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Greenwich Home Sales Have Best Quarter “In A Decade” As New York City Exodus Continues

Summary:
It looks like the exodus out of the city, first catalyzed by the pandemic and then helped along by Bill De Blasio's commitment to allow criminals to overtake the city, is continuing at a blistering pace.  Home sales in Greenwich had their strongest quarter in "more than a decade" as people looked to escape the city. Single family home purchases were up 70% in Q3 to 311 sales, the most in a 3 month period in records that date back to 2010, per Bloomberg.  According to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate, the median price of the sales was up 18% to .13 million.  Discounts in Greenwich have averaged just 4.4%, the smallest in a decade - and properties are staying on the market for 25% less time than they were a year ago.  The suburb had been coming

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It looks like the exodus out of the city, first catalyzed by the pandemic and then helped along by Bill De Blasio's commitment to allow criminals to overtake the city, is continuing at a blistering pace. 

Home sales in Greenwich had their strongest quarter in "more than a decade" as people looked to escape the city. Single family home purchases were up 70% in Q3 to 311 sales, the most in a 3 month period in records that date back to 2010, per Bloomberg

According to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate, the median price of the sales was up 18% to $2.13 million. 

Greenwich Home Sales Have Best Quarter

Discounts in Greenwich have averaged just 4.4%, the smallest in a decade - and properties are staying on the market for 25% less time than they were a year ago. 

The suburb had been coming off of a long stretch where home prices were faltering and sales were slowing. But the large estates that had fallen out of favor are now once again in demand. Buyers are once again placing premiums on luxuries like swimming pools and "enough land for socially distant gatherings", Bloomberg notes.

Brokerage manager David Haffenreffer said: “With bigger homes, you’ve got the opportunity to have extended family with you, but also more amenities on-site. You can spread out and live that quarantine life in a more-liberated way.”

The section of town called "Back Country", which features large properties on large lots, saw the biggest leap in prices. 

Greenwich Home Sales Have Best Quarter

Scott Durkin, president of Douglas Elliman said: “We couldn’t give Back Country away, it was too far away from downtown.” Now, he says the area has become the "most requested". 

And the trend shows no sign of slowing. As of September, there were 172 homes under contract, an almost 100% increase from the year prior. Haffenreffer concluded: “This could last a while. I don’t see what it is that could turn this on its head.”

Tyler Durden
Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit.

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