At the top of Greenwich’s luxury market, it now takes serious price chops to move mansions
Greenwich, Connecticut, has long been known for its sprawling estates, well-heeled populace and high concentration of hedge funds. Now, it also has the unwanted reputation of a housing market that is showing fissures.
Exactly how big those cracks are is the key question on the minds of those in Greenwich’s real estate community.
Overall median sales prices of single-family homes in Greenwich have dropped 7.5 percent since November 2015, continuing a slow, steady decline, according to a Douglas Elliman report. And there has been roughly 9 percent more inventory on the market over the same period.
But the most prominent weakness is at the high end of the market. “It’s a tale of two cities” for sellers, said David Haffenreffer, manager of Houlihan Lawrence’s Greenwich office. “As you go up in price, things get weaker.”
The luxury segment — which is the top 10 percent of the market — has seen a sharp decline, with sales prices falling 15.7 percent in the third quarter in Greenwich as compared to last year, according to the Elliman report. Prices per square foot in the upper tier fell to $677, a 7.4-percent drop from 2015. And listing inventory is up more than 32 percent over last year, with 259 active listings at or above the $3.87 million threshold for luxury.
Houlihan Lawrence research found that the higher the price range, the bigger the problems. As of November, there were four homes sold in the $8 million-to-$10 million segment of the market in 2016 — a steep 43 percent year-over-year drop — versus 108 under $1 million, an上海夜网