Sales this past quarter

120 this year vs. 169 last year. $365,000 – $42,000.000 ask vs. $499,000 – $33,000,000. We saw one biggie sell this quarter (Field Point Circle), another at $9.2 – both were Joe Barbieri’s listings and he has yet to buy me my Arnold Palmer, damn him – and one more at $6.6. Everything else was (well) under $6. If you’re above that price point, unpack your bags.

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5 responses to “Sales this past quarter

  1. Anon1

    The 5000 sq ft waterfront house in Stamford you mentioned in September 2010, 8 flying cloud road, sold yesterday. Original ask was $4.9. It went for $3.4, according to Ravies.

  2. Retired IB'er

    These results, based upon my memory, seem to be far worse than Inagua kept suggesting. I thought he said sales were up YOY?

  3. Inagua

    RIB – I did indeed reference the industry guy who said Greenwich sales were up 2% YOY for the first half. Mark Pruner has first five months sales at 217 units, down slightly from 2010. He hasn’t yet updated for June.

    I think that the two major sources report differently — Greenwich MLS seems to report houses and condos separately, and GreenwichStreets.com seems to treat them as one unified housing market. This might give rise an apples to oranges problem.

    Price is more important than volume (at least to us who are not real estate brokers), and by that standard Greenwich housing is doing fine.

  4. Inagua

    RIB – This disturbs me. It is the first contra-indicator to my thesis I have seen.

    http://www.fins.com/Finance/Articles/SB130936087044927393/Hamptons-Cool-Down-as-Profits-Fall-on-Wall-Street?Type=0

  5. Retired IB'er

    I-

    Your thesis that the “rich are different” is true up to a point. The article you link points out the interconnection/reliance for the vast majority of us.

    Yes, again per the article, there were three very wealthy folks that are so insolated from the economy that they could spend $20 million plus, but the majority (which ulitimately makes up the market) aren’t in the same league. Even in places like Greenwich or the Hamptons.

    As the economy/employment goes, so will 99.9% of the spending habits of US consumers go. The remaining 0.5% can’t keep it going…