I am still in total denial about the value of my home in Riverside. Like many Greenwich residents I harbored a false sense of security about local real estate. When I moved here 10 years ago, I was told that Greenwich values held better than virtually any other town in Connecticut. There was only one year – 1991 – that suffered an actual decline in Greenwich home values during the Post-war era.
So what we’re seeing now is a significant structural adjustment, owing to the over-heated marketplace over the same 10 years since I moved here. I peeked at the Greenwich home values page of Zillow.com recently and it was ugly. Click here
Take a close look at how we compared with neighboring towns and it reflects the effects of the upward spike we enjoyed before the crash in 2007. Whatever goes up fast, comes down harder. Same story for Darien, which shows a 20 percent decline year over year.
Click here for a chart of the entire Fairfield County
Every Realtor knows that Zillow is notoriously inaccurate. Its a garbage in-garbage out situation. I dont know the Greenwich market well (I am an gent further up the line in Darien/New Canaan but I can tell you that I spend a great deal of time explaining to customers why those ZESTIMATES are inaccurate. The overall market number of -21% may be real but if you need to know or are worried about what your home is worth….Call a REALTOR who will sit with you and explain why they have chosen the comparables they have and accurately do the analysis.I know this sounds like REALTOR-speak but its true.
Comment by Karen Brewer — January 8th, 2010 @ 4:39 pm
Trust me, I do not believe any of these internet sites are a replacement for a professional Realtor. I would never make a move without consulting an agent. That said, i am still freaked out about the valuations.
Comment by Lincoln Millstein — January 8th, 2010 @ 5:22 pm
Zillow estimates
1.Are, at best, …. inaccurate
2.Have no knowledge of neighborhoods and local values
3.Cannot set prices as realtors can….
I am not a realtor and I do believe that home prices have fallen…however…It is simply a matter of what people are willing to pay and…………look as hard as you can……….there is only one town with the best town parks, beaches, facilities, services,lowest taxes etc. etc.
Prices here will always be sky high!!!!
Comment by Jim — January 9th, 2010 @ 8:26 am
Wake-up Jim, our taxes will be going up in July. Unless the Town curtails building and the Board of Ed – you will be shocked at what your new tax rate will be moving forward for 2010/2011 and the next several years. Read the recent(2009)short report presented at the last Town meeting which gave our future debt numbers etc.
Comment by Greenwich Resident — January 9th, 2010 @ 10:44 am
Wake-up Greenwich Resident!!!and compare your taxes with those in other towns in Fairfield County!
Comment by Jim — January 11th, 2010 @ 8:36 am
we’re all headed down the same road….increasing school enrollments,lower contributions from the state for infrastructure etc,declining home values, declining building permits etc.equals more taxes.Some towns seem better than others Dariens’ mill rate is 14,25 how about Greenwich?
Comment by Karen Brewer — January 16th, 2010 @ 6:12 pm