The trouble with giving general estimates of market decline is that you often come across glaring exceptions. We brokers feel pretty confident as we postulate “The Greenwich market is down overall 22.5% since 2007” or some similar figure.
Then, along comes 1 Ernel Drive (link shows the three recent listings for the property).
Ernel Drive is off Sound Beach Avenue Extension, just a block away from the restaurant Valbella. This particular Ernel Drive property happens to have sold three times in the last five years. Here’s how it went:
This is a nice house with a stone front, very well maintained/updated, close to schools, stores, you name it. It has 1,522 square feet plus another 1,015 in the lower level. So how much has it declined in those six years since 2006? A “whopping” 8.37%.