I know many of the Greenwich bloggers but I prefer doing independent research and using current models to determine market conditions. The University of Connecticut tracks the real estate market throughout the state. The latest Greenwich stats are up across the board: http://www.business.uconn.edu/cms/p1175
In this morning's news I noted the prediction by several large mortgage companies for an uptick in sales and demand in 2013.
My advice about the purchase of a home in Greenwich is the following:
Prices have seemed to stabilize and in some cases are increasing.
Forecasts seem to indicate an increased demand in 2013.
Greenwich prices will increase with a stronger market.
There have been higher priced sales this year versus last ( so much for the Wall Street folks sitting on the sidelines).
Buy now with the knowledge you may be able to get a much better price today (have your agent give you real comps and sage advice).
A year from now (like many stock offerings) you'll hear " I should have bought at a lower price when I had a chance".
Coldwell Banker Previews
Regards, Mary Ann Laurita, Prudential CT Realty
Low interest rates and low prices are currently spurring buyers to purchase homes in the area. Yes, it's true that some properties in Greenwich are receiving multiple offers if the homes are priced fairly.
Greenwich is an affluent town that is highly sought-after due to it's proximity to NYC, great school system, and it has lower taxes than most of the surrounding communities.
If you are considering purchasing there; now is a great time as demand is going up and prices will follow accordingly.
Good luck to you!
Prudential Connecticut Realty
Statistics say there will be another slight drop yet property values are expected to rise over the next few years.
It all depends on what your planning to do. If plans are to be in the home for 4-7 years then you would walk away on the plus side. If you are in it for the short haul say 2 years or so then your profit would be less then the long term yet you would still be on the positive end. If you plan to refi after a few years then depending upon how much equity you hope to have, you will still be on the positive side.
Overall the Greenwich market has been pretty strong and steady. In my opinion no matter which way you go you will not end up on the negative side.
Best of luck,
Please give me a "heads up" so we can discuss your thoughts and best options.