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Thursday, January 30, 2014

Real Estate Report: Westport Mirrors or Exceeds Nation

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By Judy Szablak

Once again, Westport mirrors or exceeds national real estate averages.

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This home at 7 Ellery Lane is listed at $2,599,000. (CLICK TO ENLARGE) Photo courtesy of Halstead Property/Westport

In Westport, year-over-year unit sales volume for single family homes increased by almost 22.4 percent, and prices have increased more than $120,000 on average from 2012 to 2013.

The latest report released by S&P/Case-Shiller Home Prices indices showed the 10-city and 20-city composites enjoyed double digit increases year over year.

The 13.7 and 13.8 percent increases for the 10- and 20-city indices show more positive advances towards the stabilized market, even considering both composites’ minimal decline of 0.1 percent.

David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices said, “November was a good month for home prices,” and “despite the slight decline, the 10-city and 20-city composites showed their best November performance since 2005.”

The Case-Shiller figures were released before today’s National Association of Realtors report which showed contracts to purchase previously owned homes in the United States plunged in December by the most since May 2010 as higher borrowing costs and bad weather held back sales.

The gauge of pending home sales slumped 8.7 percent after a revised 0.3 percent drop in November that was initially reported as a gain, according to Bloomberg News.

Market Stats

There are now 216 homes that are actively on the market,and inventory continues to grow. These currently available properties have been listed for average of 119 days, with a cumulative market time of 205 days. The average list price is now $2,578,993, and the median price is reasonably stable at $2,047,500.

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 three-bedroom ranch on Wassell Lane for $160,000.

Twenty-one new 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.

Six 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 is $2,766,633. There are currently 20 homes in CTS status throughout Westport, and another 30 properties scheduled to close town-wide, with an average price of $1,945,830.

Closings:  There were four single family homes reported as sold in the last week, were listed on average at $1,871,750, and sold with an average market time of just 58 days. There were 50 status changes in the last seven days.

Condos:  There are nine condominiums that are available, and they have been listed an average of 102 days. Their average listing price is $770,000 and the median price is $774,000.

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 one-bedroom home on Riverside Avenue for $497,000.

There was one new listing 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.

No homes entered the pending stage of deposit.

There are two properties town-wide that are currently in CTS status, and four homes that are scheduled to close, which are listed on average at $681,475.

No sales were reported during the last week, and there was just one status change reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 37 homes or apartments available. The median price is $4,500 per month and the average price is $5,307 per month. These year-round rental opportunities have been on the market an average of 68 days.

There are 16 short-term rental opportunities that are available, and they have been on the market an average of 85 days. Their average price is $10,109,  and the median price is $6,375. 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 7 Ellery Lane is listed at $2,599,000.

This custom 10-room colonial is on a centrally located and quiet cul-de-sac in Greens Farms, and simply flawless.

Built in 2005, this meticulous 6,000-square foot sun filled home has exceptional style, and its one acre grounds have been landscaped to perfection.

A spacious two-story foyer has recessed panel wainscoting, and is a perfect place to greet guests.

To your left is the living room, which has a fireplace with custom mantel and marble surround. French doors lead to a quite handsome cherry library with matching coffered ceilings, custom millwork, and plenty of built-ins and shelving.

The banquet sized dining room has a large bay window for added light, more custom millwork, and a perfectly placed butlers pantry with granite tops.

A state-of-the -art gourmet kitchen has top of the line appliances and granite counters, and a walk-in pantry for additional storage. The matching breakfast bar seats four comfortably.

The large informal dining area has a semi-open columned entry to the family room,  which has a floor to ceiling stone fireplace with raised hearth,  flanked on either side by tall windows for exceptional natural light. Two sets of transom topped French doors lead to the expansive 500 square foot mahogany deck.

The master bedroom suite is on the upper level, and is elegantly styled with a tray ceiling and layered crown molding.  A custom designed dressing room by California Closets has rich wood throughout, and a sumptuous bath with tray ceiling has a hydro tub, and a glass enclosed shower.

Two of the four additional bedrooms are on this level are en suite, and the other two share a “Jack and Jill” style bath. One of the larger en suite bedrooms could also easily be an au pair or fabulous teen suite if needed or so desired.

Additionally, the lower level offers approximately 3,000 square feet of potential living space.

A stunning both home inside and out,  this well built and superbly detailed custom colonial offers its occupants luxury and style, in an exceptionally comfortable living environment.

Extras and items to note— generator back-up system with 10-second delay, hydro-air heating, two-tiered mahogany deck, easily finishable walk-up attic, walk-out lower level.

Annual taxes are $27,542.

Listing/photo courtesy of Halstead Property/Westport.
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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 01/30 at 04:12 PM

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