Greenwich has reached a new milestone in luxury home sales, surpassing a record set over two decades ago. As of the end of August, there have been 25 home sales above $10 million in the Connecticut town, according to data compiled by Compass agent Mark Pruner and reported by Bloomberg. Last year, Greenwich recorded 17 such sales.
This year’s volume is the highest since 1999 and could potentially double last year’s total if current trends continue. Pruner attributes this uptick to factors including the stock market and uncertainty around New York City’s upcoming mayoral election. Elevated mortgage rates, which have affected national home sales, appear to have little impact on buyers at this price point.
Pruner projects that trophy home sales in Greenwich could reach $597 million for the full year, well above the previous record of $314 million set two years ago.
The market has seen several significant transactions this year. Notably, a 27,000-square-foot manor sold for $43.5 million, while a smaller waterfront mansion is under contract after being listed for $43 million. Another property at 214 Clapboard Ridge Road sold last month for more than $43 million after originally listing at $55 million; it was purchased just 42 days after hitting the market.
Michele Tesei, an agent with Houlihan Lawrence in Greenwich, told Bloomberg that inherited wealth may be contributing to increased activity: “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
