by Tomo
When you think of the hottest real estate markets in the nation, you might focus on big cities. San Francisco, New York City, Seattle, and Portland often snag headlines for high-value properties. But if you are looking for blockbuster sales, you may want to start your search a little closer to home.
Tomo, a Stamford-based real estate company, analyzed thousands of the most successful home flips across the US in the last year. These properties generated 2x or even 3x returns on their initial investment. Of the 50 top-ranking flips, 3 were in Greenwich. These phenomenal flips averaged a staggering $2.4M increase in sale price per property in less than one year.
What increases a home flip’s value?
The most desirable homes for sale in Greenwich combine the convenience and charm of the community. And, Old Greenwich’s bikeable, walkable area with plenty of retail shops and restaurants is likely to further improve. A federal grant is giving another $400,000 to improve traffic safety and make the neighborhood even more pedestrian-friendly.
Home flips that sell high include amenities and accents that bring out the best in the property. For example, a gourmet kitchen with new, top-of-the-line appliances can make a century-old home feel fresh. Established landscaping with abundant trees and ground cover also increases home valuation. Above all, it’s location. A mix of classic grandeur and local charm is unique to Greenwich and irresistible to people looking for a new home.
Luxury features and updates increase home value
Here are the listings that made Tomo’s Phenomenal Flips List.
Only minutes from Greenwich, this home sold at $2.7 million, more than 200 percent its original purchase price of $850,000 in 2022. The listing includes many of the features that double or even triple the value of similar homes. It is a 5-bedroom Colonial home with 3 floors, offering ample living and play space, plus room to work from home. The large lot gives the sense of a country estate.
This property’s price tag climbed from $2.2 million in 2020 to this month’s selling price of over $6 million. A 4-bedroom midcentury colonial, this home boasts established landscaping, high ceilings, cozy living spaces, a gourmet kitchen, and more. It’s situated at the end of a long, curved private drive and is placed on its acreage to offer extra privacy and protection from sound.
This stunning home offers more than 3.5 acres of private acreage, a pool cabana and pool, and centerpiece fireplace. Selling at almost $4 million, this phenomenal flip more than doubled its 2022 valuation of $2,075,000. Abundant natural light, serene views, and cozy living spaces make this 7,000-square foot, 5-bedroom home extra-desirable for buyers.
Why buy in Greenwich now?
New listings are rare and get snapped up quickly, often with buyers making cash offers. The best way to stay on top of the market is to work closely with a trusted real estate agent and monitor listings on Tomo with the most current listings and valuations.
This post is sponsored by Tomo
