BY MAGGIE GORDON
Hearst Connecticut Media
A new report released this month by Coldwell Banker finds Greenwich is one of the top 10 hottest markets for luxury homes in the nation, thanks to a healthy number of eight-figure sales.
During the 12 months ending in June, 14 homes closed for $10 million or more in town, according to the report, which ranked the town at No. 6 nationally for sales in that category, tied with Atherton, Calif.
“The more expensive sales are happening, and I believe that there is smart money out there, and they’re investing in Greenwich real estate, because they know it’s a good long-term investment,” said Cynthia De Riemer, a real estate agent with Coldwell Banker in Greenwich.
These ultra-high-end sales in town, like the record-breaking $120 million closing at Copper Beech Farm this spring, aren’t the only measure bringing Greenwich to the top of Coldwell Banker’s luxury list. Greenwich had the seventh-highest sales numbers for homes priced at $5 million or above during that time period, with 55 sales. New York City led both categories, with 205 sales at or above $5 million and 58 sales at or above $10 million.
In Greenwich, these high-end homes are selling much more quickly than in recent history. De Riemer said only four properties sold for more than $10 million in the first nine months of 2013; that figure surged to 15 homes in the same time period for 2014. Similarly, the number of $5-million-plus homes jumped to 47 from 34 one year to the next, and the median sale price across town climbed by $200,000.
“Even if you take out the $120 million sale, the numbers were up significantly from last year,” she said.
But while there have been many luxury homes selling over the past 18 months, there are still plenty left on the market. The town ranks third in the nation for listings in both price ranges, with 179 listings above $5 million and 51 above $10 million, according to Coldwell Banker. Most of those eight-figure homes are in back country; the 06831 ZIP code is home to 34 of them.
The makeup of who is buying these houses is changing dramatically, the report shows. Over the past several years, house hunters have been older, on average, than in years past. According to the National Association of Realtors, the median age of homebuyers in America is 42, and only one-third of homebuyers are younger than 35. But the Coldwell Banker report shows young buyers are more likely to dive into purchasing a luxury home than their older counterparts.
About 48 percent of the affluent individuals interviewed for the report said they plan to purchase a luxury home in the coming year; but the rate for wealthy Americans under the age of 35 is significantly higher, at 81 percent. They’re also likely to spend more on their home, with the average price of their last home ringing in at $7.8 million, compared with $2.7 million for wealthy buyers between the ages of 45 and 64 and $1 million for wealthy buyers over the age of 65.
This younger wave of buyers is happening in places like Old Greenwich and Riverside, where homes listed between $3 million and $5 million are being picked up by young families buying for the first time.
“I’ve met these young buyers and worked with them, and I’ve seen what they’re looking for,” said De Renier. “Some are coming for the public schools, but a lot of them just like the neighborhood aspect of Greenwich.”
Hearst Connecticut Media includes four daily newspapers: Connecticut Post, Greenwich Time, The Advocate (Stamford) and The News Times (Danbury.) See greenwichtime.com for more from this reporter.
