Sunday, May 21, 2006

Greenwich Real Estate Market Explained

A Corner of Greenwich, but Without the Prices

NY Times

Talk of Greenwich inevitably leads to the price of real estate. The average price of a single-family home here has surpassed $2.5 million. Downtown, now the province of hedge fund managers, commercial space rents at rates comparable to Midtown Manhattan. Upscale condominiums for "downsizers" are fetching $3 million or more.

Frequently left out of this discussion are the comparably nominal prices for property in the neighborhood of Byram, a densely populated, beak-shaped square mile bounded by Long Island Sound on one side and the Byram River on the other.

Originally developed in the 19th century for Italian, Slovak, Polish and German immigrants who worked the foundries and factories along the river, the community is often more closely linked with Port Chester, N.Y., its similarly postindustrial neighbor on the opposite shore.

"Years ago, there was kind of a conflict where people from Greenwich never wanted to be associated with Byram, and the people of Byram always said they lived in Byram," said Michael Bocchino, 34, a lifelong resident of Byram and chairman of its active neighborhood association. "People here felt slighted because the town put less money into Byram."

The Greenwich cachet may soon envelope this southwestern corner, however, as local developers move into one of the few areas of town yet to be gentrified. Most recently, the area received a nod from Antares Investment Partners, owner of the opulent Delamar Greenwich Harbor Hotel and other major properties, with the purchase of a large apartment complex in Byram for conversion into million-dollar condominiums.

The Byram riverfront is also poised for a transformation, as town planners and the neighborhood association complete a master plan for improvements that include a boardwalk and parks along the length of the river. A 20-unit town house community and marina has been approved for construction on two riverfront acres previously reserved for industrial uses on South Water Street. Called Greenwich Landing, the high-end development replaces a heating oil company.

"This is pretty much setting the tone for up and down the Byram River," said John Wahba, a Byram native who is developing the project with his brother James.

What You'll Find

Interstate 95 bisects Byram, effectively creating two very different areas, one containing some of the town's most expensive homes, and the other some of its most affordable.

Above the highway and away from the shoreline, the hilly terrain is covered with modest single- and multifamily homes set on small lots. The narrow, winding streets and closely set houses give this end of Byram a distinctive village feel, and residents regularly walk to the Byram Shubert Library, which serves as the community hub, and the small shopping district along Mill and Water Streets.

Below the highway, Byram Shore Road follows the shoreline. This avenue dates to the era of the great industrialists, and their grand "summer cottages," some hidden behind gates, are still interspersed among newer palatial properties.

"I find that people new to Greenwich, and those with new money, have trouble saying they live on Byram Shore Road; they say they live in Greenwich," said Kaye Lewis of Kaye Lewis & Associates, a real estate brokerage firm. "But there was an $18 million sale on that road last year. I mean, this is not for the faint of heart."

In the village area, residents tend to be fiercely loyal to their Byram roots, and old-timers abound. The large number of rental properties have attracted Hispanic immigrants, some of whom are buying multifamily homes to live in, and renting the other units themselves.

Young couples discouraged by the out-of-reach prices elsewhere in Greenwich are also giving Byram a second look. "This is the only area of town that we could afford," said Amy Repik, who bought a three-bedroom home in Byram with her husband, Josh, in December. The couple had previously rented in Greenwich, and spent two years shopping for houses as far up the shoreline as Norwalk. But Mr. Repik, a municipal employee and Greenwich native, was reluctant to leave his hometown.

They bought their 1929 colonial for "close to $600,000," said Mrs. Repik, who commutes to work at Gartner Inc., a market research company in Stamford. The tradeoff was a small yard, she noted, but not so small that they can't have a few friends over for a cookout. The planned revitalization of the riverfront also figured into their purchase. The town has allocated about $1.5 million for design and development of the parks and boardwalk. A second phase calls for the addition of trees, landscaping and benches in the commercial district.

"This side of town has been neglected until now, and this is going to bring the value up," Mrs. Repik said.

What You'll Pay

While the average price of a single-family home in other areas of Greenwich has shot up more than 30 percent in the last two years, "Byram is still under $1 million for a single-family home," said Roberta Jurik, an agent with Prudential Connecticut Realty.

Primarily colonials and Capes built in the early 1900's, these small homes start at around $600,000; multifamily homes start at around $800,000. Many have been improved upon over the years.

"You won't see many houses being torn down because they're over the current allowable floor-area ratio for the lot size, and you couldn't replace them with as big a house," said Paul J. Pugliese, president of the Greenwich Land Company, a real estate company, and chairman of the town's architectural review committee. The new condos will broaden the housing opportunities in Byram and add a little luxury, he said.

The town homes at Greenwich Landing will feature custom kitchen cabinetry and granite countertops, master bedroom suites, three-car garages and 20 boat slips. Priced at about $2 million, each unit will have three bedrooms and two-and-a-half baths. The setup is convenient for boaters, said Kathryn Clauss, an agent at Coldwell Banker Residential Brokerage. "It's a five-minute boat ride from there to the Sound, but you're in a safe harbor while your boat is docked in the river," she said.

Sales have just begun on the converted condominiums at Greenwich Place, formerly an apartment complex known as Putnam Green. Antares is renovating the exteriors of the buildings and upgrading the interiors with new kitchens, bathrooms, flooring and doors. Prices start at $600,000 for a studio and range as high as $2 million for a three-bedroom. Greenwich Fine Properties is handling the sales.

At Greenwich Shore, an apartment complex completed in 2004, all 55 units are rented, and turnover so far has been minimal, Ms. Lewis said. Situated on a ridge high enough to allow some units glimpses of the Long Island Sound, the apartments start at $1,975 a month for a one-bedroom. The largest unit, at roughly 2,400 square feet, rents for $5,100.

What to Do

Greenwich is known for its many parks and beaches, and one of its gems is the 30-acre Byram Shore Park. Located on the Long Island Sound, the park's many shady areas entice picnickers, while the beach boasts the only public swimming pool in town. Public boating facilities have slips for 300 small boats and 90 moorings for larger crafts.

The busy Byram Shubert Library offers special programs, from preschool story hours to Spanish-language forums on first-time home buying. The library is about to undergo a $3.8 million expansion that will double its size, providing space for more computers, a community room and separate areas for the children and teenagers who flock to the library after school.

Byram's commercial district, once pocked with vacancies, has begun to attract some architects, boutiques and salons. There are also banks, delis, a pet shop, an upholsterer, and a popular restaurant called That Little Italian.

Shopping opportunities have expanded considerably since the opening of a big-box retail complex with a movie theater just across the bridge in Port Chester. Dining options on the riverfront include Sam's Bar & Grille, which attracts young crowds in the evening, and the Black Bear Grille.

The Schools

The Greenwich school system, which rates among the state's highest-performing districts, is a major draw for families. Byram's New Lebanon School is the smallest of the town's 11 elementary schools, with about 240 students in kindergarten to Grade 5. About 40 percent of the student population is Hispanic. The average class size is 18 students.

Nearly 600 students in Grades 6 to 8 attend Western Middle School, also in Byram. About 70 percent of the school's students in eighth grade met the state goal on the Connecticut Mastery Test in reading and mathematics in the 2004-05 school year, compared with about 80 percent for the district as a whole.

Greenwich High School is one of the largest in Connecticut, but manages its size by dividing the roughly 2,780 students into four houses. The school has extensive programs in music, athletics and the visual arts. Average SAT scores for the class of 2005 were 563 for verbal, and 586 for mathematics. Statewide averages were 508 for verbal and 520 for math. Eighty-eight percent of graduates went on to higher education.

The Commute

Byram is the section of Greenwich closest to Manhattan. The 30-mile commute by car can take as little as 45 minutes on I-95, or twice that, depending on the time of day.

The Port Chester train station is closest. Metro-North Railroad trains to Midtown take about 40 minutes. The one-way peak fare is $14; a monthly pass is $197.

The History

Known by several names since Colonial times, Byram acquired its present name only in 1947. Just before that, the area was known as East Port Chester, which makes sense given the community's economic reliance on the foundries and other industries that rose on both sides of the river during the 19th century. One of the well-known industries was a granite quarry, which eventually became what is now Byram Shore Park.

What We Like

This is a truly walkable community with the feel of an old New England fishing village.

Looking Ahead

Redevelopment on the Port Chester riverfront is aggravating cut-through traffic, which empties into Byram residential areas off the I-95 exit ramp. "The trucks rumbling down Mill Street are the biggest issue," Mr. Pugliese said.

Greenwich Real Estate, Greenwich Homes, Houses And Properties For Sale.

Search Greenwich Real Estate Info At InsideGreenwichRealEstate.com And The Pages We Link To

Inside Greenwich Real Estate's Industry Blogs And RSS Feeds

Greenwich Real Estate Site Map - Featuring Greenwich Connecticut Real Estate And Luxury Properties

Market Trends for Greenwich Real Estate - Greenwich, CT Real Estate And Greenwich Homes for Sale

Listing price – Greenwich

Greenwich Real Estate - Buying A Home - Find Homes In Greenwich At InsideGreenwichRealEstate.com

BUYING A HOME:


1. Making the Decision to Buy:
The decision to purchase a home is often driven by the need for more space, the need to move to a new location or simply the desire to change one's life style. If you are unfamiliar with the area to which you are moving, the REALTOR you choose must make an effort to introduce you to the characteristics of the community and help you decide if this is a good match for your needs. Within any community there are variations by neighborhood, and these should become clear to you as you are shown properties in the community. By giving your REALTOR feedback, you can make the search process more efficient. If your REALTOR learns that you do not want to buy in a particular neighborhood, he or she will not show you properties there and will concentrate instead on those areas which interest you.


2. Selection of a REALTOR:
The selection of a REALTOR in a community such as Greenwich is made easier by the presence of the Greenwich Multiple Listing Service. Almost every real estate agent in the community is a member of the Greenwich MLS, which gives each REALTOR access to every property listed by every office in the membership. Therefore, it is not necessary to seek the services of more than one REALTOR.

In your selection of a REALTOR, you should look for someone with whom you are compatible. When you initially meet with a REALTOR, whether this is someone to whom you have been referred or someone you have randomly chosen, you will be asked to sign a buyer authorization form. Required by state law in order for the REALTOR to show you properties, provide you with information, and negotiate on your behalf, this agreement will state the time frame during which the agreement is in effect, the kind of property it covers, and the area of Connecticut in which it is effective. If you are uncomfortable making a commitment to a REALTOR, ask that the time frame be limited to a day, a week, a month or any time frame which you feel you need to determine whether you would like to work with this person. When you ascertain that the relationship is compatible, you can sign an extension of the time frame.

Since every REALTOR has access to the same properties through the Greenwich Multiple Listing Service, there is no need to use the services of more than one REALTOR concurrently. In fact, doing so can cause confusion to you and your REALTOR. Be sure that you have specifically described what you are looking for in a property and ask your REALTOR to introduce you to properties which most closely meet your criteria. Give feedback on properties that you are shown, so that your REALTOR can continue to refine the picture of what you need. If your criteria changes, communicate this to your REALTOR. For example, if you decide that a particular style of house does not fit your needs, let your REALTOR know so that houses of that style are no longer shown to you.

It is a REALTOR's responsibility to inform you of any material facts about a property which he or she knows. These facts would be things such a condition of roof, presence of wetlands on a property, a known change to a road which will impact the property, etc. It does not include information about the seller's reason for selling, who the neighbors are, etc. Your REALTOR may not know everything about the property's condition; that is why you will have a building inspection done before signing the contract to purchase.

When you have developed interest in a particular property, your REALTOR will be able to provide information about comparable sales in the area to help you determine value. Your REALTOR can arrange for you to visit the local schools, obtain information about programs available in the area and help you select the appropriate property.


3. Mortgage Pre-Approval:
You will contact a mortgage company or banking institution to understand what purchase price might be correct for you. Further understanding of your financial situation will allow the lender to issue you a "Pre-Approval" letter which stipulates that you have been approved for a mortgage up to a specific dollar value. This is a valuable asset for you during the negotiation process. If you are not familiar with the names of lenders in Greenwich, your REALTOR will be able to provide you with that information.


4. Finding the Right Property:
The search for your new home is truly a joint effort between you and your REALTOR. Be as open with your REALTOR as possible about your likes and dislikes. It is very important to tell your REALTOR what you like about each house you visit so he/she will begin to understand what you are looking for in the home you wish to buy. Between your input and your REALTOR's professional skills, the search will narrow until you ultimately find the "right" property for you.


5. Making an Offer to Purchase:
Once you have focused on one or two properties, your REALTOR will be able to provide you with market data on recently sold properties. This information will help both you and your REALTOR formulate your offer. Working with your REALTOR, you will be able to determine where you would initially like to start with your offer price. You should then develop a set of strategies, each dependent upon how the seller responds to your offer, so you do not end up "reacting" to any counter offer made by the seller.
The offer may include, but is not limited to the following:
  1. The Opening Offer Price that you are willing to pay.
  2. Financial Contingency requirements, amount of your mortgage and date by which you will receive a written commitment.
  3. The Closing Date upon which you will take ownership of the property.
  4. Inspection Contingencies (building, radon, lead paint, termite, well, septic, survey, etc.) usually termed "all physical inspections".
  5. Other Contingencies, if any, that are to be identified and included in a Contract of Sale along with dates if appropriate.
  6. Identification of the Inclusion and/or Exclusion of any "personal property" (washer/dryer, etc.).
  7. The date you will sign the contract and give 10% of the purchase price as earnest money.

This complete offer is then presented by your REALTOR to the Listing Agent for the property. The seller may respond in any one of the following manners:
  1. The seller may totally reject your offer without giving any counter offer.
  2. The seller may counter your offer with one of their own.
  3. The seller may accept your offer as it was presented.

Once a verbal agreement has been reached, a written "Offer to Purchase" is prepared by your REALTOR outlining the terms agreed to by you and the seller. This document is then transmitted to the Listing Broker and the attorneys of record.


6. Finalizing your Financing:
After an offer has been accepted by the seller the lending institution you have chosen will require an appraisal on the property to be mortgaged. The institution will send one or sometimes two appraisers to do a thorough inspection of the property to determine whether the property will qualify for the desired mortgage. Once the institution agrees to finance a particular property, they will issue a commitment letter whereby they agree to provide a certain dollar mortgage at a specific rate for a specific time and the buyer is assured the financing is in place.


7. Utilities and other details:
Your REALTOR will remind you about two weeks prior to closing that the appropriate utilities and services need to be notified in order to transfer the accounts to your name. These include, electric, gas, oil, propane, telephone and refuse. They may also include pool services, yard maintenance and more. During the same period the seller will be contacting the same providers to discontinue the same services. This transition needs to go smoothly to protect you from having to pay a "connection or hook up fee" because the service was completely terminated. Your REALTOR can help you with this, but the companies now require the new homeowner to initiate requests for service.


8. The Contract:
The seller will instruct their attorney to draw the Contract of Sale to include the terms agreed upon. Your agent will ensure that, at the same time, your attorney receives the necessary information so that he/she can begin their work and be prepared to receive and review the contract. Your attorney will review the contract from your perspective and insure that your interests are protected (such as including stipulations for delays, searching of Title, type of Title to be conveyed, cleanliness of the premises at the time of closing, etc.) The timing of this, dependent upon the complexity of the terms, should all take between five to ten days from accepted offer to signed contracts. You will normally be expected to submit an escrow check in the amount of 10% of the total purchase price (made out to the seller's attorney) with the signed contract.


9. Closing Day:
On the day of your closing, you and your REALTOR need to perform one last walk through of the premises. Together you will look to insure the property is in the condition is was when you signed the Contract of Sale. You will verify that the items to be included are present. You want to make sure the house and grounds are as specified within the contract and most important that there are no defects visible now which were previously hidden.

You (or in your absence, you power-of-attorney) will attend the closing - primarily to sign appropriate documents and deliver checks for appropriate amounts. If your situation dictates, you may actually meet with your lender immediately prior to the time of the closing to sign your mortgage papers. Between your REALTOR, your attorney and your lender you will be advised ahead of time of all the costs and fees associated with your closing.


10. Typical Home Purchase Costs:
  1. Points or loan origination fee.
  2. Adjustment of interest on loan from date of closing.
  3. Title Insurance (one-time fee required by banks).
  4. Credit check.
  5. Bank appraisal.
  6. Attorney's fee.
  7. Survey fee: If the property has not been surveyed, the lender to Title Insurance company may require a registered survey or plot plan showing the location of the dwelling(s) and the boundaries of the property, as well as easements and rights of way.
  8. Recording Fees: The buyer usually pays the fee for legally recording the new deed and mortgage.
  9. Homeowners Insurance: Proof of a current policy is necessary at closing. Adjustment costs paid to the seller at closing (where applicable)
    1. Buyer's share of pre-paid property taxes.
    2. Heating oil or gas remaining in tank(s).
    3. Association dues.
    4. Sewer service charge.
  10. Inspections made of the property (normally incurred prior to closing) which may have been performed at the request of the buyer, pest, structural, radon, lead based paint, well, septic, etc.
  11. Private Mortgage Insurance (PMI) if financing more than 80%. Tax escrow, if necessary.

Greenwich Real Estate - Selling A Home - Greenwich Homes For Sale At Inside GreenwichRealEstate.Com

SELLING A HOME:


1. Selecting a REALTOR:
Choosing a REALTOR is the first step in the home selling process. The selection of a REALTOR in a community like Greenwich is made easier by the presence of the Greenwich Multiple Listing Service. Almost every real estate agent in the community is a member of the Greenwich MLS, giving each REALTOR access to all properties listed in the MLS. You could start the search by asking your friends or your attorney to recommend a good candidate for you. Although a Real Estate company's reputation is important, your relationship will be with the Agent himself/herself. The REALTOR you choose should be a full time agent with broad experience and total knowledge of the market.



2. Preparing Your Home for Sale:
Everything in your home needs to be looked at through the "eyes" of the buyer. Your REALTOR should be able to help you with this. They will suggest things to be done to the property to ensure the highest price, such as painting (interior and exterior), removing valuable objects and "decluttering", having the windows washed, gutters cleaned and making other minor repairs that may be necessary. You should expect your Agent to be very frank with you about what your home may need to facilitate a timely sale.


3. Documents and Marketing Program:
Once you select a REALTOR you will be requested to sign a listing contract, a Greenwich MLS data input form, a State of Connecticut "Residential Property Condition Disclosure Form", and a U.S. Environmental Protection Agency Disclosure Form regarding lead based paint hazards (for properties built prior to 1978). Your Agent will review these documents with you, and if you care to seek legal advice, then do so before signing. Selling your house is disruptive and can be intrusive into your every day life, but your agent will work hard to minimize this.


4. Broker Open House:
The listing REALTOR of your property will schedule an Open House for the other REALTORS who are members of the Greenwich MLS so they may preview it. This helps REALTORS determine which of their customers might be interested in viewing your house. The Open House schedule in Greenwich is specific to certain times and sections of town allowing REALTORS to see as many Open Houses as possible in the given time frame. At the Open House the listing REALTOR will provide information, such as the listing itself and plot plans, and is available to answer questions about the properties.


5. Showing the Property:
The REALTOR will acquaint you with the various means by which a property can be shown. First, there is the installation of a keybox. This method allows the greatest access, because the only scheduling required is for the REALTOR showing the property to confirm with the homeowner that it is convenient to bring a prospective buyer over for a showing.

Somewhat more restrictive is the method by which the listing REALTOR alerts MLS members that a key to the property will be held at the listing office and a confirmed appointment would need to be made through the office.

The most restrictive method of showing is to require the listing REALTOR be present at the showing. This requires more scheduling between the homeowner, the listing REALTOR and the REALTOR who wishes to show the property to a client.


6. Considering an Offer:
When someone is interested in your property they will make an offer to purchase through their REALTOR. Your REALTOR will take you through this process. Some terms which may be included in the buyer's offer are:
  1. The offer price the buyer is willing to pay.
  2. The mortgage contingency requirements, amount of mortgage they are seeking and the date by which they will receive a written commitment removing the contingency.
  3. The closing date upon which Title and ownership of the property will be transferred to the buyer.
  4. A list of the inspection contingencies and when they will be lifted.
  5. Other contingencies (i.e. sale of home, etc.)
  6. Inclusions and/or exclusions of any "personal property" which may be a condition of the purchase.
  7. The date by which the contract will be signed and the buyer will provide 10% of the purchase price.
Once you and the buyer reach an agreement of the "terms and conditions" for the purchase, an "Offer to Purchase" is prepared by your REALTOR outlining the agreed upon terms. This document is then transmitted to the attorneys for buyer and seller.


7. The Contract Process:
The seller is responsible for having the attorney draw the Contract for Sale which will include the agreed terms and conditions. The buyer will normally be expected to submit an escrow check (made out to your attorney) with the signed contract, usually in the amount of ten percent of the total purchase price. The contract is typically a Greenwich Bar Association contract which will contain every detail and a schedule of inclusions and exclusions as agreed upon by both parties. The Seller Disclosure Form is also delivered as part of this package. After the buyers have signed the contract, it is returned to your attorney with the escrow check. Your attorney will then go over the contract with you and you will sign it.


8. Before Closing Day:
Near to the date of your closing the buyer's REALTOR and the buyer need to perform one last walk-through of the premises. Together they will ascertain that the property is in the condition it was when the Contract of Sale was signed. They will verify the items which were to be included are present. They will determine whether there are any defects visible now which were previously hidden. If any of these are found, you may need to be prepared to adjust for these costs at closing.


9. Closing Day:
You (or in your absence, your power-of-attorney) will attend the closing - primarily to sign appropriate documents and deliver checks for appropriate amounts. Between your REALTOR and your attorney you will be advised of all the costs and fees associated with your closing.


10. Costs Associated with Selling a Home:
Attorney's fee:
  1. Town of Greenwich Conveyance Tax ($2.50 per $1,000 of Sale Price). State of Connecticut Conveyance Tax ($5.00 per thousand up to $800,000 and $10.00 per thousand of $800,00).
  2. Survey Fee: If the property has not be surveyed, the Lender or Title Insurance Company may require a registered survey or plot plan showing the location of the dwelling(s) and the boundaries of the property, as well as easements and rights of way. This might fall on the seller's shoulders.
  3. Adjustment costs paid to the seller at closing (where applicable):
    1. Buyer's share of pre-paid property taxes.
    2. Heating Oil or Gas remaining in tank(s).
    3. Association Dues.
    4. Sewer Service Charge.