Sarah Stone was a top-producing broker for Douglas Elliman in Manhattan for 10 years before moving to the ”™burbs to specialize in luxe homes in Westchester and Fairfield counties for the firm. Having lived ”“ and raised two children ”“ in Bedford and Greenwich helps, as does her eye for design and staging a home.
That eye and experience have led to millions of dollars”™ worth of sales in Greenwich, Weston, Westport and beyond.
Stone grew up in Connecticut, attending the Loomis Chaffee School in Windsor. She graduated from Tulane University.
“I had started my real estate career as a way to subsidize my career in acting/modeling but found I quite enjoyed it and had a knack for the industry,” she said. “I decided it was my true calling. I particularly loved the prewar buildings in Manhattan. Some of my favorite buildings are the Alwyn Court and the Dakota, where I was lucky enough to sell a co-op and remember admiring John Lennon”™s gold records on the wall of Yoko Ono”™s first floor office.”
A former nationally ranked tennis player, Stone spends her free time playing tennis and pickleball in Greenwich’s parks and clubs. She is also often spotted driving around town in her vintage”¯Mercedes convertible. Recently, Westfair asked her to weigh in on the real estate market in our region:
You”™ve had all kinds of success in Manhattan and Fairfield and Westchester counties. What is the current state of real estate in these areas?
“The real estate market here in Greenwich and Westchester County continues to be very much a sellers”™ market”¦.Would-be buyers are hoping for a bump in the inventory that just isn”™t happening. In Fairfield County, prices are up 20% over this time last year, as we continue to have a shortage of inventory, down 15% to 20% from numbers last year. The median sale price for a home in Greenwich is $1,849,000, up from $1,555,000 this time last year. The average sale price is $2,782,071, up from $2,259,112 this time last year.
“This trend is further bolstered by a decrease in the amount of time spent on the market. In 2022, homes were taking an average of 96 days to sell. That number has decreased to 71 days, down 26%, while the average length is just 27 days, which is a 44% decrease from 2022 numbers.
“In Westchester, prices are up from an average $1,258,00 to $1,320,000 from this time last year and the number of listings is down 26% from this time last year. Perhaps the most jaw-dropping statistic, however, is days on market, which has dropped from 51 to just 12 ”“ a 74% decrease.
“We find ourselves caught in a conundrum that was the impetus for many sales last year, which was, ”˜Let”™s cash out while the market is high”™ ”“ which many people did for various reasons, downsizing or moving to a less affluent area being among them, and the economic environment was perfect to facilitate those moves. Unfortunately, as the mortgage rates continue to creep up, those would-be sellers are not necessarily going to cash in their chips, especially when they are enjoying a nice low interest rate that wouldn”™t be available to them now.”
What trends should we be aware of?
“It”™s never been easier to earn income from owning a home than it is now with the ease of digital platforms like Airbnb and Vrbo. This is a great way to earn some of that hard earned cash back on your investment. If you live in a coastal community like Greenwich, renting your home out for the summer can fetch a pretty penny. I just did a summer rental from June to November for $300,000. A few of those will ease the burn for those of us who have bought post-pandemic and feel that familiar thought swirling, ”˜If I”™d only bought in 2019.”™”¯
“If you had the foresight to buy multiple homes with the intention of renting them out, then pat yourselves on the back, because rental prices have never been higher either. So owning two or three homes in this market will net you a very large sum.”¯ And it is somewhat soothing to look at the real estate market historically and realize we”™re only now just coming back to 2006 prices. As much as you feel like you”™re overpaying now it”™s dollars to doughnuts compared to that bubble.”
How should homeowners stage and landscape their houses to give them curb appeal?
“Homeowners, here is the secret to maximizing your profit when you put your home on the market: You are not just selling a house; you are selling a lifestyle, a vision, a brand. Ask yourselves, what type of person wants to live here? If you live in backcountry Greenwich and enjoy a horse farm and lots of acreage, or if you are closer to the water and feel more beach-house vibes, then make your home just that, full-tilt. Use magazines like Architectural Digest (AD) or Elle Decor or go on Pinterest for design inspiration.
“Declutter your home and clean it until it sparkles. Have a designer friend or a stager come help you move around your layout, or tell you pieces that you”™re missing.”¯
Make sure your house is freshly painted ”“ white is statistically your best choice for maximum sale prices ”“ and your lawn landscaped, plush and velvety. You want the home buyer to leave having ”˜experienced”™ your home, not just seen it.”
What should home builders consider?
“We’ve seen a fair amount of new builds over the past few years. Builders have quickly picked up on the trend of ”˜modern farmhouse,”™ which features a typical farmhouse feel ”“ wide open spaces, lofts, high ceilings and lots of family lounging areas. Maybe you”™ve noticed the vertical clapboard homes with the black-paned windows. I count at least three of them on my drive to my office each day.”
When is the right time to downsize and how should you do it?
“The optimal time to downsize is when your children have grown and left the home. Depending on the market you”™re in, this can be easier said than done. Because we”™re in a sellers”™ market, it will take you longer to find the next home, a smaller, more modest home with fewer bedrooms typically. For that reason, I would find the home you want first, as that may take some time, then list your current home for sale.””¯”¯
For those moving to the area, what are your go-to spots?
“When I”™m not helping people buy and sell homes, you can rest assured I”™m out there enjoying all the features of my beautiful town of Greenwich. After all, it”™s nice to remind yourself what all the fuss is about when you”™re paying these prices, and it takes all of one trip to Tod’s Point with my kids for that feeling to come to fruition for me. There are very few towns that can boast such a gorgeous spot for all of the town to enjoy, especially now with the updated and fabulous concession stand.
Tod”™s Point is much more than just the beach; it”™s a stunning walk along the coastline with views all the way to Long Island and the New York City”¯skyline. You can learn to sail, park your boat, go for a run, sunbathe, swim or have a barbecue. It”™s truly one of our town’s gems.
“I also love Bruce Park, which is closer to town. You can spot me there playing tennis or walking my dog a few times a week. And if I don”™t see you there, I”™ll see you in line at Gofer Ice Cream, a beloved Greenwich institution and the place to be during the summertime. My daughter would go every night if I allowed it.
“I also love to pack a picnic and take the ferry to Island Beach. If you are a resident with a park pass, the 17-minute ride is less than $10 and parking is free in the”¯train station lot, seconds from Greenwich Avenue. This is another perk of being a resident. It”™s like taking a one-day vacation, enjoying a boat ride, going to the beach all day and hanging out with your friends. What could be better?
“My favorite restaurant in town is L”™escale”¦.There simply is no better place to sit, relax and enjoy the waterside dining and the view as you sip your Negroni. If you can’t get a reservation there, hop around the many restaurants with varied cuisine and also great shops on Greenwich Ave… or take a fitness class there.
“The best coffee in town? Granola Bar. Go try its Nutella latte and tell me that”™s not the best little pick-me-up you could ask for. As for the Fourth of July fireworks, better start buttering up those Old Greenwich friends that live near the water, because the show they put on at Tod”™s Point is spectacular. But you can beat the traffic watching from the private beach at Lucas Point, just before the main beach entrance.””¯
You began your career a long way from Tod”™s Point.
“I started my real estate career more than 20 years ago in Manhattan, working at the 575 Madison Ave. office of Douglas Elliman. After working for some heavy hitters and understanding how the best in the business succeed, I won ”˜Rookie of the Year”™ my first year on my own. I’m licensed in Connecticut and New York state, which is convenient for the many buyers looking in both areas of Fairfield and Westchester Counties… So buyers can cover two states with one ”˜Stone.”™”
For more on Sarah Stone, click here. https://www.elliman.com/connecticut/associate/593-a-df20052116115265864/sarah-stone
