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Real Talk Ken Edwards Home sales closed strong as Thanksgiving approached

December 4, 2018

A whopping 31 Greenwich properties were reported as having sold, according to our local Multiple Listing Service in the last two weeks leading up to the Thanksgiving holiday. It’s a family holiday and what better way is there to celebrate it than by inviting family into your new home? Twenty-three single family homes were joined by eight condos going to the closing table.

One of the sales was a 1973 in-town condo, perfect for a single, couple or small family with a great walking score. Sold in two weeks for over-asking demonstrates the viability of these units for buyers. It’s my sale of the week.

My buy of the week selection is a six-bedroom classic on Lake Avenue that sold for less than half the town assessor’s opinion of value.

Buy of the week

A very special European-Styled brick estate on Lake Avenue just got snapped up for $2.625 million. Selling for 73 percent of its original $3.6 million asking price, it had been previously marketed at $4.2 million and appraised by our tax assessor at $5.6 million, more than twice the selling price.

This six-bedroom, seven-and-two-half-bathroom home has 8,862 square feet of finished space and is sited atop a knoll on more than 2.5 acres on prestigious Lake Avenue. Lots of bells and whistles come with this 1970 custom-built home, last renovated nine years ago. The ground floor master suite has his and her bathrooms, multiple closets an indoor spa and “endless pool” for exercising and hydrotherapy.

A three-car garage, heated pool and Har-Tru tennis court complete the must-haves for a property in this category. I haven’t seen this property but the absence of any kitchen or bath photos other than the powder room was probably not an oversight. Regardless, at this price lots of dollars can be spent on customizing the interior to the new owners, not the seller’s taste.

Sale of the week

My sale of the week selection was a two-bedroom, one and a half bath condo in the downtown market. A short walk to the Greenwich railroad station, Greenwich Avenue, ferries, shops and restaurants makes this top-floor unit very desirable. It’s been nicely updated from its 1973 origin and comes with deeded indoor parking for one car.

It’s my selection because it went quickly in only 14 days on market for 14 percent over its asking price and 16 percent over the town’s appraisal for tax purposes. Anyone looking for a two-bedroom downtown unit for less than $600,000 would be looking at this condominium and that’s why it moved so quickly, albeit for a little more. Another draw was the “estate sale” category that attracts investors, especially since it was nicely furnished and updated.

Factors influencing price

Yes, I know the old adage: location, location, location are the three most important factors influencing success in real estate sales. Actually, location is the top variable followed by condition and price. I’ve spoken about Greenwich’s location being ideal in many previous columns, but let’s explore why.

I spent my Thanksgiving holiday in California and, as you well know, the fires there took thousands of homes and ruined the landscape and economy of many areas. In our town we are blessed with the absence of devastation from fires, mud slides, earthquakes, severe droughts and floods, save an occasional hurricane-related flooding of low-lying areas as we saw with Sandy.

The safety of what is the largest investment by most people, their home, allows prices to rise over time and that, in turn, allows lenders to assist in the purchase of properties here. We don’t have the worry of losing our homes in the same way that homeowners in California, Texas, Alabama, Mississippi and Florida do. After the devastation is over the sun comes out, the birds are chirping and you’re sitting there in a pile of rubble or ashes, if you can even find your property.

We’re very lucky — strike that — wise to invest here.

This Week’s Success Quote

“Let us all be happy, and live within our means, even if we have to borrow the money to do it with”

— Artemus Ward, an American major general in the American Revolutionary War and a Congressman from Massachusetts

Ken Edwards is the principal Broker for Edwards & Associates Real Estate and has lived in town since 1974. All opinions expressed are entirely his own and not those of this publisher. Comments and questions may be sent to K_W_Edwards@ Yahoo.com or call (203) 918-4444.

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