BY BRITTANY LYTE
Hearst Connecticut Media
Greenwich home sales slowed in the second quarter, but those homes that did close went for more money compared with the same period a year ago, according to Houlihan Lawrence”™s latest Greenwich housing market report.
Luxury market sales in the $3 million to $6 million market grew 90 percent in year-over-year quarterly sales, the report shows. Overall sales were down, however, largely due to the decrease in number of homes available in the under-$2 million price range.
Contributing to the trend in higher-priced home sales was the $120 million sale of Copper Beech Farm, a 51-acre property and mansion on the Greenwich waterfront, once home to the Lauder-Greenway family. Copper Beech was the big kahuna ”” but there were other large fish. Seven other sales closed above the $10 million mark so far this year, up from just one at this time in 2013, according to the report.
Five of these $10 million-and-up homes are located north of the Merritt Parkway, where there”™s more new construction.
Houlihan Lawrence executives said in a news release while these top-dollar sales somewhat skew the housing market statistic, they illustrate a new wave of confidence among high-end homebuyers, as well as the wide scope of magnificent properties available in Greenwich.
“Greenwich continues to attract discerning buyers from all over the world, confident that their investment here is a safe one,” the report states.
South of the parkway, home sales remain flat, according to the report. Sales under $2 million dropped by 32 percent in the second quarter due to lack of inventory. But sales in the $2 million to $4 million range jumped by 84 percent, pushing the median sale price up 56 percent.
The report shows limited inventory is restraining sales in Cos Cob, Riverside, and, to a lesser degree, Old Greenwich.
“Looking ahead, we closed Q2 with pending sales up 15 percent from a year ago,” the report states. “As these sales close in Q3, Greenwich will begin to close the gap versus 2013 in homes sold while the trend toward higher prices will continue.
“Greenwich continues to attract discerning buyers from all over the world, confident that their investment here is a safe one.”
Hearst Connecticut Media includes four daily newspapers: Connecticut Post, Greenwich Time, The Advocate (Stamford) and The News Times (Danbury.) See ctpost.com for more from this reporter.
