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Charles and Rita Magyar have seen plenty of ups and downs. Im talking about the real estate market, of course. The Magyars (pronounced Major) met in college where Charles studied electrical engineering. I suppose I should have gone to work for IBM, but I realized I didnt really enjoy it, he says, so he got his MBA and went to work for a company that made construction tools. When the owner decided to relocate the company to Tulsa, Charles stayed behind and moved into commercial real estate working with the DiScalas of Norwalk.
In the meantime, Rita, who had stayed home to raise their children, decided that there was more to life than playing golf, so she got her real estate license and sold 25 condos her first year! That was back in the 70s, right at the time of the oil embargo.
When the 80s rolled around and brought the Savings & Loan debacle with them, Charles sold his company to Grubb & Ellis, then found himself twiddling his thumbs. Why dont you come and work with me, suggested Rita and the married couple became a dynamite real estate duo on the Greenwich scene. Theyve been averaging 35 to 40 deals every year, even in the down markets.
Greenwich is a little different from some of the other towns around here, said Charles. The husbands are very involved in real estate purchases. They see the purchase of a home as a business decision and they will drive a hard bargain to get what they want.
The market in Greenwich has been very active since March of this year. Big trophy properties with acreage and waterfront properties are selling well. Young people in the financial business are starting to buy again, and there are plenty of dumpsters and contractors trucks driving around town, so new construction is picking up as well.
Sellers are finally realizing that a house has to be priced attractively to sell. Charles adds, Buyers have to feel that theyre getting good value or they wont pull the trigger." When they're not selling houses Charles and Rita enjoy playing golf, travelling and playing with the grandchildren.
Charles & Rita Magyar can be reached at William Raveis Real Estate. (203) 869-9263.
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