GREENWICH — Greenwich is hoping to see a rebound in conveyance taxes collected this fiscal year, reversing a downward trend in one indicator of the health of the real estate market.
After the first half of 2019-20, the town is slated to receive $2.7 million in conveyance taxes charged to property sales. If it matches that amount in the second half of the year, the town will see its first rise in three years.
In 2018-19 the town took in $4.9 million in conveyance taxes, down from $5.1 million in 17-18 and $5.2 million in 2016-17. That year was a slight uptick from $5,197,535 in 2015-16, but down from $5.9 million in 2014-15 and $6.1 million in 2013-14.
Top 10 Commercial Sales of 2019
200 Greenwich Avenue $67,000,000 8/2/19
1 Lafayette Place $57,500,000 10/17/19
99 Greenwich Avenue $30,000,000 7/24/19
0 Old Track Road $11,650,000 9/6/19
191 Mason Street $6,250,000 5/31/19
343 West Putnam Avenue $5,800,000 6/28/19
0 West Putnam Avenue $5,800,000 6/28/19
177 West Putnam Avenue $5,150,000 6/17/19
1100 East Putnam Avenue $4,673,000 9/20/19
339 Greenwich Avenue $4,350,000 1/4/19
110 Field Point Circle $48,000,000 2/25/19
215 Byram Shore Road $18,600,000 7/16/19
33 John Street $14,875,000 4/8/19
124 Old Mill Road $13,250,000 12/17/19
64 Oneida Drive $13,000,000 7/9/19
6 Smith Road $11,500,000 7/16/19
115 Field Point Circle $11,250,000 7/2/19
35 Close Road $11,180,000 2/20/19
12 Indian Drive $11,000,000 2/28/19
41 Binney Lane $10,135,000 9/13/19
The biggest sale of 2019 was the Aug. 2 selling of 200 Greenwich Avenue for $67 million. That property has both retail and office space and is anchored by two specialty stores affiliated with Saks Fifth Avenue. The sale easily outdistanced the second highest commercial sale of the year, which was $57.5 million for 1 Lafayette Place, and the highest residential sale of the year, $48 million for 110 Field Point Circle.
The Field Point Circle sale occurred in February. It was by far the biggest residential sale of 2019 in Greenwich. Second was $18 million for 215 Byram Shore Road. According to Zillow, the 110 Field Point Circle home covers 12,102 square feet and has seven bedrooms and 10 bathrooms.
The Byram Shore sale, which was done in July, was followed on the list of top home sales by $14.9 million for 33 John Street, which occurred in April, and $13.25 million for 124 Old Mill Road, which was a property that got a lot of attention last year. The former home of actor Mel Gibson, the 75- acre property had been the proposed site of a 28-condo development project.
That proposal met with forceful pushback from town residents and neighborhood associations who expressed concerns about the impact on traffic and on well water in the area. The project was brought before the town’s Inland Wetlands and Watercourses Agency but never proceeded to a formal decision before it was withdrawn and the property sold.
The rest of the top 10 included $13 million for 64 Oneida Drive, $11.5 million for 6 Smith Road, $11.25 million for 115 Field Point Circle, $11.2 million for 35 Close Road, $11 million for 12 Indian Drive and $10.1 million for 41 Binney Lane.
According to a Greenwich market report put out by Houlihan Lawrence, home prices dipped in 2019 because “value oriented buyers cautiously waited for market sensitive pricing before negotiating deals.” The firm found that buyers are seeking properties they can move into right away without any need for renovation work, which requires a modern aesthetic and color palette.
The firm found that while the market’s median prices rose modestly it was driven by markdowns in the higher price ranges which spurred some bidding wars.
“Overpricing a home dramatically bloats the selling timeline as one or more price reductions take time to attract buyers,” the report stated. “On average it took more than 230 days to sell a home in town last year.”
Houlihan Lawrence’s report found that while the number of homes sold in greater Greenwich was down 11.4 percent from 2018, the median sales price was up 5.4 percent. Breaking it down further, in Greenwich north of the Merritt Parkway there was rise of 37.8 percent in the number of homes sold while south of the Merritt was down 19.7 percent from the year before. South of the Post Road, the number of homes sold was down 8.8 percent but the median sales price rose by 43.7 percent.
A bright spot was Old Greenwich where the number of homes sold was up 12.6 percent and the median sales price was up 13.5 percent. There were declines though in Cos Cob and Riverside.
Mark Pruner, a town resident and Realtor at Berkshire Hathaway Home Services, has been a longtime observer of the local real estate market.
“While lots of people want to get into Greenwich for under $1 million, and we traditionally have a seller’s market, in 2019 we saw fewer sales, down 35 sales, and more inventory, up 21 listings at the year’s end, under $1 million,” Pruner said. “So while it’s still a seller’s market it was the weakest we have seen at that end of the market. So it’s a better time for buyers.”
On the higher end, Pruner said the market has been negatively affected by the reductions made to state and local tax deductions, more commonly known as SALT deductions, in 2018. The change limited the amount state and local taxes can be deducted from federal income taxes to $10,000, something that particularly hit residents in places like Greenwich.
As a result of this limit, Pruner said it has made higher-priced homes more expensive to own, which has resulted in price adjustments in places like Greenwich.
But Pruner noted the increase in Northern Greenwich and said it shows that people want to live in Greenwich and are willing to pay a lot to be able to do it.
On the commercial ledger, the Saks property was not the only high profile sale on Greenwich Avenue in 2019. On July 24, a $30 million sale was completed for 99 Greenwich Avenue, which has several businesses in it, most prominently a CVS. That sale was exceeded by the $57.5 million purchase of 1 Lafayette Place on Oct. 17. The property houses offices and a Wells Fargo bank location.
The major sales of 2019 showed a lot of activity at the high end of the commercial market. Tom Torelli, managing partner of Allied Property Group in town, said the major sale of 2018 was the $120,000,000 sale of Greenwich Office Park, but the top three sales of 2019 equaled $157,000,000 with the major properties on Greenwich Avenue and Lafayette Place.
“Greenwich Avenue, where three of the top 10 sales occurred, has established itself as a strong long term investment,” Torelli said. “Four years ago there was 23 vacant stores on Greenwich Avenue and only 10 exist at this time, which is a healthy vacancy rate. More importantly the stores that came in to occupy those prior vacancies represent some of the best retailers in the business. Peserico, Warby Parker, Athleta, Blue Mercury, LeLabo and Aritzia to name a few. This is significant as some of our surrounding markets such as Rye or Westport did not fare as well. They did not attract as many tenants and the quality of the tenants they did attract was not as impressive. So the recovery of retail on Greenwich Avenue was of higher quality and higher volume.”
Torelli also said 2019 showed a big increase in “serious inquiries” from investors from New York City. To him that indicates that “institutions and individuals see Greenwich as a compelling long-term real estate buy.”
The fourth highest sale of commercial property was $11.65 million for a parcel at 9 Old Track Road and the fifth was 191 Mason Street, which sold at $6.3 million on May 3. The Mason Street property houses Coldwell Banker Residential Brokerage and Greenwich Fine Properties.
Rounding out the largest commercial sales were $5.8 million paid apiece for 0 (a newly created lot) and 343 West Putnam Avenue on the Post Road, $5.2 million for 177 West Putnam Avenue, $4.7 for 1100 East Putnam Avenue, and $4.36 for 339 Greenwich Avenue, which is where Bistro V is located.
Pruner said it is too early to make predictions about what 2020 will look like.
“The short answer is nobody knows and we are strongly discouraged from making sales and price predictions,” Pruner said. “The economy, employment, interest rates and the stock market all bode well for housing but it is a topsy turvey world.”
kborsuk@greenwichtime.com
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The top real estate sales in Greenwich in 2019 - CT Insider
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