Things sure are slow in the real estate business! A mere 83 properties have gone to contract since October 1st, with asking prices ranging from a $21,900,000 waterfront tear-down, to a slightly renovated basement condo at $290,000.
So yeah, I’m being sarcastic here, obviously this indicates a busy, vibrant market. The only skunk at the garden party is the ultra-high-end, which for Greenwich would be what? $7M+? But those sellers are the least motivated, as you know, so when they are ready, they will sell.
Are profits being made? Yes, for those who bought recently, but usually not for those who bought between 2006 and 2009 (in certain parts of the back-country, even if you bought in 2002 you may still be profit-free).
That “basement condo” I mentioned above, the owner paid $150,000 in 2013 for this 3-room lower-level condo at 4 Lafayette Court, directly across from the top of Greenwich Avenue. Location is the driving force here, everything is truly walking-distance from your (underground) front door. I don’t know what the actual accepted offer is, but since the deal got done in 25 days, it looks like the seller did well.
Likewise, that waterfront tear-down on 6.65 acres (oops, wait a sec, it’s been mysteriously reduced to 5.72 acres) in the R-20 zone. The owner paid $11M in 2012 and now has a deal (after several years) with an asking price of $21.9M. Are they getting anywhere near that? Probably not, but I still predict a profit of several million.
So how’s the market? Good.
Here’s a sample of some of those 83 (!) recent deals…