Daily Archives: December 30, 2011

That’s probably it for the year

At least for real estate – the MLS is shutting down shortly and there’s not much to report. Check in for a few political rants if you’re so inclined  – I’m bound to have a couple. One final sale,  59 Park Avenue South, in Old Greenwich. This house just keeps selling, despite what I believe to be a building lot immediately next door (otherwise, it’s a nice property). Sold for $2.287 in May, 2007, resold for $2.375 six months later and now has yet another contract, asking price $2.295. Proof that Old Greenwich, at least, has held its own over the past four years.

Happy New Year to all.

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Year end stats

Here are some preliminary statistics for the year just past, all for single family homes:

Executed contracts or sales:  500

Asking prices, $308,000 (280,000 actual selling price) to $42,500 million.

$4.995 million and above: 40

$9 -$15 million: 6

2010:

Sales: 477

Asking prices, $299,000 – $55,000,000 ($35,000,000)

$4.995 million and above; 40

$9 – $15 million: 8

2007

Sales: 593

Asking prices, $529,000 – $40,000,000

$4.995 million and above: 102

$9 – $15 million: 23

I’ll come back later, maybe, with median and average prices and, my favorite, original asking price vs. final sales price. While David Ogilvy continues to be the champion of this gap in total dollars (Helmsley’s place, listed at $125 million, sold for $35), this year’s percentage winner could well be 54 Rock Maple, originally listed by Fran Erlich in 2007 for $12.450 million and finally sold, four years later, for $4.3

UPDATE: the most accurate statistics on Greenwich home sales are found at Shore and Country’s web site. They don’t have 2011’s numbers up yet but here are some past years’ results (numbers a little different from mine because I go by contract dates, they use sale dates)

Number of homes sold                    $ Volume                          Avg. Price

2008: – 37%                                         -41%                                  -8%

2009: – 20%                                         – 25%                                – 6%

2010: +48%                                         +41%                                  – 5%

Median prices are

2007: $2.1

2008: $1.950

2009: 1.595

2010: 1.675

So we’re about 20% below 2007 prices, median and average – other areas have fared worse. Of course, that also means that if you bought your house in 2007 and put the typical 20% down, you were under water as of the beginning of this year. Did you recover any this year? I think not, but stay tuned.

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Between the dying and the dead

44 Parsonage Rd

Or, more prosaically, between the Nathaniel Witherell Home and Putnam Cemetary, This new listing at 44 Parsonage Road is of note primarily because, at $2.795 million, it’s asking a wee bit less than its 2003 sales price of $2.873. I won’t have a chance to refresh my memory of the place until its open house two weeks from now but judging from its pictures it doesn’t seem to have changed much, not withstanding the listing’s claim of a 2010 “renovation”. And while it may just be an oversight on the part of the listing broker, I’m always cautious when there is no picture of a home’s kitchen.

Still, it’s on 1.5 acres in the 1 acre zone and even with some wetlands, there should certainly be room to expand from the current 3,800 square feet.
Speaking of land values, four acres at 156 Taconic has a contract. Last ask was $1.9 million, down quite a bit from its 2009 ask of $3.2. Assessment is $1.328, which seems closer to what a building lot is worth up here than that first price.

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