From the Founders

Real Estate Review



Bob Capazzo

The Health of Home Sales

If home sales headed down across the country last year, you wouldn’t know it in Greenwich, or in most Fairfield County towns for that matter. The dollar volume of residential sales in Greenwich was up 19 percent over last year and at $2.2 million, the median sales price for single-family homes was up 9 percent. For all of Fairfield County, from Greenwich to the town of Fairfield, excluding Danbury and Bridgeport, sales volume was up 10 percent. Besides Greenwich, the strong markets were New Canaan, Darien, Weston and Fairfield. Not surprisingly, dollar volumes for both Norwalk and Stamford were down, reflecting mortgage credit problems in the lower end of the market.

Greenwich real estate has a record of being the last to enter an economic downturn, but also the first to come out and the most resistant to declining sales and prices. But lest we become too complacent, it should be noted that there have been some warning signs since the fall, according to market watchers, in the form of longer days on the market and softer prices.

Eric Bjork of Prudential Connecticut finds a healthy sign in sales in the one- to two-million- dollar range that had been lagging last year. With interest rates as low as they are, he is cautiously optimistic about the market, and with asking prices more realistic, he feels the time is good for buyers while interest rates remain low.

Ed Mortimer of Sotheby’s International notes that the market was definitely off in January and February. He sees people “hanging on the sidelines, waiting to see what’s happening next.” Yet, with a relatively low inventory, he predicts a 5 to 7 percent rise in prices during the year.

Tom Gorin of Cleveland, Duble & Arnold also sees prices rising during the year — 4 to 5 percent. Like Eric Bjork, he is encouraged by renewed activity in the high one-million to low two-million-dollar range.

Jay Cooke of Preferred Properties says we have perception versus reality: “The perception through the media is that it’s a national disaster in real estate,” and “we [brokers] have to teach them that, like politics, real estate is local. The reality is that Greenwich has been driven for years by Wall Street. Somebody’s always making money, and Greenwich is always going to be one of those options they want to explore.”

Confronting the Threat
of Demolition


In March, the RTM addressed an item of increasing public concern: how to put brakes on the demolition of some of our fine historic properties. The proposed ordinance called for an extension of the stay of execution period from ninety days in the present ordinance to 180 days, and an increase in the demolition appeals period within the stay of execution from twenty to forty-five days.

To obtain a demolition permit an applicant must provide the building department with an affidavit that (a) written notice has been given to adjacent property owners, the Historical Society, the Historic District Commission and any neighborhood associations; (b) a notice has been published in the newspaper; (c) a sign has been placed on the property.

The current time periods have not proven effective in preventing the loss of properties to the bulldozer, therefore it would seem an extension of the time periods was justified. However, there is no assurance that a six-month stay would be any more effective than the present three months. At a meeting of the RTM’s Land Use Committee, Paul Hopper, vice chairman of the Historic District Commission which sponsored the proposed regulations, could not cite the experience of any other community with such an ordinance and whether the extended time period reduced the rate of demolition.

There is no question that we should develop the means to halt the indiscriminate destruction of our architectural heritage. The question is how. Paul Pugliese is an architect, realtor, member of the Architectural Review Board and a preservationist. He opposed the 180-day stay of execution on the grounds that it was “an unfair burden on property owners depriving them of the use of their property for [effectively] up to seven and a half months.”

Placing property in limbo for such a long period can create a financial hardship for the owner. During the appeal time, any disgruntled or troublesome neighbor can file an objection and initiate a stay. And a property need not be a true historical gem. Any home sixty years old or more falls into the historical category, which may include at least a third of the houses in Greenwich. While it is up to the Historic District Commission to determine the historical significance of a house, experience to date would indicate that increasing the stay period will simply postpone the inevitable. Meanwhile, the owner is faced with uncertainty that inhibits his ability to sell at a normal asking price or to develop his property.

The Land Use Committee had voted eight to four in favor of the proposed extension. However, the collective wisdom of the RTM prevailed. After a protracted debate this body voted 96–81–5 in favor of an amendment retaining the ninety-day stay, but increasing the period for filing an objection to forty-five days, giving objectors more time to react. Incentives, rather than penalties, were proposed to encourage preservation. Also, the Historic District Commission should create a definition of what constitutes a historic property and build an inventory of historic homes. — Jack Moffly

 

Greenwich Agenda

  • The Many Faces of Multi Media

    2014.09.20
     @ Meli-Melo of Greenwich

    Dr. Julia Trebing, Director Creative Therapies in Stamford, CT exhibits her paintings at Meli-Melo Creperie & Juice Bar  during Sept...

  • Financial Literacy 2-Day Lecture Presented by Bob Salomon at YMCA of Greenwich

    2014.10.21
     @ YMCA of Greenwich

    Making sense of the world of finance FREE and open to all *Participants should pick up a copy of the Wall Street Journal on Oct.22, as Bob...

  • YMCA of Greenwich Harvest Art Week

    2014.10.18
     @ YMCA of Greenwich

    YMCA of Greenwich Harvest Art Week October 18 - 26, 2014 Join us for a week-long celebration of local art! Showcasing established and emerging...

  • Exhibit Ira BARKOFF

    2014.10.11
     @ Canfin Gallery

    “The beauty of the physical world becomes a metaphor for the capacity of the spirit to reveal itself". Ira Barkoff Evocation of...

  • Paint the Town Pink

    2014.10.21
     @ Lux Bond & Green

    Key to the Treasure Chest Indulge yourself at an elegant but fun event presented by Lux Bond & Green and Anne Fontaine Preview the newest...

  • Nigh Season: New Paintings By David Konigsberg

    2014.09.13
     @ Kenise Barnes Fine Art

    Dates: September 13 – October 31, 2014 Opening Reception: September 13, 6 – 8:30 PM  Public Invited   NIGH...

  • Undulate: Paintings By Julie Gross and Margaret Neill

    2014.09.13
     @ Kenise Barnes Fine Art

    GALLERY II Dates: September 13 – October 31, 2014 Opening Reception: September 13, 6 – 8:30 PM Public Invited...

  • Parties at the JCC Center

    2014.09.02
     @ Stamford JCC

    A place to celebrate birthdays and special occasions. Be a guest at your own party! The JCC offers a wonderful space for you and your guests to...

  • SPLURGE Matches Scarf Donations for Cancer Patients

    2014.10.01
     @ SPLURGE

    SPLURGE and the Cancer Institute at Greenwich Hospital are partnering to bring comfort and encouragement to cancer patients.  From October...

  • Flower Power

    2014.10.08
     @ SM Home Gallery

    SM Home Gallery show featuring two Greenwich based artists: Margaret Bragg and Penny Putnam. The art show runs thorough November 22nd....

  • Meet Nomi Eve, Author of Henna House

    2014.10.22

    An evocative and stirring novel about a young woman living in the fascinating and rarely portrayed community of Yemenite Jews of the mid-twentieth...

  • Susan G. Komen CT Educational Session at YMCA of Greenwich

    2014.10.22
     @ YMCA of Greenwich

    FREE AND OPEN TO THE ENTIRE COMMUNITY! Learn about the importance of early detection and screenings Meet the men and women whose work is...

  • Greenwich Chamber of Commerce Networking Event

    2014.10.23
     @ Delamar Hotel

    Greenwich Chamber of Commerce will hold its October After Six Networking event. All are invited to exchange business cards, enjoy appetizers and...

  • October After Six

    2014.10.23
     @ Delamar Hotel

    Join us for After Six Networking at the Delamar Hotel

  • Mitchell Gold + Bob Williams

    2014.10.23

    Athome Magazine celebrates Mitchell Gold + Bob Williams' fall collection with fabulous vignettes from some of your favorite A-List designers....

  • Oktoberfest 2014 Greenwich United Way

    2014.10.24
     @ Loading Dock

    Greenwich United Way’s sixth annual “Oktoberfest” fundraiser is set for Friday, October 24 at Stamford’s Loading...

  • IMAGINE CANDY- SWEET TASTINGS!!!

    2014.10.24
     @ Imagine Candy

    Imagine Candy located in Scarsdale Village- Winner of 2014 Best West of Westchester by Westchester Magazine- holds a Belgian Chocolate and Candy...

  • The Food Network Open Casting Call for Home Cooks

    2014.10.25
     @ My Cooking Party

    FOOD NETWORK’S TOP CELEBRITY CHEFS ARE SCOURING THE NATION IN SEARCH OF AMAZING HOME COOKS! You’ve watched them on TV, bought their...

  • Greenwich Hospital Gala

    2014.10.25
     @ Greenwich Country Club

    It will be a Gala worthy of a doge when retiring Greenwich Hospital president and CEO, Frank A. Corvino, will be presented with the...

  • The Wilton Fall Antiques Market

    2014.10.26
     @ Wilton High School Field House

    Barnstar Productions and the Wilton Historical Society will present the Wilton Antiques Market. More than 80 exhibitors are expected to...


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