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Friday, December 07, 2012

Real Estate Report: Westport Outpaces Area

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By Judy Szablak

Despite the doom and gloom that we keep hearing about the New York metro area real estate market and its lackluster performance this year, Westport continues to outpace the area, even if it is only by a small margin. The key factor here is that Westport is showing gains.

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This home at 15 Owenoke Park is listed at $3,950,000. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group/Westport Waterfront Homes

Year to date sales of 329 single family homes show the exact amount of closings for the same time period in 2011. However, they also show an increase this year in the average sale price of just over 3.1 percent.

The average sale price for the 329 homes sold in 2011 was $1,353,143 in comparison to this year’s figures which show an average sale price of $1,393,698.

While the N.Y. metro area statistics and data are of importance, real estate remains hyper-local, and what happens in “our own backyard’ is more relevant. The year-to-date figures are a positive sign for a healthier 2013.

Market Stats

There are now 241 homes that are actively on the market. The average list price of available homes is $2,337,490 and these properties have been listed for average of 149 days, with a cumulative market time of 260 days. The median price has increased to $1,775,000.

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 five homes came back on the market after being under deposit. Six properties had a price change.

Nine properties have gone under the initial deposit stage, which we call CTS, and three 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 three pending properties was $1,498,000. There are currently 18 homes in CTS status throughout Westport, and 46 properties scheduled to close town-wide, with an average price of $1,481,967.

Closings: Thirteen homes were reported as sold in the last week, and their average list price was $1,271,500.  Average market time for these sold properties was 144 days. There were 63 status changes in the last seven days.

Condos:  There are nine condominiums that are available, and they have been listed an average of 264 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. No homes went into pending status.

There are no properties currently in CTS status, and two homes are scheduled to close town-wide, and their average list price is $513,500.

Closings: There was one condo reported as sold this past week, which was listed at $629,000. There were a total of two status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 44 homes or apartments available. The median price is $5,075 per month and the average price is $5,321 per month. These year round rental opportunities have been on the market an average of 78 days.

There are 20 short-term rental opportunities that are available, and they have been on the market an average of 60 days. Their average price is $8,343, and the median price is $4,750.

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 15 Owenoke Park is listed at $3,950,000.

This fully refreshed and redesigned four-bedroom colonial is just steps to the water, and has 91 feet of direct water frontage on Long Island Sound.

Affectionately named “The Water’s Edge” by its owners, this 3,117-square foot home is on a sought after cul-de-sac in an exclusive enclave of 32 homes,

This coastal home is on a .22-acre lot, was originally built in 1900, and sits high and dry after Storm Sandy. Designer decor and an open and crisp floor plan create a picture of perfection, and this home features 9-foot ceilings and outstanding water views from all living areas.

The living room/ great room has a beamed ceiling, crown molding, a fireplace, and opens to to the dining room, which also has crown molding and outstanding water views.

The custom kitchen has Carrera marble counters with glass tile back splash and stainless steel appliances. There is an arched entrance to the breakfast room, which has a corner wet-bar with mahogany countertop.

The main level family room can also double quite easily as a first floor master suite if desired, and has a picture window with breathtaking views of Long island Sound.

An office area on the first floor boasts unobstructed spectacular views as well.

Three bedrooms are on the second floor, including the master bedroom suite, which shares a sleeping porch with one other bedroom.

There are simply dramatic views from every angle of this truly special waterfront property, and although the sale includes town approved architectural drawings for a 3,615 sf home by noted innovative architect Peter Cadoux, they are certainly not needed.

Extras and items to note: association fee of $250, full basement, storybook landscaping, seawall with steps.

Annual taxes are $37,409.

Listing/photo courtesy of The Higgins Group/Westport Waterfront Homes.
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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 http://www.CThomesAndRealEstate.com.)

Posted 12/07 at 08:27 PM

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