Priciest Deals
The five most expensive sales in the quarter all came with a discount. The priciest, a nine-bedroom lakefront house on Oneida Drive with an adjacent vacant lot, closed at $19.3 million after an initial listing at $21.9 million.
On Hurlingham Drive, a seven-bedroom home on 13 acres (5.3 hectares) with a 3,000-bottle wine cellar, a tennis court that converts to a hockey rink and a globe-shaped observatory with retractable roof, sold for $8 million. It was first listed for sale in 2014 at $12.4 million.
Even with discounts, sales of expensive homes like that one contributed to a 12 percent increase in the Greenwich-wide median price to $1.87 million, Miller Samuel and Douglas Elliman said. It was the first year-over-year gain in six quarters. Still, prices remain 20 percent below the town’s peak in the second quarter of 2006, when the median was $2.33 million.
“That kind of market no longer exists,” said Jonathan Miller, president of Miller Samuel. “If it comes back, it’s not tomorrow.”
North of the Merritt Parkway, a section of town that includes oversized estates on winding, two-lane roads, there were 13 sales in the quarter, up from 11 a year earlier, according to Houlihan Lawrence. The median price of those deals fell 25 percent to $2.4 million.
In the Riverside section -- in the southern part of Greenwich, with a peninsula that juts into Long Island Sound -- the median sale price jumped 18 percent to $1.88 million, the brokerage said. There were 18 transactions in the first three months of the year, compared with 14 a year earlier.
This article was provided by Bloomberg News.