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Tuesday, August 05, 2014

Real Estate Report: Allure of Waterfront Property Remains

By Judy Szablak

The allure of waterfront property in Westport remains evident, and whatever concern that the ripple effects of Sandy would hurt this segment of the market seems to have dissipated in a relatively short period of time. Image
Featured Home: This home on the waterfront at 92 Harbor Road is listed at $1,699,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s/ Westport

Right now, there are 53 Westport homes identified through our Multiple Listing Service as having direct waterfront of some kind, whether it be Long island Sound, the Saugatuck River, Bermuda Lagoon, or a pond, lake or brook. These homes have approximately 4,900 square feet on average, and have a median price of $2,795,000.

However, of particular interest is the Saugatuck Shore area, which has only 13 waterfront homes available at this time, ranging in price from $879,000 to $11.5 million.

This market area has a better than expected sale ratio and absorption rate, and the average sale price here is just over $3.2 million. With such limited supply, and a number of still reasonably priced homes, it appears that this area is on the upswing, and timing is equally as good for either sellers or buyers

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