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Tuesday, November 27, 2012

Real Estate Report: More Gains

By Judy Szablak

The S&P/Case-Shiller latest report out today shows that national home prices posted the largest quarterly percentage gain in two years, and were up 3.6 percent from one year ago. Image
This home at 124 Imperial Ave. is listed at $1,985,000.  (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate/Michelle & Company

“Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices,” said David M. Blitzer, chairman of the Index Committee. He said there also have been gains in new construction, and existing-home sales.

Among the 20 cities tracked by the index, there were 13 that posted monthly gains in September,  and 17 MSAs gained over their levels of a year ago.  Only Chicago and New York posted annual declines. New York was down 2.3 percent over last year, and 0.1 percent month-over-month.

Today’s report on national home prices continues to signal a strengthening national housing market. However, despite recent gains,  prices are still almost 30 percent below their peak from 2006.

Market Stats

There are now 261 homes that are actively on the market. The average list price of available homes is $2,282,412 and these properties have been listed for average of 148 days, with a cumulative market time of 263 days. The median price remains at $1,699,000.

The highest asking price for all homes currently on the market is $27. 5 million and the lowest available priced home is $360,000.

Seven new listings came on the market in the last seven days, and four homes came back on the market after being under deposit. Two properties had a price change.

Three properties have gone under the initial deposit stage, which we call CTS, and seven properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of these seven pending properties was $1,790,271. There are currently 10 homes in CTS status throughout Westport, and 55 properties scheduled to close town-wide, with an average price of $1,472,127.

Closings: Six homes were reported as sold in the last week, and their average list price was $1,215,483. Average market time for these sold properties was 171 days.

One sale on Hiawatha for $317,000 brought down the average, and that sale is the second lowest single family home sale year-to-date. There were 45 status changes in the last seven days.

Condos:  There are nine condominiums that are available, and they have been listed an average of 257 days. Their average listing price is $501,540, and the median price is $499,000. The highest priced condo in town is listed at $799,000 and the lowest offering price is $200,864.

There was no new listing activity in the last week, and one home came back on the market after being under deposit. One home went into pending status.

There are no properties currently in CTS status, and one home scheduled to close townwide, and that property is listed at $629,000.

Closings: There were no condos reported as sold this past week. There were a total of three status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 49 homes or apartments available. The median price is $4,500 per month and the average price is $5,009 per month.

These year round rental opportunities have been on the market an average of 74 days.

There are 19 short-term rental opportunities that are available, and they have been on the market an average of 57 days. Their average price is $8,521, and the median price is $4,500.

Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

Source: Market data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

Featured Home

This home at 124 Imperial Ave. is listed at $1,985,000.

This Neo-Classical Victorian in the heart of Westport is simply stunning inside and out, and every attention to detail was painstakingly and thoughtfully executed by skilled artisans.

At first glance, you might think that this home was built over a century ago. But it was custom designed and built to look that way in 2002 by a noted builder/designer who was inspired by the era, and “it’s all in the details.”

Over 5,500 square feet of space includes nine rooms with impeccable craftsmanship, and it is apparent just by the exterior of this home, which is adorned with gingerbread detailing, and graced with a mahogany front porch.

The foyer has specialty crown molding and hand painted white oak flooring with intricate geometric designs.

The dining room is accessed through a beautifully framed arched doorway from the foyer, has painted perimeter white oak flooring, and a large bay window for additional light. Crown molding and fine detailing make the living room a picture of elegance.

The coffered ceiling family room’s centerpiece is its fireplace with ornate tile surround and carved frieze mantel shelf.

The state of the art gourmet kitchen also has coffered ceilings and is open to the family room. The kitchen is a designers showcase with fluted molding and etched glass door accents and a center island with contrasting marble top that seats four comfortably. 

A culinary enthusiast would be happy, too. There are top-of-the-line appliances, refrigerated drawers, two sinks, and two dishwashers.

A custom open rope-twist balustered staircase leads upstairs where there are four bedrooms, all of which are en-suite.

The master bedroom suite has a tray ceiling with gentle cove lighting, and a romantic gas fireplace. The Mediterranean styled bath has heated floors, rich Greek marble and strategically placed custom lighting.

Two considerably-sized walk in closets with built ins offer all of the storage one could possibly want.

The lower level offers over 1,500 square feet which includes a large game room with enough versatility to incorporate a home gym or media room if desired, as well as a powder room and second laundry area.

Extras and items to note: central vacuum, security system, hydro-air heating system, fully equipped outdoor kitchen, koi pond.

Annual taxes are $23,176.

Listing/photo courtesy of William Raveis Real Estate/Michelle & Company.
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(Editor’s Note: Judy Szablak of RE/MAX- Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at


Posted 11/27/12 at 03:55 PM


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