Bidding wars

Greenwich Time’s out with a report of the phenomenon. Seems accurate: high demand for the $1 million range and (almost) anything in Riverside, otherwise, not so much. I’d say Cos Cob and Glenville offer the most bang for the buck right now (as they always have), and there are still some relative bargains scattered across the mid country. All this may improve, from the buyer’s perspective, if homeowners, seeing what’s happening to the market, start adding their homes to the inventory.

And there’s still the shadow inventory of homes, with loans in deep, deep default, that the banks haven’t moved against. For the past several years there’s been no point taking a house that was worth less than its loan because the banks don’t want to own real estate and didn’t want to take the hit. Now that those homes are closer to loan value, either the owners will list them and try to get out from under, or the banks will move on them. There’s been an increasing number of lis pendens (notice of the commencement of a foreclosure action) filed since spring – 30 in April alone, for instance – and I’d expect to see more.

16 Comments

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16 responses to “Bidding wars

  1. Accolay

    Where is the best place to search for lis pendens? Is Zillow accurate?

  2. w b h

    Record count: 36 Foreclosure Stage Alt APN Address City State Zip Subdivision Foreclosure Recording Date Posted Date
    1. Bank Owned 1839505 20 Carpenters Brook Rd Greenwich CT 06831 07/23/2012
    2. Bank Owned 1840736 24 Caroline Pl Greenwich CT 06831 07/08/2013
    3. Bank Owned 1849222 32 Grahampton Ln Greenwich CT 06830 09/07/2012
    4. Bank Owned 1841101 5 Windy Knls Greenwich CT 06831 06/13/2013
    5. Bank Owned 1839617 1046 King St Greenwich CT 06831 12/17/2012
    6. Preforeclosure 1840770 47 Burdsall Dr Greenwich CT 06831 06/27/2013 06/18/2012
    7. Preforeclosure 1840770 47 Burdsall Dr Greenwich CT 06831 06/27/2013 06/18/2012
    8. Bank Owned 1839275 1 Oak St Greenwich CT 06831 11/13/2012
    9. Preforeclosure 1850350 39 Doubling Rd Greenwich CT 06830 08/12/2013 06/26/2012
    10. Preforeclosure 1838987 10 N Water St Greenwich CT 06830 06/25/2013 12/30/2009
    11. Bank Owned 1841881 12 Riversville Rd Greenwich CT 06831 05/22/2012
    12. Bank Owned 1850720 75 E Putnam Ave Greenwich CT 06830 10/26/2010
    13. Bank Owned 1850323 54 Doubling Rd Greenwich CT 06830 02/12/2013
    14. Bank Owned 1840926 490 Den Ln Greenwich CT 06831 09/20/2012
    15. Bank Owned 1842980 193 Hamilton Ave # 8 Greenwich CT 06830 03/11/2013
    16. Bank Owned 1839777 8 Sioux Pl Greenwich CT 06831 04/25/2011
    17. Preforeclosure 1840611 6 Dale Dr Greenwich CT 06831 06/15/2013 10/02/2012
    18. Bank Owned 1841647 49 Cutler Rd Greenwich CT 06831 12/03/2010
    19. Bank Owned 1850813 80 E Putnam Ave Greenwich CT 06830 04/17/2012
    20. Bank Owned 1844201 465 Field Point Rd Greenwich CT 06830
    21. Bank Owned 1844681 8 Dearfield Dr Greenwich CT 06831 08/20/2012
    22. Bank Owned 1848212 16 Ridgebrook Rd Greenwich CT 06830 06/11/2013
    23. Bank Owned 1845488 12 Baldwin Farms S Greenwich CT 06831 05/05/2011
    24. Bank Owned 1845482 28 Brynwood Ln Greenwich CT 06831 08/02/2012
    25. Bank Owned 2549672 28 Edgewood Dr Greenwich CT 06831 02/24/2011
    26. Bank Owned 1843494 554 Old Post Rd No 3 Greenwich CT 06830 12/28/2012
    27. Bank Owned 2568570 34 Bruce Park Ave Greenwich CT 06830 06/01/2012
    28. Bank Owned 2592046 4 Dearfield Dr # 15 Greenwich CT 06831 06/21/2013
    29. Bank Owned 1845209 32 Prospect St Greenwich CT 06830 09/09/2010
    30. Bank Owned 1847278 169 Mason St # 3f Greenwich CT 06830 Virginia Court 04/22/2013
    31. Bank Owned 1845233 19 Davenport Ave Greenwich CT 06830 05/02/2013
    32. Bank Owned 1843577 31 Valley Dr Greenwich CT 06831 Georgetowne North 04/25/2013
    33. Bank Owned 1844630 180 W Putnam Ave Greenwich CT 06830 05/31/2013
    34. Preforeclosure 1847373 11 Farley St Greenwich CT 06830 04/11/2013 06/19/2012
    35. Bank Owned 1858330 279 Taconic Rd Greenwich CT 06831 11/19/2012
    36. Bank Owned 2308108 75 Holly Hill Ln Greenwich CT 06830 03/07/2011
    37. Bank Owned 1851516 1038 Lake Ave Greenwich CT 06831 12/18/2012

  3. AJ

    I bid 50 quatloos for the house on Dearfield Drive!

  4. w b h

    Record count: 4 Foreclosure Stage Alt APN Address City State Zip Subdivision Foreclosure Recording Date Posted Date
    1. Bank Owned 1852776 22 Cary Rd Riverside CT 06878 02/26/2013
    2. Bank Owned 1851440 40 Grosset Rd Riverside CT 06878 11/26/2012
    3. Bank Owned 1854450 10 Spezzano Dr Riverside CT 06878 06/06/2012
    4. Bank Owned 1854105 74 Long Meadow Rd Riverside CT 06878 09/22/2011

  5. w b h

    Record count: 4 Foreclosure Stage Alt APN Address City State Zip Subdivision Foreclosure Recording Date Posted Date
    1. Bank Owned 1857106 1465 E Putnam Ave # 311 Old Greenwich CT 06870 Common 12/09/2010
    2. Bank Owned 1859211 83 Halsey Dr Old Greenwich CT 06870 05/20/2011
    3. Preforeclosure 1855042 57 Park Ave Old Greenwich CT 06870 12/22/2012 03/01/2011
    4. Bank Owned 1858124 54 Shore Rd Old Greenwich CT 06870 12/20/2012
    Record count: 4

    Nothing showed up when searching “Cos Cob”

  6. Cos Cobber

    Btw – there really is a dearth of inventory at the moment. If you wish to limit your focus to a certain part of town very little new product is coming on.

  7. Jeeper

    Chris, are all those bank owned properties on the GMLS? I don’t recall seeing most of them……so why not? Why wouldn’t banks have them up to sell? Banks hate to own houses……