According to the Greenwich Multiple Listing Service, 23 residential property closings were reported to have sold in the most recent week available, August 3 to 9.
The average closing price for the week was $2,248,478 -- well above last week's closing average of $2,015,489. This was due, to in large part, to the sale of the Meadowcroft Lane property for close to $10 million and because 11 of the 23 sales were at or above $2.4 million.
The Meadowcroft Lane property is interesting in that it started as a 6,000-square-foot Colonial that sold for $3,625,000 in an estate sale in 2010 and was then transformed by Mark Mariani into a 14,500-square-foot Georgian Colonial and listed for $12,850,000 in June 2011. Relisted at $11,550,000 in October of 2011, it went into contract in May of this year and closed last week at $9,850,000.
We're starting to see movement now in the $4 million to $10 million tier, and that's a very good sign for our market in Greenwich.
An interesting measure that I follow is the sale percentage of the town's full market appraisal values for real estate tax purposes. Last week's sales in aggregate were 23 percent higher than the town's valuations conducted at the last revaluation of town properties.
That index, at 1.23, is probably the most reliable measure of real estate sales values over time since it takes objective measures of value that owners have contested where appropriate.
Perhaps even more encouraging is the increase I'm seeing in the sales percent of original asking price when properties are introduced to the market. Last week's percent of original asking price rose to 94.6 percent and was 96.1 percent of final asking price. That's a very important measure of both the buyers' mood and the sellers' being reasonable in setting asking prices.
The winner, if there is such a thing, was 50 Hidden Brook Road which sold for 119 percent of its original and final asking price (there were no reductions to asking price). Listed on May 14, it went to contract on June 7 and closed on Aug. 9. It was listed with an "as is" clause by the seller's agent and sits on a level lot with no wetlands in a desirable Riverside community.
Virtual tours help to sell
As I've said in several columns in the past, adding a virtual tour to a listing is often key to a sale. It not only attracts buyers to the property who can "tour" it at their leisure, but it also eliminates nonproductive in-person showings of folks who if they had seen an online tour wouldn't be interested in the property anyway.
One exciting product that Ann Simpson used in her listing of 11 Owenoke Way is Planomatic. To see how photos and floor plans come together to pre-answer many buyer questions, take Ann's tour of this property at http://www.planomatic.com/mls17821.
I think you'll like what you see. Obviously the buyer did!
This Week's Success Quote
"You were born to win, but to be a winner you must plan to win, prepare to win and expect to win." Zig Ziglar
Ken Edwards is the principal Broker for Edwards & Associates and has lived in town since 1974. All opinions expressed in this column are entirely his own and not those of this publisher. Comments, questions and suggestions may be sent to K_W_Edwards@Yahoo.com or by phone or text at 203- 918-4444. Questions of general interest will be addressed in this column, while others will receive individual responses