It’s been a long, hard slog since March 2009, but slowly, ever so slowly, property values in Greenwich’s so-called “back country” (loosely defined as beginning at about 2+ miles from downtown) are steadily regaining their losses.
Riverside and Old Greenwich recovered long ago, but other parts of town weren’t so lucky. For a while, there was even talk of new paradigms: “no one wants back country anymore, and certainly not 10,000 square feet” became a commonly held view.
But the market had other opinions. True, no one wanted your 10,000 square foot back country mansion at the price you paid for it, but when the priced dropped sufficiently low, suddenly someone stepped up to buy. I always felt that things couldn’t be that bad if you could still get, say, $5 1/2 million for the place you paid $8 million for.
Anyway, here we are in the middle of the summer for gosh sakes, and we have very big deals being made. The three above are officially reported on the MLS, but four more big deals are due out shortly, stand by…