These two sales, one at the high-end, one at the low-end, tell you everything you need to know about the state of Greenwich’s real estate market.
Starting with the high-end, a Conyers Farm sale for $13,500,000: this sale dispels the myth that “no one wants these big, backcountry estates anymore”. Yes, they do, and they will buy when the price looks right. It started at $27,895,000 and found no takers for two years, four price reductions, and two brokers.
But when the ask got down to $17,500,000, lo and behold, a buyer appeared! Do you see the message in that last sentence? It’s not that people didn’t want Conyers Farm and the backcountry, it’s just that they don’t value it the way they did 15 years ago. That, too, will change some day, so people buying Conyers now will reap the benefit as surely as those who bought Manhattan co-ops in the 1970’s.
Next we have this low-end, Riverside tear-down example. At $1,095,000, this is really about as cheap as it gets in this part of town, south of Route 95. It came on the market Feb. 21st and had a deal about 10 minutes later. Hasn’t closed yet, so we don’t know the price (wouldn’t be surprised to see it went over ask), but the lesson here is buyers are SO ready to buy!
Whether it’s a builder who knows he can easily get high $2M’s, maybe low $3M’s on this site, or a young couple who might actually use the existing house, there is money waiting on the sidelines, ready to jump in when the price looks irresistible.
Despite the self-imposed headwinds coming from the economic illiterates in Hartford, people continue to want to live in Greenwich, and they will buy your real estate. All you have to do is price it right. So simple.