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Wednesday, July 27, 2016

Real Estate Report: ‘Hubbard Clause’ Appearing More Often

By Judy Szablak

Special to WestportNow

We are beginning to see more offers that include a “Hubbard clause” in Westport these days, and that may be because of the state of the market.

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Featured Home:This home at 33 Sherwood Drive is listed at $3.3 million. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group, Westport

Currently, there are three homes that are under deposit"with a Hubbard clause, and their average price is $812,333. At any given time, we normally see just one in the entire town.

A Hubbard clause is when a buyer places an offer on another home subject to the sale of their own property. The clause itself is in direct reference to the buyer’s home sale.

In other words, the buyers have not yet secured a purchaser for their own home. They will need to effect that sale, and the equity from it in order to complete the purchase on their next home.

That may not seem so unique, as many homeowners sell their existing home and use the equity from the sale to purchase a new home.

However, in the vast majority of these cases, the buyer’s home is already under deposit. Hence, no need for the added clause.

Is this additional contingency a smart one? If you are selling, think of it as a backup offer without actually having one on the table. Turning away a buyer who has interest in your home and wants to purchase it may not be the best idea.

Remember, you can still actively market your home, and if another offer comes in, you can either ask the initial buyers to remove the contingency, or tell them to move on.

Bear in mind that a typical clause includes a short time frame for the buyers to opt in or out.

However, if you are a buyer who requires this clause as a contingency, you may actually be spending more for the house than you would otherwise.

You also run the risk of another buyer being able to perform more quickly than you while you wait for your own home to sell.

Another thought is that you may end up selling your home for less money because you need the sale in order to move forward with your intended purchase.

Some agents welcome this contingency, others do not. Your agent and your attorney will advise you as to what is best for your particular situation, as everyone has different needs.

Market Stats

There are now 385 homes actively on the market and have been listed for an average of 108 days, with a cumulative market time of 202 days. The average list price is $2,261,320 and the median price is $1,799,000.

A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single-family is a three-bedroom cape on Richmondville Avenue for $477,500.

Fifteen 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. Twenty properties had a price change.

Seven properties have gone under the initial deposit stage, which we call CTS, and 13 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 13 properties was $1,437,769. There are currently 25 homes in CTS status throughout Westport, and another 52 properties scheduled to close town-wide, with an average price of $1,416,015.

Closings: There were 12 single family homes reported as sold in the last week, and they were listed on average at $1,294,333 with an average market time of 81 days. There were 80 status changes in the last seven days.

Condos: There are 11 condominiums that are available, and they have been listed an average of 50 days, with a cumulative market time of 91 days. Their average listing price is $679,855 and the median price is $599,000.

The highest priced condo in town is listed at $1,195,000 and is a two-bedroom home located at Terra Nova, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $335,000.

There were two new listings this week, and no homes came back on the market, There was one price change,  no properties went under the initial stage of deposit, and no homes entered pending status.

There are two properties town-wide that are currently in CTS status, and there is one property scheduled to close that is listed at $649,000.

One sale was reported during the last week, and was listed at $649,000. There were four status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 92 homes or apartments available. The median price is $6,100 per month and the average price is $6,904 per month. These year round rental opportunities have been on the market an average of 48 days.

There are 49 short-term rental opportunities that are available, and they have been on the market an average of 99 days. Their average price is $14,817 and the median price is $11,000.

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 33 Sherwood Drive is listed at $3.3 million.

This stunning Compo Beach contemporary farmhouse was built with the utmost care and attention to every minor detail with top-grade materials, and has outstanding views of Long Island Sound.

Just completed this month, designed by Peter Cadoux, and staged by Susan Tracy of House Whisperers, this 3,300-square foot home commands attention with its sleek look and exemplary craftsmanship. The exceptional style and elegance of this four bedroom home creates an aura akin to “TriBeCa meets South Beach”.

The unique and impressive details include an architectural steel and glass entry, floating stainless steel staircase with sophisticated side-lighting, square recessed lighting, and an elevator to access all four floors.

The great room has a glass wall and Juliet balcony overlooking the Sound, along with a floor-to-ceiling organic strip stone ventless fireplace, and is open to the kitchen.

The gourmet kitchen has push-latch “Brilliante” white lacquer soft-close cabinetry, and the wall of rift sawn oak cabinetry effectuates a seamless blend to the eye with the flooring.

A Carrera Bella marble waterfall breakfast bar seats four comfortably and the more formal dining area is open to the kitchen as well.

Upstairs, the master bedroom suite has an artfully designed bath complete with dual sinks, water closet, multiple spray steam shower with glass enclosed ceiling and chandelier above. There are three additional bedrooms, two of which have Juliet balconies and one that is en suite.

The top floor office/bedroom has a half-bath with skylight and a French slider door to the rooftop deck with tempered glass railings that affords exceptional panoramic views of Long Island Sound

The walk-out lower level family room has custom whitewashed oak paneling surrounding a ventless fireplace, a wet bar with two-inch Neolith counters and full bath with glass enclosed shower.

Extras and items to note— four to five bedrooms, four full and two one-half baths, rooftop viewing deck with fireplace, two additional indoor fireplaces, generator, elevator, baths with radiant heated floors, four zone hydro-air heating system, security system, audio system with surround sound, loft storage accessed by rolling ladder, motorized skylights, city water, city sewer, no flood insurance required. Interior designer-Katie Eldh

Taxes have yet to be determined.

Listing/photo courtesy of The Higgins Group, 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 07/27/16 at 07:00 AM  Permalink


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