We’re not tearing up the pea patch

This is normally an active week in Greenwich real estate but so far this week just four single family houses have gone to contract and three more reported as pending. And look what’s selling:

Address             final asking price                original asking price                 Days on market

310 Stanwich       $2.650                               $3.195                                                  537

17 Fairgreen         $1.295                               $1.875                                                  350

17 Edgewater        $949,000                                                                                       115

41 Owenoke           $1.735                                                                                              39

38 Frontier             $1.495                                                                                            232

14 Francine             $1.149                                                                                                 7

26 Cedarwood         $4.995                              $7.950                                              1,058

My point being that the only expensive house that sold was the bank’s short sale on Cedarwood at a price reflecting the loss of at least a million dollars – probably more.

Of the 556 single family homes currently for sale her, 360 of them are priced above $2 million. We’ve either got to pick up the pace or settle in for a nice long snooze.

9 Comments

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9 responses to “We’re not tearing up the pea patch

  1. Behind the Library

    Three years on the market is a short sale? The idea of a short sale is that the lender takes a hit and doesn’t pursue the deficiency, but the idea is also that this is supposed to be faster and more economic than foreclosure. Doesn’t seem to have worked out quite that way here.

    • christopherfountain

      Builders hang on the bitter end and the banks themselves are reeeeaaallly slow taking a hit – no dubt they think things will get better soon.

  2. Playahh

    Are the all cash sales or does the bank offer some credit incentive to close?

    • christopherfountain

      No, banks are lending, so far as I know, but only to people who don’t need it.

  3. foobar

    banks are lending if you have equity, 25% or more, at very reasonable rates. There are no doc options available, believe it or not.

    The inventory remains oddly low if this is a bear market. Also, and not to beat a dead horse as I do bring this up from time to time, at least 50% of the inventory is still listed at fantasy-era 2007 prices. The pickings of real quality at 2003 prices seems very thin.

  4. foobar

    bank sellers may offer credit to buyers, you have to ask, but always best to have your financing or cash ready to go when you approach them.

  5. lowball

    They should rename Cedarwood Drive, Spec Home Drive. Take a look at this image from Bing – looks like another going up next door, and the rest of the street looks pretty cookie cutter as well:
    Cedarwood View

  6. Greenwich Ex-Pat

    Real estate in China: it’s different there! Sheesh, and I thought Greenwich real estate was high. And correct me if I’m wrong (I’ve never been to China) but aren’t a lot of these areas kinda crappy? Compared to NY or even Tokyo?

    http://www.nytimes.com/2010/03/05/business/global/05yuan.html

  7. G'wich Transplant

    You can get financing under $2M loan amount at 80% (although this policy is subject to frequent change at the lenders I’ve spoken to). Most banks will give you 80% with a loan amount at 1.5M or under no problem. At least 9 mos interest payments in reserve required. Just what I’ve seen.