When Prices Went Crazy…

18 Club Road sales prices: 1976 $175,000. 1989 $1,015,000. 2004 $3,550,000.

When did Greenwich prices really take off?  The mid-1980’s.  President Jimmy Carter was long gone and “Reaganomics” (lower taxes, reduced regulation) was in full effect. God forbid we should try that now!

Taking Riverside’s Club Road as a representative example, and using the hand-written records of Cleveland, Duble & Arnold’s valuable, and extensive “street files”, we see that Club Road properties were typically selling for between $125,000 and  $350,000 in the mid-1970’s to early 1980’s.  But for the rest of the 1980’s, typical prices ranged from $350,000 to $750,000.

Overall, things have continued to improve for Club Road.  That is not so for other parts of town, but in any case, everyone’s property is far above where it was in the 70’s, 80’s, and 90’s.

1 thought on “When Prices Went Crazy…

  1. Some of the national and local factors which should have contributed to this rapid price acceleration in Greenwich:
    – substantially lower mortgage rates which helped people pay higher real prices with the same income
    – a revitalization of New York City as an employment hub (which Greenwich benefits from very substantially as an easy suburb to commute from)
    – a gradual widening of the property tax rate gap between Greenwich and other surrounding towns, this difference alone accounts for a substantial portion of Greenwich’s price premium relative to other FF County towns today

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