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Wednesday, February 26, 2014

Real Estate Report: Again, Westport is Different

By Judy Szablak

November and December sales in Westport were both very strong in their own way, which is quite a pleasant disparity from the latest S&P/Case-Shiller indices. The much anticipated monthly report came out earlier today, and noted a consecutive decline in both November and December sales for the major metropolitan areas.

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This home at 12 Rayfield Road is listed at $1,795,000.  (CLICK TO ENLARGE) Photo courtesy of William Raveis - Westport

Real estate is so very hyperlocal, and what you see happening around the country is not necessarily occurring here in Westport.

During the month of November, we had 24 sales, including two of which were notable—one at 15 Yankee Hill, which closed at $5,720,000, and another at 38 Bermuda Road, which closed at $5,9 million. According to our Multiple Listing Service, there was more than $44.6 million in closed volume. 

December had 44 closed single family sales totaling more than $59 million in total sales, representing almost twice as much in unit volume.

According to David Blitzer, chairman of the index committee, “The strongest part of the recovery in home values may be over,” although that does not appear to be true for Westport.

Market Stats

There are now 240 homes that are actively on the market. These currently available properties have been listed for average of 110 days, with a cumulative market time of 188 days. The average list price is now $2,545,410 and the median price has gone up again to $2,047,000.

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.

Nineteen listings came on the market in the last seven days, and one home came back on the market after being under deposit. Five properties had a price change.

Eight properties have gone under the initial deposit stage, which we call CTS, and seven 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 seven pending properties is $1,516,786. There are currently 32 homes in CTS status throughout Westport, and another 43 properties scheduled to close town-wide, with an average price of $1,753,453.

Closings: There was one single family home reported as sold in the last week, and was listed at $1,199,000, and sold with a market time of 141 days. There were 45 status changes in the last seven days.

Condos: There are 12 condominiums that are available, and they have been listed an average of 56 days. Their average listing price is $703,992 and the median price is $737,000.

The highest priced condo in town is $899,000 and is a two-bedroom home at Regents Park, and the lowest priced unit for sale is a four-bedroom home on Oakview Lane for $497,000.

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

No homes entered the pending stage of deposit.

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 were two status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 36 homes or apartments available. The median price is $3,725 per month and the average price is $4,729 per month. These year round rental opportunities have been on the market an average of 52 days.

There are 22 short-term rental opportunities that are available, and they have been on the market an average of 63 days. Their average price is $14,091, and the median price is $13,250.

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 12 Rayfield Road is listed at $1,795,000.

This eight-year young colonial features expert craftsmanship by local builder Andy Frank, and has been meticulously maintained.

Located on a beautifully landscaped .51-acre lot in a neighborhood cul-de-sac, this six-bedroom home is an outstanding value as well.

This shingle-style colonial has a warm and inviting 33-foot long covered porch, and once inside, the foyer’s detailing and custom mill-work sets the tone for a comfortable yet elegant sunlit home, with more than 6,800 square feet of living area on four levels.

The elegant living room has hardwood flooring with inlaid walnut perimeter trim, crown molding and a custom fireplace.

A stunning dining room has an octagonal tray ceiling, crown molding, wainscoting and a bay area for added sunlight.

The gourmet kitchen has custom cabinetry with granite counters, and top of the line stainless steel appliances, including a Viking range. The service island/breakfast bar seats four comfortably, and an informal dining area has transom topped French doors to the bluestone patio.

The family room has a stone fireplace with custom mantel, and another set of transom topped French doors out to the rear patio.

Five of the six bedrooms are on the upper level, including the master suite, which has another fireplace, generous closets, and a spa-like marble bath with deep jetted tub, and glass enclosed shower.

A finished walk-up attic has a full bath and is quite a versatile space and can be easily utilized as an au pair suite, media room, or third level game room.

The finished lower level has a custom stone fireplace and full bath, offering yet another informal gathering area.

Extras and items to note - four fireplaces, five and one-half baths, hydro-air heating, finished walk-up attic, security system, central vacuum, audio system, city water and sewer.

Annual taxes are $20,508.

Listing/photo courtesy of William Raveis - 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.

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Posted 02/26/14 at 02:55 AM  Permalink



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