Sound Off Marguerite Vauclair How hot is the condos and co-ops market in Greenwich?
One could say that the condo and co-op market in Greenwich, which was hot in the spring market — although not as hot as last year — is hot and bothered. It’s squabbling, obstinate and in the midst of a transitional dance.
Among the driving culprits are rising interest rates, diminishing purchasing power, uncertainty about the future, tight inventory in lower price ranges, sizeable inventory in the higher price ranges and increasing disparity between buyers and sellers.
Many buyers profess willingness to wait until the “perfect” unit comes along and at their envisaged price, despite the real estate axiom that no home is perfect. The concept of fixing up is, for some, unthinkable. An ever-growing number of buyers aim to “have it all” at a low price, but many sellers say, “no way.”
Through August 2018, some condos and co-ops have been snapped up, selling at near listing price or and occasionally over list price. Some units that sat for a year or more have sold. Now, with the activity slowing, sellers who need to sell are increasingly lowering their asking prices.
For buyers looking for a Greenwich condo or co-op — which are attracting more and more buyers from New York — choices range from a limited number of mid- and high-rise condos with mainly one-level living to numerous townhouse-style condos, to four co-op complexes with one-level living or duplex configurations.
All four co-ops and some of the condo complexes are considered “specialty properties” in real estate parlance, because of what sets them apart, such as a direct waterfront setting or generous green space.
According to the Greenwich Multiple Listing Service, by mid-October, 118 condos have sold (from $275,000 to $3.85 million), and 20 co-ops (from $320,000 to $1.7 million). At press time, another 27 condos and co-ops were under contract or awaiting the close.
William Raveis Real Estate, (203) 869-9263 office, (914) 980-7031 cell, email@example.com