Â Thinking of moving out of New York City to Greenwich
The $1 to 1.5 million dollar market is the heart of our market in Greenwich. For me it's also seems to be the busiest part of the market. I just had a house go to contract in this price range and I have two listings in this range so I like the $1 - 1.5 million price range. So here's a quick synopsis of what this market looks like for people considering moving to Greenwich, CT.
If you look at the above map you can see that we have 66 single family homes in the $1 - 1.5MM range in Greenwich Connecticut. These homes are concentrated in Old Greenwich, Riverside and Cos Cob.Other houses are centered around Connecticut Avenue east of downtown Greenwich. We also have a scattering of houses in Glenville, mid-country and back country Greenwich.
Â Highways and Trains
Now if you are a commuter that drives and you want more privacy then you can look at backcountry or mid-country. You can hop on any of three entrances to the Merritt Parkway at King Street, Lake Avenue or North Street. You can also drive to one of the four train stations in Greenwich; in Old Greenwich, Riverside, Cos Cob and central Greenwich. Also many people on the west side of Greenwich use the Port Chester, NY railroad station and a few on the east side use the Stamford train station.
Most commuters however tend to be nearer the waterfront, Post Road and I-95. If you take I-95 to New York City you can get on at Exit 2 in Byram, Exit 3 in central Greenwich, Exit 4 in Cos Cob, Exit 5 in Old Greenwich or even Exit 6 just over the line in Stamford.
So proximity to the train and highway make Old Greenwich, Riverside and Cos Cob the most popular choice for New York commuters looking in the $1 and $1.5 million price range. Schools are are also a major reason for choice of houses. Greenwich believes in neighborhood elementary schools. We have 11 elementary schools to choose from. Old Greenwich, Riverside and Cos Cob each have their own elementary schools, but we also have the International School at Dundee school with its International Bacculaurette program and North Mianus elementary in this area.
Â What Kind of House Do You Get for $1 million in Greenwich
|High||6||5||5639||Â $Â Â 1,500,000||1034||1001|
|Low||3||1||1011||Â $Â Â 1,000,000||6|
|Average||4||3||2676||Â $Â Â 1,269,682||497||163|
|Median||4||3||2563||Â $Â Â 1,287,500||495||
As you can see the average price per square foot is around $500, but varies a lot. In Greenwich price is based on acreage, then square feet, then condition. We unfortunately don't have much new construction, particularly in this price range. Only 2 of the 66 houses were built in this century. Five of the houses were originally built in the 18th and 19th centuries. Some of these "antique" houses are wonderful which is why they are here 100 or 200 hundred years later.
While we don't have lots of new construction we do have lots of renovated homes. Of the 66 homes in this price range 38 were renovated this century. This price range also moves on and off the market fairly quickly. The median time on market is only 4 months and we have less than an 8 months supply of inventory in this price range.
We do have short sales and we do have foreclosure, but even here you won't get a huge discount. Most bidding starts around 10% off of list price and the median sales price to list price for sold properties in this price range in Greenwich so far this year is 93%.
Â Examples of Houses