It’s only mid-September, but Greenwich has already seen a record volume of luxury home sales for the year.
There have been 25 home sales in the tony Connecticut town for more than $10 million as of the end of August, according to data compiled by Compass agent Mark Pruner and reported by Bloomberg.
For all of last year, there were 17 home sales at the same price threshold. The 25 sales this year are the most recorded for the market since 1999, and are on pace to double last year’s total.
Pruner cited the stock market and uncertainty surrounding New York City’s impending mayoral election for the “accelerating” activity in the market.
One of the biggest obstacles holding back home sales across the nation, elevated mortgage rates, does little to daunt buyers of high-end homes.
Pruner estimated there could be $597 million worth of trophy home sales in Greenwich for the full year. That would shatter the previous record of $314 million, which was set two years ago.
The market has seen sales this year that exceed $10 million by leaps and bounds. A 27,000-square-foot manor sold for $43.5 million, while a waterfront mansion that is less than half the size of that manor is in contract after asking $43 million.
The home at 214 Clapboard Ridge Road sold for more than $43 million last month after originally listing for $55 million. The buyers agreed to the purchase 42 days after the luxury home hit the market.
Michele Tesei, an agent with Houlihan Lawrence in the area, told Bloomberg inherited wealth appeared to also be playing a role in the market’s increased activity, with multiple couples under 40 visiting the listing at 214 Clapboard Ridge Road.
“When I’m dealing with a high-end luxury property, I always advise the seller not to expect a quick sale — they have to be prepared for the house to be on the market for 200 to 365 days,” said Tesei. “We’ve seen sales way quicker than that.”
— Holden Walter-Warner
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