According to the Greenwich Multiple Listing Service, five residential, land and multi-family property closings were reported by September 30 to have sold in the most recent week, September 21 to 27. At right is the list of properties sold and their sales price as a percent of their original listing price (OLP).
For me the "Buy of the Week" was at 35 West Brother Drive, a four-bedroom 1929 English Manor-style home in the coveted Milbrook Association. With its own heated pool, this 5,439- square-foot home on almost an acre is a perfect family home in a private, yet convenient, section of town. A home of this stature at less than $3 million is difficult to find, especially in a gated community in Greenwich.
While Realtors and appraisers often either overlook or negate the value of a pool, for buyers looking for a pool in their next home, having one already in place is a big plus. This home was on the market for six months before accepting an offer at 79 percent of the original asking price and 87 percent of its reduced asking price.
The "Sale of the Week" was also an English Manor at 4 Cedar Hill in mid-country Greenwich. Going to contract in only 30 days, this 3,784-square-foot residence fetched 98 percent of its asking price. When a buyer knows what they want and pulls the trigger when they see it, the whole process goes much faster.
This half-acre 1925 home sold for $2,390,000. That price was a little more than $631 per square foot of finished space while the West Brother Drive home came in at $542 per square foot, about 15 percent lower. This is another important metric in evaluating home prices. It's not the only one, though, and the location of the Cedar Hill home was a key factor in its sale. The last house on a road generally sells at a premium.
Relisting your home
If you're a seller who has recently had your property listing run its course to its expiration date, join the crowd, as they say. There are currently 8,015 listings on our multiple listing service going back to May of 2005 that have been canceled, withdrawn or have expired. Read that "no sale."
You probably have a feeling of disappointment, rejection or even anger and you might even be wondering why you bought your home in the first place. After high but probably nervous feelings of exuberance that you'd make a nice profit on your home, no one has made the magic offer that would allow you to move on. Now what?
It's time to regroup and do some serious post mortem analysis. First, you need to look at your home from the eyes of buyers. One way to do that is to practice being a buyer and see the listings in your price range. Honestly, if you had a check in your hand which one would you select? If it isn't yours, why not? What attracted you to the other properties? What can you do to effectively compete with them?
Of course there are a myriad of reasons that properties don't sell, not the least of which is the challenging market that we're in. You were also one of 835 residential properties on the Greenwich MLS for sale. To stand out you need:
- A staged home (statistics show a halving of days-on-market and 7 percent higher selling prices),
- Great photography, visual tour and/or video tour
- Very strong Internet presence that makes your home stand out from the crowd (try using Realtor.com's Showcased Listing service and their Featured Homes service keyed to your ZIP code),
- Strong marketing plan which leverages other Realtors who have been successful in your area and who have clients who didn't pull the trigger yet
- Dynamite, well-advertised open houses
- A neighbor awareness campaign
- An email marketing campaign which reaches out to local and NYC agents whose clients might be candidates for your listing.
This Week's Success Quote
"Some of us learn from other people's mistakes and the rest of us have to be other people."
-- 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 phone or text at 203-918-4444. Questions of general interest will be addressed in this column, while others will receive individual responses.