Home Buying in 06830>Question Details

Mick, Home Buyer in 10570

06830 Query

Asked by Mick, 10570 Mon Dec 21, 2009

I am looking at homes in Greenwich (preferably Cos Cob area). I note a significant number of condos. Generally, is there a significant interest in condo purchases? In some communities, condos tend to stay on the market much longer than homes. Is that the case in Greenwich? Thanks

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Scott Godzyk’s answer
No matter the area condominums buyer are choosing a lifestyle when buying a condo. They want the lawn mowed, snow shoveled, outdoor maintenance included and more often have more ameities like a pool or clubhouse. As in any type of home, a condo should be priced at ior just below market value for a quick sale. A single family home will stay on the mrket just as long if over priced.
0 votes Thank Flag Link Mon Sep 3, 2012
I have found that well price condos move fast. Also my
first time home buyers seem to gravitate towards condos because they are the only options in town in their lower price range. Hope this helps!
1 vote Thank Flag Link Tue Jul 21, 2015
Condos, if priced correctly should not stay on the market longer than well priced sf homes as with any market area. If you need help in the Cos Cob or Greenwich area my contact info is Ellen Steckler Coldwell Banker Previews International EllenSteckler@gmail.com 914-262-1504 cell Ellen-Steckler.com web search listings
0 votes Thank Flag Link Mon Sep 3, 2012
Hi...There is a demand for real estae in Greenwich for homes under one million...Yes there is interest in condos...Condos do not generally stay on market longer in Greenwich...but dependsalso on pricing...a realtor can help you determine value ...please contact me with any questions or if you would like to see properties....not all properties are on all web sites...(203-561-2811)
0 votes Thank Flag Link Thu Nov 10, 2011
Greenwich is a very unique market. The demand for homes and condos under 1 million are especially in high demand. It's the first time many people can finally afford to buy in Greenwich. You usually get more living space for your money with condos because the land is classified as common area. I think coupled with this and the maintance free lifestyle it offers is attractive to people now and will be in the future.
0 votes Thank Flag Link Thu Oct 27, 2011
Mick:

Yes, there is a significant interest in purchasing condominiums today because alot of buyers don't want the "big house" as much as they did over the past 10 years...reason being, the larger the home, the greater the monthly expenses. I believe buyers are just getting tired of working for their homes. So, I would say condos are a great alternative to a single family home, which typically will be more expensive than a condo.

Having said that, you also need to be very careful when purchasing a condo...there are numerous questions to ask each condo association (too many to mention here), but some general guidelines are that you will need: a copy of the Resale Certificate, Financials, Monthly Common Charges (and what they consist of), etc.

If you need any additional information, you can contact me at george.bakes@cbmoves.com

Thank you.

George Bakes.
Coldwell Banker Residential Brokerage
Web Reference: http://www.georgebakes.net
0 votes Thank Flag Link Fri Oct 21, 2011
It all depends on the price point you are looking at. Within a price range there is a ton of interest in the top few houses/condos, but if the units are miss-priced you can see the interest dwindle. I'm not sure there is a huge difference between the timing of condos vs homes. Feel free to drop me an email (scott@elwell.com) or call (203.940.0444) if you want to talk in more detail.
Web Reference: http://www.scottelwell.com
0 votes Thank Flag Link Tue Sep 14, 2010
Condo's do stay on the market longer right now bec. for the first time in Greenwich (Cos Cob, Riverside, OG and Byram) you can find a single family home for almost the same price as a condo. Most of the "deals" however, are not listed bec. they belong to present owners who are using this window of opportunity to move "up" too. If you are looking for a single family home, especially if it's your first home, give me a call asap. I have a quiet list of great properties that owners will be selling once they find their own next step.
Happy Holidays
Susan
Web Reference: http://www.susanderson.com
0 votes Thank Flag Link Sat Dec 26, 2009
Good morning again. I answered a question you had about Darien yesterday. As far as the condo market, yes
in general the condo market has been struggling. There are changes concerning FHA loans in the near future which could affect the condo market negatively. Have you spoken with a mortgage broker as of yet?
When applying for a mortgage for a condo, the condo complex has to meet certain requirements. I could list many, but I feel you need too speak with a mortgage broker first.
You started with homes in Darien and now condos in Greenwich. I am assuming it is because of the price point.

So my suggestion is speak with a mortgage broker and nail down what you need to qualify for a mortgage for both a SF and Condo (which is different). Next contact a real estate agent and they will be able to do an in depth analysis of the market. I assuming from your last query is that you will be commuting to NY on the Metro and wish to be as close to NY as possible. Many people have similar needs and usually start with the towns closest to NY and then work their way up the line.

If you need more information feel free to contact me. As an agent with a company with multiple resources, we may be able to help with your search.

Sincerely,

Candace Lipira, Realtor
Prudential Ct Realty
203-856-8501
candacelipira@prudentialct.com
0 votes Thank Flag Link Tue Dec 22, 2009
Thanks for your question. Statistics are available in all areas of Greenwich including COS COB that may target your specific question regarding Greenwich condominiums sales including Actives, Solds, and Pending Sales. Feel free to contact me for additional information. Drew Peterson Weichert http://thegreenwichsite.com
0 votes Thank Flag Link Mon Dec 21, 2009
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