Greenwich is traditionally known for its sprawling multi-million dollar estates and a community that provides escape from the compact living associated with nearby Manhattan.
But what happens when those expansive single-family homes are no longer the preferred abode for Greenwich elite?
Jonathan Miller, president of Miller Samuel Real Estate Appraisers and Consultants, said an influx of luxury condos on the market — and a rush of city dwellers seeking homes with little upkeep in the suburbs — is changing the way people think about Greenwich real estate.
“We’re seeing this in Westchester, we’re seeing this in the Hamptons … where the development is luxury condo products,” Miller said. “We’re seeing this city-to-suburban path where people coming from the city are used to this —not having to take care of the exterior of the property, etc. — and we’re seeing this pop up in a lot of New York City metropolitan area suburbs, including Greenwich.”
Miller prepares an independent quarterly report for real estate firm Douglas Elliman, which recently entered the Greenwich market. The Elliman Report details the changing trends in the region, particularly as it relates condominium and townhouse sales to single-family homes. The first quarter report showed the ongoing change in the Greenwich real estate market — mansions were struggling to sell while condos with less upkeep (and a lower price tag) were more popular among buyers.