The Greenwich real estate market has been touch and go this year, with mixed results. While overall home sales are down, luxury home sales are doing better than they have in some time.
At the end of October the quantity of deals closed was down by 17 compared to the same time last year. Luxury real estate sales though (those at $10M or more) doubled from 4 last year to 8 this year.
Greenwich Time reports similar figures here.
In fact, there have been 4 sales at $20M or more this year but none at that level last year.
The most significant sales this year so far include:
· 9 Sabine Farm Road at $25,000,000
· 460 North Street at $22,000,000
· 25 Lower Cross Road at $21,000,000
· 116 Oneida Drive at $20,377,000
“The re-emergence of luxury real estate buyers is heartening,” said Chadwick Ciocci, founder of the luxury real estate team Chilton & Chadwick, based in Greenwich, “but it is too soon so say whether this is a trend and a change in the market or just a few blips on the radar.”
Price still seems to be the primary driving force for properties that sell and those that don’t.
Almost all of the top 4 sales in Greenwich so far this year went through major price reductions, especially 25 Lower Cross Road, which sold for $21M, was last asking $29M but was originally asking $45M.
More information can be found here.
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