Greenwich Q2 Market Report: First Half 2015

Greenwich Market UpdateFirst Half 2015

GREENWICH BROKERAGE

One Pickwick Plaza

Greenwich, CT 06830

t. 203.869.4343

sothebyshomes.com/greenwich

Greenwich, CT | Web ID:0067579

All figures in this document are as reported by the Greenwich MLS (6/30/15)

http://www.sothebyshomes.com/greenwich/sales/0067579

A MESSAGE FROM OUR MANAGER: Pam Pagnani

After a slow, weather-related first quarter of 2015 with only 90 single-family closings, the market switched into higher gear with 207 single-family closings in the second quarter of 2015. In June 2015, there was a significant increase in closings, which included 104 sales. Town-wide, 74% of total single-family sales in Greenwich occurred in the under $3 million range, where 221 homes sold. The majority of the remaining 25% were between $3 and $7.5 million, where 70 homes sold. The ultra-high end segment saw a decrease in the total number of sales. There were three homes that sold over $10 million, located in the waterfront communities of Belle Haven, Indian Harbor and Harbor Point. Town-wide inventory remains consistent with 2014, with 588 active listings; whereas there has been a slight increase in the number of homes sold, 297 year-to-date. The town-wide average sale price is currently $2,488,371 and the median sale price is $1,875,000.

Drilling down on these numbers, Greenwich proper has an average sale price of $ 2,868,842 at 151 transactions; the majority of sales continue to

favor closer to town locations with less than 20% of those sales occurring north of the parkway. Old Greenwich, with an average sale price of $2,010,305, is selling at a similar pace as last year, with 50 homes sold year-to-date. Riverside saw a 24% change increase in the number of transactions with 56 sales in that neighborhood, as well as an 18.7% increase in average sale price to $2,715,879. The neighborhood with the largest increase in sales transactions occurred in Cos Cob, where 40 homes sold year-to-date, as compared to 22 last year during the same time period. The average sales price in Cos Cob also jumped to $1,331,163.

The condominium market has seen an uptick, as the demand is strong for in-town living. With increases in both the average and the median sales prices, many of these newer construction condominiums have luxury details and finishes, which continue to define this segment of the market.

Sotheby’s International Realty, with its unparalleled global reach, delivers outstanding results for clients, both buyers and sellers. We look forward to sharing our expertise, by providing the best in pricing, marketing, negotiating and selling the wonderful homes of Greenwich. As the manager, I am proud to be working with independent sales associates of this caliber and appreciate their dedication to all things Greenwich. Recently, Sotheby’s International Realty- Greenwich proudly sponsored a Golf and Tennis Slam that successfully raised funds for the Breast Cancer Research Foundation. We are local and our roots in the community serve not only our business, but our friends and neighbors as well.

FEATURED LISTINGS

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc.® are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.

STUNNING COLONIAL | Web ID: 0067564 | $2,900,000Greenwich Brokerage | Patte Nusbaum | 203.249.0078

EXCEPTIONAL GREENWICH ESTATE | Web ID: 0067611 | $17,350,000Greenwich Brokerage | Brad Hvolbeck·MJ Bates Hvolbeck | 203.618.3110

http://www.sothebyshomes.com/greenwich



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Web: 0067711

UNITS SOLD INVENTORYSOLD

JAN-JUNE 2014SOLD

JAN-JUNE 2015% CHANGE

2014 TO 2015LAST YEAR (6.30.2014)

THIS YEAR (6.30.2015)

SF CONDO SF CONDO SF CONDO SF CONDO SF CONDO

Up to $999,999 55 66 45 58 -18.2% -12.1% 52 60 52 68

$1,000,000 - $1,999,999 81 16 118 23 45.7% 43.8% 122 31 113 21

$2,000,000 - $2,999,999 58 - 58 8 0.0% - 110 13 117 9

$3,000,000 - $3,999,999 40 2 32 3 -20.0% 50.0% 77 2 97 3

$4,000,000 - $4,999,999 18 1 17 1 -5.6% 0.0% 51 4 50 5

$5,000,000 - $7,499,999 12 - 21 - 75.0% - 78 1 80 1

$7,500,000 - $9,999,999 - -5 - 3 - -40.0% 35 - 24 -

$10,000,000 & Above 8 - 3 - -62.5% - 52 - 55 -

TOTALS 277 85 297 93 7.2% 9.4% 577 111 588 107

SF CONDO

AVERAGE SALES PRICE

2014 $3,001,007 $800,045

2015 $2,488,371 $1,101,838

% CHANGE -17.1% 37.7%

MEDIAN SALES PRICE

2014 $2,000,000 $665,000

2015 $1,875,000 $830,000

% CHANGE -6.3% 24.8%

AVERAGE SOLD/LIST PRICE DIFFERENCE

2014 83.2% 92.6%

2015 90.8% 93.1%

% CHANGE 9.1% 0.5%

TOWNWIDEGreenwich, the gateway to New England, is a terrific place to live and enjoy. The town is comprised of several villages or hamlets, each with its own unique character, and many with roots dating back to the pre-Revolutionary War era. Residents of our premier community revel in its parks, beaches and sailing on Long Island Sound; Backcountry horseback riding and hiking among other outdoor activities; terrific public and private schools and a sophisticated social scene. With its easy and convenient access to New York City, either by train or car, Greenwich continues to be one of the best towns in America.


4 sothebyshomes.com/greenwich

Web: 0067604


JAN-JUNE 2014SOLD


2014 TO 2015LAST YEAR (6.30.2014)

THIS YEAR (6.30.2015)


Up to $999,999 28 41 25 40 -10.7% -2.4% 37 44 23 54

$1,000,000 - $1,999,999 39 13 44 23 12.8% 76.9% 68 29 59 16

$2,000,000 - $2,999,999 34 - 28 7 -17.6% - 77 11 72 9

$3,000,000 - $3,999,999 25 2 22 3 -12.0% 50.0% 52 2 64 3

$4,000,000 - $4,999,999 12 1 10 1 -16.7% 0.0% 39 4 44 5

$5,000,000 - $7,499,999 10 - 17 - 70.0% - 70 1 64 1

$7,500,000 - $9,999,999 -5 - 3 - -40.0% 30 - 22 -

$10,000,000 & Above 8 - 2 - -75.0% - 47 - 49 -

TOTALS 161 57 151 74 -6.2% 29.8% 420 91 397 88

GREENWICHOn scenic Long Island Sound, just 30 miles from midtown Manhat-tan, Greenwich, Connecticut is a vibrant cosmopolitan community considered among the most desirable in the nation. Founded in 1640, this historic town retains its natural beauty and picturesque charm, encompassing some 50 square miles stretching from the rolling hills, woodlands and meadows of the backcountry to 32 miles of shoreline on the Sound.

SF CONDO

AVERAGE SALES PRICE

2014 $3,757,135 $883,115

2015 $2,868,842 $1,211,115

% CHANGE -23.6% 37.1%

MEDIAN SALES PRICE

2014 $2,283,525 $685,000

2015 $2,175,000 $932,500

% CHANGE -4.8% 36.1%


2014 80.4% 92.3%

2015 89.3% 92.8%

% CHANGE 11.1% 0.5%


5

Web: 0067425

NORTH & SOUTH OF PARKWAYSituated north of the Merritt Parkway, the backcountry offers large luxury Greenwich real estate and properties amid extraordinarily beautiful countryside, with four-acre zoning throughout much of the area and extensive open space preserved through the efforts of the Greenwich Land Trust and other conservation organizations. The backcountry of Greenwich offers a truly unique locale, a pasto-ral haven less than 35 miles from Manhattan.South of the Merritt Parkway, Mid-Country Greenwich enjoys a country-like setting with Greenwich real estate on zoning ranges from one to two acres in size. Protected conservation land adds to its pastoral ambiance, and scenic riding trails are ideal for the equestrian enthusiast.


JAN-JUNE 2014SOLD


2014 TO 2015LAST YEAR (6.30.2014)

THIS YEAR (6.30.2015)

NORTH SF SOUTH SF NORTH SF SOUTH SF NORTH SF SOUTH SF NORTH SF SOUTH SF NORTH SF SOUTH SF

Up to $999,999 3 7 3 5 0.0% -28.6% 3 2 3 7

$1,000,000 - $1,999,999 6 20 10 21 66.7% 5.0% 25 20 22 24

$2,000,000 - $2,999,999 5 26 3 21 -40.0% -19.2% 24 43 17 44

$3,000,000 - $3,999,999 4 19 3 17 -25.0% -10.5% 18 26 22 34

$4,000,000 - $4,999,999 3 8 2 7 -33.3% -12.5% 13 19 14 26

$5,000,000 - $7,499,999 2 6 5 9 150.0% 50.0% 22 35 20 34

$7,500,000 - $9,999,999 - 4 - 2 - -50.0% 9 15 8 11

$10,000,000 & Above 5 2 - 2 -100.0% 0.0% 23 14 26 16

TOTALS 28 92 26 84 -7.1% -8.7% 137 174 132 196

NORTH SF SOUTH SF

AVERAGE SALES PRICE

2014 $4,601,912 $3,142,245

2015 $2,815,942 $3,379,957

% CHANGE -38.8% 7.60%

MEDIAN SALES PRICE

2014 $2,912,500 $2,725,000

2015 $1,962,500 $2,750,000

% CHANGE -32.6% 0.9%


2014 82.1% 87.1%

2015 85.7% 89.7%

% CHANGE 4.4% 3.0%




JAN-JUNE 2014SOLD


2014 TO 2015LAST YEAR (6.30.2014)

THIS YEAR (6.30.2015)


Up to $999,999 8 4 5 1 -37.5% -75.0% 4 1 8 1

$1,000,000 - $1,999,999 11 - 19 - 72.7% - 9 - 17 -

$2,000,000 - $2,999,999 13 - 16 - 23.1% - 12 - 16 -

$3,000,000 - $3,999,999 9 - 7 - -22.2% - 12 - 9 -

$4,000,000 - $4,999,999 2 - 6 - 200.0% - 5 - 2 -

$5,000,000 - $7,499,999 2 - 2 - 0.0% - 2 - 7 -

$7,500,000 - $9,999,999 -- - - - - 1 - 1 -

$10,000,000 & Above - - 1 - - - 5 - 5 -

TOTALS 45 4 56 1 24.4% -75.0% 50 1 65 1

SF CONDO

AVERAGE SALES PRICE

2014 $2,288,011 $719,000

2015 $2,715,879 $649,000

% CHANGE 18.7% -9.7%

MEDIAN SALES PRICE

2014 $2,175,000 $735,000

2015 $2,181,250 $649,000

% CHANGE 0.3% -11.7%


2014 92.8% 94.2%

2015 91.1% 100.0%

% CHANGE -1.8% 6.2%

Web: 0067120

RIVERSIDERiverside’s extensive shoreline on the river, harbor, and Long Island Sound contribute to its appeal as a desirable waterfront community with terrific Greenwich houses. It is closely linked to the neighbor-ing village of Old Greenwich, and also lies within easy reach of the railroad station, making Riverside properties ideal for commuters to New York City.


7

Web: 0067558


JAN-JUNE 2014SOLD


2014 TO 2015LAST YEAR (6.30.2014)

THIS YEAR (6.30.2015)


Up to $999,999 11 13 7 11 -36.4% -15.4% 2 9 9 5

$1,000,000 - $1,999,999 19 1 27 - 42.1% -100.0% 25 - 13 -

$2,000,000 - $2,999,999 9 - 10 - 11.1% - 14 - 19 -

$3,000,000 - $3,999,999 6 - 3 - -50.0% - 10 - 15 -

$4,000,000 - $4,999,999 4 - 1 - -75.0% - 7 - 4 -

$5,000,000 - $7,499,999 - - 2 - - - 6 - 9 -

$7,500,000 - $9,999,999 - -- - - - 4 - 1 -

$10,000,000 & Above - - - - - - - - 1 -

TOTALS 49 14 50 11 2.0% -21.4% 68 9 71 5

SF CONDO

AVERAGE SALES PRICE

2014 $1,962,931 $539,376

2015 $2,010,305 $565,591

% CHANGE 2.4% 4.9%

MEDIAN SALES PRICE

2014 $1,600,000 $427,500

2015 $1,750,000 $460,000

% CHANGE 9.4% 7.6%


2014 89.5% 94.1%

2015 95.4% 96.2%

% CHANGE 6.6% 2.2%

OLD GREENWICHThe town’s origins are traced to the historic village of Old Green-wich, which today preserves the charm of a gracious New Eng-land community with classic Colonial Old Greenwich homes and beautiful waterfront properties. Old Greenwich offers an intimate shopping district, and lies within walking distance of scenic Green-wich Point with its fine town beach, park and boating facilities. The convenient railroad station gives easy access to midtown Manhat-tan, approximately 45 minutes away.



Web: 0067607


JAN-JUNE 2014SOLD


2014 TO 2015LAST YEAR (6.30.2014)

THIS YEAR (6.30.2015)


Up to $999,999 8 8 8 6 0.0% -25.0% 9 6 12 8

$1,000,000 - $1,999,999 12 2 28 - 133.3% -100.0% 20 2 24 5

$2,000,000 - $2,999,999 2 - 4 1 100.0% - 7 2 10 -

$3,000,000 - $3,999,999 - - - - - - 3 - 9 -

$4,000,000 - $4,999,999 - - - - - - - - - -

$5,000,000 - $7,499,999 - - - - - - - - - -

$7,500,000 - $9,999,999 - - -- - - - - - -

$10,000,000 & Above - - - - - - - - - -

TOTALS 22 10 40 7 81.8% -30.0% 39 10 55 13

COS COBSituated just east of Central Greenwich, Cos Cob provides a peace-ful village-like setting in a close-knit community with single-family Greenwich homes and condominiums. Cos Cob residential areas border the scenic Mianus River, and extensive marinas are located on the upper Mianus Harbor.

SF CONDO

AVERAGE SALES PRICE

2014 $1,238,000 $723,900

2015 $1,331,163 $853,986

% CHANGE 7.5% 18.0%

MEDIAN SALES PRICE

2014 $1,175,000 $600,000

2015 $1,257,500 $649,900

% CHANGE 7.0% 8.3%


2014 93.1% 92.1%

2015 94.4% 94.6%

% CHANGE 1.4% 2.7%


Kathryn Adams · Ann Anderson · Louise Andren · Bill Andruss · Stephen Archino · David Ayres · Amy Marisa Balducci

Joseph Barbieri · Bruce Barker · Helene Barre · Marijane Bates Hvolbeck · Krissy Blake · Elizabeth Boutry

Roxana Bowgen · Tom Broadhurst · Carol Clarke · Karen Coxe · Barbara K. Daly · Jennifer Dott · Martha Drake

Alice Duff · Fran Ehrlich · Kim Ferraro · Mary-Stuart Freydberg · Tom Gorin · Joanne Gorka · Mary Ann Grabel

John Graves · John Grunow · Renee Haggquist · Barbara Hindman · Kim Horton · Brad Hvolbeck · Barbie Jackson

Peter K. Joyce · Suzanne Katz · Cate Keeney · Jill Tighe Kelly · Michele Klosson · Yuka Kominami · James Lacerenza

Daphne Lamsvelt-Pol · Paul Larson · Steve Magnuson · Cheryl Makrinos · Louise Marasso · Leslie McElwreath

Edward Mortimer · Julie Nelson · Sarah Nichols · Patte Nusbaum · Barbara O’Shea · Susie Parkin · Heather Platt

Susie Quinn · Amy Rabenhorst · Joan Roach · Ellen Roth · Lynn Schiro · Pollie Seidel · Sandy Shaw · FiFi Sheridan

Barbara Stephens · Marilynne Stratton · Shelly Tretter Lynch · Bryan Tunney · Marje Vance Allocco · Cynthia Vanneck

Madeleine Walker · Lisa Weicker · Lee Weld · Catalina Yturralde · Rita Yturralde · Carol Zuckert

Pam Pagnani, Vice President/Brokerage ManagerGREENWICH BROKERAGE | ONE PICKWICK PLAZA | GREENWICH, CT 06830

203.869.4343 | sothebyshomes.com/greenwich

There’s Strength in Numbers

Web: 0067658


SIGNIFICANT SALES | First Half 2015

PRIVATE MID-COUNTRY CLASSIC Greenwich Brokerage | Carol Zuckert | 203.618.3135

BROOKRIDGE Greenwich Brokerage | Bill Andruss | 203.618.3101

BRAEBURNGreenwich Brokerage | Barbara K. Daly | 203.618.3171

CLASSIC COUNTRY ESTATE Greenwich Brokerage | Barbara O’Shea | 203.618.3134

http://www.sothebyshomes.com/greenwich/agents/Carol.Zuckert

http://www.sothebyshomes.com/greenwich/agents/Bill.Andruss

http://www.sothebyshomes.com/greenwich/agents/Barbara.Daly

http://www.sothebyshomes.com/greenwich/agents/Barbara.Oshea

AUCTION CALENDAR JULY 2015Now ! Paris 01 July

Contemporary Art Evening Auction London 01 July

Contemporary Art Day Auction London 02 July

Medieval And Renaissance Manuscripts London 07 July

Treasures London 08 July

Old Master & British Drawings London 08 July

Rencontres Couture À Paris De La Collection Didier Ludot Paris 08 July

Old Master & British Paintings Evening Sale London 08 July

Old Master & British Paintings Day Sale London 09 July

Old Master Sculpture And Works Of Art London 09 July

English Literature, History, Children’s Books & Illustrations London 14 July

Finest and Rarest Wines London 15 July

Victorian, Pre-Raphaelite & British Impressionist Art London 15 July

Modern Life: Post-War Photographs, Prints & Design New York 22 July

We invite you to explore our real estate listings at www.sothebyshomes.com and view the worldwide auction schedule at sothebys.com Enquiries +1 212 606 7000. Sotheby’s 72 & York Register now at sothebys.com

SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2015

Verner Panton, VIII square, wool carpet and Pierre Paulin set of armchairs and Mushroom stools from NOW ! PARIS 01 JULY 2015

http://www.sothebys.com/en/auctions.html

MODERN LOVEWeb ID: 0067619 | $2,700,000

Mid-Century Modern is reborn in the spirit of the 1950’s

with exact attention to detail and design. The home

opens to the magical hillside setting overlooking the

Mianus River enhanced by terraces and rock gardens

with an Asian touch.

Greenwich Brokerage

Barbara O’Shea | 203.618.3134

BEAUTY IN BELLE HAVENWeb ID: 0067604 | $6,375,000

Like-new recent gut renovation. A rare find in Belle

Haven. Traditional on the outside but up-to-the

minute on the inside. What everyone wants today.

Greenwich Brokerage

Kathryn Adams | 203.618.3124

GREENWICH EQUESTRIAN ESTATE Web ID: 0067295 | $23,500,000

One of a kind equestrian estate. A stunning expansive

award-winning home is the centerpiece of a 12+ acre

working horse farm complete with an 8+ stall stable,

indoor riding arena, grazing paddocks, run-in sheds

and equipment garage with grooms’ quarters.

Greenwich Brokerage

Brad Hvolbeck | 203.618.3110

FEATURED LISTINGS




Greenwich Q2 Market Report: First Half 2015

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