Tag Archives: Greenwich real estate prices

The Shadow Market and its affect on Greenwich prices

This article inthe Christian Science Monitor warns of the “shadow market” of houses currently held by banks but soon to be released to the market. The point is that there is a lot more inventory waiting in the wings that will hold prices down or even drive them deeper. Greenwich doesn’t have 500 homes owned by banks – yet, but I’ve seen some lists of a few local banks and the number of non-performing loans (in default for more than a year) they have in their portfolios, and it’s significant. Combine those houses with our other “shadow inventory” – homes that are not listed for sale but will be when the market begins to pick up, and the forecast of an “L – shaped” recovery rather than a “V” sounds reasonable.

1 Comment

Filed under Uncategorized

Just sayin’, II

52 Round Hill Rd

52 Round Hill Rd

Nice house, this.

Sold: $3.00 Million      7/00

List: $4.4     Million     2/08

New Price: $2.6  Million 2/27/09

11 Comments

Filed under Uncategorized

Are we there yet?

137 Cat Rock Road

137 Cat Rock Road

Not for this house, not for this road, I don’t think. This house was built on land purchased by, I think, Jordan Saper for $1.050 million in 2000. He razed the existing house, built a new 5 bedroom septic system, then offered it for sale in 2005 for $2.350. Someone bit (LoParco, I think) and paid an unspecified sum for it in November of that year. This house was then erected and put up for sale last Spring for $5.495, while it was still being finished. It dropped 9% Friday to $4.995 million. It’s been a long time since anything of significance sold in Cos Cob and I don’t think this will be the house, at this price, to break that quietude.

UPDATE: out of curiosity, I checked high end sales in Cos Cob. There have been a few over the years. The Pecora brothers sold their own project, similar to this one, at 200 Cognewaugh for $5.250 in March, 2007, and another builder sold 4 Holly Way at its asking  price (!) of $4.295 in October, 2005. So perhaps this will sell somehwere in between those two prices. Perhaps. My own suspicion is that neither buyer could get anything like what they paid for their house now.

3 Comments

Filed under Uncategorized

It’s just resting

dead-parrott16 Barnstable Road, a nice house on 2+ acres, sold for $2.3 million back in July of 2007. The owners changed their minds (relocation happens) and put it back on the market in March of 2008 for $2.395; not a dumb price for the place. But it didn’t sell and today the listing expired, unsold at $2.295. So apple to apple, here’s a house to keep an eye on to see what it eventually sells for (assuming the listing is renewed). It’s obvious that it is no longer worth what it was in 2007 – the question is, what is it worth?

Comments Off on It’s just resting

Filed under Uncategorized

Back to 2002 prices?

35 Glenville Street

35 Glenville Street

This house was listed at $1.075 million back in November 2002 and sold in a bidding war that December for $1,106,000. It came back on the market last January at $1.475 million and eventually dropped to $1.250. It was reported today as sold, for $1.025 million. Not a disaster for the homeowner – they did live there for six years – but a pretty good indicator, I think, of what’s happening to prices.

10 Comments

Filed under Uncategorized