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Thursday, February 20, 2014

Real Estate Report: Upper Price Ranges Hottest Sector

By Judy Szablak

As the spring market begins to emerge in Westport, a choice few price ranges within its borders are heating up as well.

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This home at 9 Woodland Drive is listed at $3,315,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group

The hottest price pockets in town right now are between $3-3.5 million, $3.5-4 million, and tied for third place are the $2.25-2.5 million and the $5-10 million range.

There are currently 22 homes listed as being available in the $3-3.5 million range. One property is currently under the first stage of deposit, while another five homes are pending, and scheduled to close.

Maybe those figures are somewhat indecipherable to those who are not actively engaged as local Realtors. However, the deposits within the short time frame signify the healthiest market in this sought-after price range in a very long time.

Market Stats

There are now 232 homes that are actively on the market, which is roughly the same as last week. These currently available properties have been listed for average of 111 days, with a cumulative market time of 191 days.

The average list price is now $2,545,739, and the median price has gone up slightly to $1,997,000.

A new five-bedroom colonial at 8 Bluewater Lane is the highest priced home for sale at $14.5 million, and the lowest available priced home is a two-bedroom home on Crescent Park for $289,000.

Fourteen listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Four properties had a price change.

Eleven properties have gone under the initial deposit stage, which we call CTS, and four 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 four pending properties is $1,274,125. There are currently 29 homes in CTS status throughout Westport, and another 38 properties scheduled to close town-wide, with an average price of $1,757,355.

Closings: There were five single family homes reported as sold in the last week, were listed on average at $937,700, and sold with an average market time of just 99 days. There were 47 status changes in the last seven days.

Condos: There are 12 condominiums that are available, and they have been listed an average of just 49 days. Their average listing price is $703,325 and the median price is $737,000.

The highest priced condo in town is $899,000 and is a two-bedroom home located at Regents Park, and the lowest priced unit for sale is a four-bedroom home on Oakview Lane for $489,000.

There were no new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and no properties entered into the initial stage of deposit.

One home entered the pending stage of deposit, and was listed at $682,500.

There are no properties town-wide that are currently in CTS status, and two homes are scheduled to close, which are listed on average at $803,750.

No sales were reported during the last week. There was one status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 41 homes or apartments available. The median price is $3,950 per month and the average price is $5,194 per month. These year round rental opportunities have been on the market an average of 44 days.

There are 20 short-term rental opportunities that are available, and they have been on the market an average of 62 days. Their average price is $13,100, and the median price is $11,750.

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 9 Woodland Drive is listed at $3,315,000.

This magnificent shingle style custom built colonial has effortlessly blended elements of both Adirondack and Mission-style architectural details in its superb design.

Built by Mattera Construction in 2008, this perfectly sited five-bedroom home is on 1.33 acres, and has strategically placed main living areas to enjoy the spectacular sunset views.

Over 7,200 square feet of living area features stunning custom mill-work with gently arched room entrances, exceptionally detailed crown moldings, fireplace mantels, and wainscoting.  Even the screened doors have a touch of the Adirondacks, with forestry designed cutouts.

Both the living room and dining room have a fireplace for added ambience, as well as specialty moldings, and the handsome cherry library has rich coffered ceilings, built- ins, and cabinetry.

A state-of-the-art gourmet kitchen has top of the line appliances, and granite counters with herringbone and subway -style tumbled marble backsplash. The contrasting service island has another sink, and seats four comfortably. 

The family room is open to the kitchen and informal dining area. A floor to ceiling stone fireplace is flanked on either side by French doors that lead out to the covered patio.

There are five en suite bedrooms on the upper level, including the master bedroom, which has a fireplace, and French doors to Juliet balcony overlooking the lush lawn.

An elegant master bathroom has mahogany cabinetry, marble tops, and separate tub and glass enclosed shower. Two walk in closet/dressing areas also have rich cabinetry to match.

The fully finished walk-up attic has a multi-media/game room which is wired for surround sound, and the walk-out lower level is finished to main level standards with another fireplace, crown molding, and 10-foot high ceilings.

Extras and items to note—four fireplaces, Aprilaire indoor quality air system, security system, audio system, central vacuum, mahogany garage doors

Annual taxes are $41,127.

Listing/photo courtesy of The Riverside Realty Group.
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(Editor’s Note: Judy Szablak of Coldwell Banker Westport - Riverside, 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 02/20/14 at 07:13 PM


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