$14.5-Million Greenwich Waterfront Estate Sale Highlights Strengthening Luxury Home Market

Real Estate In-Depth | February 2018

The waterfront estate at 51 Glen Avon Drive in the Riverside section of Greenwich sold for $14.5 million.

GREENWICH, CT—A recent $14.5-million waterfront estate sale has brokers in Greenwich saying reports of a weak luxury real estate market in this exclusive Fairfield County community belie recent activity and concrete sales data.

Houlihan Lawrence agent Ellen Mosher exclusively represented the buyer for 51 Glen Avon Drive in the highly sought-after Greenwich waterfront neighborhood of Riverside.

The 2009 custom-built stone and clapboard home was designed and built by Alex Kaali-Nagy and features a mahogany library with English bar, Christopher Peacock kitchen, a bunk room that sleeps six, pool/guest house, outdoor kitchen with pizza oven, and a floating dock for your boat. Landscape architect Janice Parker also worked at the 1.5-acre waterfront compound.

“The new year has begun with a strong, positive message for Greenwich, CT real estate values. High-end sales are not in a downward spiral as some reports last month indicated. 2017 fourth quarter luxury sales jumped 48% versus the previous year and 2018 started with three properties closing for over $10 million, all at fair market value, with Houlihan Lawrence representing two of the three transactions,” said Mosher, an agent with Houlihan Lawrence’s Greenwich office.

“The power of waterfront continues, with the first coastal sale of the year in the Riverside section of Greenwich going for $14.5 million. The buyer of this property was seeking a fun, family friendly lifestyle which in this case included a Kaali-Nagy custom designed home with pool house, infinity pool, dock and fire pit,” she added. The brokerage firm did not identify the buyer or the seller in the transaction.

“Greenwich, Connecticut continues to attract luxury buyers at the high-end of the market. Last year, there were eight $10-million+ sales in town, a 60% increase over 2016. That trend continues in 2018 with three closings already this year including this exquisite waterfront property in Riverside,” David Haffenreffer, brokerage manager of Houlihan Lawrence’s Greenwich office noted.