Luxury Living Greenwich buyers should keep tabs on the fall inventory
If you follow Greenwich’s real estate market, you may have detected a groundswell of excitement about the summer’s end and the kickoff to the fall season — when the weather is still cooperative and cooler, when the fall foliage frames Greenwich homes in color. With kids back to school and vacations crossed off on calendars, there is a sense of refocusing and “getting back to business.”
The same may be true for home buyers who are beginning their quest to find a home of their own. It helps to keep tabs on newly listed or newly price inventory.
“As a professional, one of my favorite things to do is study the market,” Michael Ferraro said. He’s a broker with Executive Real Estate and specializes in luxury market properties. “If you pay close attention, you can time a market cycle using specific indicators. It’s very important to understand the new real estate boom that we are in. The trick is timing, and exposing buyers to value that they may not have seen through traditional real estate means.”
Ferraro represents the seller of 61 Lower Cross Road, a 14.13-acre estate in Conyer’s Farm that’s not newly listed, but does have a newly reduced price — $7.9 million.
“Fall is one of the most gorgeous seasons, and there is nothing like Conyer’s Farm … in the fall,” Ferraro suggested. “I predict a record number of sales in fall 2019, and we will see the start of one of the most incredible years for 2019, throughout Greenwich. We now have the ability to tap into global markets at an unprecedented level, and reveal the value one is getting, with such close proximity to [New York City]. Buyers now have access to what was once an exclusive marketplace, and properties they might have not known about. Greenwich will reap the rewards of this new method of practicing real estate, as buyers are not limited to what they can and cannot find.”
The broker also suggested that this particular Conyer’s Farm property is one that serious buyers in this price range and category should come to see in person. “It’s Conyer’s Farm — a unique area unlike anywhere else,” he said. “[It] has been home to celebrities, dignitaries, some of the world’s most wealthy business professionals, as well as exclusive clubs, such as Greenwich Polo Club and so much more. … It is the quintessential Conyer’s Farm property — one that has unique character and taste.”
Newly listed in August
Robert Tedesco, senior vice president of sales with Real Living Real Estate, is bullish on this year’s fall market.
“I feel buyers can expect to see a good amount of options this fall,” Tedesco said. “A search on the GMLS database shows five new single-family homes listed in August 2017; August 2018 saw a total of 36 single-family homes listed in that same timeframe. Also, it seems that there are more buyers looking right now, so it might be a good time for those sellers who have been waiting to list to finally do it.”
Tedesco represents the sellers of the newly listed 3 Fairfield Avenue in Old Greenwich, a Nantucket-style colonial with three bedrooms and 1,868 square feet of living space.
“Buyers don’t want to miss out on this home, because it is within walking distance to Old Greenwich School, the Village, train station and the parks,” Tedesco said. “The property is on a cul-de-sac. Built in 2012, the current owners have kept it in pristine condition, while doing some landscaping updates to create a wonderful outdoor living space with extra privacy.”
Tedesco and the seller have priced the “turnkey” home at $1.595 million.
Returning to the market this August, the fully renovated colonial at 16 Greenbriar Lane in mid-country has been reduced in price. Serving as the seller’s representative, Amanda Miller of Houlihan Lawrence has the five-bedroom colonial on 2.44 acres listed for $3.65 million.
“It feels like the fall market has already kicked off, even in advance of Labor Day. It’s been busy, and I expect this will continue and be a strong fall market. It seems that real sellers are listening to the advice of agents and pricing more realistically, more in in line with the market,” Miller said.
Regarding newly priced 16 Greenbriar Lane, Miller said, “It’s wonderfully private, yet close to town. The house has amazing light, and it’s been totally renovated, so it’s move-in ready.”