[sgfludd]

We have been testing the waters since January - actually looking at homes and trying to decide if this is the right time to jump in. Hubby works in Greenwich, I work in Stamford, so we started looking in Norwalk. Amazed at the growing number of foreclosure listings, we moved back to Stamford - which, a year ago - was out of our price range of $450k-$500k - well in a decent hood anyways - but within the pass couple weeks - we have toured three NICE foreclosures in Greenwich - priced in the $600k range - but come on - they are FORECLOSURES - no way we're going to offer what they want. I'm kinda stunned that G-wich real estate prices are getting down to where regular folk can afford them.

[Seattle's Best 28]

Originally Posted by sgfludd

We have been testing the waters since January - actually looking at homes and trying to decide if this is the right time to jump in. Hubby works in Greenwich, I work in Stamford, so we started looking in Norwalk. Amazed at the growing number of foreclosure listings, we moved back to Stamford - which, a year ago - was out of our price range of $450k-$500k - well in a decent hood anyways - but within the pass couple weeks - we have toured three NICE foreclosures in Greenwich - priced in the $600k range - but come on - they are FORECLOSURES - no way we're going to offer what they want. I'm kinda stunned that G-wich real estate prices are getting down to where regular folk can afford them.

500k is not affordable for "regular folk". Maybe 200k...

[KH02]

haha, i was gunna say the same thing, finding a house in greenwhich for 600,000 isn't exactly affordable. If i was spending 600K on a home i would want it to LOOK like that's what i paid for it. But that's just me.

[Soundbounder]

You might have some luck in the Byram area of Greenwich.

[kidyankee764]

Originally Posted by sgfludd

We have been testing the waters since January - actually looking at homes and trying to decide if this is the right time to jump in. Hubby works in Greenwich, I work in Stamford, so we started looking in Norwalk. Amazed at the growing number of foreclosure listings, we moved back to Stamford - which, a year ago - was out of our price range of $450k-$500k - well in a decent hood anyways - but within the pass couple weeks - we have toured three NICE foreclosures in Greenwich - priced in the $600k range - but come on - they are FORECLOSURES - no way we're going to offer what they want. I'm kinda stunned that G-wich real estate prices are getting down to where regular folk can afford them.

I agree that a middle class person (if that's what you mean by regular folk) would never be able to afford even $500k, but that is low for Greenwich. Very low.

[larsm]

If you are interested in Greenwich, here is a link to a FANTASTIC blog by Chris Fountain (a broker in Greenwich who has his head screwed on about the reality of the current, or lack thereof, marktetplace): For What It’s Worth

Not related, blah, blah, blah...

[sgfludd]

Touche - you're right. I think I'm jaded. After being in SoCal at the height of the bubble - when NOTHING was under $800k (house) - then job transfer to Greenwich - I think my perception is really screwed up. But still - quite a shock to see how far and how fast things have come down here.

[JayCT]

Hi sgfludd - How are you and your family doing. I just realize that it was you starting this thread so I feel like I am talking to an old friend. glad to have you back.

To answer your question, the first three rules of real estate are LOCATION, LOCATION, LOCATION. Even though times are tough, Greenwich is still considered one of the most desirable towns in the country. It is located an easy 45 minute commute from Manhattan. It has excellent schools. It is the home of some of the world's wealthiest people. It has a great downtown area and lots of wonderful shops and restaurants. Why would you not want to live there if you can afford it? The smae goes for any of the more upscale towns in that area like Darien, New Canaan, Westport or Wilton.

The current downturn in the economy is most likely temporary. Things will improve and when they do, prices will go up. Then it will be even harder to buy in a desirable town. My recomendation, if you can find a home in one of these towns that meet your needs, is in your price range, you plan to stay in the home for the next 5 years and you feel that your jobs are secure, go for it. Also, do not try to time the market. Anyone who is knowledgable in trade from things like stocks, commodatities or real estate will tell you, it can't be done with any certainity, so just do the best you can, when you can. This could be an opportunity that only comes along once in a lifetime. JMHO, Jay

[yankeemom]

Also, in Greenwich (and other FFD county towns) the tear down mentality that was in full swing just few years ago has abated, putting those "starter"homes that builders used to swoop in, buy, tear down and build a McMansion as spec home, back into play! Builders are having difficulty unloading large spec homes, so they have retrenched to custom homes (built to order) or even smaller remodel jobs. Less competition for the older, smaller, starter homes now.
Also Greenwich (and many surrounding towns) took a huge hit with the financial meltdown, drop or lack of bonus $$ flowing out of Manhattan.

[sgfludd]

It's definitely time for me to keep my eyes open. Homes here are still out of reach, but if what the experts say is true and we haven't hit bottom yet, perhaps there is hope!
Jay - I've been lurking about from time to time - keeping tabs on the forum. LOL