I Should Be Happy

12 Rockview Drive, just off the beginning of Lake Ave, near Grwch Hospital, $1.395M...gone to contract!

12 Rockview Drive, just off the beginning of Lake Ave, near Grwch Hospital, $1.395M…gone to contract…Broker Jane Brash took 4 days to get it sold, she’s slowing down!

I’ve got a whole bunch of deals “in the pipeline” (accepted offers, signed contracts, etc.) and yet… every day I log into the Greenwich MLS to see what’s selling and ya know what I see? Rentals! Page after page of rentals. That’s not good; reminds me of the bad old days of 2009, when people were so uncertain of the future that they were afraid to buy. Could that be what’s happening now? How else to explain this rental surge?

Masking the problem somewhat is the shortage of sales inventory in some parts of town. Sellers are not immune, they no doubt feel the same sense of economic uncertainty that buyers appear to be feeling, so they may be holding back on listing their houses, at least for the nonce.

And thus, into this situation of semi-starved inventory, a central Greenwich, Riverside, or Old Greenwich property comes on the market at a smart price and bang! it’s sold, often in a bidding war. That sort of thing builds confidence. Maybe this “malaise” we’re suffering from will be self-correcting.

Here’s a link to the listing pictured above, very cute place, nice little cul-de-sac, close to town (magic words). I was among many who showed it, but someone else got the accepted offer, dash it!

RockviewListing

19 thoughts on “I Should Be Happy

  1. It is eerily quiet. I just clicked on a few of your links above. Last year you were posting weekly with ever high totals of solds/accepted offers. No posts like that by you this spring. There is low supply – why aren’t homeowners listing their properties, I wonder? Do they think market is poised to go higher?

    • kit:
      Um, wul, was I REALLY doing all that last year?? Anyway, it is NOT “eerily quiet”, rather it is… “subdued”. Things are moving, but we’re lacking the type of exuberance we should be seeing this time of year, capiche?
      Is the market poised to go higher? I give that a tentative yes.

      • I say “eerily” because we are about to sign a contract and the quiet is making me very nervous……
        I hope you’re right that the market will march on upwards.

      • kit:
        Aww, I’m just whining a bit here. Truth is, there are a lot of deals being made out there but not being reported by nervous brokers. House prices are rising, so you might as well jump in.

      • Jumping is apropos considering the BFE of the property :-

        If I may ask, what would make a broker fail to report a deal? Are they keeping options open in case said deal falls apart?

      • kit:
        BFE, Base Flood Elevation? Oh, fiddle-sticks. Presumably we’re talking about an Old Greenwich property? Most of those houses have endured 70+ years of hurricanes and storm surges, yet somehow, there they still are. Let’s not take the global warming crowd too seriously, ok?
        As for brokers not rushing to report deals, they do so because there’s always a risk the deal will collapse. They keep it a secret so that showings will continue and a replacement buyer can be “on deck” if needed (just as you guessed!).

      • Thanks Gid. Can I call you Gid? That explanation makes sense. If I were selling my home I’d want my broker to act exactly like that. Not really worried about flooding. It just made for a good lame joke.

      • It’s a great name. Far better than what parents choose these days, Alex, Max etc….

      • kit:
        Sounds good, in theory, but in grade school, I recall wishing I had a name that wasn’t quite such an instant “conversation piece”. It’s instructive to note that Fountains trot out the name “Gideon” every OTHER generation, suggesting that living Gideons don’t choose to saddle their own progeny with the name.

  2. When I knew you as a young boy, I never thought your name was odd. However, we felt your efforts to sell your neighbor’s (Mrs. Sinclair) house to some out-of-towners visiting other neighbors for a modest “cut rate finder’s and pre-sale negotiations fee,” to be paid up front, was a bit precocious for a nine year-old…especially when Mrs. Sinclair had no plans to sell. Just polishing your chops in preparation for your later career, I guess.

  3. Hmmm – Glass half full or half empty ? Inventory is only -3 % in 1st Qtr compared to last year … average and median selling price is up near 20 / 21% ….Are these inventories low on an historical average ? Anecdotally speaking friends we have in town rather not take the take bite on their homes now that market has turned and rather run the risk that bottom in place for housing market and exodus from NYC and DeBlasio will begin . If houses are steadily coming off the shelf without it being bubble like euphoria where everything sells and everyone is bidding through the roof it sounds to me like a healthy market . I am curious with what is selling are DOM down considerably on average ..showing sellers are realistic and buyers are plentiful ?

  4. The malaise will begin to dissipate in earnest when the Obamaphate is no more, so either in January 2015 or two years after.

    • Lib:
      “Obamaphate”, as in caliphate, very good! Truth is, though, a government must be truly and completely destructive in order to shut down every bit of human progress (think North Korea). The situation we’re in, while quite bad, still allows a smidgen of economic growth here and there.

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