I’ve mentioned this a few times, but we get a lot of visitors looking for or considering starting a search for a home in Greenwich. Like the city from which it draws its economic lifeblood, real estate in Greenwich CT is a great investment for those who can afford it. This connection to New York City was as true during the economic downturn as it was before and is now.
Recent history of real estate in Greenwich, CT
With the start of the Great Recession, the market for real estate in Greenwich CT tanked. Houses sat on the market for months, even years, waiting to be sold. Several speculators moved into the homes they’d started before the recession to avoid bankruptcy. There were even a few photos in national magazines of mega-mansions in town abandoned with leaves blowing inside.
With much lower profits, bankers from Manhattan previously driving-up prices no longer had the bonuses to fund purchases. This left a lot of massive homes in Greenwich, CT sitting empty. While no part of America escaped the recession, Greenwich felt a level of paucity much of its citizens didn’t think was possible here. Restaurants and shops closed on Greenwich Avenue. Most surprising of all, money became a much more frequent topic to overhear while out around town.
Real Estate in Greenwich, CT Comes Roaring Back
But the resurgence of Wall Street brought a new influx of money to the market for real estate in Greenwich CT. Even today, prices for Greenwich mansions around town seem to rise around bonus time for bankers on Wall Street. Several investment banks have even moved to Greenwich or Stamford, bringing more white collar workers looking to settle in town.
In the same regard as the even hotter real estate market in New York, Greenwich real estate is also seen as a safe investment for the global elite, as well. Shortly after the lines formed outside Argentinean banks in the early 2000s, many wealthy Argentine families settled in Greenwich. Many other national groups from Russians to Brazilians to Chinese have chosen to settle in Greenwich recently at signs of trouble in their home country. Many choose our town for the chance to get their children into the high quality school system, a major factor for the higher on average cost of real estate in Old Greenwich, Connecticut.
The Competition for Real Estate in Greenwich CT
All this explains why the market is so busy. While the massive luxury homes do not sell as quickly as they used to, including the now famous Copper Beech Farm, the market remains hot for less-expensive homes. Before you open-up your checkbook, this means Greenwich homes in the million-dollar range. Thirty-something couples and families will continuously rent for years in town before snapping-up a home before someone else does. This pent-up demand means there is usually more than a few interested buyers. Bidding wars are no longer a rarity, and for Greenwich, Connecticut homes under a million even more so.
Unfortunately, real estate in Greenwich CT is not all rosy. Rising prices has driven some families with long histories out of town. The influx of new settlers has also led to more than a few beautiful historic homes being demolished in favor of something larger or gaudier.
But all in all, this humming real estate market serves to bring fresh blood into our community, and continues to create a more cosmopolitan town. Without such strong demand for real estate in Greenwich CT, we may not be able to enjoy all that draws new residents: the parks, the schools, the culture, the restaurants, or the people.
To learn more about real estate in Greenwich CT, come visit us at the Stanton House Inn, a Greenwich bed and breakfast. We can provide some guidance as locals, even make suggestions of great realtors in Connecticut. Many of the Greenwich real estate companies provide great advice and guidance on houses for rent in Connecticut, or properties in Greenwich that are for sale. Because sometimes it’s nice to read about mansions for sale and dream.
Photo Courtesy: greenwichseo.com