2016 was not the year for real estate professionals and sellers that it is now behind us. A review of all Greenwich Markets which include – Greenwich in the 06830 and 06831 zip code, Old Greenwich, Riverside and Cos Cob was a disappointment of the total market down -7.27% in comparison to 2015. It’s unfortunate the media focuses on the bigger numbers of the market reports, especially single family homes with a $5MM+ price, rather than a combined total.
One interesting area to point out was the market of residential sales increased by 8.25% in Cos Cob in the price point of $1.5-$2MM by 43.75%! These numbers showed patient sellers whereas the days on market went from 103 in 2015 to 153 to 2016.
Fortune Magazine reports however that Greenwich is just one market showing a decline in sales and luxury real estate sales nationwide has been effected. The negative reflects of a presidential election year that cannot be understated (Forbes.com 6/7/2016). Greenwich is always an area that is pointed out most, as it is the closest to New York City and has always been known as one of the richest towns. Reported foreign buyers are down as the treasury department, and the government is carefully reviewing foreign real estate transactions as suspicious, therefore suspicious or not, foreign buyers are backing out.
Goodbye, 2016 – Hello, 2017!
January 2017 already has shown some promising numbers. There was 71 in residential homes sold total in Greenwich, compared to 48 residential sold in 2016 up 47.9%. Pending listings for residential properties are also up – 72 pending residential homes from 46 pending residential sales a 56.5% change.
Click on the link below, the year 2016 in real estate, now behind us.
2016 Greenwich YTD Real Estate Market Report
Being one of the few independent Real Estate firms left in Greenwich (since 1985) everyone talks about Greenwich Avenue. I wanted to share as an outsider my love for the common term “The Avenue” – Greenwich Avenue.
As the winter months are upon us, Greenwich Avenue is the place to walk, dine at a variety of different cuisines and of course shop at some of the finest shops there are. Greenwich Avenue can be compared to the Rodeo Drive of Beverly Hills. Occasionally you may spot a celebrity or two. Most recently Justin Timberlake and Jessica Biel were spotted in the healthy and organic shop, Green and Tonic. So excited my co-worker and I ran out of our office only to find out they were in Green and Tonic the day before.
Greenwich Avenue has something for everyone. Take a stroll to Starbucks for your favorite beverage and take it all in. Restoration Hardware is a must to take a walk thru – once the Post Office the historic building now rebuilt to glamorous furnishings inside and out. In the summer experience outdoor arrangements and to the rooftop to get the feel of how you can update your space with beautiful outdoor furnishings.
The restaurants offer everything from Meli Melo, fresh everything with a juice bar and popular with the younger generation – my daughters favorite, when we dine is a fresh quiche with greens, a smoothie and then off to Brandy Melville – trendy fashion for young women. I have to admit; I like some of their trends. If you are looking for a little bit more upscale lunch or dinner one of my favorites is East End – Let me give a shout out as one of our Broker’s daughter is an owner. Another one of my favorites to kick back is the Gingerman – Beer lovers must go!!! Gourmet burgers, salads and in the winter try to sit by the roaring open fire. I googled how many restaurants there are on Greenwich Avenue and started counting; I stopped at 15 as I know there is more. If anyone knows the exact count – please contact me.
Finally – let’s talk shopping! Saks Fifth Avenue – An excellent choice for designer women’s clothing – just a note – there is no men’s clothing. Saks is the perfect place to find that special outfit, get a makeover with a purchase of some new cosmetics and the fragrances – my favorite is the Jo Malone counter. Just to name a few shops – Tory Burch, Stuart Weitzman, Ralph Lauren, Tiffany & Co., Baccarat, Manfredi Jewels and more.
So if you have a little cabin fever, make a trip onto Greenwich Avenue. Something for everyone! There are many listings rent/buy if you want to live on or close by the Avenue, also you can walk to Greenwich Avenue from the train station.
Linda Graham – Marketing Manager for David Ogilvy & Associates Realtors – email@example.com – 203-869-9866 – Our Website