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Scott P. Elwell's Blog

By Scott P. Elwell - REALTOR® | Agent in Greenwich, CT
  • Interview with Sotheby's International Realty - Scott Elwell

    Posted Under: Home Selling in Greenwich, Agent2Agent in Greenwich, Property Q&A in Greenwich  |  December 17, 2013 5:57 PM  |  398 views  |  No comments
    Sotheby's International Realty in Greenwich, CT asked me to inerview for a

    video they were putting together. I hope you enjoy it!



    Scott Elwell 

    Sotheby's International Realty- (MBA) - GreenwichCT.com
    One Pickwick Plaza, Greenwich, CT 06830 | Licensed in CT & NY
    Mobile: 203.940.0444 | Fax: 203.930.2808 | Email: scott@elwell.com


  • Greenwich CT Real Estate Monthly w/ SCOTT ELWELL

    Posted Under: General Area in Greenwich, Home Buying in Greenwich, Home Selling in Greenwich  |  February 15, 2012 8:05 PM  |  957 views  |  No comments

    First and foremost, I want to thank all of my clients for helping make 2011 a great year.  I closed on 20 houses (13 sales, 7 rentals) in 2011, which was is my best year so far and owe it all to my wonderful clients.  I enjoyed working with everyone and appreciate the business. I also want to thank the many people who referred business to me.  The referral business is a huge part of my pipeline and I am grateful for every lead sent to me.

    Looking back on 2011, I am pleased to say that the Greenwich Real Estate market held up well.  I am not going to sugarcoat it and tell you that it was a banner year and that I only see signs of the market improving from here on out.  When viewed from a macro-level, 2011 was still a very slow year.  We did not see the level of transactions that we had a couple years ago and we might never again.  As I mentioned in a previous blog/email, I think we might be witnessing the beginning of the new “normal” in real estate movement.

    In Greenwich, CT, I feel that the baseline level of transactions should be roughly around 625 houses sold per year.  This is not the 750+ that we saw in 2007, but also higher than what we have witnessed in the past two years.  I am a strong believer that we are bouncing along the floor of our pricing, but also admit that I do not know when we will start to see price increases. I am confident in recommending a purchase (for investment purposes) with a 5+ year horizon, but have a hard time confidently supporting shorter horizons.  I see several factors that continue to affect the Greenwich (as well as national) market and keep it from a proper level of equilibrium/harmony.

    Obviously the biggest factor keeping the Greenwich CT Real Estate market out of sync is the questionable economy.   As discussed in several previous blogs, residential real estate is almost entirely priced upon perception, so if anything were to affect perception and confidence the residential real estate market takes a hit.  Certain areas of residential real estate are hit harder than others.  For one, the second home market has been hit much harder than the primary home market. This is obviously because those who need money will unload their vacation homes before their primary residence’s. Another factor that we are starting to see is that second and third tier markets are taking a harder hit than first tier markets as those who have money are starting to realize they can afford to upgrade to the better location (flight to quality).  Greenwich is fortunately on the right side of the trade for both of these factors.

    I have worked with a lot of clients recently who have said they want to buy in Greenwich because of the low taxes (about 1/3rd of NY taxes), which is normal, but now I hear more and more clients say that they think they can afford to live in better neighborhoods than they used to look at because the prices have come down.  You used to need well north of $1,000,000 to buy a decent first home in Greenwich, but now you can find some great single families in the $700k range, especially in areas of Cos Cob and North Mianus, and you can find apartments in the $200-$300k range all through town.

    This doesn’t mean that all levels of real estate in Greenwich are lowering dramatically in price, it just means that there are many affordable areas of town.  On the high-end we have still seen some major trades and there are some fantastic homes on the market right now in the $10 to $20m range, which once commanded prices starting with a “3” or even “4”.

    I find myself fortunate to work in a town with such diversity in product.  Covering over 65 square miles and housing a population of over 60,000 people, Greenwich has a lot to offer.  I really consider it 4 neighboring towns that include Old Greenwich, Riverside, Cos Cob and downtown Greenwich, but within those towns we have several communities including Glenville, Byram, North Mianus and Pemberwick to name a few.  I’ve been able to work $1,500 rentals and $23 million estate sales, which is what I find to be so much fun about the job.

    If you know of anyone who is looking at the Greenwich (or Rye, I closed on 4 houses in Rye last year!) area and are in need of some help, I’d really appreciate it if you pass on my name.

    Sincerely,

    Scott

    Scott Elwell
    Real Estate Agent – MBA- GreenwichCT.com
    William Raveis Real Estate
    45 Field Point Road, Greenwich, CT 06830
    Mobile: 203.940.0444 : Email: scott@elwell.com

  • Tax Assessments in Greenwich CT Real Estate

    Posted Under: Market Conditions in Greenwich, Home Buying in Greenwich, Home Selling in Greenwich  |  December 18, 2011 1:35 PM  |  2,473 views  |  No comments
    I get questions all the time concerning tax assessments and how they affect real estate values in Greenwich, CT including Cos Cob, Riverside, Old Greenwich, North Mianus and Glenville. 


    As I discussed in my latest post on my website GreenwichCT.com the town has some good resources. As for buyers being concerned when an assessed value doesn't align with the askin price of a home, I'd like to be able to say that it doesn't matter, but unfortunately it does. Many buyers have a hard time spending a lot more money than the assessed value that is on the tax card. I am never a fan of the accuracy of this number, but can see why someone from out of town might give it a lot of weight. It is essential that you find a realtor to discuss these numbers in greater detail. Obviously, I'm here if you ever want to talk. 

    Best, 

    Scott

    Scott Elwell 

    Senior Vice President @ William Raveis
    Founder/Real Estate Agent (MBA) - GreenwichCT.com
    45 Field Point Road, Greenwich, CT 06830 | Licensed in CT & NY
    Mobile: 203.940.0444 | Fax: 203.930.2808 | Email: scott@elwell.com

    Activity - 





  • Greenwich CT Real Estate Monthly w/ SCOTT ELWELL

    Posted Under: Market Conditions in Greenwich, Home Buying in Greenwich, Home Selling in Greenwich  |  December 17, 2011 6:57 AM  |  2,474 views  |  No comments


    For those of you who are interested, I just posted my monthly report on Greenwich, CT Real Estate. I've spent a lot of time on these monthly reports and get some fairly good responces. 
    One post that I recieved a lot of accolades on was last months post on Greenwich, CT Real Estate. Enjoy!

    I've been having a lot of fun building pages on different areas of town including Cos Cob, Riverside, Old Greenwich, Glenville, North Mianus and Belle Haven. 

    If you have any questions feel free to contact me directly or take a look at my website GreenwichCT.com. 

    Sincerely, 

    Scott




    Scott Elwell 

    Senior Vice President @ William Raveis
    Founder/Real Estate Agent (MBA) - GreenwichCT.com
    45 Field Point Road, Greenwich, CT 06830 | Licensed in CT & NY
    Mobile: 203.940.0444 | Fax: 203.930.2808 | Email: scott@elwell.com

    Activity - Bio



  • Low Inventory in Greenwich, CT

    Posted Under: Market Conditions in Greenwich, Home Buying in Greenwich, Home Selling in Greenwich  |  November 24, 2011 4:31 AM  |  2,097 views  |  No comments

    Here is a new post I just put on my website GreenwichCT.com.  

    The biggest problem I have with the Greenwich real estate market right now is the lack of inventory.  There is not enough good inventory on the market to satisfy demand.  Technically we have more houses listed on the market today than there were a year ago, but this does not tell the full story.  A significant portion of these homes are over-priced, as the sellers are not willing to let the houses go for current valuations. The houses on the market that are well priced are going fairly fast.

     

    In an age when buyers go online to start their search well in advance of when they intend on buying, it is more essential than ever to price your home appropriately.  Today’s buyer is savvier than ever and has been ... for the rest of the post click here. 


  • Greenwich CT Town & Real Estate INFORMATION

    Posted Under: General Area in Greenwich, Home Buying in Greenwich, Home Selling in Greenwich  |  November 17, 2011 7:36 PM  |  1,692 views  |  No comments

    I spent a ton of time on my website putting together information about the town of Greenwich and all of the areas within it. I thought you all might like to see what I came up with for the different areas within Greenwich. 

    Greenwich General

    Old Greenwich

    Riverside

    Cos Cob

    Pemberwick

    Mianus

    North Greenwich

    Glenville

    Belle Haven

    Banksville/Armonk

    Putnam Ave/Old Church Road


  • Finally Completed my NEW WEBSITE! (GreenwichCT.com)

    Posted Under: Home Buying in Greenwich, Home Selling in Greenwich, Tech Tips in Greenwich  |  November 1, 2011 8:47 AM  |  1,926 views  |  No comments

    So after a ton of work, time, effort, money, I have just launched my re-built website GreenwichCT.com!

    I've spent countless hours working on the text and background info. 

    What do you think?


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