How's The Market?

Chris is on vacation, so brother Gideon will provide occasional updates on the Greenwich real estate market

I’m hearing loads of complaints from fellow brokers about how slow the market is. Year-to-year, volume in some parts of town is down 50+ percent, which does sound a bit scary. But there’s a part of town where volume is actually up: The backcountry, referred to as “north of the parkway”.

Could it be because sellers up there long ago threw in the towel and cut their asking prices? The answer is yes, and, as a result, some of the best deals in Greenwich can be had there. Want a big house with guest quarters, pool, tennis, extra acres, and privacy, all for $1M less than a 4,500 sq.ft. new construction in Riverside on half an acre? Head for the hills!

It is worth noting that, as usual, the top agents are all having a great year, despite this slow market. I think it’s because top agents have more credibility than less experienced ones. A top agent tells the client “No, your house is not worth $4M, it is worth $3M”, and the client listens and prices accordingly. The result: a quick sale. Newer agents, lacking experience and depth of market knowledge, don’t have the authority needed to influence the client, so they end up taking a listing at a crazy price, either because the client suggests it, or the agent mistakenly believes the property is worth it. The result: one or two years of misery, with endless showings, multiple public and broker open houses, and ultimately, loss of the listing.

Here are three fresh examples of how it should be done:

58 Winthrop Drive, Riverside