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Tuesday, February 21, 2017

Real Estate Report: Acreage Size Matters

By Judy Szablak

Special to WestportNow

There are not many homes in Westport that include significant acreage. In fact, only 3 percent of homes have more than 2.5 acres of property.

WestportNow.com Image
Featured Home This home at 45 Beachside Ave. is listed at $9,490,000. (CLICK TO ENLARGE) Photo courtesy of Halstead Property Westport

Sixty-one percent of our homes are on less than one acre, and just about one-third of our single-family housing stock is on half-acre land parcels.

According to our tax records, only 257 single family homes out of approximately 8,200 households can claim at least 2.5 acres of property. Less than 9 percent of these homes are currently on the market, and while the prices are significantly higher than the median price in town, they are well worth it for the privacy.

The 23 properties that are available as of now have an average price of $4,963,319, and an average lot size of 4.05 acres.

ust 10 of these properties are promoted in our Multiple Listing Service as having some type of direct waterfront. The average price for a waterfront home with some acreage is $6,324,800 which makes these exceptional waterfront parcels prime candidates to stay that way.

Market Stats

There are now 302 homes actively on the market and have been listed for an average of 127 days, with a cumulative market time of 240 days. The average list price is $2,264,194 and the median price is $1,750,000.

A home on Beachside Avenue is the highest priced property for sale at $28 million, and the lowest available priced single-family is a two-bedroom cape on Hale Street for $470,000.

Twenty-four new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Twelve properties had a price change.

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

The average price of those six pending properties was $1,139,500. There are currently 23 homes in CTS status throughout Westport, and another 34 properties scheduled to close town-wide, with an average price of $1,539,744.

Closings: There were six single family homes reported as sold in the last week, and they were listed on average at $1,607,167 with an average market time of 159 days. There were 64 status changes in the last seven days.

Condos: There are 10 condominiums that are available, and they have been listed an average of 95 days. Their average listing price is $657,240 and the median price is $727,750.

The highest priced condo in town is listed at $1,025,000 and is a three-bedroom home located at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $289,000.

There were no new listings this week, and one home came back on the market. There was one price change, and no properties went under the initial stage of deposit. One property entered pending status, adn was listed at $319,000.

There are three properties town-wide that are currently in CTS status, and there are five properties scheduled to close.

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

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 69 homes or apartments available. The median price is $4,600 per month and the average price is $6,539 per month.

These year round rental opportunities have been on the market an average of 86 days.

There are 50 short-term rental opportunities that are available, and they have been on the market an average of 69 days. Their average price is $18,211 and the median price is $17,750.

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 45 Beachside Ave. is listed at $9,490,000.

This magnificent 16-room waterfront estate has 180-degree views of Long Island Sound from every room on the south side of the home, and 186 feet of direct water frontage along with its own sandy beach.

Originally built circa 1900, this 7,127-square foot home was meticulously restored and expanded to perfection just over 10 years ago. Its timeless elegance and grandeur is of the utmost in exceptional coastal living, with endless water views of Long Island Sound and the ability to enjoy each day’s spectacular sunrise and sunset.

Sophisticated millwork in the living room includes crown molding, picture frame wainscoting, and a custom mantel for the fireplace.

The spectacular dining room has a diagonal coffered ceiling, and French doors to the sunroom. The oversized butler’s pantry has floor-to-ceiling glass front cabinetry and a sink.

The beautifully designed chef’s kitchen has top of the line appliances with marble tops. The contrasting breakfast bar seats three comfortably and is open to the gathering room with fireplace.

A genteel flavor continues with an arched entry to the handsome main level office/library, which has a fireplace and refined built-ins.

The sun room has transom topped French doors which lead to the “secret garden” that is enclosed with a hand forged iron gate.

Upstairs, the luxurious master suite has a covered balcony, two walk in closets, and an exquisite marble master bath with radiant heated floors and separate tub and steam shower.

In addition to the nursery/library with French doors out to the balcony, three additional en suite bedrooms are on this level.

The massive second floor great room is above the garage has a full bath and wet bar, and is perfect for a teen or au pair suite if so desired.

The walk-out lower level includes a play room, bath and sauna as well as a wine cellar, and plenty of storage.

The private 3.8-acre grounds are quite possibly just as exceptional as the home itself, and entertaining areas are abundant with a 1,776-square foot brick terrace, and 639-square foot stone patio and parterre gardens. Two separate out-buildings include a studio and 336-square foot boathouse, and there are many areas that could be considered perfect for a pool.

Schools —  Greens Farms Elementary, Bedford Middle, Staples High/

Extras and items to note — five bedrooms, six full and two half-baths that all have radiant heated floors, three fireplaces, three car garage, 12-foot ceiling height, security system, audio system, 1,450-square feet of additional living area in lower level, wine cellar, detached studio, detached boathouse, extensive patios, parterre gardens, room for pool.

Annual taxes are $85,200.

Listing/photo courtesy of Halstead property Westport.

Judy Szablak
(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 02/21/17 at 10:10 PM  Permalink


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