Speaking with another agent yesterday she wondered aloud what was going to happen to all the expensive houses for sale in Greenwich. “They just aren’t selling,” she said, “so do they drop their prices and push everything else further down or just disappear?”
I’ve written on this conundrum many times but here’s the latest news: the problem persists.
There are currently 51 single family homes for sale in Greenwich asking between $7.5 million and $11.5 million. How’s that bracket doing? here’s the breakdown for houses that either have fully executed contract or have sold via contracts entered into since September 1 of last year:
$7.5 – $9 million: 30 still for sale, 1 (one) gone to contract
$9 – $11.5 million: 21 still for sale, 1 (one) gone to contract.
Lower down but still in what I consider to be nosebleed territory, there is some life but obviously more inventory.
$4.950 – $7.5 million: 74 for sale, 10 (ten gone to contract.
That’s it for the past six months and I see no reason to believe the next six months will be better. I was berated just now by an agent/owner for not “printing positive news.” I told her, “you provide that news and I’ll report it. No word back from her so far, but maybe tomorrow?
UPDATE: a reader asked how many of these were spec houses. I can’t say with absolute certainty but sorting for all houses built 2009 and later, we get this:
$5.5 – $7.5 million: 7
$7.5 – $9 million: 2
$9.0 – $11.5 million: 4