Flooding, Page 11

By Mark Pruner

August 2021 is the inflection point when the fuel that drives the market, listings was finally choked off. At the beginning of the week, we hit an alltime low of 259 single family homes on the market. In the first couple of days of September, the beginning of the fall market, we have not gotten a burst of new listings, hopefully that will come next week when we get back to a 5 business day week.

The concern is that most people who wanted to sell have done so, but never underestimate supply and demand. The demand is definitely there, it’s driving up prices which should elicit more supply. It’s just we had over 1,100 sales in the 12 months from July 2020 to June 2021. July 2021 was the all-time sales month with 143 sales, while we “dropped” back to 96 sales in August 2021, still 43% above her 10 year average.

So here are 10 bullet points about what is going on in our market comparing pre-Covid 2019 to a Covid and WOOFH (Work Often or Occasionally From Home) driven market.

OVERALL

1. Inventory is way down from 585 listings at the beginning of September 2019 to 267 listing in 2021 or a drop of 54% 2. Solds are up over 100% from 393 in 2019 to 752 in 2021 3. As a result, months of supply have fallen off a cliff from 13 months of supply in 2019 to less than 3 months of supply in 2021

4. Total Sales volume is up by $1.37 billion in town of 63,000 people 5. Days on market have gone from an average of 235 DOM to 129 DOM or a drop of 45%

NEIGHBORHOODS

6. Old Greenwich has had 117 sales in 2021 vs 55 sales by August 2019, an increase of 89% 7.Cos Cob (157%), Glenville (129%), South of the Parkway (122%), Pemberwick (120%), Riverside (105%), South of the Post Road (103%) and North of the Parkway (100%) have all seen sales double or more from 2019 to 2020

8. South of the Parkway (down to the Post Road) saw sales volume go from $295 million to $836 million an increase of 184% 9. Riverside saw the average sold price per s.f. increase by 23% in 2 years from $540/s.f. to $666/s.f. in 2021 10. Cos Cob saw the average sales price to assessment ratio increase by 19% from August 2019 to August 2021

It’s been amazing, if we get more listings, it will continue to be that way.

Mark Pruner is a Realtor in Greenwich, CT. He can be reached mark@bhhsne.com or 203-969-7900.

FLOOD DAMAGE From Page 11

suffered damage. "They have a little wagon too. They were bringing down drinks and stuff for everybody," said Slater.

He is waiting now for an electrician to come and make repairs. Although he has power, the electrician told him to "turn everything off that he does not need." Slater says he was told, "Don't mess around or everything could blow but I think we'll be alright. There is no water in the panels, thank God."

Renee Wallace from the Department of Public Works (DPW) said, "this was a unique event that brought eight inches of rain in nine hours. Over four inches of rain fell in just one hour, which caused significant flash flooding."

She went on to explain that in preparation for the storm, the DPW ensured storm water structures were clear and free of debris, so that the storm water structures could best handle the increased water flow prior, during and after the storm. Also, that DPW staff began working at 10pm the night of the storm and crews have been out this week cleaning up. However, due to saturated conditions from this storm, residents should remain extra cautious. Wallace said neighbors helping neighbors in Greenwich is the best way to help. "We have found that Greenwich residents support each other and work together during these trying times. We ask for the public to be both patient with each other and crews working at areas in town impacted by flooding."

The Red Cross is helping support Greenwich families across Pemberwick, Cos Cob and other Greenwich areas. These areas have received visits since Friday from volunteers with the American Red Cross, offering cleaning supplies and support.

“We start with offering a clean up kit with supplies and then connect families with our trained and caring health and emotional support volunteers. Sometimes having someone to just listen to them changes their outlook for the day, and we have received many kind words of thanks and gratitude,” Dunn Ashley added.

Volunteers set off on daily routes in town, both delivering supplies and gathering information as part of their damage assessment process.

To help people affected by these emergencies, visit redcross.org, call 1-800-RED CROSS, or text the word RED CROSS to 90999 to make a donation. Residents can also make a significant impact as a Red Cross volunteer.

Margaret Tjimos Goldberg, Executive Director of Neighbor to Neighbor (N2N) urges residents who need assistance with food or personal care items to reach out. She said, "Anyone in need of food assistance or personal care items should reach out to Neighbor. We are here to help!"

Call or email N2N at (203) 622-9208 ext. 11; email: mtgoldberg@ntngreenwich. org.

Goldberg wants people to know that if they lost their transportation, N2N partner, TAG, is making deliveries throughout town.

REAL ESTATE DASHBOARD EDITOR Mark Pruner | Mark@GreenwichStreets.com | mark@bhhsne.com REAL ESTATE DASHBOARD CONTRIBUTORS Robert Pulitano | RobertPulitano@bhhsne.com Cesar Rabillino | CesarRabellino@bhhsne.com Pam Toner | PamToner@bhhsne.com

FEATURED OPEN HOUSES

Data Compiled by Rob Pulitano [203] 561-8092

Address

Area Price Day/Time Broker 40 W Elm Street #6D Greenwich $14,000 Sun 1-3 PM Berkshire Hathaway 66 Binney Lane Old Greenwich $16,500 Sun 1-3 PM Houlihan Lawrence 37 Almira Drive Greenwich $699,000 Sun 12:30-3 PM Coldwell Banker Realty 53 Dagmar Road Stamford $725,000 Sat 2-4 PM Berkshire Hathaway 53 Dagmar Road Stamford $725,000 Sun 2-4 PM Berkshire Hathaway 29 Cary Road Riverside $990,000 Sat 1-3 PM New England Land 8 Butler Street Cos Cob $1,195,000 Sat 1-3 PM Coldwell Banker Realty 8 Butler Street Cos Cob $1,195,000 Sun 12-3 PM Coldwell Banker Realty 1044 North Street Greenwich $1,225,000 Sun 1-3 PM Houlihan Lawrence 33 Mary Lane Riverside $1,295,000 Sun 1-4 PM Berkshire Hathaway 282 Bruce Park Ave #1 Greenwich $1,375,000 Sun 1-3 PM Coldwell Banker Realty 47 Cognewaugh Road Cos Cob $1,395,000 Sun 11-1 PM Nest Seekers 25 Stanwich Road Greenwich $1,499,000 Sun 2-4 PM Berkshire Hathaway 12 Thistle Lane Greenwich $1,528,000 Sat 1-3 PM Douglas Elliman 36 Mianus View Terrace Cos Cob $1,575,000 Sun 2-4 PM Berkshire Hathaway 10 Rockland Place Old Greenwich $1,575,000 Sun 1-3 PM Coldwell Banker Realty 316 Valley Road Cos Cob $1,635,000 Sun 1-3 PM William Raveis 297 Cognewaugh Road Cos Cob $2,495,000 Sun 1-3 PM William Raveis 40 W Elm Street #6D Greenwich $2,750,000 Sun 1-3 PM Berkshire Hathaway 1 North Street Greenwich $3,095,000 Sun 1-3 PM Berkshire Hathaway 282 Round Hill Road Greenwich $3,399,000 Sun 1-3 PM Sotheby's 29 Stanwich Road Greenwich $3,795,000 Sun 1-3 PM Houlihan Lawrence 138 Havemeyer Place Greenwich $3,900,000 Sun 2-4 PM Sotheby's 66 Binney Lane Old Greenwich $4,395,000 Sun 1-3 PM Houlihan Lawrence 311 Shore Road Greenwich $5,250,000 Sun 1-3 PM Sotheby's 49 Fox Run Lane Greenwich $6,350,000 Sun 2-4 PM Houlihan Lawrence 78 Pecksland Road Greenwich $8,900,000 Sun 2-4 PM Coldwell Banker Realty

Data Compiled by Cesar Rabellino (203) 249-9866

Address List Price Price/ SqFt SqFt AC BR FB Area 4 Putnam Hill 3G $765,000 $484 1,580 3 2 South of Post Road 15 Lafayette Court 1C $825,000 $699 1,180 0 2 2 South Parkway 35 Greenwich Hills Drive 35 $837,000 $425 1,968 0 2 3 Glenville 71 Richland Road A $950,000 $474 2,003 0 3 3 Byram 8 Butler Street $1,195,000 $686 1,742 0.17 3 2 Cos Cob 45 Old Mill Road $1,450,000 $499 2,904 2.15 3 2 South Parkway 65 Stonehedge Drive South $1,450,000 $510 2,841 1.06 4 3 Glenville 26 Caroline Place $1,585,000 $391 4,050 0.17 4 3 Glenville 1 Roberta Lane $1,850,000 $576 3,212 1 5 3 South Parkway 1 Shady Brook Lane $2,425,000 $706 3,435 0.25 5 3 Old Greenwich 10 North Street $2,495,000 $875 2,853 0.41 5 3 Old Greenwich 3 Selden Lane $3,875,000 $545 7,104 3.2 9 9 North Parkway 27 Stiles Lane $4,795,000 $645 7,438 4.34 6 7 North Parkway 15 Sherwood Farm Lane $4,795,000 $825 5,811 1.06 5 5 South Parkway 68 Meadow Road $5,795,000 $823 7,043 0.67 6 6 Riverside 6 Little Cove Place $6,495,000 $1,588 4,089 0.28 3 4 South of Post Road 849 Lake Avenue $6,995,000 $1,340 5,221 4 5 4 North Parkway

NEW SALES

Data Compiled by Cesar Rabellino (203) 249-9866

Address Original List List Price Sold Price DOM BR FB Acres SqFt 9 Whiffletree Way 9 $669,000 $669,000 $645,000 49 3 2 0 1,997 44 Hickory Drive $698,000 $698,000 $700,000 7 3 2 0.39 1,656 140 Field Point Road 9 $735,000 $720,000 $708,975 38 2 2 0 1,155 32 Fletcher Avenue $739,000 $739,000 $719,000 101 3 2 0.12 1,258 19 Tremont Street $839,000 $749,000 $765,000 90 3 1 0.1 1,177 273 & 277 Pemberwick Rd $1,150,000 $995,000 $800,000 154 3 1 0.65 1,425 14 Comly Terrace $975,000 $975,000 $935,000 69 3 2 0.18 2,118 73 Weaver Street 4 $1,295,000 $1,195,000 $1,150,000 90 4 5 0 4,200 115 Stanwich Road $1,099,000 $1,099,000 $1,250,000 7 4 2 0.52 2,701 48 Indian Field Road $1,025,000 $1,025,000 $1,265,000 57 4 2 0.27 2,667 39 Halock Drive $1,499,000 $1,475,000 $1,425,000 127 5 3 0.23 3,166 20 Sunshine Avenue $1,550,000 $1,550,000 $1,525,000 27 4 3 0.34 2,849 29 Bayside Terrace $1,815,000 $1,695,000 $1,610,000 170 4 2 0.26 2,278 99 Stanwich Road $2,095,000 $2,095,000 $2,025,000 42 4 3 0.5 2,720 99 Winthrop Drive $1,965,000 $1,965,000 $2,327,000 11 3 2 0.33 2,612 474 North Street $3,599,000 $2,995,000 $2,850,000 99 5 5 1.14 4,592 11 Fairgreen Lane $2,800,000 $2,800,000 $2,850,000 9 4 3 0.24 3,082 16 Chieftans Road $2,895,000 $2,895,000 $3,000,000 28 4 5 0.92 6,971 486 North Street $4,195,000 $4,195,000 $4,195,000 24 6 5 2.32 7,403 61 Lower Cross Road $5,900,000 $5,900,000 $5,500,000 512 6 7 14.13 13,134 4 Tods Driftway $6,350,000 $6,350,000 $6,632,000 41 4 4 0.55 4,272 9 Conyers Farm Drive $13,900,000 $8,750,000 $8,800,000 2,125 5 6 22.5 12,863

Downtown Proposed Apartments Seek to Address Demand for Market-Rate, Affordable Rentals

By Anne White

A joint venture between New York City-based SJP Properties and local developer Eagle Ventures may result in a new option for renters in downtown Greenwich – one that is needed. As the rental market soars in price and inventory shrinks, some renters are having difficulty finding a place to call home.

Eagle Ventures is a local family office founded in 2010 by Greenwich native James Cabrera. Cabrera is an active member of the local community and former chairman of the local YMCA as well as the Greenwich High School Sports Foundation.

His development team has submitted a pre-application for a proposed residential development just north of East Putnam Avenue between Church Street and Sherwood Place to the Planning and Zoning Commission (P&Z).

The proposal was submitted under Connecticut’s 8-30g statute because it will designate thirty percent of the residential units as local affordable housing.

The 8-30g statute is intended to promote an increase in the availability of new high-quality and accessible community housing — particularly in towns like Greenwich, which currently fall short of the state’s requirement of ten percent of existing housing set aside as affordable.

The proposed building would contain 192 residences with a mix of one, two and three bedroom layouts as well as outdoor green space. A preliminary concept for the building’s design is still in very early stages but the initial rendering has been released and is shown above.

The building is intended to blend with the neighborhood, which is comprised of a mix of commercial and residential buildings.

Representatives from Eagle Ventures and SJP Properties are expected to present their preliminary plan for the proposed development to P&Z this fall. If approved, they say the development works towards increasing inventory for young professionals and families and empty nesters.

Upon completion, the development will create a mixed use area with more foot traffic for local shops and restaurants downtown. Housing will be conveniently located near police headquarters, the hospital, and local schools making it ideal for teachers and first responders.

Recent multifamily developments specifically for the rental market include J-Lofts, which opened in 2016 with 65 residential units, and The Mill, which has 59 apartments. Both developments have been well received, attracting a wide demographic.

According to the development team, if approved the new building would take approximately 24 months to complete.