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Wednesday, October 22, 2014

Real Estate Report: Knowledgeable Agent is Key

By Judy Szablak

Whether you are buying or selling a home in Westport, a knowledgeable agent who also maintains an open and expeditious line of communication is key to your real estate transaction.

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Featured Home This home at 6 Pond Edge Road is listed at $5,375,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis-Westport/ Leslie Clarke Homes

All too often, an agent who is not adept at both can cost you valuable time, money or the transaction itself.

The first step is to choose the right agent, and you should certainly exercise due diligence in that respect. Before you hire anyone to represent you in buying or selling a home, look for signs as to what their overall style of communication is, and their level of market expertise.

An agent who is timely in their initial response to you, and can answer your questions at the drop of a hat, is also one that will follow up very quickly when its needed or required. That should also hold true for buyer inquiries on your home. Additionally, this demonstrates their ability to act fast on your behalf when a great deal comes on the market.

With today’s technology, there is simply no reason why you should wait hours or more for a return call, email or text. This is all reasonably indicative of how an agent would perform throughout your agreement.

If and when you need an immediate response, you are going to have to rely on that agent’s prompt replies. While working with a knowledgeable agent is of the utmost importance,  timing is everything in real estate; it equates to gained or lost opportunities—and money.

Ultimately, timely and ongoing dialogue with your real estate agent, as well as your banker and attorney can avert problems that can occur with miscommunications or misunderstandings.

Market Stats

There are now 303 homes that are are actively on the market. These currently available properties have been listed for an average of 126 days, with a cumulative market time of 205 days. The average list price is now $2,381,523 and the median price has risen yet again to $1,875,000.

A four-bedroom home on 7.13 acres at 66 Beachside Ave.is the highest priced home for sale at $25 million, and the lowest available priced home is a four-bedroom home at 21 Crescent Road for $475,000.

Eight 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. Nineteen properties had a price change.

Eight properties have gone under the initial deposit stage, which we call CTS, and another 11 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 11 pending properties is $2,320,909. There are currently 24 homes in CTS status throughout Westport, and another 50 properties scheduled to close town-wide, with an average price of $2,281,120.

Closings: There were four single-family homes reported as sold in the last week. These homes were listed on average at $2,097,225 and sold with an average market time of 224 days. There were 60 status changes in the last seven days.

Condos: There are 12 condominiums that are available, and they have been listed an average of 140 days. Their average listing price is $768,308 and the median price is $774,000.

The highest priced condo in town is $1,075,000 and is a two-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Riverside Avenue for $525,000.

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

There are two properties town-wide that are currently in CTS status, and one home scheduled to close, that is listed at $849,000.

Two sales were reported during the last week, and were listed on average at $716,750. There were four status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 74 homes or apartments available. The median price is $3,850 per month and the average price is $4,568 per month. These year round rental opportunities have been on the market an average of 57 days.

There are 20 short-term rental opportunities that are available, and they have been on the market an average of 54 days. Their average price is $6,483 and the median price is $5,375.

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 6 Pond Edge Road is listed at $5,375,000.

This newly-built six-bedroom Nantucket shingle-style colonial has been customized to perfection in collaboration with Anthony Tartaglia, Michael Greenberg & Associates and Lillian August.

Located on one of Compo Beach’s most sought after cul-de-sacs, this 7,744-square-foot home has four levels of superbly designed living and entertaining areas. It is perfectly sited on a professionally landscaped .66 acres with a fully-enclosed backyard featuring a Gunite pool, inset spa, outdoor fireplace, shower and kitchen.

Inside this 18-room home, there are 10-foot ceilings on the main level, and 9-foot ceilings on the other floors, as well as designer-chosen lighting, specialty moldings and hand-crafted trim throughout.

The living room has a tray ceiling and gas fireplace, and a gentle arc of windows in the dining room lends a refined flavor to this elegant room with fully-paneled mill work.
       
A custom-designed and built chef’s kitchen has high-end stainless steel appliances, Calacatta Gold marble tops with a chevron-pattern backsplash.

The designer-chosen pendant lights and cabinet lighting create a warm atmosphere any time of day. The Calacatta Gold-topped breakfast bar seats five comfortably, and the breakfast room overlooks the private rear yard and is open to the informal gathering area.
     
The great room has a coffered shiplap ceiling, horizontal shiplap paneling, and a custom fireplace with built-ins on either side. French doors lead outside to the expansive 1,900-square-foot blue-stone patio leading to the outdoor kitchen and pool area    

A handsome library, designed and created by Michael Greenberg & Associates, features reclaimed oak paneling and floor-to-ceiling cabinetry, a floating coffered ceiling, and a built-in window seat. 
       
The luxurious master bedroom suite is on the second floor and has a tray ceiling, custom fireplace, two separate dressing areas, and French doors to a private balcony. An exquisite bath with Calacatta Gold marble has a free-standing Victoria and Albert soaking tub, steam shower and dual vanities, plus a unique mirrored armoire.
       
Three additional en suite bedrooms are on this level, as well as a perfectly integrated and fully self-sufficient guest wing that features a separate kitchen, living area and en suite bedroom.

The third floor has nearly 1,300 square feet of finished area, and includes another en suite bedroom plus ample open space to design additional rooms as one sees fit.

The finished lower level offers an additional 2,547 square feet of entertaining space with home theater and 65-inch screen, billiard room, a game room with fireplace, wine cellar, full bathroom and an exercise room.

Outstanding floor plan versatility, coupled along with exceptional details and workmanship make this Compo Beach home a true gem.
 
Extras and items to note—eight full and one half-baths, three fireplaces, hydro-air heating, Crestron “smart home” technology, security system, audio system, central vacuum, screened-in porch with Ipe hardwood flooring and stained mahogany paneling, wine cellar, irrigation system, and 20KW generator.

Annual taxes are $33,800.

Listing/photo courtesy of William Raveis-Westport/ Leslie Clarke Homes.


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.

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Posted 10/22/14 at 04:12 PM  Permalink



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