The Greenwich Home Blog
18 Dwight Lane is for sale as land with a renovated carriage house on 4.5 acres.
Expansive and private 4.5 acre property with open skyline views. Existing structures include a contemporary home that is ready for a renovation with a pool and pond views adjacent 6 car garage with a renovated 2 bedroom guest house with a full bath, kitchen and family room. Renderings for the renovation of the main house available or start new.
91 Brookside Drive Greenwich CT is for sale.
There is a lot of discussion about the current state of housing affordability for both first-time and move-up buyers, and much of the narrative is tarnished with a negative slant. However, the truth is that housing affordability is better today than at almost any time in our history.
The naysayers are correct in the fact that affordability today is not as good as it has been over the last several years. But, we must remember that home prices collapsed during the housing crash, and distressed properties (foreclosures and short sales) kept home values depressed for years. When we compare affordability to the decades that proceeded the crash, a different story is revealed.
Here is a graph of the National Association of Realtors’ Housing Affordability Index.The higher the graph, the more affordable homes are.
We can see that affordability is better today than in the fifteen years prior to the boom and bust.
CoreLogic just published a report showing the National Homebuyers’ “Typical Mortgage Payment.” Here is a graph of their findings:
It reveals that, though a ‘typical’ housing payment was less expensive in 2012 (remember distressed properties), it is currently less expensive than it was in 2000 and is still projected to be lower next year than it was in 2000.
Mark Fleming, Chief Economist at First American, explained it best:
“While borrowing power for the potential home buyer has fallen relative to the low point of 2012, it remains high today and will remain high next year, relative to the long run average. If you don’t want to rent anymore and are considering becoming a homeowner, even if mortgage rates rise next year, your borrowing power will remain strong by historic standards.”
10 Pilot Rock Lane Riverside CT 06878
Nick Churton of the Houlihan Lawrence London office has his head turned when visiting a very special home overlooking the Long Island Sound.
Property: 10 Pilot Rock Lane Riverside, CT 06878
Broker: Hounlihan Lawrence
Agent: John Bates
When one visits 10 Pilot Rock Lane in Riverside near Greenwich one could be forgiven for not immediately noticing the strikingly attractive house straight away. Instead one’s gaze strays automatically to the view. But that’s okay. Everyone does the same. It’s natural and only proves how important outlook and location are when choosing a home.
The astonishing view sweeps from local Todd’s Point the the east and across Long Island Sound. But glorious as these vistas undoubtedly are the eye is repeatedly drawn to the New York skyline. There, on the western horizon, is the Freedom Tower, the Empire State Building and the pencil-thin 432 Park Avenue. It is a view so iconic that it pulls the attention and serves as a reminder that one of the world’s most vibrant and powerful cities is not only within sight but is also within an hour’s commute by handy and frequent rail service – from breathless city to breathtaking home in the time it takes to read part of a book, take a nap, deal with emails, keep up with friends on social media or just think.
But now it is time to look away from the view and turn our attention to the house. Here is a modern classic, a home built not just to impress but to love and to last. Built in attractive Arts and Crafts style this beautiful home offers substantial but comfortable accommodation with delightful outside areas for relaxing and taking in the 180 degree views.
A short walk away is the family friendly Riverside Yacht Club, the Association quarter mile crescent beach for swimming and picnics, and cement floats for deep-water moorings.
This is a very stylish home in a world class position.
That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:
“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”
And this situation will be affected greatly by recent natural disasters. Yun continued by saying:
“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”
NAR, in their August 2017 Realtors® Confidence Index, indicated that:
“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”
The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps.
Hurricane Jose
Hurricane Preparedness & Recovery
HomeAdvisor’s 10 Essential Hurricane Preparedness Supplies
Being prepared ahead of a hurricane warning is the best way to protect yourself, your loved ones and your home.
HomeAdvisor’s Hurricane Safety Tips
Knowing what to do when a hurricane is expected in your area can mean the difference between life and death. And it can mean the difference between minimal and severe property damage as well. Here’s what you need to know.
Department of Homeland Security’s Guide to Hurricanes
This page explains what actions to take when you receive a hurricane watch or warning alert from the National Weather Service for your local area. It also provides tips on what to do before, during, and after a hurricane.
“National Home Prices Now 50% Above March 2011 Bottom”
91 Brookside Drive Greenwich CT 06830 Is For Sale. $2,850,000
The real estate market has come a long way since 2011, which is great news for homeowners!
Nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (defined as over 20%), according to the latest Equity Report. The challenge is that not every homeowner knows how much their home’s value has appreciated.
Homeowners in Denver, CO lead the way with 8.7% appreciation over the last year, while owners in Washington and Utah have experienced a 3% increase in values since the start of this year!
Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year.
Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,
“With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”
Do you know what your house is worth? Have you stayed put because you are nervous you won’t have enough equity to buy your dream home? Let’s get together to perform an equity analysis and give you the freedom to achieve your dreams.
#luxuryrealestate #greenwichrealestate #milliondollarlisting
