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Saturday, June 08, 2013

Real Estate Report: Year of Exceptional Property Sales

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By Judy Szablak

It is truly the year of exceptional property sales in Westport.

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This home at 10 Green Acre Lane is listed at $3,425,000. Photo courtesy of Nicholas Fingelly Real Estate/Southport

This year, two significantly priced properties sold, and looking back on prior sales dating back to 2000, there have only been three other closings over $10 million that have occurred—one in 2005, another in 2007, and one other in 2010.

We keep hearing through Case-Shiller that our property values are in line with 2003 prices, and yet in 2003 ,not one property sold over $5 million in Westport.

What makes the difference this year?  Activity has been brisk, sales are up, but most importantly, buyer confidence has increased.

It now appears that the market is on the upswing again, and the buyers that were waiting in the wings to get the lowest possible price have realized that they missed the bottom. and now are ready to buy before prices rise significantly. That’s true for a $1 million home, or a $10 million home.

Market Stats

There are now 281 homes that are actively on the market. The average list price of these available homes is $2,230,571, and these properties have been listed for average of 106 days, with a cumulative market time of 177 days. The median price is now $1,895,000.

The highest asking price for all homes currently on the market is $12 million, and the lowest available priced home is $309,000.

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

Nineteen properties have gone under the initial deposit stage, which we call CTS, and 14 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 14 pending properties is $1,175,057. There are currently 54 homes in CTS status throughout Westport, and another 83 properties scheduled to close town-wide, with an average price of $1,467,095.

Closings: There were 16 single family homes reported as sold in the last week, were listed on average at $1,700,886, and sold with an average market time of just 142 days. (The average price includes one home listed at $27.5 million which just closed at $20 million.)  There were 87 status changes in the last seven days.

Condos: There are 14 condominiums that are available, and they have been listed an average of 134 days. Their average listing price is $681,429, and the median price is $702,000. The highest priced condo in town is listed at $1,350,000 and the lowest offering price is $299,000.

There was one new listing, no homes came back on the market after being under deposit, and no price changes. One property has entered into the initial stage of deposit, and one property entered the pending stage of deposit, which was listed at $649,000.

There are two properties town-wide that are currently in CTS status, and seven homes are scheduled to close that are listed on average at $681,214.

One sale was reported during the last week, and the property was listed at $329,000. There were four status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 51 homes or apartments available. The median price is $4,295 per month and the average price is $4,819 per month. These year-round rental opportunities have been on the market an average of 36 days.

There are 45 short-term rental opportunities that are available, and they have been on the market an average of 42 days Their average price is $15,517,  and the median price is $14,000.

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 10 Green Acre Lane is listed at $3,425,000.

A special kind of charm exudes throughout this custom-built and sprawling estate-like shingle-style colonial home on 1.7 acres.

This 13-room home has almost 6,400 square feet of living area, is expertly detailed throughout to give a perfectly subtle hint of yesteryear.

The living room has an elegant fireplace with a custom mantel and rich crown molding.

The main level library is richly finished in cherry, with built-in cabinetry and shelving.

The dining room has a sunlit bay area with built in seating, and beautifully crafted three-quarter height paneling. The butlers pantry has walnut cabinetry, a copper sink and a wine fridge.

Exposed antique beams add to the charm of the gourmet kitchen, which is outfitted with professional appliances, and has 1.5-inch honed marble counters, and the breakfast nook has panoramic rear yard views.

The family room has exposed hand hewn beams, built-in cabinetry and a floor to ceiling stone fireplace with raised hearth. french doors lead to a covered rear porch which has serene views of the backyard.

A children’s work area is just off the kitchen, has multiple workstations, and a limestone floor.

Upstairs, the lavish master bedroom has a fireplace, and French doors to a private balcony overlooking the well manicured grounds. The master bath has radiant heated marble flooring with mosaic tile inlays and large dual closets.

Three additional bedrooms are on the second floor, and an additional bedroom is on the lower level.

An au pair suite above the garage has a private entrance, cathedral ceilings, and a full bath.

The finished lower level adds almost 2,400 square feet of living area, the guest bedroom, two playrooms, and a billiard room.

Extras and items to note—generator, irrigation system, central vacuum, security system, audio system, property abuts the 16-acre Haskins Preserve owned by Aspetuck Land Trust, yearly association fees are $600.

Annual taxes are $41,250.

Listing/photo courtesy of Nicholas Fingelly Real Estate/Southport.
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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 06/08 at 03:10 PM

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