Cos Cob Real Estate Market Remains Active

GREENWICH, CT — Despite the ongoing pandemic, the housing market in Greenwich remains active.

On Dec. 28, 2021, a multi-family home at 39 Sinawoy Road sold for $740,000 at $508 per square foot, the second highest ever for a multi-family in Cos Cob according to the Greenwich MLS.

In June, 7 Bible St. in Cos Cob sold at $1.3 million at $520 per square foot, setting the record, according to Mike Parelli, a residential and commercial associate real estate broker with the New England Land Company

Parelli said the Sinawoy Road home is unique in that it has a detached garage, which is rare in that area of Cos Cob.

There is also the potential to change the property, which has four bedrooms and two bathrooms, into a single-family.

"Even though [Bible Street and Sinawoy Road] are records, I think those buyers got great deals and in the future are going to do very well because of Cos Cob's rental market and how few single-family homes are within striking distance," Parelli said. "In today's market, I think long-term they're going to do very well."

Overall in Greenwich, Parelli is seeing a "revitalized excitement" in the housing market.

"There are all these new residents who are excited. They're discovering Greenwich and they're mixing in with the current residents that are trying to either move within town, or just kind of maintain their presence in town, whether that's downsizing or moving up to a bigger property," Parelli added. "I know it's been a tough year for everyone, but I think it's going to benefit the town in general. We're going to have a lot more advocates that are going to go back to their original locations and try to get their friends in town."

Barring unforeseen changes, Parelli said Greenwich is poised to see a strong uptick in real estate sales, especially with single-family homes. The Glenville section of town is on the rise, Parelli said, particularly because of the addition of The Mill complex and The Country Table.

"All these people who came into town, and this is their first exposure, are going to demand some high-end touches in the Glenville area, which I think is going to leak into the single-family homes and the community over there," Parelli said. "I see Glenville becoming a Cos Cob today in the next five years."

Parelli said he expects a strong spring real estate season.