Greenwich, Connecticut, truly enjoys the best of all possible worlds. Called "the Gateway to New England" or "Wall Street East," Greenwich boasts spectacular beauty, particularly in the fall, when its trees turn a brilliant red-orange hue. Its geographical location places Greenwich among gently rolling hills, meadows, and woods, along with occasional lakes. In addition, the city contains 32 miles of shoreline, tributaries, and coves on Long Island Sound. Greenwich Point is its own little beach, where locals park their boats or enjoy picnics on the shore. Considered a place where the wealthy go to play, Greenwich has its own 18-hole golf course, tennis courts and paddle courts, several marinas, four private yacht clubs, a tennis and squash club, 150 miles of riding trails, and eight different golf clubs. Two islands along the Sounds are accessible by ferry, giving residents another option for a relaxing change of pace.

Yet, one of the major selling points of Greenwich is its easy accessibility to New York City; in fact, many of its residents retreat to Greenwich after a hard day's work in the Big Apple. Greenwich, located just 28 miles from Manhattan (43 minutes by train), allows its residents all of the amenities New Yorkers enjoy, plus the added advantage of a little peace at the end of the day, a little more breathing space (approximately 25 percent of the town is wide open space, in fact), and a lot less hustle and bustle.

Obviously, Greenwich residents pay for these advantages. Many of them pay dearly, in fact, but in this land of plenty -- lined with million-dollar-plus homes -- remaining on a tight budget isn't an overriding concern. The median family income here stands at $82,900.

That's not to say you can't find a one-bedroom apartment or condominium that suits your tastes and budget in Greenwich; rather, it's merely to emphasize that Greenwich is famous for its palatial estates. Realtors tout the benefits of living here. Among the advantages, they say, are the security of your investment in Greenwich. The average annual increase in home values here is significantly higher than the national average. Houses leave the market almost as soon as they're placed there. Simply put, people aspire to live in Greenwich, and that demand has been good not only for the home buying and selling market, but also for rental properties, as well.

And not all Greenwich residents work in the Big Apple; many major corporations are based here, and as a result, subsequent turnover has added fuel to an already active real estate market.

To illustrate, here's a closer look at what happened in Greenwich's residential real estate market in 1997, as well as a little history (source: Anderson Associates, Greenwich, Conn.):

In 1997:

• The average home price increased 14 percent
• The median price increased 5 percent
• Unit sales were up 20 percent

The number of houses sold in Greenwich in 1997 jumped 19.8 percent while the average home price continued to increase, as well. During the first quarter of 1997, the average increase was about 1 percent; during the second quarter, it rose to 10 percent; and by the end of the third quarter, it had risen nearly 30 percent. In 1997, for the first time in Greenwich's history, the average full-year price of a single-family home exceeded $1 million; in fact, of the approximately 700 homes sold in 1997 in Greenwich, more than 300 of them sold for more than $1 million apiece. And sales of homes valued at more than $2 million increased 75 percent in 1997.

Greenwich also is well-known for the superior quality of its public school system, in addition to its approximately 30 private preschools and nine private day schools. Some 40 different languages are spoken in Greenwich, which might come as a surprise who might think the city is merely a homogeneous bastion of the privileged.

The city enjoys a low crime rate (again, another advantage over neighboring New York City, and in fact, Greenwich is rated the safest community in Connecticut), and its home owners pay among the tri-state area's lowest real estate taxes. Greenwich residents have a keen interest in cultural events, and the city has responded with its world-class art museum, symphony, library, and myriad of theaters, shops, and fine restaurants.

Even if a palatial mansion isn't in your future, a trip to Greenwich is enough to lure a potential buyer into giving up a little square footage in exchange for the rights to live here --among the four seasons and within close proximity to the city that never sleeps.

Published: September 3, 1998

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