lived in the same house for 35 years. Our neighbors have lived in their homes for 7, 10, 15, 40+ years and this is in a nice area of Stanwich. Obviously my experience is skewed towards the other end of the spectrum but you get my point.